Essay on The Influence of Television on Society - 1089 Words

The Influence of Television on Society In the year of 1926 a man called John Lougie Baird had invented something that has become part of the day-to-day lifestyle of nearly everyone. He had successfully tested it in a laboratory in late 1925 and unveiled with much fanfare in London in early 1926, and later mechanical television was quickly usurped by electronical television. Over the years television has developed greatly, going from black and white to coloured and ranging greatly in size. From portable and hand held televisions to widescreen and flat widescreen televisions, there is a choice to suit everyone. The most recent additions to this can vary from VCRs to DVDs to play stations and other†¦show more content†¦Kaiser Family Foundation, showed that only three percent of sitcoms discussed any of the risks and responsibilities associated with sex drugs and violence. Do they also know that foul language has increased on these shows and words absent on television ten years ago are now cropping up in more comm only in the scripts of characters on soaps and on every network? Would you want your children to grow up using bad language as part of their everyday speech? No definitely not I would ponder, If you ask my opinion, I would say that yes, television does teach children to be creative, but not in a good sense. With television progressing at this rate and filling up with more violence, sex and strong language which is easily accessed, these circumstances can be avoided by ensuring that children take part in more sports such as football, swimming, running, cycling and lots of others and watch less television. Also do you think that a, elderly person would watch a film happily that consists of a lot of violence and strong language? Television could that very strong impact on the elderly if maybe they watch too much of it. It could deprive them of their social life and watching too much television could lead an old woman or manShow MoreRelatedThe Influence of Television and Technology in S ociety Essay834 Words   |  4 Pagesbetter but to what effect to human society? There appears to be a concern of moral and spiritual affect of what, and how we as society got to this point! Television has conveyed numerous adjustments to the way many people squander their leisure time. Some changes are beneficial; while others may be more poisonous to the mind. Television is so much more powerful because it is able to reach more people at one time. Society also reflects what is publicized on television in various areas, as well as waysRead MoreThe Influence of Television on American Society and Politics1709 Words   |  7 Pagesnewspapers, televisions and the internet, has any media had enough of an impact to alter the conclusion of a war. 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I chose this specific topic for various reasons. One reason why I decided to discuss the television subject because for one, it truly has a massive effect on the masses of people, especially when it comes to certain cultures. For instance, the black communities. Reality TV shows such as Love and Hip Hop and Basketball Wives, for example, has a huge affect on black guys and girls alike, especially black femalesRead MoreMedia and Its Affects1514 Words   |  7 Pagesthe nations that there is a greater influence of entertainment on the younger generation. The effects of entertainment on the younger generation in America can be said to be both positive and negative. The influence is mostly on entertainment media such as television, radio, and the Internet. The influence on the upcoming generation has affected their expression and views on the culture of America. The influence is on how they talk, dress, and act on the society. Th e social media pressure that isRead More Television and Society Essay763 Words   |  4 PagesTelevision and Society In Marie Winn’s Essay â€Å"Television: The Plug In Drug,† she states, â€Å"Television’s contribution to family life has been an equivocal one.† Winn focuses on the issue of televisions influence in the lives of American families. Her emphasis is on the mediums influence on children. Although she makes a strong case for the negative influence of television, she fails to consider all of the benefits television has brought to American families. On its own, the television is neitherRead MoreThe Impact of Reality Tv on the Teenagers1732 Words   |  7 PagesKamat : Prof. Jenny Benoy Abstract Reality-based television programming has become a dominant force in television over the past seven years and a staple of most networks’ primetime lineups. This relatively quick change in the television landscape and the sudden increase in viewers’ consumption of reality television necessitate an investigation into the impact these shows are having on their viewers. This proposal attempts to exploreRead MoreViolence And Sex On Television898 Words   |  4 Pages Violence and Sex on Television: Effects on the Younger Audience In today’s society, the media is used greatly for communication, advertisement, information, and for numerous other reasons. The world has evolved by technological advances as well as by the type of content that is put out on the internet, radio, and especially on television. In particular, violence and sex are two of the most controversial content types that have been recently used loosely in the present as compared to theRead More Media and Society Essay519 Words   |  3 Pages Media and Society Does society influence media or does media influence society? In a modern world, dependent on continuous communication this is a very important question. If the world were not dependent on communication over large distances, schooling on a mass basis would not be possible or necessary. Most knowledge in traditional cultures was local knowledge, (Geertz 1983) traditions that were passed on through a local community, a very slow and long drawn out

The Flaws Of Human Nature - 1717 Words

The flaws of human nature are many, but one of the biggest is the gullibility, especially in the presence of the supernatural. It is often easy to think that the thoughts or actions of an individual are of their own doing. It is even easier to assume that the range of the mind falls between good and evil. But society is not quite clear and even in fiction, there is always something motivating an action that lingers in the back of the mind of any character. The supernatural in particular is known for its ability to push people to extremes and alter their perception drastically. In Shakespeare’s Macbeth, it is easy to assume the blind ambition that brews within Macbeth and his wife or the guilt that plagues them following their actions is the biggest motivator. But that is just the surface of the complexity interlaced into this tragedy. Dig further, and it becomes clear that these emotions were not always prevalent in the characters, but were instead prompted by a force so power ful, it toyed with fate and provoked deception until the end; it was the supernatural that fueled the emotions and actions that take up much of the play. The themes of ambition, insecurity and the power of the ego are prevalent not just in current society, but also in Scotland during the period in which this play is set. Macbeth’s own interpretation of these emotions, provoked since the first encounter with the witches, is what makes him commit ruthless and immoral actions. The supernatural provokesShow MoreRelatedThe Flaws Of Human Nature1901 Words   |  8 PagesThe flaws of human nature are many but one of the biggest is the gullibility of humans, especially in the presence of the supernatural. It is often easy to think that the thoughts or actions of an individual are of their own doing. 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Commercial Banking Risk Management †Free Samples to Students

Question: Discuss about the Commercial Banking Risk Management. Answer: Introduction The purpose of this study is to identify the potential risk areas of a public company. This particular project identifies the qualitative and quantitative risks associated with the auditing of the financial statements of the public company. The Royal Bank of Canada has been chosen for the purpose of the study. The Royal Bank of Canada is a listed company on the Toronto Stock Exchange and is a multinational Canadian financial services company. It is the second largest bank in Canada. The bank covers more than fifteen million clients online and employs 80000 people worldwide. The bank has its headquarters in Montreal, Quebec and was founded in 1864 in Halifax. The qualitative and the quantitative risks associated with the financial operations of Royal Bank of Canada has been supported by the annual reports, management disclosures and other financial analysis that has been carried out in order to state the findings with enough evidence (Cooper, Kingyens, Paradi, 2014). Though the mathe matical figures represent a strong foundation for the proposed ideas, there are certain limitations to these figures. For instance, the fall in the net income incurred by the company in a certain financial year may be due to a particular crisis or financial event. Therefore, the huge loss incurred by the company may offset the total average financial performance of the company indicating that the company is not doing well. Here comes the role of the auditor who intends to critically scrutinize the financial statements and the performance of the company and then recommend accurate steps in order to address those issues (Mohsni Otchere, 2015). The Royal Bank of Canada has been the largest Canadian bank based on the market capital. The bank has been paying consistent or increasing dividends every year since its foundation. The company also accrues a dividend yield of 4.1% and a price to earnings ratio of 12. The financial performance of the company has also followed an upward increasing trend. In the year of 2015 the net income increased by $531 million and the net income further increased by $178 million. The total revenue also increased by 4%. In spite of such figures, there are certain risks that are faced by the company. These risks have been identified and also have been mentioned in the annual report of the company (Otchere Mohsni, 2014). The last quarter of the financial year of 2016 marked a slow phase in terms of the growth of the Royal Bank of Canada. The bank has been doing well but there have been certain risk factors that pose a threat to the company. The major or primary quantitative risk that is face by every company is the risk associated with material misstatement in the accounting statements or fraud committed in the accounting statements in order to fulfill the personal interest of the employee, committing the fraud (Embrechts Hofert, 2014). As disclosed by the annual report of the company for the financial year of 2016, there are certain areas where the probability of occurring material misstatement is high. The term material misstatement refers to the act of understatement or over statement of a particular account either by mistake or by purpose in order to commit fraud or manipulation of the books of accounts. Misstatements may also occur when certain transactions have not been recorded or they have not been entered in the books of accounts. As evident from the annual report of the company for the financial year of 2016, the non-interest income of the Royal Bank of Canada should be checked thoroughly (Smales, 2016). This means that all the transactions related to interest income should be traced back to the payments. The suppliers or the entities obligated to the bank for the payment of interest income should be interviewed and the dockets or vouchers of payments should be checked in order to ensure that the recorded and the actual amount that has been transacted is same. This will surely mitigate the occurrence of misstatement in the books of account. To be more precise, the others head under the net interest income fluctuates a bit too much. This means that other sources from whom the company has gained the interest income should be checked. An amount of $685 in the financial year of 2014, $900 in 2015 and $773 in 2016 indicates the probability of a certain anomaly in the books of accounts. Therefore, the auditor should make it a point to trace back all the transactions. Another important auditing procedure in order to handle the quantitative risk of material misstatement is calculation of the materiality for a particular financial year. Materiality refers to the permissible amount of misstatement. This means that the auditor should develop a rational method for determining the amount of materiality. If the total amount of misstatement exceeds this amount of materiality then it would be forwar ded to the upper level management or the Board of Directors (Rbc.com. Retrieved 22 November 2017, from https://www.rbc.com/investorrelations/pdf/ar_2016_e.pdf). Management Assertion The management of the Royal Bank of Canada takes enough initiative in order to mitigate the risks such as credit risk or market risk. However, the quantitative risk of material misstatement should be given prior importance. The auditor may develop the amount of materiality by assigning a rate of five percent over the net income of the financial year whose books are being audited. Therefore, the management should make it a point to review the compliance of these established standards. Surprise internal audits will also help to mitigate this risk (Tian, 2016). The next potential quantitative risk that the Royal Bank of Canada is facing is the imminent threat of cyber risk. The security related to information and other important data in the financial services sector should be high. With the technological leap that the entire banking sector has undertaken the protection of client and other relevant data has become highly important. Recent instances of cyber attacks have proved that the financial sectors or the IT departments of the respective organizations are not competent enough to save the crucial organization information from the hackers (McNeil, Frey Embrechts, 2015). The potential intangible assets that are affected by these cyber attacks are financial data, client information, goodwill of the company, trade secrets and other software related data. The Royal Bank of Canada has been facing this threat. This is requires a quantitative analysis as because this particular risk cannot be mitigated without assigning proper valuation to the assets under threat. The auditor must find out the value of these intangible assets with the help of the fair market valuation system (Cohen, Krishnamoorthy Wright, 2017). The auditor may utilize the cost approach or the income approach in order to find out the value of these intellectual assets. Thus after the valuation of the intangible assets the growth or deterioration of these assets can be measured. This can clearly indicate the effect and result of the cyber attacks or other security threats that is faced by the Royal Bank of Canada. The particular question that the auditing team needs to ask the management o f the Royal Bank of Canada is that whether they have been taking proper initiative in order to maintain the informational or client security of the bank. There should be proper application of passwords and portal codes with restricted access in order to maintain the privacy. Competent backing up processes and storage devices with enough protection should be available. Moreover, the backing up of files containing important information should be made a periodic activity by the management (Rbc.com. Retrieved 22 November 2017, from https://www.rbc.com/investorrelations/pdf/ar_2016_e.pdf). Management Assertion The management of the Royal Bank of Canada should strictly adhere to the above mentioned recommendations. The Royal Bank of Canada being a part of the financial services sector is more vulnerable to the cyber attacks. Therefore, the management in addition to the already implemented steps should be active in revaluing the intangible assets and find out the quantitative effect that the potential threat of cyber attacks has on the bank. The Royal Bank of Canada has taken enough interest in protecting the information of its clients or customers but as mentioned in the annual report, the bank still faces the looming risk of cyber attack. Therefore, the needful steps should be undertaken in order to mitigate the risk (Benoit, Hurlin Prignon, 2017). The third quantitative risk that has come up from the calculation of the significant ratios of the Royal Bank of Canada is that the bank has been facing a diminishing asset turnover ratio for the past three years. This poses a real risk which if goes unnoticed may turn out to become a potential threat for the bank. Analyses of the significant ratios have helped in arriving at such a decision. There are certain limitations of the significant ratios like economic disasters or seasonal fluctuations may tamper the accurate forecasts of these ratios. Therefore, in order to minimize the effect of such events the financial ratios have been prepared at a stretch for three consecutive financial years. In order to find out the exact quantitative risk that the bank is facing the auditor needs to appropriately calculate the financial ratios of the bank. This must be done accurately. The auditor must make sure that the figures obtained for the calculation of the financial ratios are authentic and genuine, that is, they have been traced back to point of generation and has been matched with the figures that have been recorded in the financial statements. Now, the asset turnover ratio of the Royal Bank of Canada shows a diminishing figure in the current financial year of 2016 that is 0.03. The bank has been maintaining a stable asset turnover ratio of 0.04 for the past few financial years. But the current year of 2016 show a drop in asset turnover ratio. Now the asset turnover ratio refers to the ability of an organization to utilize its assets in order to generate revenue. The more efficiently an organization deploys its assets in the generation of company revenue, the more is the asset turnover ratio. This particular ratio being constant may also be a reason of concern for the bank. A constant ratio poses that the bank is not being able to improve the efficiency of its assets for increasing the revenue generation incurred by the bank (Chu, 2015). The question that the auditor should ask the management is that what internal controls have been implemented in order to increase the efficiency of the utilization of the assets. The potential procedures that might be adopted by the bank in order to increase its asset turnover ratio is that the bank may look after the collections from its debtors, that is, increase in the collections or the accounts receivables will increase the asset turnover ratio. More importantly, increase in efficiency of utilization of the assets of the bank and implementation of technology in order to properly record the internal proceeding would help to increase the asset turnover ratio of the Royal Bank of Canada (Rbc.com. Retrieved 22 November 2017, from https://www.rbc.com/investorrelations/pdf/ar_2016_e.pdf). Management Assertion The management of the Royal Bank of Canada has implemented enough measures to overcome the credit risks. However, the consistent asset turnover ratio should have been a reason of concern. In addition to it the current value of the ratio has dropped, the management at the Royal Bank of Canada must look into this. The management for increasing the asset turnover ratio of the bank should consider the recommended steps by the auditor. The primary qualitative risk that is faced by the Royal Bank of Canada is the dangerous real estate market in Canada that poses a looming threat over the financial condition of the bank. The major reason for the downfall of the real estate market is the Great Recession that affected the real estate industry all over the world. The downfall of the real estate market in Canada has been posing a threat to the Royal Bank of Canada. The Condos in the largest cities of Canada are the most overpriced. The Condo mortgages make up 2.7% of the Royal Bank of Canadas total loan portfolio and 9.8% of the total residential mortgage portfolio. Given the financial stability and the liquidity of the Royal bank of Canada, the bank is less likely to hugely suffer due to the housing crisis in Canada. However, the auditor must ensure that the precautions from the looming crisis have been prepared before hand by the management of the Royal Bank of Canada. The housing crisis would most probably affect the short term earnings of the bank, therefore enough retained earnings or a good liquidity position of the company will be enough precaution in order to handle the impending threat ("Royal Bank of Canada: Minor Risks, Major Returns, Mean Reversion - Sure Dividend", 2017). The management of the Royal Bank of Canada should be well aware of the economic situation in which the bank is operating. Thus, the auditing question that the management needs to answer is that whether it has done enough preparation to meet the risk that may arise in the future. Thus, the management should implement enough risk control in order to mitigate the effect of such an impending crisis. The second qualitative risk that the bank is facing is the risk of low oil prices in the market of Canada. The Royal Bank of Canada has already showed signs of delayed growth due to the unprecedented fall in the oil prices in Canada. The increased rate of growth that the bank was subjected to has faced a steep obstacle due to the decrease in the oil prices. The Royal bank of Canada already has taken a hit to its earnings which may evidently lead to loss of potential customer base and corporate portfolios. The credit department of the bank received the major blow. The first quarter of the financial year of 2016 saw the bank incur a credit loss of $298 million. The only recommendation for the management by the auditor is to lower the rate of extension of credit until the bank surpasses the crisis situation ("Royal Bank of Canada: Minor Risks, Major Returns, Mean Reversion - Sure Dividend", 2017). The management of the Royal bank of Canada has been competent enough to handle the situation of low oil prices in Canada. However, the particular auditor recommendation in the above discussion may prove to be advantageous for the bank. Conclusion Therefore, as it can be understood from the above discussion Royal Bank of Canada has been in a good financial condition. However, there are certain quantitative and qualitative risks that either the bank has been facing currently or will be facing in the future. The recommendations provided after proper conducting of the auditing review may not be completely accurate as there are certain limitations of the auditing procedures carried out by the auditor. The limitation may be human error, use of judgment in assuming estimates for reporting purposes or multiple possibilities of a single accounting interpretation. However, the auditor should make sure to mitigate the occurrence of error as much as possible. References Benoit, S., Hurlin, C., Prignon, C. (2017). Pitfalls in Systemic-Risk Scoring (No. hal-01485644). Chu, K. H. (2015). Bank consolidation and stability: The Canadian experience, 18671935. Journal of Financial Stability, 21, 46-60. Cite a Website - Cite This For Me. (2017). Annualreport.cibc.com. Retrieved 26 November 2017, from https://annualreport.cibc.com/pdf/cibc-ar-16-en.pdf Cite a Website - Cite This For Me. (2017). Annualreports.com. Retrieved 26 November 2017, from https://www.annualreports.com/HostedData/AnnualReports/PDF/TSX_TD_2016_86cbf54df7744ce788695b431ddac93c.pdf Cite a Website - Cite This For Me. (2017). Rbc.com. Retrieved 22 November 2017, from https://www.rbc.com/investorrelations/pdf/ar_2016_e.pdf Cohen, J., Krishnamoorthy, G., Wright, A. (2017). Enterprise risk management and the financial reporting process: The experiences of audit committee members, CFOs, and external auditors. Contemporary Accounting Research, 34(2), 1178-1209. Cooper, W. W., Kingyens, A. T., Paradi, J. C. (2014). Two-stage financial risk tolerance assessment using data envelopment analysis. European Journal of Operational Research, 233(1), 273-280. Embrechts, P., Hofert, M. (2014). Statistics and quantitative risk management for banking and insurance. Annual Review of Statistics and Its Application, 1, 493-514. McNeil, A. J., Frey, R., Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press. Mohsni, S., Otchere, I. (2015). Financial crisis, liquidity infusion and risk-taking: The case of Canadian banks. Journal of Banking Regulation, 16(2), 146-167. Otchere, I. K., Mohsni, S. (2014). Financial Crisis, Liquidity Infusion and Risk-Taking: The Case of Canadian Banks. Royal Bank of Canada: Minor Risks, Major Returns, Mean Reversion - Sure Dividend. (2017). Sure Dividend. Retrieved 22 November 2017, from https://www.suredividend.com/ry/ Smales, L. A. (2016). News sentiment and bank credit risk. Journal of Empirical Finance, 38, 37-61. Tian, W. (Ed.). (2016). Commercial Banking Risk Management: Regulation in the Wake of the Financial Crisis. Springer.

Labor-Leisure Model in the Everyday Life free essay sample

I like many other college students am not currently seeking work in the labor force. As a student athlete playing golf I am constantly juggling my time between my studies as a senior Economics major, and maximizing my golfing potential and chasing my ultimate dream of becoming a professional golfer. Throughout this paper I will explain how I maximize my utility in different circumstances using the labor-leisure model. As I am not actively looking for work in the labor market my indifference curve is so steep there are no tangencies to my reservation wage, which is defined as the â€Å"lowest wage rate at which a worker is willing to accept a job. † By dedicating all my time to studying and practise, and none to the labor force my indifference curve has no tangency to my constraint. As a rational person who wants to maximize utility; the current wage rate is not high enough for me to substitute work for things I prefer to do in my free time, such as playing golf or studying for a test. We will write a custom essay sample on Labor-Leisure Model in the Everyday Life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I am fortunate enough that my parents have the opportunity to help me financially during my time at college, so I have a source of â€Å"unearned income† that I receive for working zero hours in the labor market. This â€Å"unearned income† is shown by the spike in figure 1 below. As mentioned above because of my high regard for leisure and the modest wages I am offered as a student with some college experience; my indifference curve has no tangencies to my constraint. Figure 1 depicts where utility is maximized at point A. As a utility maximizer it suits my personal preferences to accept the unearned income given to me by my parents and consume more leisure time. â€Å"Point [A] represents the highest utility that can be reached by [myself], given the budget constraint. † The labor-leisure model makes the assumption that leisure is a desirable product, which in my case it is. Furthermore, substituting three or four hours in the labor force for more hours of leisure time is an easy decision for a utility maximizer to make. The government faces similar problems with modern day welfare. Because of the modest wages offered to unskilled workers, and size of recent welfare packages many people maximize utility by removing themselves from the labor force, and accept benefits offered by the government whilst consuming more leisure time. As mentioned above, during school I am constantly dividing my time between practising for golf, and studying my current classes. Using the Production Possibilities frontier (shown in Figure 2 below) I can graphically show the choices I make in a variety of scenarios as a utility maximizer. Like most economic models it is a simplification of reality that represents â€Å"economic processes by a set of variables and a set of logical quantitative relationships between them. † To maintain the simplicity of the model I am assuming my average day consists of 16 hours, of which I divide my time between either practising golf or studying. I rarely dedicate all my waking hours to specifically golf or studying, but for the consistency of this model that assumption will be made. Figure 2 shows my personal production possibilities frontier, which â€Å"shows the alternative outputs of [golf practise] and [studying] that can be produced† by myself in any given day. â€Å"The production possibility curve clearly exhibits the notion of technical efficiency. † Any point inside the curve is considered inefficient, and any point outside the curve is unachievable. The production possibility frontier clearly shows that depending on how I allocate my time directly affects my productivity in both areas. For example, if I dedicate a disproportionate amount of time to studying my golf performance will decline as my grades increase, and vice-versa. As shown in Figure 2 there are many different combinations of golf practise and studying. Maximizing utility in this model is my selection of the most appropriate combination of studying and golf practise for the circumstances of that day. One of the biggest advantages of playing an individual sport is having the ability to design a schedule that suits my day to day activity. Points A, B, C, D and E all represent possible utility maximizing schedules on my production possibilities frontier. There are many factors that could affect my everyday schedule. For example, If I have a particularly important tournament coming up I may find it utility maximizing to substitute some hours studying for some hours practising at the golf course. This schedule would make my indifference curve steeper than usual, like the indifference curve U4 in figure 2. My grades may suffer at this schedule; however, performing well in tournaments also just as important so the schedule is still utility maximizing. I will maximize utility at a completely different point on my production possibilities frontier during finals week. I will be more likely to substitute hours practising golf for time studying during finals week. As time spent studying becomes more valuable my indifference curve will become much flatter than on an ordinary day, like the indifference curve U2 in figure 2. As mentioned above, there are obvious flaws to this production possibilities frontier. However, an economic model is a simplification of reality that represents â€Å"economic processes by a set of variables and a set of logical quantitative relationships between them. I have never spent an entire day where I dedicated all my waking hours to either studying or practising golf. So despite point F on figure 2 not statistically being utility maximizing it is where I normally operate. Normal daily activities like eating, talking with friends and other general errands are not considered in this model. The shaded area in f igure 2 represents time I spend doing activities that are unaccounted for by golf practise and studying. I plan to graduate in May 2013 with a Bachelors of Science degree in Economics. My degree is a sign to potential employers that I have been trained in the field of economics. According to the â€Å"Investment model of education† I will move from a male with â€Å"some college† experience to a male â€Å"college graduate. † The investment model of education suggests that college graduates are more likely to receive additional training in their early years of employment; resulting in higher wages. The potential for a higher wage could have a notable affect on my post-college labor-leisure model. The higher wage creates a steeper constraint, as seen below in Figure 3. Figure 3: Post-College Labor-Leisure Model If offered a wage high enough, the new constraint could become steep enough to where my indifference curve would have a point of tangency with my reservation wage, as seen above. As a result of the additional training I have received (a college education) my constraint has moved from the line AD to line AE. The severe increase in wage has increased my cost of consuming leisure considerably. My utility is now maximized by joining the labor force, as seen in the move from U1 to U2 on figure 3. The radical change to my labor-leisure model has not taken place without a huge substitution and income effect. The new wage greatly increased my costs of consuming leisure, so much so I substituted some hours of leisure for hours of work. This is known as the substitution effect, and can be seen graphically between points B and C. An income effect is also present. After graduation my parents will not continue to hand me money for nothing in return, so the unearned income at point F is no longer achievable. This decrease in income reduces my purchasing power of leisure and will increase my demand for labor hours. This income effect is shown graphically between points A and B. The total effect can be seen graphically between points A and C. The substitution and income effect usually move an individual’s preferences in opposite directions, but because I was choosing to work zero hours the presence of either effect could only increase my demand for work. In conclusion, I can portray how I make everyday decisions using the labor-leisure model and production possibilities frontier frameworks. As with most economic models, it drastically simplifies reality. The simplification however is necessary, due to the complex nature of economic variables; simplicity aids clarity. For an economic model to be successful two appropriate variables must be chosen. In my personal instance the relationship between practising golf and studying for classes are directly related. By simplifying and selecting applicable variables complex economic information can be expressed logically, as shown above.

Pax Romana essays

Pax Romana essays Aelius Aristides obviously believes there are many benefits to the Pax Romana. Aristides feels that having a centrally run government is the best way for an empire to thrive. Through this government, greater trade is capable and no rebellions will occur. Another benefit is the concept of equality. Everyone living under the Roman Empire has citizenship and is therefore is equal. The governor sets an example of the proper way to be a citizen. In turn, the subjects follow by example, thus, order and peace reign throughout. First of all, this speech was given in front of the Emperor. You cannot speak pessimistically of your ruler to his face. Secondly, Aelius Aristides is living in Greece during a time of peace. This peace is very unique and well received in Greece particularly. Living in Greece, Aristides may not see the flaws of the Republic or he just might not care. He would like this peace to last thus giving him a biased viewpoint. The exaggeration used is a means for propaganda. While Aristides knows there are flaws, the good outweighs the bad. I believe Aristides portrayal of the Pax Romana is a fair one. Nowadays, you cannot open the paper without reading about a hostage situation in Russia or a bomb going off in the Middle East. I am a firm believer that the ends justify the means. Yes the Roman Republic was fairly corrupted. Elections were rigged and the citizens really had no political power. The fact of the matter is, between 27 B.C. and A.D. 180, no major wars were fought. The economy went through ups and downs like it always does, but the governmental system in place was structured around equality and assimilation. This proved to be successful and enduring. ...

Robert Fulton and the Invention of the Steamboat

Robert Fulton and the Invention of the Steamboat Robert Fulton  (1765–1815) was an  American  engineer  and  inventor  who is widely known for developing a commercially successful  steamboat  called  Clermont. In 1807, that steamboat took passengers from New York City to Albany and back again, a round trip of 300 miles, in 62 hours.   Fast Facts: Robert Fulton Known For: Engineer and inventor who developed a commercially successful  steamboat  called  Clermont.Born: November 14, 1765Died: February 24, 1815Spouse: Harriet LivingstonChildren: Robert, Julia, Mary, and Cornelia Early Developments Fultons experiments began while he was in Paris, and may have been stimulated by his acquaintance with Chancellor Livingston, who held the monopoly, offered by the legislature of the State of New York, for the navigation of the Hudson River. Livingston was now the ambassador of the United States to the Court of France and had become interested in Fulton, meeting him, presumably, at a friends house. It was determined to try the experiment at once and on the Seine. Fulton went to Plombieres in the spring of 1802, and there made his drawings and completed his plans for the construction of his first steamboat. Many attempts had been made, and many inventors were at work contemporaneously with him. Every modern device - the jet system, the chaplet of buckets on an endless chain or rope, the paddle-wheel, and even the screw-propeller - had been already proposed, and all were familiar to the well-read man of science of the day. Indeed, as Benjamin H. Latrobe, a distinguished engineer at the time, wrote in a paper presented May 20, 1803, to the Philadelphia Society, A sort of mania began to prevail for propelling boats by means of  steam-engines. Fulton was one of those taking this mania most seriously. He made a number of models which worked successfully and justified the proprietors of the new arrangement in building on a larger scale. A model of the proposed steamboat was made during the year 1802, and was presented to the committee of the French legislature... With the encouragement of Livingston, who urged upon Fulton the importance of the introduction of steam navigation into their native country, the latter continued his experimental work. Their boat was finished and set afloat on the Seine in 1803, in the early spring. Its proportions had been determined by careful computation from the results of no less careful experiment on the resistance of fluids and the power required for propelling vessels; and its speed was, therefore, more nearly in accord with the expectations and promises of the inventor than was the usual experience in those days. Guided by these experiments and calculations, therefore, Fulton directed the construction of his steamboat vessel. The hull was 66 feet long, of 8 feet beam, and of light draught. But unfortunately the hull was too weak for its machinery, and it broke in two and sank to the bottom of the Seine. Fulton at once set about repairing damages. He was compelled to direct the rebuilding of the hull, but the machinery was but slightly injured. In June 1803, the reconstruction was complete, and the vessel was set afloat in July. A New Steamboat On August 9, 1803, this steamboat was cast loose in front of an immense crowd of spectators. The steamboat moved slowly, making only between three and four miles an hour against the current, the speed through the water was about 4.5 miles; but this was, all things considered, a great success. The experiment attracted little attention, notwithstanding the fact that its success had been witnessed by the committee of the National Academy and by officers on Napolean Bonapartes staff. The boat remained a long time on the Seine, near the palace. The water-tube boiler of this vessel is still preserved at the Conservatoire des Arts et Metiers at Paris, where it is known as Barlows boiler.   Livingston wrote home, describing the trial and its results, and procured the passage of an Act by the legislature of the State of New York, extending, nominally to Fulton, a monopoly granted the former in 1798 for the term of 20 years from April 5, 1803 - the date of the new law - and extending the time allowed for proving the practicability of driving a boat 4 miles an hour by steam to  two years from the same date. A later act further extended the time to April 1807. In May  1804, Fulton went to England, giving up all hope of success in France with either his steamboats, and the chapter of his work in Europe practically ends here. He had already written to Boulton Watt, ordering an engine to be built from plans which he furnished them; but he had not informed them of the purpose to which it was to be applied. This engine was to have a steam cylinder two feet in diameter and of four feet stroke. Its form and proportions were substantially those of the boat engine of 1803. John Stevens and Sons Meantime, the opening of the century had been distinguished by the beginning of work in the same direction by the most active and energetic among Fultons later rivals. This was  Col. John Stevens  of Hoboken, who, assisted by his son, Robert L. Stevens, was earnestly engaged in the attempt to seize the prize now so evidently almost within the grasp. This younger Stevens was he of whom the great naval architect and engineer, John Scott Russell, afterward remarked: He is probably the man to whom, of all others, America owes the greatest share of its present highly improved steam navigation. The father and son worked together for years after Fulton had demonstrated the possibility of reaching the desired end, in the improvement of the hulls and machinery of the river steamboat, until in their hands, and especially in those of the son, the now familiar system of construction in all its essentials was developed. The elder Stevens, as early as 1789, evidently had seen what was in prospect, and had petitioned the legislature of the State of New York for a grant similar to that actually accorded Livingston, later; and he had certainly, at that time, formed plans for the application of steam power to navigation. The records show that he was at work on construction as early, at least, as 1791.   Stevens Steamboat In 1804, Stevens completed a steamboat 68 feet long and of 14 feet beam. Its boiler was of the water-tubular variety. It contained 100 tubes, 3 inches in diameter and 18 inches long, fastened at one end to a central water leg and steam-drum. The flames from the furnace passed among the tubes, the water being inside. The engine was direct-acting high-pressure condensing, having a 10-inch cylinder, two feet stroke of the piston, and driving a well-shaped screw, with four blades. This machinery - the high-pressure condensing engine, with rotating valves, and twin screw propellers  - as rebuilt in 1805, is still preserved. The hub and blade of a single screw, also used with the same machinery in 1804, is likewise extant. Stevens eldest son, John Cox Stevens, was in Great Britain in the year 1805, and while there patented a modification of this sectional boiler.   Fitch and Oliver While Fulton was still abroad,  John Fitch  and  Oliver Evans  were pursuing a similar course of the experiment, as were his contemporaries on the other side the Atlantic, and with more success. Fitch had made a number of fairly successful ventures and had shown beyond question that the project of applying steam to ship propulsion was a promising one, and  he had only failed through lack of financial backing, and inability to appreciate the amount of power that must be employed to give his boats any considerable speed. Evans had made his Oruktor Amphibolis - a flat-bottomed vessel which he built at his works in Philadelphia - and impelled by its own engines, on wheels, to the bank of the Schuylkill, and then afloat, down the stream to its berth, by paddle-wheels driven by the same engines. Other inventors were working on both sides the ocean with apparently good reason to hope for success, and the times evidently were ripe for the man who should best combine all the requi rements in a single experiment. The man to do this was Fulton. The Clermont Immediately on his arrival, in the winter of 1806-07, Fulton started on his boat, selecting Charles Brown as the builder, a well-known ship-builder of that time, and the builder of many of Fultons later steam-vessels. The hull of this steamer, which was the first to establish a regular route and regular transportation of passengers and merchandise in America. Fultons first boat in his native country was 133 feet long, 18 feet beam, and 7 feet depth of hold. The engine was of 24 inches diameter of the cylinder, 4 feet stroke of the piston; and its boiler was 20 feet long, 7 feet high, and 8 feet wide. The tonnage was computed at 160. After its first season, its operation having satisfied all concerned of the promise of the venture, its hull was lengthened to 140 feet, and widened to 16.5 feet, thus being completely rebuilt; while its engines were altered in a number of details, Fulton furnishing the drawings for the alterations. Two more boats, the Raritan and the Car of Neptune were added to form the fleet of 1807, and steam navigation was at last fairly begun in America, some years in advance of its establishment in Europe. The Legislature was so much impressed with this result that they promptly extended the monopoly previously given Fulton and Livingston, adding five years for every boat to be built and set in operation, up to a maximum not to exceed a total of thirty years. The Clermont, as Robert Fulton called this first boat, was begun in the winter of 1806-07, and launched in the spring; the machinery was at once put on board, and in August 1807, the craft was ready for the trial trip. The boat was promptly started on her proposed trip to Albany and made the run with perfect success. Fultons own account is as follows: Sir, - I arrived this afternoon at four oclock, in the steamboat from Albany. As the success of my experiment gives me great hopes that such boats may be rendered of great importance to my country, to prevent erroneous opinions and give some satisfaction to my friends of useful improvements you will have the goodness to publish the following statement of facts:I left New York on Monday at one oclock, and arrived at Clermont, the seat of Chancellor Livingston, at one oclock on Tuesday time, twenty-four hours; distance, one hundred and ten miles. On Wednesday I departed from the Chancellors at nine in the morning, and arrived at Albany at five in the afternoon: distance, forty miles; time, eight hours. The sum is one hundred and fifty miles in thirty-two hours, - equal to near five miles an hour. On Thursday, at nine oclock in the morning, I left Albany, and arrived at the Chancellors at six in the evening. I started from thence at seven, and arrived at New York at four in the afternoon: time, thirty hours; space run through, one hundred and fifty miles, equal to five miles an hour. Throughout my whole way, both going and returning, the wind was ahead. No advantage could be derived from my sails. The whole has therefore been performed by the power of the steamengines. I am, Sir your obedient servant - Robert Fulton The last boat which was constructed under Fultons directions, and according to drawings and plans furnished by him, is that which, in 1816, navigated the sound from New York to New Haven. She was  nearly 400 tons, built of uncommon strength, and fitted up with all conveniences and great elegance. She was the first steamboat with a round bottom like a sea-going ship. This form was adopted, because, for a great part of the route, she would be as much exposed as on the ocean. It was, therefore, necessary, to make her a good sea boat. She passed daily, and at all times of the tide, the then dangerous strait of Hell Gate where, for a mile, she frequently encountered a current running at the rate of 5 or 6 miles an hour. For some distance, she had within a few yards, on each side, rocks, and whirlpools which rivaled Scylla and Charybdis, even as they are poetically described. This passage, previously to its being navigated by this steamer, was supposed to be impassable except at the chan ge of the tide; and many shipwrecks had been occasioned by a mistake in time. The boat passing through these whirlpools with rapidity, while the angry waters foamed against her bows, and appeared to raise themselves in obstinate resistance to her passage, is a proud triumph of human ingenuity. The owners, as the highest tribute they had in their power to offer to his genius, and as an evidence of the gratitude they owed him, called her the Fulton. A steam ferry-boat was built to ply between New York and Jersey City in 1812, and the next year two others, to connect with Brooklyn. These were twin boats the two hulls being connected by a bridge or deck common to both. The Jersey ferry was crossed in fifteen minutes, the distance was a mile and a half. Fultons boat carried, at one load, eight carriages, and about thirty horses, and still had room for three hundred or four hundred foot passengers. Fultons description of one of these boats is as follows: She is built of two boats, each ten feet beam, eighty feet long, and five feet deep in the hold; which boats are distant from each often ten feet, confined by strong transverse beam knees and diagonal traces, forming a deck thirty feet wide and eighty feet long. The propelling water-wheel is placed between the boats to prevent it from injury from ice and shocks on entering or approaching the dock. The whole of the machinery being placed between the two boats, leaves ten feet on the deck of each boat for carriages, horses and cattle, etc.; the other, having neat benches and covered with an awning, is for passengers, and there is also a passage and stairway to a neat cabin, which is fifty feet long and five feet clear from the floor to the beams, furnished with benches, and provided with a stove in winter. Although the two boats and space between them gives thirty feet beam, yet they present sharp bows to the water, and have only the resistance in the water of one boat of twenty beam. Both ends being alike, and each having a rudder, she never puts about. Meantime, the War of 1812 was in progress, and Fulton designed a steam vessel-of-war, which was then considered a wonderfully formidable craft. Fulton proposed to build a vessel capable of carrying a heavy battery, and of steaming four miles an hour. The ship was fitted with furnaces for red-hot shot, and some of her guns were to be discharged below the water-line. The estimated cost was $320,000. The construction of the vessel was authorized by Congress in March  1814; the keel was laid June 20, 1814, and the vessel was launched October 29 of the same year. Fulton the First The Fulton the First, as she was called, was then considered an enormous vessel. The hull was double, 156 feet long, 56 feet wide, and 20 feet deep, measuring 2,475 tons. In May the ship was ready for her engine, and in July was so far completed as to steam, on a trial trip, to the ocean at Sandy Hook and back, 53 miles, in eight hours and twenty minutes. In September, with armament and stores on board, the ship made for sea and for battle; the same route was traversed, the vessel making 5.5 miles an hour. Her engine, having a steam cylinder 48 inches in diameter and of 5 feet stroke of piston, was furnished with steam by a copper boiler 22 feet long, 12 feet wide, and 8 feet high, and turned a wheel, between the two halls, 16 feet in diameter, with buckets 14 feet long, and a dip of 4 feet. The sides were 4 feet 10 inches thick, and her sporadic was surrounded by musket proof bulwarks. The armament consisted of 30 32-pounders, intended to discharge red-hot shot. There was one mast f or each hull, fitted with lateen sails. Large pumps were carried, intended to throw streams of water on the decks of the enemy, with a view to disabling him by wetting his ordnance and ammunition. A submarine gun was to have been carried at each bow, to discharge shot weighing one hundred pounds, at a depth of ten feet below water. This, for the time, tremendous engine-of-war was constructed in response to a demand from the citizens of New York for a means of harbor defense. They appointed what was called a Coast and Harbor Defense Committee, and this committee examined Fultons plans and called the attention of the General Government to them. The Government appointed a Board of Experts from among its most famous naval officers, including Commodore Decatur, Captains Paul Jones, Evans, and Biddle, Commodore Perry; and Captains Warrington and Lewis. They reported unanimously in favor of the proposed construction and set forth her advantages over all previously known forms of war vessels. The citizens committee offered to guarantee the expense of building the ship; and the construction was undertaken under the supervision of a committee appointed for the purpose, consisting of several then distinguished men, both military and naval. Congress authorized the building of coastal defense vessels by the President, in Ma rch  1814, and Fulton at once started the work of construction, Messrs. Adam and Noah Brown building the hull, and the engines being placed on-board and in working order within a year. Fultons Death The death of Fulton took place in the year 1815, while at the height of his fame and of his usefulness. He had been called to Trenton, New Jersey, in January of that year, to give testimony before the State legislature in reference to the proposed repeal of laws which had interfered with the operation of the ferry-boats and other steam-vessels plying between the city of New York and the New Jersey shore. It happened that the weather was cold, he was exposed to its severity both at Trenton and, especially, crossing the Hudson River on his return, and took a cold from which he never recovered. He became apparently convalescent after a few days; but insisted on visiting the new steam frigate too soon, to inspect work in progress there, and on his return home experienced a relapse, his illness finally resulting in his death on February 24, 1815. He left a wife (nee Harriet Livingston) and four children, three of whom were daughters. Fulton died in the service of the United States government; and although engaged for years in devoting time and talents to the best interests of our country, still the public records show that the Government was indebted to his estate upwards of $100,000 for money actually expended and services rendered by him, agreeably to contract. When the legislature, then in session at Albany, heard of the death of Fulton, they expressed their sentiments of regret by resolving that the members of both houses should wear mourning for six weeks. This is the only instance, up to that time, of such public testimonials of regret, esteem, and respect being offered on the death of a private citizen, who was only distinguished by his virtues, his genius, and his talents. He was buried on February 25, 1815. His funeral was attended by all the officers of the National and State governments in the city at the time, by the magistracy, the common council, a number of societies, and a greater number of citizens than had ever been collected on any similar occasion. When the procession began to move, and until it arrived at Trinity Church, minute-guns were fired from the steam frigate and the Battery. His body is deposited in a vault belonging to the Livingston family. In all his social relations he was kind, generous, and affectionate. His only use for money was to make it an aid to charity, hospitality, and the promotion of science. He was especially distinguished by constancy, industry, and that union of patience and persistence which overcame every difficulty.

Operation Management Research Paper Example | Topics and Well Written Essays - 1000 words

Operation Management - Research Paper Example Firstly, for sustainability, efficiency and to improve infrastructural access throughout all the branches and the teller machines, the NBAD has deployed sophisticated technological system meant to monitor all the data centers. This system has been integrated in a way such that, it helps in power planning, management and distribution by giving warnings about power availability while ensuring consistent customers service for maximum returns output. Moreover, this organization having been ranked amongst the safest banks in the world has opened up numerous branches within the United Arab Emirates as a strategy of gaining competitive advantage. Additionally, the bank has implemented the use of automatic teller machines (ATM) to aid accessibility of transactions with 24 house online customer support. Through telephone calls and online banking categorically termed as Nbadonline or Nbaddirect customers are assured the safest money transactions which, eliminates the threat of physical transac tions of money and chances of robbery (Suwaidi, 1994). National Bank of Abu Dhabi has implemented into its operation, finacle management systems with treasury as well as capital market business. This system helps in minimizing risks associated with trading in securities while offering financial assistance in relevance to office operations. NBAD has had sustainable operations by focusing on service delivery to the customers through the deployment of finacle system which, helps in the reduction of cost through effective and non faulted operations as one way of achieving the objectives and visions of the organization (Suwaidi, 1994). National Bank of Abu Dhabi believes in a centralized of financial process in where adequate funds can be dispatched in support of other operations within the organization while prioritizing for higher returns with very minimal anticipating of risks. Besides this idea, NBAD has invested in financial management systems that enables the customers to have accu rate execution of the transactions focusing on cash optimization efficiency through a round the clock automation systems. Moreover, the organization is equipped with an enterprise resource programs where the treasury, management board and the other industries are involved in to the in integration of automated systems that sees transactions from one organization to the other. National Bank of Abu Dhabi has succeeded in the integration of optimized transaction system with the development and Tourism Company to enable cash management efficiency and other likeminded organizations with the treasury (Peng, 2012). NBAD is also practices divergent transparency when it to the relationship with the investors, this has been made through availing of timely financial information and reports which, are basically aided by financial fact sheet and other reports which can be acceded easily through the decision support systems linked to the investors portals. Through such systems, stakeholders are ab le to make timely decision about the appropriate time to sell or make purchases of investment securities (Peng, 2012). . Operation management and qualities of Emirates Airlines Company Despite the fact that emirates Airline Company is wholly owned by the government of Dubai, it has revolutionized into a global