Use Economic Theory - Free Essay Example

Sample details Pages: 5 Words: 1637 Downloads: 4 Date added: 2019/05/18 Category Law Essay Level High school Tags: Minimum Wage Essay Did you like this example? Â  The objective of this essay is to analyse and discuss the potential effects of a minimum pricing strategy on the alcoholic beverage industry. It will focus on three main economic agents: consumers, producers and the government. In doing so, the essay will first provide a definition on minimum pricing and its purpose in the economy, before discussing the potential effects it will have on each agent according to economic theory. Don’t waste time! Our writers will create an original "Use Economic Theory" essay for you Create order Finally, the economic theory covered will be applied to the Scottish alcohol market to analyse the extent to which such a pricing strategy is a benefit and/or a disadvantage to each economic agent. Minimum pricing, also known as a price floor, is defined as a method of government (or other economic agent) intervention that aims to correct or lessen instances of market failure by setting the price above the equilibrium level. Figure 1 depicts a model market for a good (or service); at equilibrium, the quantity of the good being produced is qE units, and the market price is P. If the government then intervenes by setting a minimum price above the equilibrium, the new market price will be associated with an increase from P to P. In theory [assuming ceteris paribus], the rise in price should create a market surplus meaning that the quantity of the good being demanded (qd) would be greater than the quantity being supplied (qs). The law of supply states that a rise in the price of a good/service will generally increase its suppliers incentives to produce (higher prices will allow suppliers to earn a profit), suggesting the increase in the quantity supplied from qE to qs. Meanwhile, the law of demand dictates that the rise in price should prevent some consumers from purchasing the good, leading to a contraction along the demand curve from q to qd. This method of intervention is often used in instances where the equilibrium conditions of the market lead to a social [or economic] outcome that is less than desirable e.g. negative consumption externalities that arise from the overconsumption of demerit goods such as tobacco and alcohol (to be covered later), or in a price support scheme to protect producers incomes (Sloman et. al 2018:56) in markets prone to fluctuations in supply, such as the agricultural market. Hence price stabilisation is often used to help the government achieve one of their key macroeconomic objectives and serves as an example of how governments can intervene to prevent, correct or lessen market failure). Imposing a minimum price on a good or service will have various effects on the community surplus (the sum of consumer surplus and producer surplus) as the consumption and production of a good can also impact unrelated third parties who are not directly involved in its consumption or production. One reason why a minimum price may be useful in the economy is that they can reduce demand for demerit goods. A decrease in the consumption of demerit goods would therefore reduce the number of negative externalities that occur from their consumption, such as drink-driving accidents, anti-social behaviour and alcohol-related hospital admissions (this would create a snowball effect as healthcare resources become increasingly scarce). This can be depicted using a negative consumption externality diagram as shown in Figure 2. Given that the marginal social benefit (MSB) of consuming the good is less than the marginal private benefit (MPB = demand curve), the effect of a price floor on demand can be represented by the fall in quantity demanded from QFM (the free market level of consumption) to QSO (the socially optimal output where negative consumption externalities are diminished or eliminated). Figure 3 illustrates how imposing a price floor affects both the consumer and producer surplus. The first effect is the reduction in consumer surplus (represented by the change in CS1 to region CS2). This is due to the rise in price, leading to a smaller wedge between the highest price consumers are willing to pay and the price that is eventually paid (P1). On the other hand, Figure 3 also illustrates a potential increase in producer surplus from PS1 to PS2 due to the price floor. Hence in this example it is notable that a portion of the consumer welfare in this market has been absorbed by the producers the suppliers of the good have benefitted from the governments intervention while consumers have been negatively affected due to the rise in price. The imposing of a price floor has introduced a deadweight loss to society. This is defined as a cost to society resulting from allocative inefficiency (when market supply and demand are not at equilibrium). However, the magnitude of the effect that a price floor will have on consumption and production depend greatly on the price elasticities of both demand and supply. Figures 4-6 illustrate the extent of the change in quantity based on the PED and PES of the good. Figure 4 illustrates the effect on a good with a high PED qd falls by the greatest magnitude as demand is much more responsive to the rise in price. Therefore, imposing a price floor on a good may only be suitable when PED is elastic rather than inelastic. The price elasticity of supply also determines the extent to which a price floor will affect the quantity traded. Figure 5 depicts a good with price-inelastic supply, showing that an increase in price will only lead to a minimal increase in the quantity supplied. When supply is price-elastic, Figure 6 demonstrates the fact that producers will be greatly responsive to the change in price, leading to a leap from in the quantity supplied (qE to qs). The Scottish Government recently intervened in the alcoholic beverage market on February 2018 by placing a minimum price of 50p per unit on drinks (The Economist:2018). The aim of the regulation will be to lessen the external costs imposed on third parties. Using Figure 2, the external costs of alcohol consumption can be represented by a contraction along the MSC curve from P1 down to P2. As a product that is overconsumed in a free market and considered addictive by many consumers, it is widely recognised a demerit good; intoxication harms not only drinkers but also the wider society, posing several risks to consumer health such as an increased likelihood of contracting liver disease, heart disease and stroke as well as a greater number of fatal car accidents resulting from drink-driving. Statistics from an NHS report taken in 2015 indicate that ?approximately 57,000 deaths (1 in 15 of the Scottish population) were caused by alcohol (Alcohol Focus Scotland:2018). One reason why the minimum price may benefit Scottish consumers is that reduced consumption should reduce the number of alcohol-related accidents and health complications resulting from misuse, likely leading to a healthier population and a more productive workforce. This is highly likely given that alcohol is produced in a competitive market with many substitutes and at low prices the price strategy is described as a ?price hike on cheaper, stronger drinks (BBC News:2018). Suggesting that demand for the good is fairly price elastic, it would mean that a 20% rise in the price, for example, should result in a percentage fall in demand that is larger than 20%. With reference to Figure 5, it can thus be inferred that a price floor of P1 on alcohol should successfully reduce demand from QE down to Qd. However, the price floor may do some Scottish consumers more harm than good Figure 3 shows that a rise in price will cut consumer surplus short (CS2 has shrunken in size in comparison to CS1). This may be problematic for low-income households among the Scottish population who only consume alcohol occasionally since a per-unit price rise will comprise a greater proportion of their income than those with more income. This group of consumers will be much more price-elastic in demand due to the differing levels of household income and their consumer preferences. Therefore, minimum pricing can be also criticised as it would disproportionately reduce Scottish consumers spending powers based on their income. A possible benefit of using minimum prices to Scottish producers is that it increases the price that they producers receive from the sale of the good. This may be beneficial for smaller firms as they may gain greater profit and subsequently use this profit to invest into their products, potentially resulting in produce of a higher quality. However, the price floor may unintentionally cushion inefficient producers of the good by allowing them to avoid cutting their costs. This could be potentially harmful to the industry if resources are not being fully optimised and waste becomes commonplace in the market. The price floor can beneficial to the Scottish Government a healthier workforce may afford to work more often and/or for longer hours. However, a concern arising from the imposition of a minimum price revolves around the treatment of the market surplus (qs-qd, see Figure 4). The government may incur additional costs in having to buy up the excess supply or destroy it. This may be an unfavourable outcome for the government the surplus may be considerably large if alcohol is to have price-elastic demand or supply (or even both, making the procedure even more costly. To conclude, minimum pricing will have both positive and negative connotations for all three economic agents. The extent of these are determined by the size of the price floor. There may be better methods to reduce market failure from the consumption of such a demerit good, such as a progressive tax (e.g. a duty on alcohol) or a subsidy on alternative merit goods (healthcare) to increase external benefits. Bibliography Sloman et al. (2018) Economics. 9th edn. London: Pearson The Economist. (2018). Scotlands minimum price for alcohol may have unexpected effects. [online] Available at: https://www.economist.com/britain/2018/03/01/scotlands-minimum-price-for-alcohol-may-have-unexpected-effects [Accessed 15 Nov. 2018]. Alcohol Focus Scotland. (2018). Alcohol facts and figures. [online] Available at: https://www.alcohol-focus-scotland.org.uk/alcohol-information/alcohol-facts-and-figures/

Codes of Ethics Essay - 717 Words

Introduction Throughout the world, business organizations and various professions conduct daily activities that require standards of ethical behavior. To convey a company’s ideals, principles, and goals most companies develop a document called a code of ethics that defines the behavior that others can expect from them. A business code of ethics is a valuable tool used within a profession or business to evaluate its performance in the business world. Business Codes of Ethics Each day in the workplace, people encounter ethical situations to which they must react. A code of ethics formed by a profession or a business is very clear and helpful in providing guidance in the ethical decision making process. The purpose behind a code of†¦show more content†¦In another example, Kenneth Lay and Jeffery Skilling, along with several other senior management individuals, regularly lied to Enron stockholders and employees about the company’s financial situation. It was as if a code of ethics did not exist at Enron. While the company was sinking financially, they all raped and pillaged Enron’s coffers while displaying no remorse for their actions. Ultimately, the company crumbled and the perpetrators received punishment. Unfortunately, 20,000 people lost their jobs because of the unethical behavior of the Enron executives. Within my future field of the IT industry, the standard code of ethics revolves around three main areas. These three areas are as follows: â€Å"I will strive to know myself and be honest about my capability, I will conduct my business in a manner that assures the IT profession is considered one of integrity and professionalism, I will respect privacy and confidentiality†. (SANS: IT Code of Ethics, 2004, p. 1) Below each of these headings, a plethora of other sub points of ethical expectations reside. For example, I will not steal property, time, or resources. 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I will be discussing the outcomes to several issues given, and also addressing what I would do personally when faced with these oppositions. The questions require me to constantly review my AAMFT Code of Ethics and apply them to the issues that have arisen. I will have to consult withRead MoreEthics And Code Of Ethics815 Words   |  4 Pagesincluding no windows or running water - were against his personal definition of right, good and fair. Even though the case study does not describe clearly, one could easily assume that these practices do not comply with the key values and the code of ethics and conduct that Felipe’s company is likely to have. The fact that Felipe was immediately shocked with the labor conditions shows that it goes against what his company practices in his home country, triggering the filters of â€Å"policies† and â€Å"universal†Read MoreCode Of Ethics And Ethics Essay1527 Words   |  7 PagesIntroduction. 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Genius free essay sample

Albert Einstein supposedly once said Everyone is a genius. What he was trying to point out to us is that no matter what subject or issue, everyone has a talent where they excel, and (Coordination) in which they are classified as a genius. But what exactly is a genius? The dictionary states it as an exceptional natural capacity of intellect where intellect is the power or faculty of the mind by which one knows or understands. However, there can be various types of geniuses: of the arts, inventors, Miters or any common day hobbies, or maybe even life.As Einstein, who allegedly said this, discovered: the theory of relativity, proved atoms existed, and E=Mac, most people classified him as a genius(Periodic Sentence). Einstein was a genius of academics; he was more acquainted with the way his brain worked, especially compared to that of many of us (Parallelism). So he took what he needed to know from I. We will write a custom essay sample on Genius or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page E. Teachers, mentors, or parents), in order to make his life more like he wanted it to be. Another individual that most classify as a genius is Wolfgang Amadeus Mozart, a music composer that started when he was Just the age of 5 years old appositive).Mozart was known as a child prodigy in music, he is well known for many symphonies and operas such as, Don Giovanni, The Magic Flute, and the Jupiter symphony. From the beginning, he was aware exactly what he had a passion to do, to play music, and that is exactly what he did. Most of mankind classifies this group of prodigies as geniuses because of what they did In order to make the world a different and changed place, but I believe they are geniuses because of what they did for homeless, in order to make their lives happier for their own desire. If you really think about it, what most people want from life Is happiness; to be able to push through all the struggles and come out as a better person; to fight for what you want or In what you believe; somebody who controls their life, In order to make It a happy one. One of my main role models In life, Brandon Bandmaster, who used to be Just a little small town boy from Litton, Oklahoma (appositive), now stands as our State FAA President. Brandon lived In a small town, and when he transferred there as a Irishman, he didnt even know what the FAA was.But after seeing a copious amount of opportunities for happiness In It, he took the chance and ran with It, and look here It landed him, as our State President, and he couldnt love It anymore! Brandon .NET through struggles and hardships, but he didnt let them stand In his way, I heard him once say A setback Is a setup for a comeback! , now that Is the attitude In Mulch you have to go at life! He kept on going and now all of that has p aid off because he Is happy, Just Like he always has been.What I believe all of those Individuals have In common Is that they saw an opportunity of happiness, they lasted onto It and It took them where they wanted to be. I believe that anyone who aspires to be happy, and doesnt let anyone tear them down but Instead stands back up stronger than before, Is someone who stands as a genius of life (Subordination). I truly believe that everyone Is a genius; at one time or another, something will happen that makes them realize that they dont live forever, and that you can either live out sour life happy, or sad.And when that moment comes, that person then becomes a genius of life. Intellect where intellect is the power or faculty of the mind by which one knows or people classified him as a genius(Periodic Sentence). Einstein was a genius of prodigies as geniuses because of what they did in order to make the world a different think about it, what most people want from life is happiness; to be able to push through all the struggles and come out as a better person; to fight for what you want or in what you believe; somebody who controls their life, in order to make it a happy one.One of my main role models in life, Brandon Bandmaster, who used to be Just a President. Brandon lived in a small town, and when he transferred there as a of opportunities for happiness in it, he took the chance and ran w ith it, and look Inhere it landed him, as our State President, and he couldnt love it anymore! Brandon Net through struggles and hardships, but he didnt let them stand in his way, I heard him once say A setback is a setup for a comeback! , now that is the attitude in Inch you have to go at life! He kept on going and now all of that has paid off cause he is happy, Just like he always has been.

Tobacco Advertising And Its Dangerous Effects On Young People. Tobacco Essay Example For Students

Tobacco Advertising And Its Dangerous Effects On Young People. Tobacco Essay Tobacco Advertising and its dangerous effects on young people. Tobacco Advertising Makes Young People Their Chief TargetEveryday 3,000 children start smoking, most them between the ages of 10 and 18. These kids account for 90 percent of all new smokers. In fact, 90 percent of all adult smokers said that they first lit up as teenagers (Roberts). These statistics clearly show that young people are the prime target in the tobacco wars. The cigarette manufacturers may deny it, but advertising and promotion play a vital part in making these facts a reality (Roberts). The kings of these media ploys are Marlboro and Camel. Marlboro uses a fictional western character called The Marlboro Man, while Camel uses Joe Camel, a high-rolling, swinging cartoon character. Joe Camel, the smooth character from R.J. Reynolds, who is shown as a dromedary with complete style has been attacked by many Tobacco-Free Kids organizations as a major influence on the children of America. We will write a custom essay on Tobacco Advertising And Its Dangerous Effects On Young People. Tobacco specifically for you for only $16.38 $13.9/page Order now Dr. Lonnie Bristow, AMA (American Medical Association) spokesman, remarks that to kids, cute cartoon characters mean that the product is harmless, but cigarettes are not harmless. They have to know that their ads are influencing the youth under 18 to begin smoking(Breo). Researchers at the Medical College of Georgia report that almost as many 6-year olds recognize Joe Camel as know Mickey Mouse (Breo). That is very shocking information for any parent to hear.The industry denies that these symbols target people under 21 and claim that their advertising goal is simply to promote brand switching and loyalty. Many people disagree with this statement such as Illinois Rep. Richard Durbin who states If we can reduce the number of young smokers, the tobacco companies will be in trouble and they know it (Roberts). So what do the tobacco companies do to keep their industry alive and well? Seemingly, they go toward a market that is not fully aware of the harm that cigarettes are capable of. U.S. News recently featured a discussion of the smoking issue with 20 teenagers from suburban Baltimore. The group consisted of ten boys and ten girls between the ages of 15 and 17. When asked why they started smoking, they gave two contradictory reasons: They wanted to be a part of a peer group. They also wanted to reach out and rebel at the same time. When you party, 75 to 90 percent of the kids are smoking. It makes you feel like you belong, says Devon Harris, a senior at Woodlawn High. Teens also think of smoking as a sign of independence. The more authority figures tell them not to smoke, the more likely they are to pick up the habit (Roberts). The surprising thing is that these kids know that they are being influenced by cigarette advertising. If these kids know that this advertising is manipulating them, why do they still keep smoking? The ads are everywhere, especially in teen-oriented magazines, such as Rolling Stone and Spin. The ads also fuel some of the reasons the children gave for starting. They represent rebellion, independence, acceptance and happiness. These are all the things a young person, between childhood and adolescence, needs and desires. This type of advertising, on top of peer pressure, is the mystery behind the rise in adolescent smoking.How do we stop the future of America from smoking? Here are three things that the experts recommend. Try to convince your children that smoking is not cool. Talk to your kids at a young age about the dangers of smoking. Identify family members who smoke and ask them to stop (Thomas).Children are the most valuable commodity we are given in life. Lets try to educate them while theyre young to be independent thinkers and to not be swayed by the tobacco companies who are trying to take advantage of their mind and body.Works Cited Bill Clinton vs. .u0cd2d90768a9f5a074af7da6c74bbf7a , .u0cd2d90768a9f5a074af7da6c74bbf7a .postImageUrl , .u0cd2d90768a9f5a074af7da6c74bbf7a .centered-text-area { min-height: 80px; position: relative; } .u0cd2d90768a9f5a074af7da6c74bbf7a , .u0cd2d90768a9f5a074af7da6c74bbf7a:hover , .u0cd2d90768a9f5a074af7da6c74bbf7a:visited , .u0cd2d90768a9f5a074af7da6c74bbf7a:active { border:0!important; } .u0cd2d90768a9f5a074af7da6c74bbf7a .clearfix:after { content: ""; display: table; clear: both; } .u0cd2d90768a9f5a074af7da6c74bbf7a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u0cd2d90768a9f5a074af7da6c74bbf7a:active , .u0cd2d90768a9f5a074af7da6c74bbf7a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u0cd2d90768a9f5a074af7da6c74bbf7a .centered-text-area { width: 100%; position: relative ; } .u0cd2d90768a9f5a074af7da6c74bbf7a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u0cd2d90768a9f5a074af7da6c74bbf7a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u0cd2d90768a9f5a074af7da6c74bbf7a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u0cd2d90768a9f5a074af7da6c74bbf7a:hover .ctaButton { background-color: #34495E!important; } .u0cd2d90768a9f5a074af7da6c74bbf7a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u0cd2d90768a9f5a074af7da6c74bbf7a .u0cd2d90768a9f5a074af7da6c74bbf7a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u0cd2d90768a9f5a074af7da6c74bbf7a:after { content: ""; display: block; clear: both; } READ: Essay about Net Neutrality: The Future of the Internet? Essay Joe Camel. U.S. News World Report. 2 Sep. 1996: 12. Infotrac. Online. 27 Oct. 1996. Selling Tobacco to Kids. America. 17 Feb. 1996: 3. Infotrac. Online. 27 Oct. 1996. Roberts, Steven. Teens on tobacco; kids smoke for reasons all their own. U.S. News World Report. 18 Apr. 1996: 38. Infotrac. Online. 27 Oct. 1996.Thomas, Roger E. 10 steps to keep the children in your practice nonsmokers. American FamilyPhysician. Aug. 1996: 450. Infotrac. Online. 27 Oct. 1996. Breo, Dennis L. Kicking Butts-AMA, Joe Camel and the Black Flag war on tobacco. JAMA, TheJournal of the American Medical Association. 29 Oct. 1993: 1978. Infotrac. Online. 27 Oct. 1996.

The script of the Crucible Essay Example

The script of the Crucible Paper In The Crucible there are many highly dramatic scenes where Miller creates a great deal of tension and emotion in the audience. Imagine you are directing a production of The Crucible. Describe how you would stage these scenes and how you would build up tension and emotion in your audience. The Crucible, by Arthur Miller, was written in America in the 1950s. It depicts an eye-opening analogy between the Salem witch-hunt in 1692 and the McCarthy communist trials in 1950s America. In fact, Miller used some of the exact recorded speech from the McCarthy trials in the script of The Crucible. While watching The Crucible the audience should remember that the people of Salem were devotedly puritan, and so anything that contradicted the commandments, or any part of the Bible would be heavily frowned upon. And so, within the context of the play, could be turned in to signs of witchcraft by people manipulating the truth. At the end of Act III Elizabeth denies that Proctor has had an affair after Proctor has admitted to it. If she tells the truth it would have cast strong doubts across Abigails accusations. Afterwards Hale- perhaps too late- tells the court he believes Proctor. Abigail, showing her ruthless resourcefulness again, pretends Mary is sending her spirit on her. Danforth believes her. Mary, due to the pressure from Danforth, the threat of death, and the girls hysteria accuses Proctor of witchcraft and returns to Abigail. Proctor and Giles are arrested at the end of the act. When Elizabeth is called in to the court I think she should be led in from the back of the auditorium, which will build up suspense and tension in the audience. We will write a custom essay sample on The script of the Crucible specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The script of the Crucible specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The script of the Crucible specifically for you FOR ONLY $16.38 $13.9/page Hire Writer I would group the girls on stage left, with Abigail slightly nearer the centre and facing back. The girls should stare wide-eyed at Elizabeth. Proctor should stand the mirrored position of Abigail, again facing back. Hale should be close to him, but further right, looking nervously, but slightly expectantly, at Elizabeth. This should show the audience how the pressure has all been shifted to Elizabeth. Danforth should stand down centre facing out, and when Elizabeth reaches the stage she should stand close in front of him facing towards him. This should create a dramatic triangle between Elizabeth, Proctor, and Abigail. This should symbolise Elizabeths dilemma. Whether to denounce Abigail and keep to her Christian convictions, or to save Johns name from shame. Elizabeth is called in to confirm Proctors claim that he and Abigail had an Affair. Proctor is certain she will tell the truth, as she never lies. He says that in her life she have never lied. This should create suspense in the audience, as they can sense Elizabeths dilemma, but know what John expects her to do. This is one of the points in the scene where one of the characters could have changed to outcome of the play. When Elizabeth denies her husband is a lecher replying timidly to Danforths ferocity No, sir I would have the whole court freeze except Elizabeth and a spotlight on her when she says the line No, sir, then instantly the lights should come back up, and the action continue. This should again build up huge tension in the audience in the wait for Elizabeths decision. When it comes the will be very taken aback, but will not be given time to recover as the action will continue quickly. The speed of Danforths reaction seems to suggest that this was the answer he wanted, as it is quick and dismissive of the appeals. This is shown as he immediately orders the Marshal to Remove her. This I think is because if she had not denied the affair it would have also left serious questions about Danforths skills of judgement. Hale then tells the court that he believe s Proctor and tells the court he has always struck me true. I think the audience would be thinking this has come too late. To emphasise this Danforth should ignore him, walking back to his bench, not even turning to say, she spoke nothing of lechery, and this man has lied. During this I would make Proctor place his head in his hands, and the girls passing very discreet smirks between one another. When Hale says [pointing at Abigail] This girl has always struck me false. She has- and Abigail cuts him off. Here we again see how Abigail uses her position of power in the court. She suddenly cuts in about the yellow bird saying You will not! Begone! Begone, I say! this suddenly draws attention away from the people who are doubting her.

Free Essays on Kleptomania

Kleptomaniacs, pyromaniacs, nymphomaniacs and all the maniacs in the world†¦tonight is your night! First, I’d like to apologize for the missing cutlery and the lack of candles stolen by our kleptomaniacs / (slash) pyromaniacs. Tonight’s speakers, including me (Klara the Klepto), Pete the Pyro and Ned the Nympho are going to be talking about rare disorders. I wasn’t quite sure what to talk about, so I kind of borrowed my subject from the next speaker†¦kleptomania! Kleptomania is a serious, yet relatively unknown disorder that is thought to be caused by an imbalance of a certain chemical in the brain, or more simply some sort of personality disorder such as depression! I myself admit to have taken a few little objects once or twice in my lifetime with out permission, and I guess everyone has†¦but what defers kleptomaniacs from people who just enjoy stealing? Here are some real signs of Kleptomania: * taking objects on impulse, without planning ahead * repeatedly taking things that are not valuable or needed for personal use *not feeling guilty after stealing and getting some sort of rush before taking an object! Looking into this crowd, I see pockets full of useless objects, people looking for â€Å"misplaced† items, table clothes on fire and many other unusual occurrences. But I guess that’s normal if you take into consideration what this speech is about! Most Kleptomaniacs are females in there 30’s and a surprisingly large percent of those with kleptomania have some form of an eating disorder! Many people laugh at the thought of a person who just can’t stop stealing†¦ things as small as carrots at a supermarket to more important yet almost useless things such as somebody else’s briefcase. But I’m sorry to tell those of you who believe kleptomaniacs steal because they enjoy it so much that, that’s almost completely wrong! Yes, it is possible, but most Kleptomaniacs steal, and don’t feel guilty†¦and th... Free Essays on Kleptomania Free Essays on Kleptomania Kleptomaniacs, pyromaniacs, nymphomaniacs and all the maniacs in the world†¦tonight is your night! First, I’d like to apologize for the missing cutlery and the lack of candles stolen by our kleptomaniacs / (slash) pyromaniacs. Tonight’s speakers, including me (Klara the Klepto), Pete the Pyro and Ned the Nympho are going to be talking about rare disorders. I wasn’t quite sure what to talk about, so I kind of borrowed my subject from the next speaker†¦kleptomania! Kleptomania is a serious, yet relatively unknown disorder that is thought to be caused by an imbalance of a certain chemical in the brain, or more simply some sort of personality disorder such as depression! I myself admit to have taken a few little objects once or twice in my lifetime with out permission, and I guess everyone has†¦but what defers kleptomaniacs from people who just enjoy stealing? Here are some real signs of Kleptomania: * taking objects on impulse, without planning ahead * repeatedly taking things that are not valuable or needed for personal use *not feeling guilty after stealing and getting some sort of rush before taking an object! Looking into this crowd, I see pockets full of useless objects, people looking for â€Å"misplaced† items, table clothes on fire and many other unusual occurrences. But I guess that’s normal if you take into consideration what this speech is about! Most Kleptomaniacs are females in there 30’s and a surprisingly large percent of those with kleptomania have some form of an eating disorder! Many people laugh at the thought of a person who just can’t stop stealing†¦ things as small as carrots at a supermarket to more important yet almost useless things such as somebody else’s briefcase. But I’m sorry to tell those of you who believe kleptomaniacs steal because they enjoy it so much that, that’s almost completely wrong! Yes, it is possible, but most Kleptomaniacs steal, and don’t feel guilty†¦and th...

Political Theories Essay Example | Topics and Well Written Essays - 1750 words

Political Theories - Essay Example Every society is made up of groups of individuals that have certain hopes and aspirations; every state is made of people that want to find a way to find solutions for their growing needs and desires to achieve things and make a living for themselves as well as to support their families. This however sometimes is at the cost of others and thus a proper political, social as well as economic structure needs to be set in place in order to avoid conflicts among people. A certain amount of competition and conflict is allowed because it only helps to push the psychology of a human being and help him find unique ways to do things in a better manner; however, if stretched, this can lead to the existence of a majority group that begins to gain all the benefits of resources and services. Individuals often know what is best for them and thus they come together in order to make decisions which they feel would be fit for everyone else. They think for others and often try to come up with ideas that would suit the lifestyle of most people within that particular society. This refers to rule or policy formulation on a political basis and gaining power for a purpose; in order to serve the needs of the people. However, this power sometimes may not be distributed in an even manner; causing problems within that society and having a certain section impose its influence upon the others because of the excess of power. Since the inception of the idea of democracy within a state, various theories have been developed in order to find out the best possible manner in which democracy is to be executed among the people. Some societies try their best to establish a clean political scenario within which people can live peacefully with each other, sharing resources and producing goods and s ervices in a very harmonised manner. However, within some societies, this distribution may become haywire and concentrated within the hands of a few individuals. This obviously might not be good for the general benefit of the entire state, however might help a few individuals gain a lot, thus leading to an overall growth in the entire income structure of the state. The economy is thus divided on the basis of both sociological as well as political perspectives in order to counter these issues and move towards prosperity. Political life can be measured through sociological variables and this helps to understand the class model of the society very easily. There have been a number of philosophers and thinkers who have been able to base their theories on class and model structures within a political economy. Nonetheless, the Marxian philosophy or theory of class structure of state has had the greatest impact on political sociology and his most dynamic work may be found in economics. Ever y political system is made up of individuals who react to their sociological surroundings and determine the political life. In the present day, three theories have been used greatly – the Marxist, Pluralist and the Elitist theories that deal with different (as well as similar) ideas of democracy. This paper helps to analyse the similarities as well as the differences among these three ideas, as well as the path that led up to their establishment in the modern day and age. It also aims to focus on the political system that prevails in the United Kingdom and the course that the same took over time in order to become what it is today. According to Karl Marx, people entered into social relationships with one another; their conduct was largely determined by the way they behaved around each other as well as the reactions to the actions of other people in their surroundings. People moulded their beliefs and ideas according to the needs and wants of the people within their external e nvironment and thus the political system was loosely based on the economic scenario of demand and supply. Marx’s theory talked considerably about competition and conflict that was created due to economic production; he said that men and women could only be free within a society

International Oil & Gas Law Coursework Example | Topics and Well Written Essays - 3250 words

International Oil & Gas Law - Coursework Example The oil and gas industry in the contemporary world has seen considerable growth and development. In the past decades, oil exploration in the world has been enhanced, and new national oil producers are emerging attracting attention from international investors.1 The massive oil reserves of Polenskya is a clear example, and the following section highlights the facts on the ground with respect to Polenskya and issues touching the actions to be undertaken by Atlantic Oil Company-as the interested investor. 1.1. Facts about Polenskya Facts about Polenskya include massive unexploited oil reserves in the developing country having a population of 20 million of which, majority are illiterate. In Polenskya, there exists no established banking system thus financial saving and investments in the country calls for massive turn over. Regarding the commercial practices and environmental care, there are no international, commercial or environmental laws to safeguard the integrity and decency of the environment, as well as trade. Further, Polenskya has little national oil industry expertise; thus, international investment is the only option for Polenskya realising its dream of exploiting its oil reserves.. This is through the incorporation of international oil investors to the country to drill the resource at set agreements or concessions. On the political environment, in Polenskya; it is rumoured that President Millapot might resign due to ill health after ten years in power. This gives rise to the probability of a new regime coming in power in the near future with the initial development on the project. Issues concerning the oil reserve land; this is a home to an endangered species attracting tourist throughout the year, as well as an indigenous community growing food crops on the land. With respect to ventures into transportation survey, there exists a small port 100 miles from the area, which is primarily utilised for fishing. 2.0. THE OIL AND GAS INVESTMENT BY ATLANTIC OIL IN POLENSKYA 2.1. Atlantic Oil Company in Context Atlantic oil is a multinational oil company interested in investing in the nation of Polenskya. The venture will have to look into the following factual information. A. Atlantic is considering entering into a Production Sharing Agreement with Polenskya. This report wills advice Atlantic Oil on the advantages and disadvantages of undertaking a Production Sharing Agreement with Polenskya. Further, clauses to be included for this agreement will be discussed to enlighten the company on the impending terms of the contract. B. On the basis of Atlantic Oil not wholly funding any development project in Polenskya, the types and sources of financing available will be analysed. Further, the mode of minimising commercial and political risks will be discussed. On the same note, the project entails having very minimal disruption to the environment. Therefore, critical environmental issues that Polenskya will have to undertake to look critically i nto this will be of the essence to highlight and

Course Work 1 Coursework Example | Topics and Well Written Essays - 1000 words

Course Work 1 - Coursework Example The introduction needs to be more specific, using apt legal terminology, and stating the facts of the case clearly. Besides, the introduction should also have identified the terms of reference of the court, or the basic point at dispute in the court, right at the beginning of the summary and not in the second body passage. In many places, the summary lacks clarity due to spelling errors or failing to follow the appropriate norms of writing. For example, â€Å"whether† is spelt in the second paragraph as â€Å"weather† and the name Pretty has not been capitalised, thus creating a misunderstanding in the readers that the word is used in the sense of an adjective rather than as a name. The summary also fails to use the exact legal terminology while referring to several of the legal aspects of the case. For instance, the term â€Å"blanket prohibition on euthanasia and assisted suicide† has often been referred to as merely â€Å"blanket† that confuses the read ers. In addition, the summary also flouts many conventions of professional writing and on occasions relegates itself to the level of an informal talk. The use of contractions and second person POV are some examples of this. The summary calls for a revision, and rewriting, by meticulously following the usual conventions for writing professional legal summaries. It needs to be outlined properly and structured logically by organising it in an appropriate sequence. The writer also needs to be specific and use proper legal jargons rather than writing in layman language. This will render the text a better flow and cohesiveness apart from clearly communicating the ideas of the writer to the audience. Rewritten Summary: An appeal was filed by Nicklinson & others in the Divisional Court against a decision of the European Court of Justice, naming the Director of Public Prosecution (DPP) as prime respondent. The terms of reference for the court were: (1) to determine whether necessity constitu tes a sufficient reason as defence against prosecution in the case of euthanasia or assisted suicide, (2) whether prohibition of assisted suicide constitutes a disproportionate interference with Art 8 of ECHR 1950, and (3) whether there is a necessity for DPP to clearly set out the circumstances under which prosecution will be initiated in cases of assisted suicide to make the law more transparent to healthcare professionals. The appellants, terminally suffering and crucially disabled, did not want to continue their lives but could not self-terminate. Thus, they wanted to seek medical assistance to kill themselves. With the above terms of references and using precedence in such cases, the court held that the case could not be ruled in the appellant’s (L) favour because such a decision would violate the sanctity of life as envisaged in Article 2. The court further held that it is unlawful under Sec 2 of the Suicide Act 2010 and if any person assists another in euthanasia or su icide, he or she will have to be prosecuted for homicide. Further, on the issue of whether necessity constitutes and defence against prosecution in the case of assisted suicide, as in the case of Purdy Vs United Kingdom (2010) AC 45, the court ruled that the blanket prohibition on euthanasia or assisted suicide cannot be construed as disproportionate interference with Article 8 of ECHR 1950, which protects the privacy of a citizen. The court further

Fallacies involving credibility and context

Fallacies involving credibility and context Chapter 6 Fallacies Involving Credibility Fallacies of Context Fallacies Involving Credibility APPEAL TO AUTHORITY using testimonial evidence for a proposition when the conditions for credibility are not satisfied or the use of such evidence is inappropriate. This is usually called appeal to false authority, because not all appeals to authority are bad. Think of any celebrity endorsement commercial-Michael Jordan telling you to wear Hanes underwear. MJ is awful cool, but hes no Undergarment Scientist. From an advertising point of view this is good business, but not from the logical viewpoint. More sinister occurrences happen when someone who is an authority in a specific field urges a proposition concerning a related field. For example, you may have seen one of these commercials for the miracle weight loss pill-the endorser in the white lab coat with the stethoscope is not a doctor at all (in one case I saw someone in labeled in residency which is apparently all the experience you need to give a medical recommendation for super-fat-destroying pills). AD HOMINEM-using a negative trait of a speaker as evidence that their statement is false or their argument is weak. Abusive This is the easiest form of this fallacy to spot. It goes like this You shouldnt pick Susan to be on our basketball team because shes a computer geek. This fallacy aims at saying something distasteful about a persons character. It is appropriate to attack someones character if it is on a relevant topic. If the prosecutions star witness has a history of lying, that is very pertinent to the case. Exception to the rule it is OK to point out a negative personality trait as long as it is relevant. For instance, Ms. Smiggles declares that she saw Mr. Rwowrth murder Mr. Gritspit. But many of her friends and coworkers have declared that Ms. Smiggles is a notoriously liar. Circumstantial-This form of Ad Hominem aims to hurt a persons reputation through an association with something in that persons context. For instance You shouldnt vote for Hilary Clinton because her husbands brother is in jail. You can attack someone for being in a bad circumstance that they helped cause. For example if someone is running for political office and it comes out that they were once part of a business that went bankrupt and that candidate had made decisions that contributed to the companys demise, that would be important evidence to consider. Tu Quoque-This means you too; it happens when one corrupt politician says to another corrupt politician Youre corrupt and the other one responds that doesnt matter, you are too! That is to say, this is not a real excuse. If we found out that the Secretary of Defense had been using his government credit card to buy weekends in France, the Secretary of Defense will not help himself by saying, but everyones doing it! Poisoning the Well-A particularly wicked kind of attack. For example if someone were to say Of course you support universal health care, youre a liberal! The insinuation is that the accused is so dominated by their own ideology that they cant think straight (see terrorists). The accused person can now say nothing that is not suspicious. Every reason that accused person would produce to support their claims will fall under the category, Things Liberals Always Say. So the accused person is left defenseless. The other way round it might look like this Of course you support increased defense spending, youre a conservative! implying that being a conservative made it impossible to rationally consider defense spending. Surely there are people who are so completely wrapped in their own point of view that they cannot be rational, but this kind of attack is bad because it prevents any further debate. Fallacies of Context FALSE ALTERNATIVE (FALSE DELIMA) excluding relevant possibilities without justification. This fallacy usually presents two alternatives, one which the arguer wants you to pick and one which is undesirable. For example, You can either volunteer for military service now, or you can be drafted later. You dont want to wait to be drafted later as grunt, so you should volunteer now. The problem is that those arent the only two options available to us. This fallacy is often committed by the demagogues who say things like youre either with us or youre against us. The move tries to scare people into joining the speaker for fear of becoming their enemy. POST HOC-using the fact that one even preceded another as sufficient evidence for the conclusion that the first caused the second. This will be the foundation of a lot of the superstitions. I stepped under a ladder, and that made me have a bad day. Stepping under the ladder only came before the rest of my day, but stepping under the ladder did not cause the rest of my day to sour. More sophisticated versions of this fallacy seek to reinterpret history such as Since the American Civil War occurred before World War I, the Civil War is obviously the cause of World War I. Slipper Slope-This version of Post Hoc seeks to set up a chain of events to connect two unrelated propositions. Heres an example If you start listening to the Beatles, youll want to listen to other rock n roll, then youll listen to Nirvana, then youll start smoking and drinking, and that will lead marijuana, which will in turn lead to coke, crack, meth, and steroids, and the only way to keep up youre habit youll have to steal, and someone will shoot you. So, if you dont want to be shot to death, dont listen to the Beatles. HASTY GENERALIZATION-inferring a general proposition from an inadequate sample of particular cases. Taking to few samples and then generalizing to broadly is whats happening here. This fallacy is most often seen in arriving at stereotypes of people. For instance, The perpetrators of the 9/11 massacre were Islamic, therefore all Islamic people are terrorists. COMPOSITION-inferring that a whole has a property merely because its parts have that property For example, This sparkplug is part of the car. It is very light. So, the whole car must be light. This is a lot like Hasty Generalization. Heres a more sinister example, Ralph is Native-American and Ralph is an anarchist, so all Native-Americans must be anarchists. DIVISION-inferring that a part has a property merely because the whole has that property. For instance, This computer is heavy, so all of its parts must be heavy. More sinisterly, In the U.S., most people believe in God, so my buddy, Garth, must believe in God.

Characters in Dr.Faustus

Faustus – The protagonist. Faustus is a brilliant sixteenth-century scholar from Wittenberg, Germany, whose ambition for knowledge, wealth, and worldly might makes him willing to pay the ultimate price—his soul—to Lucifer in exchange for supernatural powers. Faustus’s initial tragic grandeur is diminished by the fact that he never seems completely sure of the decision to forfeit his soul and constantly wavers about whether or not to repent. His ambition is admirable and initially awesome, yet he ultimately lacks a certain inner strength. He is unable to embrace his dark path wholeheartedly but is also unwilling to admit his mistake.Mephostophilis From the Hebrew, mephitz, destroyer, and tophel, liar. A devil of craft and cunning. He is the devil who comes at Faustus' summoning, and the devil who serves Faustus for 24 years. In lore, Mephostophilis (also spelled Mephistopheles, or Miphostophiles, and also called Mephisto) seems to be a relative latecomer in the recognized hierarchy of demons. He possibly was created for the Faustus legend. In Marlowe's play, Mephostophilis has layers to his personality. He admits that separation from God is anguish, and is capable of fear and pain. But he is gleefully evil, participating at every level in Faustus' destruction.Not only does Mephostophilis get Faustus to sell his soul; he also encourages Faustus to waste his twenty-four years of power. Wagner Servant to Faustus. He steals Faustus' books and learns how to summon demons. At the end of the play, he seems concerned about his master's fate. Good Angel and Evil Angel Personifications of Faustus' inner turmoil, who give differing advice to him at key points. Their characters also reflect Christian belief that humans are assigned guardian angels, and that devils can influence human thoughts. Valdes Friend to Faustus, who teaches him the dark arts.He appears only in Act One. Cornelius Friend to Faustus, who teaches him the dark arts. He appears only in Act One. Lucifer Satan. â€Å"Lucifer† original meant Venus, referring to the planet's brilliance. In Christian lore, Lucifer is sometimes thought to be another name of Satan. Some traditions say that Lucifer was Satan's name before the fall, while the Fathers of the Catholic Church held that Lucifer was not Satan's proper name but a word showing the brilliance and beauty of his station before the fall. He appears at a few choice moments in Doctor Faustus, and Marlowe uses â€Å"Lucifer† as Satan's proper name.Belzebub One of Lucifer's officers. A powerful demon. The Seven Deadly Sins Personifications of the Seven Deadly Sins, not acts but impulses or motivations that lead men to sinful actions. They array themselves in a pageant before Faustus, although scholars think now that this section was not written by Marlowe. Clown / Robin Robin learns demon summoning by stealing one of Faustus' books. He is the chief character in a number of scenes that provide comic relief from the main story. Dick A friend of Robin's. He is one of the characters peopling the few comic relief scenes. RafeA horse ostler, or groomer, and friend to Robin. With the Clown, he summons Mephostophilis, who is none too pleased to be called. Vintner A wine merchant or a wine maker. This Vintner chases down Robin and Rafe after they steal a silver goblet from him. Carter A man who meets Faustus while carting hay to town. Faustus swindles him. Horse-Courser A man who buys Faustus' horse. Faustus swindles him. Hostess An ale wench. She treats Robin and his friends kindly. The Pope Yeah, that Pope. In a move that would have pleases his Protestant audience, Marlowe depicts him as cruel, power-mad, and far from holy.Faustus plays some cheap tricks on him. Bruno A man who would be Pope, selected by the German emperor and representing the conflicts between Church and state authority. Raymond King of Hungary. He serves the Pope. Charles The German Emperor. Faustus performs at his court. Martino Knight in the court of the German Emperor. Friend to Benvolio and Frederick. When Benvolio seeks revenge against Faustus, Martino decides to help out of loyalty. Frederick Knight in the court of the German Emperor. Friend to Martino and Benvolio. When Benvolio seeks revenge against Faustus, Frederick decides to help out of loyalty.Benvolio Knight in the court of the German Emperor. Friend to Martino and Frederick. When Faustus humiliates him, he seeks revenge. Saxony A man attending at the court of the German Emperor. Duke of Vanholt A nobleman. Faustus performs illusions at his court. Duchess of Vanholt A noblewoman. Faustus fetches her grapes in January. Spirits in the shapes of Alexander the Great, Darius, Paramour, and Helen Faustus' illusions. An Old Man A holy old man. He tries to save Faustus by getting him to repent, and for his good deed, Faustus initially thanks him. But later, Faustus sends devils to harm the Old Man.

Intramurals Reflection Essay

Intramurals 2012 had the theme of: â€Å"Four Teams. One Goal. One Epic Olympics.† This years event marks my first Intramurals as a student of UP Cebu. I was so excited for this event because in my previous school we didn’t have the facilities for sports so, our intramurals had very limited activities. Unfortunately I didn’t get to participate in any of the sports this year but, I did participate during the parade as a flag bearer. Although the sun was burning, the practices were early, and it took away a part of my free time, it was all worth while when Ms. Empleo told us that the flags looked really nice during the parade. During the succeeding days, I watched most of the games and cheered for my division. I also helped with the preparations of the candidates for â€Å"Mister and Miss Fitness†. I had so much fun watching the teachers dance ballroom! It just goes to show that our teachers can do a whole lot more than just teach inside the classroom. After a whole week of cheering, screaming, and yelling for my division, I can say that its a miracle I didn’t loose my voice. In my opinion and based on my experience, Intramurals is the time where you get to know other people better and where you get to make new friends in your division or cluster because earlier during the semester as a freshman, you aren’t really given the chance to do so. Also, during the events, your inner determination is being brought out, as well as teamwork and cooperation. I noticed that there were some controversies and the competition was very heated. This cannot be avoided in any competition. It just shows how much school spirit we have, and how determined we are to win. It also shows that if your team is still standing strong despite the controversies, it means that your team has truly captured the essence of unity. Being a Management student, there was a great deal of pressure for my division to defend their title as overall champions, and champions for the cheer dance competition. I saw how sad everyone was, when the results of the cheer dance competition were announced. Sadly, this year we lost our title as champs .A lot of tears were shed but, eventually we all accepted it and moved on. Not winning just gives us the opportunity to try harder next year in order to redeem ourselves. Intramurals was a week of fun for me. It was nice to have a break from schoolwork and exams. It also gave me the opportunity to have fun with my fellow school mates. I’m hoping that next year, I will be able to participate more and be able to contribute a greater deal to my cluster, and maybe the Management Division will gain back their title as champs. Overall, So many lessons and values can be learned from intramurals. I am glad that most if not all schools practice this event annually. It not only promotes health and fitness but values as well. We learn values such as: teamwork, unity, loyalty, cooperation, school spirit, humility, determination and many more. I look forward for next year’s intramurals, and I’m excited with what it has in store for us.

Memento Summary essays

Memento Summary essays Point blank a man is shot in the head. Two stupid burglers invade a house and cross paths with the woman living there. Too ignorant to realize she doesn't live alone, they proceed to rape and murder her. During this occurance the husband, Leonard Shelby, played by Guy Pearce (Time Machine, Count of Monte Cristo and Rules of Engagement), wakes up to the baffled cries and thuds and runs to the bathroom. He opens the door to find his wife wrapped in the shower curtain and he clubs one of the men in the back of the head. At this point the same is done to him. He is gunbucked and knocked unconcious and blood pours from his head. This causes Leanord to get anterograde memory dysfunction whic disables ability to make new experiences into long-term memory, or loose his ability to make new memories. He describes it as "it's like you just woke up, always...it's backwards, like you may have an idea of what you want to do next, but don't know what you just did." Bent on revenge Leonard stops at nothing to find his wife's killers and kill them. But via several liasons with various and complex charcters such as Natalie played by Carrie Ann-Moss (Matrix, Chocolat and Mission Impossible 3), and Teddy played by Joe Pantoliano (Matrix, Soparnos and Daredevil), you begin to think there may be little point if he won't remember it. To compensate or his disability, Leonard takes Polaroids, annotates them, and tattoos important facts on his body. This movie jumps forwards andbackwards in a way that only forces you to empathize and feel for the main charcter. Some scenes are backwards and some explain what just happened. Will he ever figure it out? ...

Essay on Business Ethics part 2

Essay on Business Ethics part 2 Essay on Business Ethics part 2 Essay on Business Ethics part 2Essay on Business Ethics part 1Question 3What are the Virtues of a Capitalist Free Market System? What is the Marxist criticism of such a system as exemplified by the Capitalist system? Does it follow then that if Marxism is correct that Capitalism is inherently flawed? How does Capitalism provide a Moral defense of its system?The Virtues of a Capitalist Free Market System idealize the capitalist economic model as a system which is focused on free markets and free wage labor. Capitalism is a unique phenomenon that is associated with relatively stable economic system. Capitalism stands for the system of ownership, which is interrelated with the system of banking, as well as distant relationship that exists between markets and governments. In free market capitalism, prices are set in markets for ownership, money, labor, etc. De George states that free market capitalism is a type of economic organization or â€Å"an economic system,† which reflects the relations between people, including those relations that are â€Å"mediated by money and commodities, by prices and wages, by supply and demand† (121). Three basic characteristics help to describe capitalism and its virtues. These characteristics include the accessible accumulation of industrial capital, private ownership of production means and the existence of a free market system, according to De George.The Marxist criticism of such a system as exemplified by the Capitalist system is based on the analysis of relationships between classes of a capitalist society. Marxist philosophy provides evidence against Capitalism of exploitation and alienation. Karl Marx’s radical criticism of Capitalist society leads to the ideas of formation of the two phases of post-Capitalist society, which are Socialism and Communism. Actually, Marx assumes that capitalism is immutable and cannot ensure the natural order of human society. The moral criticism of Capitalist system by Marx is explained in De George’s book Business Ethics. De George compares wage slavery with real slavery. He states that many Marx’s ideas prove the fact that capitalism is immoral. De George argues that wage system cannot be regarded as a form of slavery; therefore, it cannot be immoral. De George not only criticizes the ideas of Marx, but also he defends Capitalism.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   However, De George does not follow that if Marxism is correct, Capitalism is inherently flawed. Undoubtedly, Marx has contributed to the development of economics. In his Capital, Marx represents a model of capitalism, which proved that capitalism is inherently flawed, and provides benefits to capitalists, powerful businesses through exploitation of workers. Labor has become a commodity with certain price, but it lacks soul. Marx believes that Capitalist system is crisis-prone, and will be destroyed. In general, Marx’s key message was to overthrow Capitalism, replacing it by Communism.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Nevertheless, Capitalism provides a moral defense of its system, according to De George. As the capitalist free market system values freedom, â€Å"each individual within a system makes free choices in each transaction in which he enters†(De George 101). From a moral perspective, this freedom is of great importance for individuals. De George state that an argument that can be used in defense of capitalism and free enterprise stands on the â€Å"maturity, intelligence and responsibility of those operating within the economic system†(109). The key argument of De George is that Capitalist system can be valued as morally legitimate because of the nature of processes that are based on the initial equality of   human opportunities and on the eventual inequality of outcomes. Although such practices as sex discrimination and racial discrimination may have negative impact on the equality of opportunities i n Capitalist society, Capitalist system has a well-developed system of laws, which are aimed at preventing these practices. In other words, the structure of Capitalist system allows promoting equality of opportunities that is morally legitimate. Thus, De George’s argument that is based on equality and liberty is a strong argument to defend Capitalist system. Although Capitalist society generates inequalities in terms of the distribution of public goods, these inequalities are morally permissible. According to De George, taxation system can help to reduce the level of social inequality to morally legitimate limits. He writes, â€Å"The overall system can reduce the differential between the highest and the lowest paid, or it can equalize the two considerably more than it presently does through a different tax structure. Such injustices can be handled within the system† (De George 148). Nevertheless, in the U.S., there is an obvious disparity between the rich people and t he poor people. The taxation system is not effective in addressing this issue.

Department of Agriculture Research Paper Example | Topics and Well Written Essays - 750 words

Department of Agriculture - Research Paper Example This rule proposes changing the marketing agreements that are established between packers and suppliers through the changing of judicial precedent. Ultimately this would make it easier for suppliers to sue in the Packers & Stockyards Act Lawsuit. Furthermore, this act would make it less likely that a packers union to utilize such an agreement. In the end, it was postulated that most, Cattle, Pig & Poultry producers as well as meat & poultry processors oppose this regulatory change. In the past, these marketing agreements help livestock producers manage volatile changes in prices through the establishment of long term contracts. In many respects it has been argued that these long term agreements only benefit large packing concerns and by banning these agreements it becomes easier for smaller packers to compete and ultimately create more bidding pressure on cattle, pig & poultry producers. Although this sounds great on paper the experience in reality may not be the same. Many producers favor long term agreements owing to a great deal of uncertainty in the price of livestock. The paper demonstrated that the price of livestock is 500% more volatile than the price of meat. ... This (Theoretically) would lead to a decreased demand for meat. The cascading effect may not only lead to overall drop in demand for meat and meat byproducts but could also lead to a decline in the quantity of jobs in the industry. If producers would not be allowed to enter into long term marketing agreements, ultimately there would be a 500% more volatile would translate to higher uncertainty in the market and make it difficult to guarantee long-term stable employment. Currently there are more than 14 million people looking for employment in the United States and this regulatory change would theoretically remove approximately 21,000 stable jobs from the worker pool. The implications from this would be a strongly negative effect on the American economy. Moreover one could postulate that these changes would also have a negative effect on the long term prospects of stable employment for retailers as well. With increased prices of meat products this may reduce the overall profitability of meat products at the retail level. Lastly this uncertainty would lead to a difficulty in the production of quality production products such as raising U.S. Prime or top end U.S. Choice. Without a guarantee that top quality livestock will receive a profitable price, than it may be the case that many ranchers will focus their efforts away from breeding higher quality cattle and move towards more generic cattle. In terms of trickle down effect one can expect some negative consequences for suppliers to the cattle, pork and poultry industries. As there is less incentive to produce high quality livestock one can expect a negative consequence for growers of

Closing Entries Essay Example | Topics and Well Written Essays - 250 words

Closing Entries - Essay Example Finally, closing entries are also needed at the end of an accounting period in order to save accounting data in case any error occurs during closing. If any error is detected, then it will be easier for the business to rectify the error (Warren, Reeve & Duchac, 2012). Adjusting entries refer to journal entries made at the close of an accounting period to account for expenditure and income of the time in which they essentially occurred (Warren, Reeve & Duchac, 2012). The income recognition code is the root of making adjusting entries, which pertain to accrued and unearned spending under accrual-basis accounting. Adjusting entries are at times referred to as Balance Day adjustments as they are prepared on balance day. Closing entries, on the other hand, are journal entries prepared at the close of an accounting period to move short-term accounts to lasting accounts (Warren, Reeve & Duchac, 2012). An income review account can be used to demonstrate the balance between expenses and revenue, or they could be closed against retained incomes where dividend expenses will be subtracted

Competitive Review of PepsiCo Term Paper Example | Topics and Well Written Essays - 2000 words

Competitive Review of PepsiCo - Term Paper Example PepsiCo is one of the biggest soft drink, beverage, and convenient snacks companies. Pepsi has been bringing refreshments to its customers for over 100 years. It has almost 18 brands in its portfolio. The soft drink and beverage market is highly competitive with changing customer tastes and preferences and therefore to maintain sustainable growth the management constantly has to introduce new marketing strategies, conduct market research and thereby position and reposition their brands or introduce new brands. Introduction of new brands has always been a favorite marketing strategy with PepsiCo management.    Pepsi has 18 mega brands available in nearly 200 countries and generates sales at the retail level of more than $1 billion. (See appendix 2 for PepsiCo mega brands and annual retail sales of each) Demand for non-alcoholic beverages is driven by consumer tastes and demographics. The profitability of individual companies depends on effective marketing. Large manufacturers have economies of scale in production and distribution, with average annual revenue per production worker close to $1 million. Small companies can compete by producing new products, catering to local tastes, or selling at lower prices.    Coca Cola is the world’s number 1 producer of carbonated soft drinks is Pepsi’s biggest rival. In the soft drinks industry, Coca Cola and Pepsi together have a market share of 95%. Where Coca Cola has a market share of 43.1% and Pepsi has a market share of 39.2%.    The target customers for Pepsi customers are mostly teens and young adults between the ages of 12 to 35 who are fast and lively. They have high expectations in life and are very mobile and active. Pepsi promotes itself as the choice of the â€Å"New Generation†.   One of its recent advertisement slogans is â€Å"Taste the one that's forever young ". â€Å"According to the Competitive Advantage model of Porter, a competitive strategy takes offensive or defensive action to create a defendable position in an industry, in order to cope successfully with competitive forces and generate a superior Return on Investment†(competitive advantage Porter).

The KBR Swindon Essay Example for Free

The KBR Swindon Essay INTRODUCTION The KBR Swindon warehouse facility is responsible for the receipt, storage, maintenance and out-loading of equipment in support of KBR global contracts. It is also the long-term storage and logistic facility for UK KBR based projects. The Warehouse Manager has overall Health and Safety responsibility for all the projects working out of this facility. The Swindon Safety Management System is based on BS OHSAS 18001:2007 certification. As part of KBR Management System review, the Swindon Warehouse completes quarterly Project Status Review (PSR) to feed information in to the overall KBR management system review. AIMS AND OBJECTIVES The aim of this report is to ensure that all projects working in this facility are in compliance with the KBR Health and Safety management system and is meeting legal requirements. This report will also provide an opportunity to review the effective communication and cooperation between different projects sharing one facility and identify the effectiveness of the management system, conclusions, recommendations and an action plan if improvements are required. METHODOLOGY The methodology of this audit is to review the policies, objectives and management system of the KBR Swindon warehouse facility for the safe receipt, storage and maintenance of equipment. This will entail reviewing the implementations of risk assessments, communications between the management and the workforce which includes compliance with current legislation, KBR Instructions and Procedures, various safety meetings and the KBR Safety Policy. The documentation that will be used in the audit will include: The warehouse Health and Safety plan to ensure that there is management commitment to health and safety in the warehouse. Emergency procedures to ensure suitable and sufficient procedures are in place in case of an emergency. Minutes of meetings to review whether Health and Safety concerns are being discussed and review the outcome and corrective actions. Accident records to assess whether there are any trends and significant near miss incidents. Risk assessments to ensure that all risks has been assessed and that mitigation measures put in place is suitable and sufficient to control the risk as low as reasonably practicable. Method statements to ensure that the tasks are being conducted in a safe manner. Training records to ensure that all employees and visitors are aware of the Health and Safety arrangements. DESCRIPTION OF THE ORGANISATION The building is a large 240,000ft2 open-plan warehouse containing two-storey offices on the North end of the warehouse. The warehouse also has 2 integral two-storey offices, welfare and canteen units. The warehouse is a rented facility and the Warehouse Manager has regular meetings with the landlord representative to deal with issues regarding the fabric of the buildings, services and surrounding hard standing within the tenanted estate. The occupancy of the warehouse consists of six KBR staff including the warehouse manager. Approximately five agency employees are used dependant on the activities scheduled for the week. Main work patterns for the warehouse staff are to move the equipment in to the testing area, test the equipment,  clean and fix any defective equipment to ensure the readiness for deployment. The main risks to the warehouse staff include forklift truck operations, manual handling and mechanical hazards working with power tools. In addition, the offices at the warehouse are used as a call centre which is completely separate from the work being conducted in the storage facility. This is a secure access area and is set up in an open-plan office environment with approximately 30 desks. This call centre is manned 24 hours a day and will always have a minimum of 2 occupants. However, occupancy could increase to 30 for training days, interviews and meetings. The main risks to the call centre operators are Work Related Upper Limb Disorders as a result of poor ergonomics and lone working hazards. LEGAL ENVIRONMENT There is no Health and Safety Executive (HSE) or Environmental Agency (EA) censures or improvement notices placed on the site by the HSE or EA. Pertinent hazards addressed by risk assessments at this facility are categorised below. There is a duty on the Warehouse manager to ensure that adequate arrangements are in place for work equipment as described in The Provision and Use of Work Equipment Regulations 1998 (PUWER). A lot of different types of machinery will be used in the warehouse area which the warehouse manager will need to ensure complies with the PUWER before they are commissioned for use. Regulations 4 to 10 sets out the management duties of PUWER covering the selection of suitable equipment, maintenance, inspection, specific risks, information, instructions and training. Seeing as the equipment has been bought second hand, it will need to be inspected by a competent person, producing a risk assessment and providing information, instruction and training to all warehouse staff on the use of the machinery. Regulations 11 to 24 of PUWER cover guarding of dangerous parts of work equipment, the provision of appropriate stop and emergency stop controls, stability, suitable and sufficient lighting and suitable warning markings or devices. The inspection of machinery will identify dangerous parts of the equipment  and the warehouse manager will need to ensure that the guards are fitted to the machines before the machines are commissioned. The Lifting Operations and Lifting Equipment Regulations 1998 (LOLER) apply in relation to all work activities undertaken by KBR where lifting equipment and operations as defined by the regulations are used. This legislation expands on the general requirements of the Health and Safety at Work etc. Act 1974 and complements the requirements of the Provision and Use of Work Equipment Regulations 1998 (PUWER). KBR has a duty under these regulations in situations where lifting equipment is used by employees at work, to ensure that the lifting equipment and associated lifting operations are carried out safely. In addition, persons who have any control of lifting operations, or who supervise or manage the use of lifting equipment also have a duty under the Regulations, but only to the extent of their control. LOLER requires the Warehouse manager to conduct a risk assessment on the forklift trucks which will be used inside the warehouse and the measures needed to eliminate or control the ris ks. Regulation 6 of the Workplace (Health, Safety and Welfare) Regulations 1992 and its supporting Approved Code of Practice (ACOP) provides the warehouse manager with general requirements about ventilation of the warehouse and equipment used to ventilate the warehouse. Regulation 7 of The Control of Substances Hazardous to Health Regulations 2002 (COSHH) requires the warehouse manager to prevent or control the exposure of employees to substances hazardous to their health. Compliance with this Regulation is particularly important as incident reports from the warehouse has indicated a near miss incident where an employee took receipt of a delivery and spilled a chemical due to poorly packaged bottles. If any of the risk assessments identifies that personal protection is required, then the Warehouse manager will need to ensure that personal protection equipment (PPE) is provided in accordance with the Personal Protective Equipment at Work Regulations 1992. The Warehouse manager needs to ensure that a stock of PPE is available for visitors and employees who do  not have the right PPE when entering the warehouse. The Warehouse manager also has a duty under The Regulatory Reform (Fire Safety) Order 2005 (RRFSO) to conduct a suitable and sufficient Fire Risk Assessment and to ensure that Fire safety arrangements are in place to elimination or reduction of risks from dangerous substances. The warehouse manager faces the challenge to manage both the warehouse and the call centre employees during an emergency. Under the same regulations the Warehouse manager should ensure means are available for fire-fighting and fire detection and that there are adequate emergency routes and exits from the warehouse. KBR will have generally assessed fire evacuation routes, means of detection and raising the alarm at all of its sites. Details of these arrangements are usually contained in the fire risk assessments kept at each site. KBR managers are required to do the following to maintain fire prevention measures: Ensure that a suitable fire risk assessment is in place. Ensure that any actions arising from external inspections are acted upon in an appropriate and timely manner. Often this will mean monitoring improvements to be carried out by the client, and in all cases will require the addition of information to local health, safety and environmental plans. Carry out regular housekeeping checks to ensure that items are not being stored inappropriately, especially near hot or electrical equipment, that escape routes are not blocked and that fire safety equipment has not been interfered with. Ensure employees do not increase the fire risk at an office or similar by using faulty electrical goods, smoking in a non-designated area or storing refuse inappropriately. Ensure that records are completed whenever there have been any checks or maintenance of fire safety equipment/fixtures using Fire Equipment Inspection Sheet. Ensure fire prevention measures are communicated to staff, contractors and visitors. The Health and Safety (Consultation with Employees) Regulations 1996 (HSCER) requires the Warehouse manager to consult employees on the information required about risks to their health and safety and preventative measures in place. All management and staff in a working environment need to follow the KBR FIRST AID guidance as a minimum standard in order to ensure the health, safety and welfare of KBR employees and other persons who may be affected by our undertakings. First Aid at work covers the initial management of any injury or illness suffered at work. First Aid can save lives and prevent minor injuries becoming major ones. Under the Health and Safety (First Aid) Regulations 1981 (as amended 2009), all workplaces must make provisions for first aid, to be readily available at appropriate times. The Control of ASBESTOS Regulations 2012 requires KBR to prevent the exposure of its employees to asbestos so far as is reasonably practicable. To achieve this KBR must ensure perform suitable and sufficient assessments in accordance with HSG 264 Asbestos: the survey guide that determines whether asbestos is present on the premises. This was arranged by the premises owner prior to KBR occupying the premises and Asbestos areas were identified within the warehouse. KBR must ensure that the warehouses owner: †¢ Determines the risk from the asbestos. †¢ Prepares a written plan identifying the area of the premises concerned and the measures necessary for managing the asbestos risk. †¢ Implement the measure in the plan. †¢ Record the measures taken to implement the plan. These measures should include adequate means for: †¢ Monitoring the condition of any asbestos or suspected asbestos. †¢ Maintaining the asbestos or its safe removal. †¢ Providing information identifying the location and condition of identified asbestos to any person likely to disturb it and making this information available to the emergency services. The Control of NOISE at Work Regulations 2005 will need to be considered for a backup generator placed inside the warehouse where Warehouse staff will be working during their normal working day. The Control of Noise at Work Regulations 2005 places the following duties on to the Warehouse manager: †¢ Carry out a suitable and sufficient assessment of the risk to the health and safety of employees who are liable to noise exposure at or above any Lower Exposure Action Levels. †¢ Record the significant findings of the assessment and ensure that it is reviewed regularly and revised as required. †¢ Record any measurements taken. †¢ Ensure that the risk assessment has been carried out by a competent person. †¢ Reduce noise exposure to as low as is reasonably practicable, by means of organisational and technical measures other than personal hearing protectors, where any employee is likely to be exposed above any Upper Exposure Action Levels. †¢ Hearing protection is to be available on request for any employee exposed above the lower exposure action value, and must be provided to any employee exposed at or above the upper exposure action level. †¢ Designated areas where employees are likely to be exposed to or above the upper action level as hearing protection zones. †¢ Ensure that no employee enters designated hearing protection zones unless they are wearing ear protectors. †¢ Provide employees with information, training and instruction about risks, control measures, hearing protection and safe working practices. Warehouse staff will be conducting manual handling activities during their normal working day so the warehouse manager will need to ensure compliance with the MANUAL HANDLING Operation Regulations 1992. The Warehouse manager need to ensure a suitable and sufficient assessments of all such manual handling operations are undertaken and have taken into account all foreseeable risks. In addition to the legal environment in the warehouse, the Warehouse manager needs to ensure compliance with The Health and Safety (Display Screen Equipment) Regulations 1992 to minimise to eliminate or reduce possible eyesight or musculoskeletal disorders due to the effects of continual display screen equipment use. REVIEW OF THE HEALTH AND SAFETY MANAGEMENT SYSTEM The KBR Swindon Safety Management System is based on BS OHSAS 18001:2007 Standard and follows the Plan-Do-Check-Act methodology. DESCRIPTION The general requirement of the Planning stage is to define and document the scope of the management system. This information is captured in the KBR Corporate HSE Policy which is a global document and is written in a very general and broad manner in an effort to comply with all possible projects on a global level. The management system has a process in place for hazard identification, risk assessment and determining controls covered in various  work methods. The HSE Risk Assessment work method provides guidance on the specific duty placed upon KBR to carry out a suitable and sufficient assessment of all risks to the health and safety of employees and others, arising at or from a work activity. The Identification and Evaluation of HSE Legislative and Other Requirements process map identifies relevant HSE legislative requirements applicable and is recorded in the HSE Requirements Register. The KBR Swindon HSE Plan contains an organisation charts which clearly identifies roles, responsibilities and accountability for everyone working at the warehouse. KBR needs to ensure that everyone working in the warehouse is competent and experienced for the work that they are doing. The KBR Swindon Training Strategy contains a Training matrix to ensure appropriate level of competence at different levels of authority. The HSE Management system is available to all employees on the KBR intranet and regularly reviewed, updated and communicated via the intranet. KBR operates a three-tiered emergency response procedure whereby all projects and locations will ensure a Local Emergency Response Plan (LERP) is in place to manage low level emergencies. The KBR warehouse can then escalate the emergency to a Level 2 Incident Commander if it is deemed necessary and the Level 2 Incident Commander can escalate to a Level 3 global status in severed circumstances. KBR operates an integrated management system so the Audit Management System process required by the Quality Management System is used to conduct audits to determine the effectiveness of the controls in place. Health and Safety performance is measured using incident and accident statistics and completing monthly project reviews. Each project is set a target, usually a 10% reduction from the previous years incident rate, and is monitored against this target. This information is then discussed in a management review meeting on a quarterly basis.

My Moral Philosophy Essay examples -- essays research papers fc

What is a moral code? I feel that a moral code is a "unwritten code that one lives by," This code is indicating how I should live. There is not anyone watching over me judging my moral code; just I am responsible to my self for my actions. However, a moral code should always be in my head and tells me how to act in all situations. An example would be littering; is it right to throw that gum wrapper out the window of my car? No, just put it in a pocket, I can throw it out later. If you I throw that wrapper out the window I might feel what Dick Gregory (433) calls "shame"; the feeling of regret or disgrace over an action like throwing a gum wrapper out the window. The moral code would make me feel this way because I would disgrace my own moral code by throwing that wrapper out the window. I might even consider why, should I cause some one else to clean up my mess and feel shameful for causing that to happen? Another example would happen when driving in traffic. Sure, I could be that guy who doesn't let anyone in traffic and be the one yelling and honking, but why? It's not going to help me go any faster. Just relax and let some one in the traffic. Then some day when I really need to be let in traffic, the person who I let in will let me in or another person who I let in will recycle that good deed and let some one else in and in time it will get back to me. When one does a good thing it will always come back to help in time. In the end, I feel that one must treat others the way he/she would like to be treated. An example of this happened when I was on Phish tour. I lost my wallet in Albany a few years back. The kid that found it remembered me and knew he would see me at a Phish show eventually. He used my ticket for the show he was going into, but he saw me a week later and bought me a ticket for that show. In return, this past tour his car broke down so I let him jump in and ride with us. Therefore, his helping me get my wallet back helped him out directly in the long run. This is the type of person I want be, the person who helps out, and then is helped out in the end. This interpretation of a moral code reminds me of Existentialism and Jean Paul Sartre's view "that there is nothing else of man but what he makes of himself" (451), so the moral code is a part of man. There is nothing .. ...e that trip to Cape Cod, but not sit at a bar and wish it. My moral code would be to have the most pleasure in life as possible. I will not look back at college and be feeling that those were my best days. Every moment will be as enjoyable as possible, like the Epicureans. If I follow my moral code then I will have lived my life to the fullest and with the moralitys that was important to me. This includes treating others as I want to be treated, feeling that when I do something good it will come back to help me, and seeking a surplus of pleasure over pain every day. Works Cited Strodach, George. "The Philosophy of Epicurus." The Course of Ideas. Second Edition. Jeanne Gunner and Ed Frankel, Washington: HarperCollins Publishers, 1991. 417-420. Sartre, Jean Paul. "Existentialism." The Course of Ideas. Second Edition. Jeanne Gunner and Ed Frankel Washington: HarperCollins Publishers, 1991. 451-455. Hoffer, Eric. "Long Live Shame." The Course of Ideas. Second Edition. Jeanne Gunner and Ed Frankel,Washington: HarperCollins Publishers, 1991. 433-438.

Managerial Account

Multiple Choice Questions 1. Which of the following statements is true? A. The word â€Å"cost† has the same meaning in all situations in which it is used. B. Cost data, once classified and recorded for a specific application, are appropriate for use in any application. C. Different cost concepts and classifications are used for different purposes. D. All organizations incur the same types of costs. E. Costs incurred in one year are always meaningful in the following year. 2. Which of the following is a product cost? A. Glass in an automobile. B. Advertising. C. The salary of the vice president-finance. D. Rent on a factory. E.Both â€Å"A† and â€Å"D. † 3. The accounting records of Georgia Company revealed the following costs: direct materials used, $250,000; direct labor, $425,000; manufacturing overhead, $375,000; and selling and administrative expenses, $220,000. Georgia's product costs total: A. $1,050,000. B. $830,000. C. $895,000. D. $1,270,000. E. some o ther amount. 4. Costs that are expensed when incurred are called: A. product costs. B. direct costs. C. inventoriable costs. D. period costs. E. indirect costs. 5. Which of the following is not a period cost? A. Legal costs. B. Public relations costs. C. Sales commissions. D. Wages of assembly-line workers. E.The salary of a company's chief financial officer (CFO). 6. The accounting records of Reynolds Corporation revealed the following selected costs: Sales commissions, $65,000; plant supervision, $190,000; and administrative expenses, $185,000. Reynolds's period costs total: A. $250,000. B. $440,000. C. $375,000. D. $255,000. E. $185,000. 7. Yang Corporation recently computed total product costs of $567,000 and total period costs of $420,000, excluding $35,000 of sales commissions that were overlooked by the company's administrative assistant. On the basis of this information, Yang's income statement should reveal operating expenses of: A. 35,000. B. $420,000. C. $455,000. D. $567 ,000. E. $602,000. 8. Which of the following entities would most likely have raw materials, work in process, and finished goods? A. Exxon Corporation. B. Macy's Department Store. C. Wendy's. D. Southwest Airlines. E. Columbia University. 9. Selling and administrative expenses would likely appear on the balance sheet of: A. The Gap. B. Texas Instruments. C. Turner Broadcasting System. D. All of these firms. E. None of these firms. 10. Mideast Motors manufactures automobiles. Which of the following would not be classified as direct materials by the company?A. Wheel lubricant. B. Tires. C. Interior leather. D. CD player. E. Sheet metal used in the automobile's body. 11. Which of the following employees of a commercial printer/publisher would be classified as direct labor? A. Book binder. B. Plant security guard. C. Sales representative. D. Plant supervisor. E. Payroll supervisor. 12. Lake Appliance produces washers and dryers in an assembly-line process. Labor costs incurred during a r ecent period were: corporate executives, $500,000; assembly-line workers, $180,000; security guards, $45,000; and plant supervisor, $110,000.The total of Lake's direct labor cost was: A. $110,000. B. $180,000. C. $155,000. D. $235,000. E. $735,000. 13. Depreciation of factory equipment would be classified as: A. operating cost. B. â€Å"other† cost. C. manufacturing overhead. D. period cost. E. administrative cost. 14. Which of the following costs is not a component of manufacturing overhead? A. Indirect materials. B. Factory utilities. C. Factory equipment. D. Indirect labor. E. Property taxes on the manufacturing plant. 15. The accounting records of Diego Company revealed the following costs, among others:Costs that would be considered in the calculation of manufacturing overhead total: A. $149,000. B. $171,000. C. $186,000. D. $442,000. E. some other amount. 16. Which of the following statements is true? A. Product costs affect only the balance sheet. B. Product costs affe ct only the income statement. C. Period costs affect only the balance sheet. D. Neither product costs nor period costs affect the Statement of Retained Earnings. This can also be a true statement if the period costs were prepaid (i. e. , prepaid advertising, depreciation). E. Product costs eventually affect both the balance sheet and the income statement. 17.In a manufacturing company, the cost of goods completed during the period would include which of the following elements? A. Raw materials used. B. Beginning finished goods inventory. C. Marketing costs. D. Depreciation of delivery trucks. E. All of the above. 18. Which of the following equations is used to calculate cost of goods sold during the period? A. Beginning finished goods + cost of goods manufactured + ending finished goods. B. Beginning finished goods – ending finished goods. C. Beginning finished goods + cost of goods manufactured. D. Beginning finished goods + cost of goods manufactured – ending finishe d goods.E. Beginning finished goods + ending finished goods – cost of goods manufactured. 19. Holden Industries began July with a finished-goods inventory of $48,000. The finished-goods inventory at the end of July was $56,000 and the cost of goods sold during the month was $125,000. The cost of goods manufactured during July was: A. $104,000. B. $125,000. C. $117,000. D. $133,000. E. some other amount. 20. Carolina Plating Company reported a cost of goods manufactured of $520,000, with the firm's year-end balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively.If supplemental information disclosed raw materials used in production of $80,000, direct labor of $140,000, and manufacturing overhead of $240,000, the company's beginning work in process must have been: A. $130,000. B. $10,000. C. $66,000. D. $390,000. E. some other amount. 21. The accounting records of Bronco Company revealed the following information: Bronco's cost of goods manufactured is: A. $519,000. B. $522,000. C. $568,000. D. $571,000. E. some other amount. 22. The accounting records of Brownwood Company revealed the following information: Brownwood's cost of goods sold is: A. $721,000. B. $730,000.C. $778,000. D. $787,000. E. some other amount. 23. For the year just ended, Cole Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled $1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Cole's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)? A. CGM, $1,430,000; CGS, $1,460,000. B. CGM, $1,470,000; CGS, $1,540,000. C.CGM, $1,530,000; CGS, $1,460,000. D. CGM, $1,570,000; CGS, $1,540,000. E. Some other amounts. 24. Glass Industries reported the following data f or the year just ended: sales revenue, $1,750,000; cost of goods sold, $980,000; cost of goods manufactured, $560,000; and selling and administrative expenses, $170,000. Glass' gross margin would be: A. $940,000. B. $1,190,000. C. $1,020,000. D. $380,000. E. $770,000. 25. Variable costs are costs that: A. vary inversely with changes in activity. B. vary directly with changes in activity. C. remain constant as activity changes. D. decrease on a per-unit basis as activity increases.E. increase on a per-unit basis as activity increases. 26. Which of the following is not an example of a variable cost? A. Straight-line depreciation on a machine that has a five-year service life. B. Wages of manufacturing workers whose pay is based on hours worked. C. Tires used in the production of tractors. D. Aluminum used to make patio furniture. E. Commissions paid to sales personnel. 27. The fixed costs per unit are $10 when a company produces 10,000 units of product. What are the fixed costs per un it when 8,000 units are produced? A. $12. 50. B. $10. 00. C. $8. 00. D. $6. 50. E. $5. 50. 28.Total costs are $180,000 when 10,000 units are produced; of this amount, variable costs are $64,000. What are the total costs when 13,000 units are produced? A. $199,200. B. $214,800. C. $234,000. D. Some other amount. E. Total costs cannot be calculated based on the information presented. 29. Baxter Company, which pays a 10% commission to its salespeople, reported sales revenues of $210,000 for the period just ended. If fixed and variable sales expenses totaled $56,000, what would these expenses total at sales of $168,000? A. $16,800. B. $35,000. C. $44,800. D. $51,800. E. Some other amount. 30.The salary that is sacrificed by a college student who pursues a degree full time is a(n): A. sunk cost. B. out-of-pocket cost. C. opportunity cost. D. differential cost. E. marginal cost. Essay Questions 1. Consider the three firms that follow: (1) Southwest Airlines, (2) BMW, and (3) Target. These firms, examples of service providers, manufacturers, and merchandisers, tend to have different characteristics with respect to costs and financial-statement disclosures. Required: Determine which of the preceding firms (1, 2, and/or 3) would likely: A. Disclose operating expenses on the income statement.B. Have product costs. C. Have period costs. D. Disclose cost of cost good sold on the income statement. E. Have no meaningful investment in inventory. F. Maintain raw-material, work-in-process, and finished-goods inventories. G. Have variable and fixed costs. 2. Consider the following cost items: 1. Sales commissions earned by a company's sales force. 2. Raw materials purchased during the period. 3. Current year's depreciation on a firm's manufacturing facilities. 4. Year-end completed production of a carpet manufacturer. 5. The cost of products sold to customers of an apparel store. . Wages earned by machine operators in a manufacturing plant. 7. Income taxes incurred by an airlin e. 8. Marketing costs of an electronics manufacturer. 9. Indirect labor costs incurred by a manufacturer of office equipment. Required: A. Evaluate the costs just cited and determine whether the associated dollar amounts would appear on the firm's balance sheet, income statement, or schedule of cost of goods manufactured. B. What major asset will normally be insignificant for service enterprises and relatively substantial for retailers, wholesalers, and manufacturers? Briefly discuss. C.Briefly explain the similarity and difference between the merchandise inventory of a retailer and the finished-goods inventory of a manufacturer. 3. Consider the following items: A. Tomatoes used in the manufacture of Hunts ketchup B. Administrative salaries of executives employed by Jet Blue Airlines C. Wages of assembly-line workers at a Ford plant D. Marketing expenditures of the Atlanta Braves baseball club E. Commissions paid to Coca-Cola's salespeople F. Straight-line depreciation on manufactur ing equipment owned by Dell Computer G. Shipping charges incurred by Office Depot on out-going orders H.Speakers used in Sony home-theater systems I. Insurance costs related to a Mary Kay Cosmetics' manufacturing plant Required: Complete the table that follows and classify each of the costs listed as (1) a product or period cost and (2) a variable or fixed cost by placing an â€Å"X† in the appropriate column. 4. In discussing the operation of her automobile, a doctor once observed that gasoline is a fixed cost because the cost per gallon is relatively stable. Insurance, on the other hand, is a variable cost because the cost per mile varies inversely with the number of miles driven. Comment on the doctor's observation.