Online learning Essay

Online learning tools are of great utility; they are widely used in learning practice. Market offers a variety of solutions that differ in their level of sophistication and functions offered. The purpose of this paper is to discuss three available solutions and model their utilization in learning process, namely FlexTaining, Rollbook, and Moodle. The FlexTraining Total e-Learning Solution by National Training Systems is effective software for e-learning management. Since online education is becoming increasingly more common and popular, e-learning management solutions have gradually started to gain greater relevance. The software is utile and user-friendly, therefore it can be effectively used during the online learning phase. It provides for a possibility to incorporate various file formats, including Video, PowerPoint, Flash, and PDF; it can be used to crate a truly multimedia environment. The solution has won recognition from leading educational institutions, major multinational companies, and governmental agencies alike. The software is powering e-learning for Duke University, Stanford University, Microsoft, Phillips, U. S. Department of Labor, U. S. Department of Air Force, and a host of other institutions and organizations. The tools offered by the FlexTraining Total e-Learning Solution include Visual Course Builder (allows creating classes), Assessment Tool (allows creating online tests), FlexAuthoring (allows developing course content), and Reporting and Analysis (allows tracking students’ performance). While most of the functions offered by the FlexTraining are available in other software solutions, its unique feature and most useful tool is, in my opinion, FlexAuthoring. It offers template-based authoring for creating lesson plans and course content. It is an invaluable tool for inexperienced teachers who need guidance in structuring their material. Another powerful feature of the FlexTraining is pre- and post-assessment. It is useful as a monitoring tool that enables teachers to determine whether training needs have been fulfilled. It can further become the basis for teachers’ self-assessment and continuous improvement. Availability of interactive exercises is also a useful feature of the FlexTraining. It compensates for lack of face-to-face contact with a teacher; lack of such contact is often cited as one of the biggest disadvantages of distance education. In addition, the software offers opportunities for self-paced training, thus being accommodating students’ preferences for instructor-led or individual learning. Searchable document libraries make navigation easier both for teachers and students. All these functions can be of enormous use during the online learning phase and are enabling for students in their work in online environment. Rollbook by Intellum is usually used for corporate training, yet it has a number of unique features that can be of great utility in classroom settings. This software solution is rather simple as compared with other programs available on the market. Its unique features include a calendar (a personal schedule of events and authorized sessions), a branching group structure (a structure that allows forming smaller subgroups within large groups and customizing functions such as reports or mailing lists for these smaller groups), learning paths (a function that groups relevant courses into learning tracks) and design of course certificates. An alterative to the proprietary FlexTraining and Rollbook is the open source solution called Moodle. It offers most of the functions FlexTraining and Rollbook have (such as chat, forum, polls, assignments, quizzes, etc. ), yet it has several advantages. The strength of all open source technologies, apart from the apparent cost cutting, is the ability of different software developers to continuously improve and update solutions. Moodle’s focus is on interaction between teacher and students and especially among students. For instance, similar courses can be grouped together as a meta course, allowing students fro different yet related course to interact with each other. Moddle is also better suited to accommodate multimedia: students can upload multiple files in any format as one assignment (for instance, if a research project consists of a text file, several images, and a video, this function is very handy). All the aforementioned resources enable students to use the Internet in an ethical, legal, and educational way. All these software packages, by virtue of their functional orientation, are empowering tools, since e-learning makes education more available and affordable for all. Their focus on continuous education is another significant advantage of online learning method. The FlexTraining software also allows teachers to check for plagiarism. All the documents uploaded to the system by students can be compared with Internet sources, sources from the Document Library, and previous works submitted by the same student or other students. This function gives teacher an opportunity to detect plagiarism immediately and take appropriate administrative action. Plagiarism is one of the most widespread and harmful examples of dishonest academic practices. Although this phenomenon is condemned by all educational institutions, plagiarism still pervades many spheres of education. Therefore, it is of paramount importance to ensure that student’s academic essays and papers are original. A student who engages in plagiarism deprives him/herself of the opportunity to benefit fully from the education s/he is undertaking. Since every assignment is designed in order to help students to gain deeper knowledge of a certain subject, evading independent research and analysis hinders the continuity and integrity of the education process. Copying the ideas of other people without proper acknowledgement is a practice that all teachers should try to eliminate completely. This is possible to do only with special software. Helping students to understand and avoid plagiarism is the key to introducing them to Internet use following the principles of ethical, legal, and educational approaches. As concerns Moodle, its open source philosophy is the software’s added value: together with better quality, it makes students reflect on the differences between proprietary and open source programs. Such a critical reflection on the role of the Internet in challenging the fundamentals of capitalism and empowering creative commons might make students more aware of the problems of Internet governance and ethical use of this powerful tool for the benefits of all and not only privileged few. Rollbook and Moodle have a closer focus on individual and peer-to-peer learning, as opposed to the FlexTraining’s focus on instruction-led teaching and strict progress monitoring. Thus, Rollbook and Moodle are better suited to educate students about Internet’s ability to offer innumerable opportunities for individual and collective learning. References Intellum, Inc. (2008). ‘Hosted Learning Management System. ’ Retrieved July 4, 2008, ffrom http://www. intellum. com/web2006/hosted_lms National Training Systems. (2008). ‘FlexTraining Total E-Learning Software Solution. ’ Retrieved July 3, 2008, from http://www. flextraining. com N/a. (N/d). ‘Moodle. ’ Retrieved July 3, 2008, from http://moodle. org

Communication In Job Role Essay

Review the range of groups and individuals whose communication needs must be addressed in own job role. Resident communication needs In my job role as a Deputy Manager I must ensure that I consider the different levels of communication when supporting our residents: We use the following within my work place: Picture schedule This is a form of pictures on a long strip of Velcro, which highlights what is expected of the resident thought the day. This is important to the resident because it enables the individual to see what activities they have thought out the day, it provides a structured day for the resident to identify what activities they have first then after. This provides stable communication between staff member and the residents in aid of reducing anxiety. Barriers and challenges. Barriers that and challenges may arise are: Individuals whom are using the pictures may become too complacent there for require the same product such as dairy milk chocolate bar that is presented on the picture. This can become a challenge as if diary milk factory was to shut and the products where to be no longer produced then the resident whom has the picture of the diary milk and has constantly used this picture to resemble chocolate for the last ten years may become anxious due to not having the chocolate bar resembling the correct photo. Staff members may not be consistent with using the picture schedule, when using picture schedule it is paramount that staffs are consistent when prompting picture schedule. This can become an barrier and a challenge when some staff are using the schedule and some are not. This can confuse the residents and increase anxiety when not used; this can also take the skill away from that resident as well as hinder their communication development. Staffs whom are not adequate trained in using the picture schedule could provide a potential barrier to our residents as it creates a disturbance in the routine of their daily activities in not knowing what they are going to do for the day. Social story A social story is used to simplify a form of information. This is done by having words as well as pictures to explain the information that is needed to be presented to the person. For example: This form of communication is used within our service it ensures that the individual feels included in any decisions that are made, and that they are aware of what is expected off them when they are going on an activity, any planned activities set for the future. They can also be used to explain the step by step guide of what they are to do on a daily bases. This form of communication also reduces anxiety by giving the resident a preferred communication between staff and the individual; it also gives them a clear understanding of what staff members are asking them to do. Individuals whom are creating the social stories may provide information that is too difficult for the resident to understand. They could also presume that the information given has been taken in by the resident; the challenge that may arise is that the resident will not take in the information and may become anxious due to confusion over what is being asked. Another barrier may be too much information, depending on whom you are presenting the social story to, some require bug writing and big pictures where as others may require average size font and pictures but with short and sweet information. A challenge may arise when we presume that an individual whom is using picture schedule may understand social stories, this can in effect create a barrier as it provides the resident with no information other than words and pictures. When presenting the social story, we may not be presenting the social story in the correct manner in accordance to the individual, When reading we may need to be mindful of how fast we go through the information and how many times we go read the social story to the person. Because by going over to many times may cause an issue as well as how fast we read through as some individual may take longer to cognitively understand the information, therefore we must ensure we work at the speed of the individual whom we are working with. Verbal communication Some of our residents require verbal communication, however not all residents who are verbal are able to understand all language used. Therefore they require to be communicated with simple form of vocabulary rather than jargon. This is important to be assessed and mindful because you do not want to give them information that is too difficult to understand, you want them to have simple words that they can take in and understand to avoid any confusion or anxiety. A barrier that may arise when verbally communicating to a resident is how fast and what form of words we use. Not all residents whom are vocal are able to understand long fast sentences there for we must speak to the resident in a manner that they can understand. For example if the resident understands one single word then staff will use the single word rather than a sentences, this is because by using the sentences it could potentially create a challenge as it can cause the resident to become anxious by having too much demands placed on them. I also need to be mindful of whom I am speaking to when I am communicating to individuals, for instance if I speak to a GP then I would not speak the same to the residents as my choice of words will differ massively. Therefore I must always be mindful of the way that I communicate to each individual to ensure that they understand the information that is presented as well as I understands the needs of each person. Makaton We do not have a resident who uses Makaton however if the staff did not know how to use Makaton then we would need Makaton training to enable use to communicate effectively with the resident. We would also need to ensure that we have a basic communication with that resident to ensure we meet the needs of the resident threw understanding what the residents wants and any issues the resident may have on a daily bases. Pecks Book A pecks book is used with one of our residents to identify what he wants, the  peck books provides the resident with a choice of what to eat and what activities he would like to do on a daily bases. This is helpful as it provides the team with a preferred communication style in enabling the staff to identify what activities and want he requires. We can support this by ensuring that we be consistent when using the pecks book with the residents to enable the resident to maintain the communication skill. If we do not use this form of communication then the resident will potentially forget how to use the communication book as well has not be able to communicate his needs to the staff effectively. Team communication needs Team meeting As a team a form of communication that we use are team meetings, team meetings allow staff and management to formally communicate any issues or good relating practices that are present. It is important when conducting a team meeting that all relevant information communicated is understood by all of our staff team, if there is any person who requires help then supervision may help. Other ways of helping would be to complete an information leaflet of what has been said in the meeting as well as the action plans and outcomes. Supervisions Not all staff members are able to share their opinions when in a team meeting another form of preferred communication for some is via supervisions. This enables the individual to discuss their feeling and thoughts without feeling judged by others, it also gives the employee an opportunity to discuss their opinions through their own preferred communication. It also provides managers with an effective approach on how each staff member should receive their supervision. It is paramount that when giving supervision, managers should cater their discussion around the individual. They should also ensure they be mindful of whom they are speaking to and how they approach negative and constructive feedback depending on the individual whom is undergoing the supervision. You can also support effective communication threw supervisions by getting the individual involved in completing the supervision form; you can also provide them with an outcome of the supervision enabling them to  read over and sign in their own time. Barriers and challenges Communication book Communication book can be used to log important information that is needed to be handed over, it can also be used to pass on massages to staff members whom are not on shift. We are able to provide effective communication through this book by ensuring staff read and sign what is put into the book; this can ensure that when they have signed the information then they understand what has been passed on within the book. However the only issue with the communication book is that staff may not always read the book or they may not read the information. This can be reduced by providing the communication book on hand over, shift leader to ensure all staff read and sign also you could have an extended sheet of the a4 paper highlighting the important information that staff should read and sign. We also need to be mindful how we provide the information; Information that is put into the book should be clear, understandable, literature that all staff can understand to avoid any confusion. Face to Face contact whilst on shift. Even though it can be easier to put information into a communication it is not always the best form of communication to all, why because we are all individuals. Some individuals require management to discuss any issues via face to face contact as some individuals tend to understand more when they are listening and picking up body language when talking. We can support individual threw face to face contact by asking them do they understand and if there is any other way they would like the information, you can also effective communication by ensuring the person is focused on you rather than the things going on in the environment.

Microeconomics Term Paper Example | Topics and Well Written Essays - 2000 words

Microeconomics - Term Paper Example The various market structures that are discussed within microeconomics are perfect competition, monopoly, monopolistic competition, and oligopoly. One of the objectives of microeconomics is to analyze the mechanisms of market. Microeconomics sets up the relative prices amongst the services and the goods and allocates the available amount of limited resources among the alternative uses. Some of the significant fields of study under this branch of economics include asymmetric information, general equilibrium, game theory and choices under uncertainty. All wealth that fulfills the wants of consumers constitutes the wealth of a nation. Therefore, the aim behind expanding wealth is broadening the choices of the consumers in terms of quality, quantity and variety. Economists are involved in researches on the idea of free market with socially optimal allocation. The notion of competition constitutes the central part of economic theory. The objects of the choices available to the consumer are called the consumption bundle. The consumer has the objective of maximizing the well being. They are well informed about the availability of the goods in the market and desires variety in their consumption bundle. There are two sets of consumption bundles (x1, x2) and (y1, y2). The consumer ranks the availabilities according to their affordability. When the consumer is just satiated consuming the bundle of x goods as compared to the satisfaction he would have earned consuming the other bundle of y goods, according to his own preferences, then it is said that the consumer is indifferent. The axioms of consumer theory are complete, reflexive and transitive (Samuelson, 1956. p.3). The two axes represent a typical consumption pattern of goods 1 and 2. A consumption bundle (x1, x2) is offered along with the other bundles of consumption that are weakly preferred to the selected bundle. The other consumption bundles are called the weakly preferred sets. The indifference

Importance of A Healthy Diet by Saurabh Gaur Essay

Importance of A Healthy Diet by Saurabh Gaur - Essay Example From this paper it is clear that in one instance, the author states some statistical data without acknowledging the source of the data. The failure to use, or reference, reliable and relevant sources implies that the author relied on intuition and personal knowledge to write the essay. The essay is persuasive enough to convince the reader on the importance of maintaining a healthy diet. However, the essay would have been more persuasive had the author used reliable and relevant sources to develop the thesis. The author is able to develop ethos since the essays is convincing in relationship with the thesis. In addition, the author developed pathos effectively by provoking emotions on the importance of healthy diets since the author provided the effects of the failure to observe a healthy diet. Conversely, the author developed logos effectively by presenting a few facts and statistics in the essay.

Hazardous Wastes from Materials Extraction Assignment

Hazardous Wastes from Materials Extraction - Assignment Example The two metals are mined as ores with impurities such as lead, selenium, benzene, cadmium and numerous other impurities. The ores are melted in a furnace till they reach their boiling points which are 7000 degrees Celsius. The boiling point of other impurities in these ores is lower and, therefore, by the moment aluminium and steel begin to boil the impurities are already in vapour form which is condensed to their respective pure metals such as lead, and selenium (Fletcher 10). Aluminium and steel are left in their furnaces as a sludge that is condensed with the help red sludge as a reducing agent. The success of steel and aluminium refining depends on how well the vapour of impurities is condensed and not released into the atmosphere. It also depends on how the manufacturer is ethical so as not to dump these wastes illegally. When released illegally, these heavy metals will be swept off by running rain water and taken into rivers. This causes these metals to de eaten by fish. This f ish is then consumed by human beings. As these metals cannot be digested, they accumulate in the body causing various ailments such as cancer. In addition, if the red sludge is not well disposed of it causes soil alkalinity that is expensive to correct. The substance also contains heavy metals that it picks from the molten aluminium. Its proper disposal is, therefore, important. The refining of oil is also an energy intensive process. Crude oil is boiled in a fractionating column that allows the various components to evaporate when its boiling point is reached. When the boiling point of plastic elements in crude oil is reached, the liquid is collected and molten into various forms. The success of this process also depends on how impurities such as plastics are trapped before they escape into the atmosphere as pollutants (Fletcher 10). Similarities The refining of the three elements involves melting their original complex compound, that is, crude oil, steel ore and aluminium ore. The impurities of these ores evaporate and these elements are left in pure form (Smith 13). US industries and Reporting US have many industries dealing with steel, aluminum, and crude oil. These industries are required by law to submit annual environmental audits of their activities. These reports outline the effects their activities have on the environment. They also outline the measures they are taking to control the bad effects of their production process. They are also required to employ latest technologies to save energy use and conserve resources. Environmental Protection Agency monitors all industries to ensure they have complied with environmental laws (Kubova 12). Fairness of the Industries The cases presented in the websites do not give a fair compensation to those who were affected by the sludge and toxic smoke from the steel industry. This is because they are reported to be dumping illegal toxic materials beyond levels that are agreed. They also promise to restore degraded land areas of which they cannot be restored completely. They also give false information that the sludge is not harmful to both people and environment (Olivares 12). This is not the reality because people had to be taken to hospital with burns and some also died due to harmful effects of the sludge. Are there differences in pollution generation based on country of production? Companies from developed countries shift their industries to third world counties because they often find it

XMGT Checkpoint Wk2 Essay Example | Topics and Well Written Essays - 500 words

XMGT Checkpoint Wk2 - Essay Example This essay stresses that the main, crucial commonality of these values is that the standards of conduct that arise out of these values constitute the ground rules of ethics. It is through this commonality that the element of decision making is easily taken. Further more, these five values have a commonality in that all of them act as a multi-level filter through which decisions are processed. For example, being trustworthy needs to be complemented with the virtue of being caring. Equally, affirming to fairness/justice needs to be complemented by the state of accepting responsibility for one’s actions or inaction. Above all, the five values help individuals detect situations, which help them uphold their moral principles in life. This article has a personal view. Some of the author's organization values include honesty, integrity, reliability, dependability, attention to work, and cooperation. Honesty is being able to speak facts. Integrity is that quality of upholding high morals principles. Reliability talks of the ability of being able to be ‘relied on’. Dependability is someone who is dependable especially when it comes to tasks. These are the five crucial values that I have taken into consideration as per the ethics required. However, there are no major differences between organization values and my personal values since they correlate in some of the areas. This is true because when ethical scandals hit in an organization, it emerges that certain individuals in the organization have allowed their own personal values to interfere and infect the organization.

Technology Essay Example | Topics and Well Written Essays - 500 words - 2

Technology - Essay Example thing, I have strongly disfavored my complete reliance on my laptop over a period of time but unfortunately I am totally dependent on this technological device for nearly all my tasks, routines and undertakings. My laptop becomes a real source of pain for me whenever I am doing something on the Internet and there is an issue that surfaces which has got nothing to do with my work in progress. Usually these problems stem from replacing an antivirus or asking me to run the scandisk otherwise the system threatens to go off the track – and off the track it always does! I get awful things in my mind all of a sudden and my reliance on this technological product takes the entire wrath from my mouth in an instant. I start becoming very edgy and my feelings become very strong in hatred against the laptop and indeed the whole field of science. Thus I am of the belief that my laptop should not be given this much importance within my life as much as I give to it at the present. This will solve quite a few problems for my goodness

Descartes Meditations Essay Example | Topics and Well Written Essays - 1000 words

Descartes Meditations - Essay Example He expresses his disdain about the knowledge acquired through the senses because the senses are deceptive. He compares the state of wakefulness and dream and finds no distinguishing features; they are alike and one cannot tell either from the other. He does this to find what is real. Having thought that all things could be imaginary, he assumes everything is imaginary. From this, he observes that even in dreams the objects have resemblance to real objects. Thus, he concludes that there must be some objects that are unquestionably real. In this class of real objects, he places figures, quantities or magnitudes, number and time. On these findings, he finds that only geometry and arithmetic constitute true knowledge which is irrefutable. Descartes examined the existence of God. He argued that if he exists, then he allows people to be deceived. He then disqualifies this pointing to the fact he is all good. In assuming there is no God, he concludes that the being responsible for human bei ng’s existence would be even more imperfect. Leaving this assumption, he devices the deceiving devil. In the second meditation, he observes that the only truth that remains even if there is a devil that deceives is the fact that he exists. Because even if he experiences deception in the existence of all things, it shows he exists; albeit as a thinking being. He observes that though wax changed in form when heated it still remained as wax through this analogy, he came up with other real things. The idea of a substance and identity is also true. In the third meditation, Descartes seeks to examine the existence of God. He wants to expand on his limited list of true knowledge. He argues that one idea cannot be truer than the other and cannot be considered false if it does not refer to an object. Because the existence of God is no bases on any assumptions, (it is an idea) then there is no base to evaluate its falsehood. Since his idea of God extended beyond the finite, it could no t have originated from himself as a finite being. Therefore, because he had an idea of God, then God exists. In the fourth meditation, he explains the chances of his erring in reasoning. Having recognized that a perfect God created him, Descartes seeks to know how he commits errors. He recognizes error as a defect and not a trait given by God. This error occurs because the power to differentiate between good and bad given by God to humans is finite, just as a person is finite. His knowledge and power to choose deceives him into error. In meditation five, Descartes finds another way of demonstrating the existence of God2. He observes that the things for which he has clear thoughts about, whether they exist out of his mind or not, they are true. The characteristics assigned to these ideas remain true. Then it follows that, in his clear thought, he has an idea of God with certain characteristics, then existence of God is true. In meditation six, he evaluates the existence of tangible o bjects and the difference between the soul and body. First he differentiates between thought and intellect. He uses the example of a triangle and notes that he can easily conceive of a three sided figure as well as thousand sided polygons. The difference was when he tried to form a mental image of the two figures; the triangle formed easily while the thousand-sided polygon did not. That which requires more effort to visualize is from imagination and that which is easy to visualize is f

Export Managing Assignment Example | Topics and Well Written Essays - 1500 words

Export Managing - Assignment Example Description in promotion and internalization" of Sheep artisan cheese as a "Niche original product" is based on less import limitations of USFDA in such Diary products. Also, an environmental analysis of the Importer of Artisan cheeses on US Diary market (competitors) will be explored through available official data base from State resources, National Chambers and Foundations as ought to relevant publications. Therefore this "Paper" would try with theoretical conclusion to find out the most acceptable marketing strategy as a part of export management to increase import of FYROM's Artisan Cheese to the USA. Introduction The current market status of the firm would be checked and a thorough screening shall be done for any potential that there exists for the firm to penetrate deeper into the U.S economy because this is the strategic goal of the countries consortium. This goal was also supported by the U.S because it was in their long term interest that the farming sector be given a boost and also some NGO's came forward to support the cause but these NGO's were heavily funded by the USAID. Although the first shipment (2004) was very figurative it was a sign that still a small country as FYROM is, can be able to develop export on a very specific, but for the country, agro-industrial important segment. Also, aware of the experience of our neighbors, (Greece and Bulgaria) it was an argument for an opportunity to have and outcome in export for the traditional part of agribusiness of the country. The "case" will include a presentation of a theory how a consortium can go "international" if it apply a good marketing plan and...Description in promotion and internalization" of Sheep artisan cheese as a "Niche original product" is based on less import limitations of USFDA in such Diary products. Also, an environmental analysis of the Importer of Artisan cheeses on US Diary market (competitors) will be explored through available official data base from State resources, National Chambers and Foundations as ought to relevant publications. The current market status of the firm would be checked and a thorough screening shall be done for any potential that there exists for the firm to penetrate deeper into the U.S economy because this is the strategic goal of the countries consortium. This goal was also supported by the U.S because it was in their long term interest that the farming sector be given a boost and also some NGO's came forward to support the cause but these NGO's were heavily funded by the USAID. Although the first shipment (2004) was very figurative it was a sign that still a small country as FYROM is, can be able to develop export on a very specific, but for the country, agro-industrial important segment. Also, aware of the experience of our neighbors, (Greece and Bulgaria) it was an argument for an opportunity to have and outcome in export for the traditional part of agribusiness of the country. The "case" will include a presentation of a theory how a consortium can go "international" if it apply a good marketing plan and export ma

Intro to medical technology Essay Example for Free

Intro to medical technology Essay This course will introduce students to the role, ethics, conduct, certification, education, employment, and fundamental knowledge and skills related to Clinical Laboratory Science. There will also be discussions on the more common laboratory tests associated with diseases of organ systems and how the results are utilized in diagnosis. Selected laboratory exercises from major disciplines in Clinical Laboratory Science will be performed. Course Learning Outcomes Upon completion of the course the student will be able to: 1. Appreciate the important role of the Medical Technologist in the saving of lives and relate that to the role of Jesus in the saving of souls. 2. Describe the different designations of laboratory professionals, the major job functions, and the education requirements for entry into the profession. 3. Discuss the various aspects related to proper techniques, safety and interpretation of procedures presented. 4. Perform laboratory procedures taught utilizing correct techniques. 5. Discuss proper specimen collection techniques. Possess an introductory knowledge of the scope of testing performed in each of the following sections of the Clinical Laboratory: a. Haematology e. Microbiology b. Immunology f. Coagulation c. Immunohaematology g. Mycology d. Clinical Chemistry 7. Contribute to the overall improvement of the healthcare system. Instructional Procedures There will be one 80 minute lecture and a three-hour laboratory session weekly for approximately fifteen weeks. A short devotion will be conducted at the beginning of each class period. There will be written tests, assignments, reading reports and one final comprehensive exam. In the case of absence, the University’s absence policy applies (See NCU Bulletin). Students with excused absences who have missed assignments or tests must make them up within one week of returning to class. The laboratory component of this course will carry a Pass/Fail designation. Failure of the laboratory component results in an automatic failure of the course which must be repeated. A failing laboratory grade will not be included in the calculation of the overall grade for this course. In this course, mastery is the goal, and the student is responsible for the information from assignments, text, manual, class discussion, other reading and laboratory procedures. No assignment should be placed beneath the office door unless otherwise specified by the instructor. In the case of absence, the University’s absence policy applies (See NCU Bulletin). Students with excused absences who have missed assignments or tests must make them up within one week of returning to class. Quizzes cannot be made up. Integration of Faith and Learning Outcomes: 1. Demonstrate the fulfilment of God’s manifestation in our lives as the study the of Clinical Laboratory Science highlights the amazing design of the human machinery and the God given skills required to thoroughly investigate it. 2. Exhibit behaviours that reflect an appreciation of health and wellness as tokens from God to be cherished and a commitment to assist others experiencing ill health through by our skills. Knowledge is power, but it is a power for good only when united with true piety. It must be vitalized by the Spirit of God, in order to serve the noblest purposes. CPT p. 38. NCU Values and Attitudes: Focus 1. Christlikeness 2. Integrity 3. Justice Christlikeness: I, Fabian Pitkin and all the students of MTCH: 106 Introduction to Medical Technology Laboratory class, commit to exercising the highest levels of Christlikeness in all actions during this semester in relation to the following: 1 Handling student issues in a fair and equitable manner 2 Displaying honesty with submitted work 3 Displaying kindness to each other 4 Displaying humility, compassion and unselfishness to each other 5 Showing confidence in all things through Christ who strengthens me. (Philippians 4:13) Integrity: The facilitator and students will undertake learning experiences that exercise the highest levels of integrity such as: Honouring deadlines in submission of assignments Practising academic honesty with respect to the use of published works and other intellectual property Participating equally in group work and activities Good stewardship of tools, equipment and other resources in the teaching learning environment Give fair evaluation to student work Display proper deportment and conduct. Justice: The facilitator and all students will exercise the highest level of justice and fairness in all actions related to this course in the areas of: Fair grading for tasks submitted for evaluation Timely feedback and redress of inquiries, challenges, issues, grouses Impartial treatment of all students regardless of race, age, religious affiliation, nationality or ethnicity. Access to Computer and Internet Resources: Completing these course requirements necessitates regular access to computer technology and the Internet. If a student does not have a personal computer with Internet access, computers on the University’s Main Campus and Extension Sites are available for student use. Civility, Courtesy and Respect: As professionals, mutual respect is required; the instructor expects all class members to communicate in a professional and courteous manner. While everyone may feel passionate about a particular subject and is entitled to his/her opinions, classroom discourse must always be conducted in a respectful and civil tone. No disrespectful or disparaging comments about gender, ethnicity, religion, et cetera will be tolerated. Honour Code: Regulations on plagiarism and other forms of cheating are strictly enforced. Since engaging in either activity may result in very serious penalties, including failing grades, or dismissal from the University, you should endeavour to avoid such activities. Any assignment or work submitted for this course must not have been submitted for any other course. No written or digitally authored work may be submitted for academic credit more than once. If you have questions about how this may apply to an assignment you are considering for this course, please ask the facilitator for clarification. Students with a Disabling Condition: Any student who, because of a disabling condition, may require some special arrangements in order to meet course requirements, should communicate with the instructor in a timely manner, to seek such special considerations. Students should present appropriate verification from the relevant administrative office at the University. There is no guideline indicating that special considerations be given prior to completion of the existing university verification process. Course Content Lecture 1. Introduction to the Profession and Fundamentals of the Clinical Laboratory No. Of Hours: One hour Instructional Objectives: At the end of the lecture the students will be able to: 1. Describe the evolution of Clinical Laboratory Science 2. Draw and describe the organizational structure of a healthcare organization 3. Name the departments of a clinical laboratory 4. Describe the various sites for laboratory testing 5. Describe the importance of regulations concerning the quality and reliability of laboratory work. 6. Describe the various categories of personnel in the clinical laboratory 7. Name and describe non-analytical and analytical factors in quality assessment. 8. Describe proficiency testing. 9. Name three medical-legal issues and discuss issues associated with each. 10. Discuss the future directions for laboratory medicine. Content: 1. Functions of the clinical laboratory 2. Organization with the clinical laboratory 3. Regulatory bodies (OSHA, CLIA, etc) 4. Introduction to speciality areas of the clinical laboratory 5. Credentialing 6. Professional organizations 7. Quality Assessment Activities: 1. Group work (Think/pair/share) – What is Medical Technology? What does it entail? 2. Discussion – How important/ integral is this profession to the health care delivery system? Primary resource: Turgeon, Mary Louise. Clinical Laboratory Science 5th Edition. Missouri: Mosby Elsevier 2007 pg. 4 -20 Lecture 2. Safety in the clinical laboratory, Specimen Collection, Transportation Handling Laboratory No. of Hours: One hour Instructional Objectives: At the end of the lecture the students will be able to: 1. Describe the basic aspects of infection control policies, including how and when to use PPEs and the reasons for using Standard Precautions. 2. Describe the procedure for decontaminating a work area and the steps to be employed when cleaning up hazardous spills. 3. Describe the basic steps if first aid. 4. Identify seven factors that should be monitored by quality assessment methods. 5. Demonstrate and describe the skills needed to interact with patients in the collection of specimens 6. Describe the principles and applications of Standard Precautions 7. Discuss general specimen preparation guidelines 8. Identify unacceptable laboratory specimens 9. Explain the chain of custody in specimen handling 10. Describe relevant medical-legal issues related to specimen collection Content: 1. Occupational Safety and Health Administration Acts and Standards 2. Handwashing Immunization 4. Prophylaxis 5. Exposure control 6. Laboratory Hazards 7. General Infection control Activities: 1. Group work (Think/pair/share) – Why is it so important to be immunized prior to entering into the clinical laboratory? 2. Discussion – What is the value of proper sample collection and handling to the generation of quality patient results? Primary resource: Turgeon, Mary Louise. Clinical Laboratory Science 5th Edition. Missouri: Mosby Elsevier 2007 pg. 21-72 Assessment # 1: This assesses knowledge, comprehension, and synthesis of facts and principles outline in the lecture. Assessment tools- Matching, Short Answers and Short essays. Content Knowledge Comprehension Synthesis Total Lecture 1 10 20 20 50 Lecture 2 10 20 20 50 Total 20 40 40 100 Lecture 3. Systems of measurement, Laboratory Equipment, and Reagents; The Microscope; Measurement Techniques in the Clinical Laboratory No. of Hours: One hour Instructional Objectives: At the end of the lecture the students will be able to: 1. Convert metric units of measurement for weight, volume, and temperature to English units and metric units or metric units to English units. 2. Convert temperature from degrees Celsius to degrees Fahrenheit or Kelvin. Describe the various types and uses of laboratory volumetric glassware, the techniques for their use, and the various types of glass used to manufacture them. 4. Describe types and uses of laboratory centrifuges. 5. Compare various forms and grades of water used in the laboratory and how each is each. 6. Demonstrate how to properly label a container used to store a laboratory reagent or solution. 7. Identify the parts of the microscope. 8. Explain the difference between magnification and resolution. 9. Define alignment, and describe the process of aligning a microscope. 10. Describe the procedure for correct light adjustment to obtain maximum resolution with sufficient contrast. 11. Identify the four basic measurement techniques. 12. Describe the principle of absorbance spectrophotometry. 13. Explain how the intensity of colour in a substance can be used to measure its concentration. 14. Define Beer’s Law. 15. Name the components of the spectrophotometer. Identify three quality control tests for the spectrophotometers. 17. Describe the principle of nephelometry. Content: 1. International Systems 2. Laboratory plasticware and glassware 3. Laboratory balances 4. Laboratory centrifuges 5. Laboratory reagent water 6. Reagents used in laboratory assays 7. Use of the microscope 8. Photometry 9. Absorbance spectrophotometry 10. Nephelometry 11. Electrochemical methods Activities: 1. Group work (Think/pair/share) – Problem solving; converting Fahrenheit to Celsius to Kelvin and finding unknown concentrations using the Beer’s law. Primary resource: Turgeon, Mary Louise. Clinical Laboratory Science 5th Edition. Missouri: Mosby Elsevier 2007 pg. 78 147 Lecture 4. Quality Assessment Quality Control in the Clinical Laboratory, Central Laboratory Automation Point-of-Care Testing, and Laboratory Information Systems No. Of Hours: One hour Instructional Objectives: At the end of the lecture the students will be able to: 1. Discuss how professional regulations require the implementation of quality assessment programs in the clinical laboratory. 2. Identify the components necessary to a laboratory’s quality assessment program, including its quality control program and the use of control specimens 3. Assess the diagnostic usefulness of results reported, which requires an understanding of accuracy and precision as well as specificity and sensitivity, for laboratory tests and methodologies. 4. Explain the sources of variance in a laboratory procedure 5. Explain the importance of a quality control program, including the use of control samples, the determination of the control range, and the use of quality control charts 6. Describe the use of reference values, including the use of the mean and the standard deviation in determination of the reference range. 7. Explain the major benefits of laboratory automation 8. Describe the five steps in automated analysis 9. Compare the major advantages and disadvantages of point-of-care testing 10. Identify the four categories of Clinical Laboratory Improvement Amendments of 1988 (CLIA ’88) test procedures 11. Provide examples of instrument-based point-of-care testing 12. Identify at least six characteristics to consider when selecting a point-of-care instrument. 13. Describe overall product and functions of laboratory information systems 14. List and describe components of a computer system 15. Define the abbreviations LAN and WAN 16. Define and give examples of preanalytical and postanalytical testing 17. Identify and describe five Clinical and Laboratory Standards Institute (CLSI) standards for design, compatibility, and integration of automated clinical laboratory systems. Content: 1. Clinical Laboratory Improvement Amendments 2. Accrediting Organizations 3. Quality assessment consideration 4. Quality assessment descriptors 5. Quality control statistics 6. Monitoring quality control Activities: 1. Group work (Think/pair/share) – Problem solving: Laboratory statistics and generation of Levy Jennings chart. 2. Discussion – Practical ways of ensuring quality in the clinical laboratory Primary resource: Turgeon, Mary Louise. Clinical Laboratory Science 5th Edition. Missouri: Mosby Elsevier 2007 pg. 161 -194 Lecture 5. Laboratory Mathematics and Introduction to Clinical Chemistry No. Of Hours: One hour Instructional Objectives: At the end of the lecture the students will be able to: 1. Calculate proportions and ratios 2. Calculate the requirements for solutions of a given volume and molarity 3. Describe the procedures for making a single dilution and a serial dilution 4. Calculate the amount of one solution needed to make a solution of a lesser concentration from it. 5. Differentiate the expressions of solution concentration weight per unit weight and weight per unit volume. 6. Prepare a percent solution 7. Compare the pathophysiology of types I and II diabetes. 8. Describe the symptoms of diabetes. 9. Identify the four major electrolytes found in blood and body fluids. 10. Name and compare renal function assays. 11. List the major lipid fractions. 12. List the major cardiac markers. 13. Describe liver and pancreatic assays and their significance. 14. Compare the clinical significance of various types of tumours markers. 15. Describe therapeutic drug assays and identify drugs of abuse. Content: 1. Density and specific gravity 2. Expressions of solution concentration 3. Proportions and ratios 4. Concentration of solutions 5. Dilutions 6. Diabetes 7. Electrolytes Acid-base balance 9. Renal function and other organ markers 10. Lipids 11. Hormone assays 12. Tumour markers Activities: 1. Group work (Think/pair/share) – Problem solving in serial dilution, creatinine clearance determination. 2. Discussion – Does automation in the clinical chemistry department render the department the most relaxing environment? Primary resource: Turgeon, Mary Louise. Clinical Laboratory Science 5th Edition. Missouri: Mosby Elsevier 2007 pg. 151 -159; 200 232 Sectional # 2- This assesses knowledge, comprehension, and application of facts and principles outline in the lecture. Assessment tools-Calculations, Matching, and Short essays. Content Knowledge Comprehension Synthesis Total Lecture 3 10 10 10 30 Lecture 4 10 10 15 35 Lecture 5 10 10 15 35 Total 30 30 40 100 Lecture 6. Introduction to Haematology Haemostasis; Introduction to Blood Banking No. of Hours: One hour Instructional Objectives: At the end of the lecture the students will be able to: 1. Describe the composition of blood 2. Explain the proper processing and testing of haematological samples 3. Discuss the significance of a complete blood count 4. Describe and perform a differential blood count 5. Discuss the common laboratory tests used for coagulation and haemostasis. 6. Define the terms immunohaematology, blood banking, and transfusion medicine 7. Explain the role of antigens and antibodies in immunohaematology 8. Compare ABO red blood cell and serum typing procedures 9. List and explain the components of compatibility testing, including identification, ABO and Rh typing, screening for unexpected antibodies and cross matching 10. Identify and describe the various red blood cell components and derivatives used for transfusion including packed red blood cells, plasma, and platelets, and explain the reason for transfusion of each. Content: 1. Haemoglobin 2. Haematocrit 3. Red blood cell indices 4. Blood cell counts 5. Examination of the peripheral smear 6. Blood cell alterations 7. Haemostatic mechanism 8. Tests for haemostasis Activities: 1. Case study – Case review on anaemia Primary resource: Turgeon, Mary Louise. Clinical Laboratory Science 5th Edition. Missouri: Mosby Elsevier 2007 pg. 238 – 342; 543 565 Lecture 7. Renal physiology and urinalysis, Introduction to the examination of Body Fluids No. of Hours: One hour Instructional Objectives: At the end of the lecture the students will be able to: 1. Define routine urinalysis, and describe its three main components. 2. Explain the clinical usefulness of urinalysis. 3. Describe the basic anatomic components of the urinary system and the function of each. 4. Define cerebrospinal fluid and describe the components of the routine examination. 5. Define synovial fluid 6. Discus the clinical significance of tests for faecal occult blood. 7. Describe the component of a semen analysis. Content: 1. Renal anatomy and physiology 2. Composition of urine 3. Physical, chemical and microscopic examination of urine 4. Faecal occult blood Activities: 1. Group work (Think/pair/share) – Microscopic mapping the production of urine Primary resource: Turgeon, Mary Louise. Clinical Laboratory Science 5th Edition. Missouri: Mosby Elsevier 2007 pg. 351 414 Assessment # 3- This assesses knowledge, comprehension, application and basic analysis of facts and principles outline in the lecture. Assessment tools- multiple choice, Short Answers and Short essays. Content Knowledge Comprehension Synthesis Total Lecture 6 10 20 20 50 Lecture 7 10 20 20 50 Total 20 40 40 100 Lecture 8. Introduction to Microbiology No. of Hours: One hour Instructional Objectives: At the end of the lecture the students will be able to: 1. Define the terms: microorganisms, normal and abnormal flora. 2. Discuss basic equipment and techniques used in Microbiology. 3. Discuss steps taken in bacterial identification. 4. Explain the process and purpose of antimicrobial susceptibility testing. 5. Describe the requirement for bacterial cultivation and the common types of media. Content: 1. Introduction to micro-organisms 2. Classification of micro-organisms 3. Basic equipment and techniques used in microbiology 4. Types of specimens 5. Culture and sensitivity 6. Fungi and parasite testing Activities: 1. Group work (Think/pair/share) – Media classification and identification Primary resource: Turgeon, Mary Louise. Clinical Laboratory Science 5th Edition. Missouri: Mosby Elsevier 2007 pg. 447 -500 Lecture 9. Introduction to Immunology Serology No. of Hours: One hour Instructional Objectives: At the end of the lecture the students will be able to: 1. Define the term immunology. 2. Define the terms antigen and antibody. 3. Describe the general characteristics of antigens and antibodies. 4. Describe the characteristics of agglutination. 5. Compare the grading of agglutination reactions. 6. Name and compare the principles of latex agglutination, coagglutination, liposome-mediated agglutination, direct, bacterial agglutination, and haemagglutination. 7. Briefly describe the applications of polymerase chain reaction (PCR), Southern blot, Northern blot, Western blot and DNA chip technology. Content: 1. Overview immunology and serology 2. Antigens and antibodies 3. Specimens for serology and immunology 4. Common immunologic and serologic tests Activities: 1. Group work (Think/pair/share) – Confidentially and HIV reports 2. Group revision – Brief review of the lecture Primary resource: Turgeon, Mary Louise. Clinical Laboratory Science 5th Edition. Missouri: Mosby Elsevier 2007 pg. 505 530 Assessment # 4- This assesses knowledge, comprehension, application and basic analysis of facts and principles outline in the lecture. Assessment tools- multiple choice, matching and short essays. Content Knowledge Comprehension Synthesis Total Lecture 8 10 20 20 50 Lecture 9 10 20 20 50 Total 20 40 40 100 LECTURE SCHEDULE Modes of Teaching and Learning Student Evaluation A final grade will be assigned on the basis of the student’s performance on tests, assignments, reading reports, labs and the final comprehensive examination. B 70-74 B- 65-69 C+ 60-64 C 55-59 C- 50-54 D 0-49 F Grading system Grades are assigned numerical values as follows: GRADE Quality Points Definition A 4. 00 Superior A- 3. 67 Superior B+ 3. 33 Superior B 3. 00 Above Average B- 2. 67 Above Average C+ 2. 33 Above Average C 2. 00 Average C- 1. 67 Average D+ 1. 33 Below Average D 1. 00 Below Average F 0. 00 Below Average Expectations: 1. Attend all lectures, labs and tests. 2. Read assigned material before each lecture or lab session in order to participate meaningfully in class discussions and to better understand what is expected for the laboratory exercise. Present all labs and assignments on time and in a neat format. No late work will be accepted. No overdue assignment will be accepted at the end of the semester. 4. Submit a one-page (250-300 words) reading report on the last Thursday of each month. Reading reports should be done from journal articles pertaining to any discipline of Medical Technology. Source should have been published within the last two years and cited according to the CBE format. A copy of the article read should be attached to the report upon submission. Topics for each month are: September – Accreditation for Clinical Laboratories October – Quality Assessment in the Clinical Laboratory November– choose one of the major disciplines of Medical Technology (Clinical Microbiology, Haematology, Immunohaematology, Clinical Chemistry) and report on what was read from a scientific journal article. 5. Submit a written assignment specified Wednesdays following a lecture. Each assignment is gear towards cementing principles and facts as taught in lecture and as such evaluates knowledge, comprehension and synthesis of information. 6. Use the lab objectives as a study review guide for examinations. All cellular phones and any other electronic or mechanical gadgets should be turned off during class and laboratory sessions. Disturbance of the class session will result in suspension from the class. 8. Take responsibility for your tenure at Northern Caribbean University and display a professional attitude befitting that of the Medical Technology profession, always bearing in mind that patients’ lives are in your hands. 9. Give at least five (5) hours to the community in voluntary service within the discipline of Medical Technology. This may be organized or arranged by the teacher in the form of a health fair or it may be done through the students’ own initiative which may be reported to and reviewed by the teacher prior to initiation and or completion. REFERENCE MATERIAL Rubrics for Evaluating Oral Presentations ONLINE RULES/POLICIES: All papers and assignments submitted should include a certificate of authorship digitally signed by the student. Be aware that any submitted work for this course may be subjected to detection of plagiarism and breach of copyright. 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This course has integrated communication tools that may be used to facilitate interaction and communication. Other communication mediasuch as email, instant messaging and web conferencing tools may also be utilized throughout the course. For more details please visit http://aeorionde. ncu. edu. jm/features . Interaction with Instructor: The instructor will communicate with students primarily using the Announcements and Discussions tools. Students may send personal concerns or questions to the instructor via email or using the course messaging module. The instructor will as much as possible reply to student’s queries within a week. LIBRARY SERVICES Distance Learners will need an ? orion user account to access all of the library’s electronic resources (reserves, journal articles, ebooks and search online databases) from off campus. For NCU students living close to one of our extension campuses, a valid NCU ID card is required to check out materials from the Library. 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Business Plan For Nike Products Business Essay

Business Plan For Nike Products Business Essay Nike Inc. is one of the renowned and largest manufacturers and importers of footwear and apparel. The present study aims at introducing the Nike products in a country where there are some restrictions upon women to select items that are not matched according to their religious ideology. For this a detailed market plan ahs been prepared and write up has been made for initial feasibility of necessary funds for cost allocation and advertisement. The study also made a SWOT analysis in such countries and view whether there are certain implications for the introduction of NIKE products or not. Introduction to NIKE Business: NIKE Inc. is renowned as worldwide importer of Japanese shoes and has proved it t to be the largest dealer in footwear and apparel. The estimation for the likeness of the NIKE products can be sketched from the overview that Nike products are sold on almost 20,000 retail accounts in USA only and about in 110 different countries. Apart from the athletic footwear, the company also sells Nike and Bauer brand sporty tools brand by Cole Haan and informal footwear and the Sports etc. The company is directly involved in the designing, development and marketing of its products while manufacturers are located in overseas. The company has a strategy to made consistent innovation in design of its products and heavy promotion in order to excel growth all over the world. Nike products were introduced by Philip H. Knight in 1962, who with an idea to eliminate the monopoly of German products on American market, started to import its products to USA on small scale. Along with the introduction of large range of products (Blue Ribbon sports shoes, Boston Shoes, soccer shoes) to satisfy customers demand, the firm ultimately shaped into Nike, Inc. By the end of the decade, the company has opened many retail stores within the region but the main problem faced by Knight was the lack of capital that has been financed by Japanese trading company Nissho Iwai Corporation. The availability of external financing enables Knight to arrange the manufacturing of its products overseas with the help of independent contractors. In order to import its products overseas, the company has introduced its brand name Nike in the whole world. The Company has tried to introduce new line of products in athletic shoes range but the growth of the company truly begun to take-off with the introduction of jogging shoes that were sold in United States in late 1970s. Nikes revenues turned to be tripled within two years in 1976 and then became doubled in just one year in 1977. To satisfy demand, the company opened new manufacture outlet, in Taiwan and Korea. An acceleration of sales was expanded with the introduction of NIKE products in Asian and South American markets in 1977. By 1982, in the companys line of products, more than 200 different kinds of footwear has been introduced by the company including the Air Force, basketball footwear, and shoe for racquet sports, the Air Ace, the newest models of innovative shoe designs that had pressed Nikes earnings to annually increment of almost 100 percent. In addition, 200 different types of clothing have been introduced by the company. Nike Mission Statement: The Mission statement of Nike introduced the concept *To bring inspiration and innovation to every athlete in the world *If you have a body, *you are an athlete*. The main aim of the Nike Inc. is to facilitate the athlete all over the world regarding the comfort of shoe and make every one to feel like an athlete if he has potential to use Nike products. Secondly, they want to bridge the gap between the provisions of goods overseas for this they started importing their products in order to boost growth and break down the monopoly of German products that have captured the United States market at that time. . Today, Nike always tries to find new and innovative style to make a competitive athletic goods and innovative methods to get a feedback directly from their consumers. Business Idea in Conservative Country: A conservative country may be defined as a place where the resources are scarce but people still believe to achieve most through hard work and dedication. In the pursue of introducing the products of NIKE in any conservative country, we have decided to use Pakistani women as sample filed because now a days Pakistan is economically conservative and women are specially restricted to wear dresses that represent their Islamic ideology. Per capital Income of average person is declining and conditions are getting even more worse still people in Pakistan believe that the conditions can be overcome. Low per capital Income is the basic for the savings and if people have savings they can enjoy the facilities of luxuries like NIKE products. Similarly, women prefer their family needs than their own needs and they do not want to spend money on such kind of unnecessary items. To excel the demand of the products, Strategies are hard to define in a country like Pakistan where resources are scarce bu t we have made an attempt to focus the attention of people. Executive Summary: For this, we have made first the executive summary of the person who will initiate a Company like environment as Sale center of NIKE products. The executive slogan is that behind great Company, there are strong leaders At Nike, environment is mutual, matrix organization where team members are allowed to report in two areas i.e. geography and global function. Nike brand include footwear, apparel and equipment product engines. The core customers categories include sports things, basketball, football (soccer), mens training, running, sportswear, and womens training; the business is being conducted in three main cities. Chairman (CEO) Chief executive President President chief Executive Officer CFO VP Financial Officer Treasurer Assist Treasurer Accountant Book keepers VP, Global Human Resource VP, Creative Design Resources VP, Commerce Affiliates President,Busines development P Marketing P Research Idea Generation: The recent survey conducted by us revealed that there was a tremendous growth and demand for the Nike products in Pakistan but females are specially deprived of using the same products as they are not too much involved in sports. Thus the promoter of the Idea takes an initiative along with other members to set up the business plan for execution of NIKE products for women in Pakistan. Later they Explored various aspects as whether to conduct plan and develop a web site or use other effective tools with some other unique ideas. Market Survey: As per the survey, Lahore and Islamabad has one of the highest demands for Nike products, since the willingness of the people for getting quality/branded products at cheap rates and within the geographical distribution is high. Also women in these areas are now stepping forward shoulder to shoulders with men to achieve the same success in every field as the man can. Thus, we analyzed the business scenario prepared a SWOT analysis. Strengths: Nike is the top most and highly competitive organization in the sports world. Phil Knight often quoted that Business is war without bullets. The major strength of the business is that Nike has no factories still it is the largest importer of athlete products because it ahs managed manufacturer overseas. Due to this ability the demand of the customers can easily be met within the country at low cost. Nike is not bound to spend its cash in premises and manufacturing workers. This makes a very tilt organization. Nike makes it strong with the help of research and development apart from assets. The Nike outlet in Pakistan will increase its revenues also the people will be introduced with different range of products. NIKE is a global brand, that make its the top most sports brand in the World. Its famous Swoosh is recognizable all over the world and even it is tattooed on the ankle. Therefore, the customers who never compromise on quality can be good target market for the NIKE products. NIKE products are especially comfortable for women as these can fulfilled the needs according to their ideology therefore, they can excel the use of the products in country. Weaknesses: One of the major weaknesses is that the organization must have a multiple line of products of sports goods while the business income still takes most of the share of the footwear promote. It means that all other products revenues could not offset if footwear market erodes. If the business will erode in parent Country that will affect the business in other countries as well. Opportunities: Nike can create many opportunities regarding its Product development. As the brand is protected by owners who do not considered Nike as a fashion brand. However, the demand of the consumers depends upon their willingness to buy Nike products apart from their likeness for NIKE products. If some argue that youth consider Nike a fashion brand, this could be an opportunity for NIKE products, There is also opportunity to innovate products such as sports clothing, sports cycling and jewellery. There is an opportunity of international business development. As Nike share strong brand recognition, many international markets that have such kind of income which can be spend on high price sports commodities can manage to enter the range of Nike brand. Threats: As Nike is exposed to international trade, it can buy and sell in different currencies which are the major threats of revenues fluctuations due to different currencies involved. Such an exposure means that Nike could be manufacturing its product at loss as well as at selling. This is an important point that every big brand has to face just because to maintain its reputation in the market in the global world. As the Model used by Phil Knight in his Stamford Business School days is now commonly used there is major threat that the edge of competitive advantage will be lost. Competitors of the Nike can take away Nikes share from the market by introducing substitute products. Regional Review: Pakistan is a highly riches resources country in agriculture and industrial point of view as well. It exports almost 60% of of its products on international standard the total population of the country is almost 18 crore and women are almost 45% of the total population. People their love to play support because Pakistani weather is very famous in the world. Now a days women are much aware readings the importance of sports and games and they are more conscious about their fatnesses and health. However there are some cultural and religious restrictions in the country but women are trying to participate in gyms activities in the ladies gyms as well. Now we will analysis the ratio of the women fitness trend in the majors cities of Pakistan like Lahore, Islamabad, Karachi, Multan etc. There is more participation in women fitnesss centers. It has been increase from 2004 to 2009 up to 22% in Pakistan. Now a days Pakistani women are working in the offices whether part timer or as a full timer so they are more concerned about their fitness and almost 45% of the members of the gyms are women aged 18 to 45 years. The women fitness activities have been increased in the last 3 years and there is more chances to increment so if the Nike product is launch in Pakistan than the total estimated market share might be 6% to 7%. Product Selection: The target market (Pakistani women) selected is available in various ranges (age size), which are as followsà ¢Ã¢â€š ¬Ã‚ ¦ From 18- 20 years From 20-25 years From 25-30 years From 35-40 years And the above-mentioned ranges sizes are available mostly in Lahore, Karachi and Islamabad because these areas are labor intensive. Most of the labor is Cheap Technical knowhow: There in no need to hire technical staff as the products at display centers will only require selling strategies and financial matters. However the sale experience must be required or there should be proper training sessions for the sale person who will stand in the retail stores and the person should know all the products as trained by the company. Availability of funds: After collecting the necessary funds, we would commence our business. We can borrow from bank as well. We can borrow from bank as well. Recruitment: The recruitment required is for 4 sales managers initially the specifications are as follows: They should be literate at post graduate level They should have enough knowledge about Nike brands Pleasant personality having skills to attract customers Feasibility Plan Capital Contribution = Rs. 3,000,000 FIXED COST PALN:   Rs. Building (Store room) 850,000 Conveyance 650,000 Equipment 60,000 Furniture 125,000 Land 70,000 Total 1,755,000 Variable Cost Plan: 1 month 2 month 3 month Total Salaries expense 250,000 250,000 250,000 750,000 Maintenance expense 50,000 50,000 50,000 150,000 Wages 60,000 60,000 60,000 180,000 Utilities expense 25,000 25,000 25,000 75,000 Rent expense 125,000 125,000 125,000 375,000 Entertainment expense 10,000 10,000 10,000 30,000 Misc. Exp 10,000 10,000 10,000 30,000 Total 530,000 530,000 530,000 1,590,000 Loan Requirement Plan Rs. Rs. Capital Investment 30,00,000 Cost of Sales 3,345,000 Requirement for General Reserve 635,000 3,980,000 Short Fall / loan requirement (Rs.) 980,000 On the basis of the projection report and the above given table, there is a requirement of a sum of Rs. 980,000/- for which we have applied for a loan from Bank. FORECASTED FINANCIAL STATEMENT NIKE Incorporation, Trading Profit Loss Account For 3 months Rs. Revenues 1,000,000 Cost of Sales 250,000 Gross Profit 750,000 Operating Expenses 530,000 Interest Expense @ 9.5% 23,275 Net Income 196,725 Nike Incorporation Feasibility Balance Sheet For three months ASSETS Rs. Liabilities and Equity Rs. Cash 1771725 A/P 980000 Land 70000 Capital 3000,000 Building 850000   Add: NP 196,725    3196725 Conveyance 650000 Equipment 60000 Furniture 125000 Stock 650000 Total 4,176,725 Total   4,176,725 Terms of Repayment of Loan: As per the agreement between Bank NIKE Inc both have agreed on the terms that loan will be repaid over a period of 5 years @ 9.5 %. MARKETING: The basic market research instrument was the survey in the TOI that told us about a possible potential in this field. All the partners then carried out research by collecting primary data ourselves. We spoke to existing manufacturers, locals etc. Though the market for our product is very huge, the competition is quite tough. But flags are used by everyone in the nation. Hence, like all of our competitors we are using Mass Marketing. There is range of product line i.e. the flags with a fair amount of variations in the product itself (as mentioned earlier). The pricing method we have chosen is the cost plus method where we plan to gradually increase the profit margin. Our products will be sold both in almost every city of Pakistan. We are using Quality Assurance as a key marketing strategy as the raw materials we use are of a good quality and the products are manufactured and stored in a good environment. Conclusion/Recommendations: The capital invested is of Rs.3, 00,000 and the total cost of production is Rs. 250,000 and thus resulting in a profit of Rs. 196,725. Since there is less availability of funds and thus as a company need a loan from the bank. Also the sales are expected to grow by 10% every year. It is strongly recommended that in order to excel the demand of the NIKE products in conservative countries like Pakistan, the business has to change its strategy and made a range of the products that is only for females and according to their likeness. As females like to be fashion oriented, the design should be made of unique style that are according to the fashions and taste of women style. This needs strong advertisement as well. Following all such the business can generate a strong demand for women footwear and apparel in NIKE products.

A Lost Identity Within I Am A Martinican Woman :: essays research papers

There is no single criterion that provides a necessary basis for identity, and neither is there a threshold, a critical mass of sufficient conditions. It is possible to assume that because â€Å"a† happened to a person, and â€Å"b† happened to the same person that he or she is a â€Å"c†-type person; however, it’s impossible to make up a definition which covers all that there is about identity. In the novel I am a Martinican Woman by Mayotte Capecia, the reader sees the main character, Mayotte, hopelessly striving to find a static definition of her identity. Mayotte has a need to feel anchored in something that she can define herself as, yet at the very same time, she feels torn between who she is and what she needs in life. These contrasting feelings only lead to the exaggeration of Mayotte’s emotions through her thoughts and actions, and her lack of identity becomes magnified to the reader. By analyzing the theme of racial identity and the stron g presence of patriarchal structures within the Martinican society, one is able to see the difficulty in Mayotte finding a separate identity for herself.   Ã‚  Ã‚  Ã‚  Ã‚  Throughout the novel, Mayotte denigrates blacks, when, in fact, she is partially black. At the very beginning of the novel she depersonalizes herself from the â€Å"groups of young black girls† that carry baskets filled with food on their heads (Capecia, 34). Mayotte observes them and their graceful manner, but in no way associates herself with them, and even ventures to describe the crude details of how the girls stopped â€Å"to [meet] a need right there on the path; after which, she would simply wipe herself with her skirt and go on her way†(Capecia, 34). After her mother tells Mayotte the story about her grandmother, she expresses how proud she is that she had a white grandmother, yet she ventures to ask â€Å"How could a Canadian woman have loved a Martinican?†(Capecia, 63). She is amazed, it seems, that a white woman would stoop to marry a black man. Mayotte specifically states that a â€Å"grandmother was less commonplace than a white grandfather†(Capecia, 62).Here, it is evident, that Mayotte sees blacks as inferior. But at the same time, she is partially black. Many critics see this as an expression of the â€Å"lactification complex,†or the mind frame of idolizing whites as well as a desire to be white, that silently existed within not only Martinican society, but also throughout the Caribbean (CLA, 260).

Gender-Neutral English Language Essays -- Papers

Gender-Neutral English Language The English language has evolved through history in a male-centered, patriarchal society. The male orientation of English carries two complementary implications: being male is normative and natural; and therefore, not being male is abnormal and unnatural. The shifting of our language from masculine to gender-neutral may be awkward at first, and our children may wonder what all the fuss was about. The English language is always changing and the future will hold a gender-neutral language. Throughout the history of the United States, men have been the dominant sex. Men have not only been the documenters of the English language, but also the creators. â€Å"Men, especially those with class and race privilege, remain the chief gatekeepers of language: the editors, publishers, rhetoricians, dictionary-makers, broadcasters, high-status educators†(Henley, 1983). The inequalities in the use of language are numerous. â€Å"The grammars of the seventeenth, eighteenth, nineteenth, and twentieth centuries give evidence that indicates that most of the names in English are used for exclusive masculine reference (Kramarae, 1981). Some argue that language shapes the attitudes and beliefs of a society, â€Å"the language has worked with remarkable success in making it possible for man to perpetuate himself as master, to foster the illusion that women are dependent, and in fact, to subjugate women. Male dominance in language may not only reflect but also be involved in the perpetuation of cultural male dominance† (Caldie, 1981). However, some say that language is a reflection of the values of a society it would be simple to blame men for the bias in the English language. The word â€Å"man† was once interrupt... ...s of American, Inc. Graddol, D., Swann, J. (1989). Gender Voices. Cambridge, Massachusetts: Newberry House Publishers, Inc. Grudem, Wayne (1997, October 27). Do Inclusive Language Bibles Distort Scripture? Yes. Christianity Today. p. 27. Heatherington, Madelon E. (1980). How Language Works. Cambridge, Massachusetts: Winthrop Publishers, Inc. Henley, N., Kramarae, C., & Thorne, B. (1983). Language, Gender and Society. Cambridge, Massachusetts: Newbury House Publishers, Inc. Jacobson, Carolyn. (1995) Non-Sexist Language. [On-Line] Available: http://www.stetson.edu./departments/history/nongenderlang.html [1995] Kramarae, C. (1981). Women and Men Speaking. Cambridge, Massachusetts: Newbury House Publishers, Inc. Stackhouse, John G. Jr. (1999, November 15). The Battle for Inclusive Bible. Christianity Today, p.38. The Bible

Transformation of London in the 1790s :: European Europe History

Transformation of London in the 1790s Many changes were occurring in London during the 1790s. New ideas were emerging within England and around the world. The onset of the French Revolution contributed greatly to the unrest and the turmoil of the times. As the English citizens responded to both internal and external affairs, religious movements, social and political reform parties, and governmental reactions gained momentum. In addition, many writers responded and contributed to the progressive environment by giving the people a voice and further pointing out injustices. These movements and literary contributions influenced later writers and the lifestyles of people in and outside of London. In the 1790s, certain religions were being revived in London. Methodism and the Church of England were reaching out more to the citizens and affecting more lives. Methodism was thought to be an integral part in the social evolution of the country. It had a stabilizing effect for those involved with the church, as well as a model for the political development of the working-class people. The church believed in equal political, economic, and social rights for all people and it also had a strict, structural organization, which encouraged stability amongst its members. (1) While the churches had a soothing effect on the citizens of London, social and political reform increased concern, awareness, and uncertainty. The organization of the government in London contributed to the discontent of its citizens. The official City of London, which was only about one square mile, had the main banking center of the metropolis and a history of independent government established through two separate governing councils, something most sections of London decidedly lacked. Their setup was similar to Parliament, in that one council represented the wealthy, and the other represented more "ordinary" people, and was therefore more prone to agitate at any given time. In 1795, that lower council became fed up with the conflict with France and the unfavorable effect it was having on the merchants they represented. They directly charged the king to end the war and restore their prosperity. The motion failing, the City's council was more conservative afterwards. However, the no tion that a part of London could challenge its sovereign must have given hope to many of its citizens. (2) Westminster's municipal government was far from inspiring, as judges rather than representatives ruled the borough. However, this area "enjoyed a very wide parliamentary franchise, open to all resident householders.

Englis Removalist Essay Essay

Engaging texts lead us to think about significant issues within society. Discuss with reference to your prescribed test and of at least ONE other related text. Significant issues within society are effectively explored through engaging texts. The two-act play ‘The Removalists† written by David Williamsons explores significant issues within society in Australia in the seventies. The significant issues discovered throughout â€Å"The Removalists† include abuse of power and corruption. Similarly the empowering film â€Å"Shawshank Redemption† directed by Frank Darabount, also explores issues within society. Unlike David Williamsons â€Å"The Removalists†, â€Å"Shawshank Redemption† explores similar issues within society in America, in the 1940s. A significant issue within society is corruption. Corruption was conveyed throughout the play â€Å"The Removalists†. This is evident when Simmonds states â€Å"We can’t handle anything big because there is only the two of us. We can handle anything small, but then again it’s hardly worth the effort if it’s small†. Even though Simmonds says this area is the geographical centre of crime, which portrays his contradicting statements. Since the sub-branch does not handle anything big or handle anything small, it indicates the corruption within the force. The character Simmonds again reflects corruption throughout the play when he says â€Å"I have never made and arrest in all my twenty three years in the force, Ross† Simmonds uses irony as Simmonds mentioned that this city has the greatest crime rate, and Simmonds is yet to make an arrest in all his time in the force. Through the character Simmonds, corruption is effectively explored throughout The Removalists. In a similar fashion, the social issue of corruption is evident throughout the film Shawshank Redemption. Corruption was evident in the beginning of the movie as throughout Shawshank items were being traded through the currenc y of cigarettes. The fast-paced panning motions were used to show that the trading was illegal but still completed with all the prisoners and some guards. Another way corruption is evident throughout Shawshank Redemption is through the character Andy as he stimulates a large part of corruption throughout Shawshank. â€Å"All I ask for is three beers a piece for each of my co-workers†. Since Andy is doing illegal work for the police Andy asks in a polite tone for something in return for the work he has done. Corruption is also evident when Norton asks another inmate â€Å"would you be able to testify before the judge?† Norton’s asks him in a friendly tone and a low volume so  Norton could let the inmate think he was his friend. The inmate told the truth, which led to the inmate being intentionally killed. This demonstrates in a similar fashion to The Removalists how the social issue of corruption is evident in Shawshank Redemption. The social issue of the abuse of power is evide nt throughout The Removalists. This is evident when Simmonds â€Å"bends down and hoist’s Fiona’s skirt up a little† and say’s â€Å"take a close-up one on her thigh†. Simmonds actions and words portray his abuse of power within the police force to pick on troubled Fiona. The alluring tone Simmonds’s used towards Ross to take a picture of Fiona’s thigh indicated his plan was to try and use his authority and power he has to seduce Fiona. The social issue of the abuse of power is again evident through the character Simmonds. When Simmonds arrests Kenny, Simmonds abuses his power by repeatedly punches Kenny. Simmonds uses force against Kenny when Kenny undermines him. â€Å"Pity about Kate. Sergeant. You would’ve been in like Flynn† Simmonds resorts to violence because he believes that he has the right to, because he doesn’t follow the rulebook. â€Å"Stuff the rule book up your arse†. Through the character Simmonds the social issue of the abuse of power is evident in The Removalists. Similarly, the social issue of the abuse of power is evident throughout Shawshank Redemption. The abuse of power is evident through the warden, Norton. â€Å"Nothing stops! Nothing! Or you will do the hardest time there is. No more protection from the guards† The high modality and commanding tone Norton uses is to remind Andy that he is still the boss, and that Andy is under Norton’s thumb. It also portrays the abuse of power as Norton who abuses his power as the warden in Shawshank by controlling Andy for his tax frauds. The issue of the abuse of power is again evident through Norton. â€Å"There’s going to be a book barbeque at the back if you say anything†. Norton threatens Andy to keep quiet or his six years of work in the prison to get the library will turn into ashes. Norton’s commanding tone to a beaten up Andy was to further intimidate and threaten him. The two acts committed by Norton towards Norton displays the social issue of the abuse of power throughout Shawshank Redemption. Through engaging texts significant issues within society are explored effectively. The texts â€Å"The Removalists† and â€Å"Shawshank Redemption† effectively explore and reflect the significant issues within society.

Economics and Firms

Micro Economic Essays These are some suggested micro economic essays. The essays are from different exam boards. In practise they ask similar questions so they will be helpful whatever your exam board. There are different ways to answer questions. But, all these answers contain enough material to get the top grade. Whenever the question requires evaluation, the essay contains the necessary critical distance. On the last page, there are some general tips for evaluation. Note: These essays are for revision purposes giving suggestions for how to answer questions. Don’t try to pass them off as your own work. For more micro economic help. See also the Economics Revision Guide available at www. economicshelp. org/ Copyright  © T. Pettinger 2011. All Rights Reserved (For single use license only) www. economicshelp. org Micro Economic Essays Market Structure 1. Discuss how firms within an oligopolistic market compete. 2. Discuss whether monopoly is always an undesirable form of market structure. 3. Explain how interdependence and uncertainty affect the behaviour of firms in Oligopolistic markets 4. Evaluate the view that only producers, and not consumers, benefit when oligopolistic firms collude to try to reduce the uncertainty they experience. . Explain why contestable markets generally function more efficiently than noncontestable markets. 6. Explain various barriers to entry to a market and how these barriers might affect market structure. 7. In the past, utility industries such as the postal service, electricity and gas, have been heavily protected by entry barriers. Evaluate the possible effects on efficiency and resource allocation of removing these barriers. 8. Explain the meaning of price discrimination and the conditions necessary for price discrimination. 9. Evaluate the view that, because price discrimination enables firms to make more profit, firms, but not consumers, benefit from price discrimination. 10. Evaluate different ways in which governments could make markets more competitive. 11. Discuss the extent to which new technology, such as the internet, has increased or decreased the competitiveness of markets. Government Intervention 1. Discuss the impact of deregulation on the local bus industry in Great Britain. 2. Evaluate the view that the government should give financial assistance to firms producing cars in the UK to increase their competitiveness. . Evaluate the view that government intervention can correct all the market failures caused by the effects of economic activity on the environment. 4. In some European countries, price controls are imposed upon pharmaceutical companies. Discuss the case for government intervention to control market prices. 5. Discuss whether the government should ever consider nationalising privatis ed industries? Labour Markets 1. Footballers receive high pay, while those in disagreeable occupations, such as road sweepers, are among the most lowly paid. How does economic theory explain such differences in pay? . Assess the case for and against the government intervening to raise the disposable income of workers on low pay. 3. Do you agree that if a trade union persuades employers to increase wages in a labour market, employment must inevitably fall in that labour market? Justify your answer? 4. Assess three labour market policies which might be used to increase the level of employment amongst incapacity claimants and lone parents on benefits. 5. Discuss the impact of net migration on UK labour markets 6. Discuss the relative merits of welfare benefits and taxes for reducing relative poverty in the UK. Market Failure / Transport 1. Discuss whether Cost-benefit analysis is a practical way to decide whether projects, such as new roads, should go ahead. 2. Discuss the case for a toll on motorway travel. 3. Discuss whether giving increased subsidies to firms providing bus services would correct the market failure arising from urban road congestion. 1. Discuss how firms within an oligopolistic market compete. An oligopolistic market is a market structure dominated by a few firms. One definition of an oligopoly, is a market where the five firms biggest firms have 50% or more of the market share. There are different ways firms in an oligopoly may compete. Firstly, the kinked demand curve model suggests that prices will be stable because firms have little or no incentive to change prices. If a firm increased price, they would be uncompetitive and lose market share; therefore demand is price elastic for a price increase. If they cut prices, other firms follow suit and there is a price war; therefore, if they cut prices, demand will be price inelastic and they will have less revenue. Therefore, the best solution is to keep prices stable. The Kinked Demand curve P P1 Profit max occurs at Q1 where MR = MC MC D=AR Q Q1 MR Because there is no incentive to change price, firms compete through non-price competition such as advertising, branding, after sales service and offering a better product. In other words firms try to sell goods through measures other than price. Non-price competition is particularly important for markets where branding is important such as soft drinks, clothes and mobile phones. Firms will try hard to differentiate their products through extra features, good reputation and effective advertising campaigns. However, the kinked demand curve has imitations. It doesn’t explain how prices were arrived at in the first place. In the real world, it doesn’t explain why prices in oligopoly do change. It is only one theoretical model to explain some behaviour under certain conditions. Also, if firms seek to maximise market share rather than profit maximisation then they may compete by cutting prices. Although, this makes t hem less profit, some firms may see increasing market share as the most important long-term objective. If demand is price inelastic, cutting prices will lead to lower revenue, however a firm may feel it is worth it. This is because cutting prices leads to increased market share, and it may enable a reduction in competition in the long term. Also with higher output they may be able to benefit from economies of scale and get rid of surplus stock. However, price wars are often selective (e. g. supermarkets cutting certain products) or short term. Also, shareholders often prefer profits and dividends to growth maximisations If there are a small number of firms, and there are barriers to entry in the industry, then firms in oligopoly may be able to collude. This is when they formally or tacitly agree to restrict supply, keep to quotas and therefore maintain higher prices which maximise profits. Collusion is actually illegal, but if there are barriers to entry then it may be possible for firms to tacitly collude and avoid detection. Collusion will be more likely if there is a dominant firm in the market who can influence market by setting output and prices. If there are large economies of scale in the industry, the oligopoly is more likely to be highly concentrated with less competitive pressures. The outcome of an oligopoly depends on several factors. If the oligopoly has very high barriers to entry, such as, economies of scale and strong brand loyalty, then it will be much easier for firms in oligopoly to act a like a monopolist and set higher prices. For example, the market for cola is highly concentrated; a large share of the market is held by two firms (Pepsi and Coca-Cola), and because of strong brand loyalty there is little price competition in this oligopolist market structure. However, in other oligopolies, such as clothing, there are lower barriers to entry and more competition. If an oligopoly is contestable, (no barriers to entry), then the oligopoly may be ery competitive and the outcome similar to competitive markets. 2. Discuss whether monopoly is always an undesirable form of market structure. A pure monopoly is when there is only one firm in the industry. However, a firm with a high market share (greater than 25%) is said to have monopoly power. A monopoly is seen as undesirable for several reasons. A monopolist ma ximises profit where MR = MC. Therefore it sets a price (PM) higher than in a competitive market (P1), leading to a fall in consumer surplus. Selling at the price of Pm, means that the firm is allocatively inefficient because at Qm, price is greater than marginal cost. Secondly, this monopoly diagram is productively inefficient because it is not the lowest point on the average cost curve. (Note if the market was competitive the firm would produce at P1, where D=AC+MC; this is normal profit and allocatively efficient) A monopoly may also have fewer incentives to cut costs because of a lack of competitors. Therefore, it will be x inefficient. This means the cost curves of a monopoly will be higher than they would if there was more competitive pressure. Similarly a monopoly may lack the incentives to develop new products and offer a good quality service. . g. the standard of food in a service station arguably drops due to lack of competition. Some monopolies may become too big and therefore suffer from diseconomies of scale because in a big firm it is harder to co-ordinate and motivate workers. Monopolies may also be able to use their market power to pay lower prices to suppliers. For example, a big supermarket like Tesco may be able to squeeze the pr ofit margins of farmers who supply them. Tesco’s can use their monopoly buying power to reduce incomes of farmers because farmers don’t have any alternatives to selling to supermarkets. Lastly, monopolies make supernormal profit and this can be said to be an inequitable and unfair distribution of resources in society. However, monopolies are not always against the public interest. If an industry has high fixed costs, then the economies of scale may mean the most efficient number of firms in an industry is one. If industry demand was 10,000, then the most efficient number of firms would be one. If there were more firms, then the average costs would be higher. However, this kind of natural monopoly is only relevant to certain industries like tap water and national networks of electricity and gas distribution. In many industries, economies of scale are not that large. Even in the car industry, which has high fixed costs and scope for specialisation, there is sill enough room for several firms. In some cases, monopoly can use their supernormal profit to invest in research and development. For example, a drugs company may rely on a patent to make supernormal profit which justifies the high cost of research and development. However, for many industries like supermarkets, it would be difficult to justify a monopoly as supermarkets have limited need for research and development. Thirdly, it is often assumed monopolies face less competitive pressure and so are likely to be x-inefficient. However, this is not always the case. A firm may gain monopoly power because it is efficient and dynamic; for example, Google, has monopoly power, but people wouldn’t consider it to be inefficient. The desirability of monopoly depends on the market and industry. As a general rule, competitive markets have several advantages over monopolies. However, in certain cases, monopoly may be justified, especially if these industries have very high fixed costs and there is a need of profit for research and development. In other cases, the government may need to allow the monopoly, but regulate the firm to prevent price increases (e. g. in case of privatised firms like water and electricity) 3. Explain how interdependence and uncertainty affect the behaviour of firms in Oligopolistic markets. Firms in oligopolistic markets can behave in numerous different ways. The kinked demand curve model suggests interdependence is very important. The model suggests that firms don’t have an incentive to increase prices because if they increased price, others wouldn’t follow suit and therefore they would be more expensive and lose market share. The Kinked Demand curve P P1 Profit max occurs at Q1 where MR = MC MC D=AR Q Q1 MR The kinked demand curve also suggests that there is little incentive for firms to cut prices because if they did, other firms would probably retaliate and cut prices as well (other firms wouldn’t want to lose market share). Therefore, for a price cut, demand is inelastic. Therefore, the kinked demand curve model suggests because of the interdependence of firms, prices will remain stable and firms will compete on nonprice competition. However, the kinked demand curve model makes a lot of assumptions which may not stand up in the real world. A firm cannot assume that others will respond to a price cut by also cutting prices. There is a great uncertainty; perhaps the firm wants to avoid a price war. Therefore, a firm may cut prices hoping that others won’t follow suit. This will happen if the firm is pursuing profit maximisation. Another model for oligopoly is collusion. In collusion firms seek to restrict output and increase price; this maximises profits for the industry. However, there is always the temptation for firms to exceed their quota and break the collusive agreements. If the collusive agreements are tacit, then there is no certainty that firms will stick to the agreement. Also, a firm may want to break the collusive agreement itself. They may think that other firms won’t retaliate so they can get away with it. It is this uncertainty which encourages firms to try and break the collusive agreement. Because of uncertainty about whether a price war may break out, firms may try to enter into collusive agreements. These could be informal agreements such as following the dominant firm and increasing prices at same rate. These collusive agreement and collusive practises are very desirable to insulate against uncertain prospects of a price war and consequent fall in profits. 4. Evaluate the view that only producers and not consumers, benefit when oligopolistic firms collude to try to reduce the uncertainty they experience. When oligopolistic firms collude, they are effectively acting like a monopolist. They are looking at the profit maximising price and output for the whole industry and setting output quotas accordingly. This will lead to higher prices and higher profits for firms. Because firms benefit from supernormal profits they can spend more on research and development. However, it could be argued that consumers may benefit from this investment. For example, in industries like automobile production and drug research, expensive investment is required to develop new engines and new drugs. Collusion is necessary to generate sufficient profits to finance investment. Although it means higher prices, consumers benefit in the long run because they get better quality products. However, there is no guarantee that firms will use profits for research and development into better products. They may simply give it to shareholders in the form of higher dividends. Alternatively, they may use the supernormal profits to fund predatory pricing in another market. This would be very bad for consumers. Under collusion, consumers face higher prices and a decline in consumer surplus, but they don’t benefit from any extra economies of scale. In monopoly, supernormal profit margins are justified because it is argued the monopoly is able to benefit from economies of scale which lead to lower average costs and therefore lower prices for consumers. However, in collusion, the consumer doesn’t benefit from economies of scale, but just faces higher prices. However, you could argue that collusion is essential to enable firms to survive. For example, there may be a bus industry which is struggling to survive. Without collusion one or two firms would go out of business. This would be bad for consumers because there would be less choice and less competition. Collusion may be necessary to keep the service going. Although prices may rise, this may be better in the long term because the service survives. However, there may be better ways to keep a bus industry in business. If necessary, the government could subsidise the industry. Collusion is not the best way to keep unprofitable firms in business. The merits of collusion depend on the industry in question. If the industry is already profitable, then collusion is unlikely to give any benefit to the consumer. The benefit will be the producers who gain more profit. However, in some industries collusion may give benefits to the consumer in the form of more funds for investment and better products or just enough profit to keep the firms in business. 5. Explain why contestable markets generally unction more efficiently than non-contestable markets. A contestable market is a market which has no barriers to entry or exit. This implies that sunk costs (costs which cannot be recovered on leaving) are zero or very low. This freedom of entry means that there is always the potential for new firms to enter. This threat of competition helps to keep prices low. If firms set prices too high, the supernormal profit wo uld encourage new firms to enter. The low prices help to increase allocative efficiency because prices will be close to marginal cost. A contestable market may also be more X efficient. The threat of competition means firms have more incentives to cut costs and remain efficient. Otherwise they will become unprofitable. For example, in a monopoly firms may have low incentives to be efficient and therefore, have no incentives to cut costs – leading to X inefficiency. A monopoly also tends to be productively inefficient, because it restricts output and keeps prices high, leading output which has high average costs. However, in a contestable market this will not happen. You could also argue that contestable markets enable some economies of scale (there doesn’t have to be 1,000s of firms like in perfect competition). This can mean contestable markets have greater efficiencies of scale. 6. Explain various barriers to entry to a market and how these barriers might affect market structure. A barrier to entry is a feature which makes it difficult or impossible for a new firm to enter the market. A common barrier to entry is the existence of economies of scale. If an industry has high fixed costs, then new firms will face higher averages costs than the incumbent firm. If a firm enters the market and sells Q1 then it cannot compete with firms who are already publishing at the MES with an average cost of AC1. Economies of scale can occur for various reasons such as technical, specialisation, managerial. They are common in industries which require large investment such as car production, airplane production. Brand loyalty is another common type of barrier to entry. If incumbent firms have a strong brand loyalty, it makes it difficult for new firms to enter. They would need to spend a large amount of money on advertising. Advertising is a sunk cost – they cannot get it back, if they have to leave the market. Therefore, it becomes a barrier to entry. Examples include soft drinks like Pepsi and coca cola. Sometimes barriers to entry can occur for geographical reasons. For example, only a few countries are able to produce diamonds. Being the first firm in the industry often leads to barriers to entry. For example, Microsoft was the first firm to dominate office software. This made it difficult for new firms to enter because everyone wanted compatibility with Microsoft. Google, was not the first search engine, but, now the internet is developed it would be hard for anyone to knock it off top spot because Google has built up a critical mass of support and is included in many packages automatically. Finally, barriers to entry might occur because it is difficult to get access to supplies. e. g. a new airline might not be able to get landing slots at Heathrow airport. 7. In the past, utility industries such as the postal service, electricity and gas, have been heavily protected by entry barriers. Evaluate the possible effects on efficiency and resource allocation of removing these barriers. Removing the barriers may encourage new firms to enter the market. If new firms enter the market it will become more competitive. A more competitive market will help to reduce prices as new firms try to gain market share. This should enable greater allocative efficiency. If a firm has a monopoly power, they are able to set prices higher than marginal cost. More competition will lower prices closer to marginal cost (although in these industries, marginal cost is often very low and fixed costs very high; therefore, perfect allocative efficiency is unlikely) Another benefit of competition is that firms may have greater incentives to offer a better service to customers. Firms will not just compete on price, but also non-price competition. For example, electric firms may offer special deals to insulate the house or create more energy efficiency. This greater competition will reduce x inefficiency in the industry. It is also possible that the threat of entry may encourage more innovation; helping to improve dynamic efficiency. However, there are potential drawbacks of deregulation. Firstly, many of these industries are natural monopolies. For example, the distribution of gas is a natural monopoly because of the high fixed costs. Therefore, there is a danger of creating a private monopoly, which charges higher prices. These private monopolies will need regulating. However, the regulators can make sure new firms have access to the network, therefore, even in an industry which was thought to be a natural monopoly can have competition, at least, in the retail sector. If new firms enter the market, competition may reduce the profitability of the industry. This may leave insufficient funds to finance investment in improving the network. Also, firms have a temptation to offer short-term price cuts rather than invest in the long-term future of the infrastructure. The customer may benefit in the short term, but loose out in the long term. However, you could argue, that firms exaggerate how much money they need for investment; the majority of profits goes to shareholders rather than gets invested. Firms may use resources to try and create barriers to entry or resources to keep existing customers; arguably this is an inefficient waste of resources. 8. Explain the meaning of price discrimination and the conditions necessary for price discrimination. Price discrimination involves selling the same good to different groups of customers for different prices. Third degree price discrimination involves selling to different groups. For example, OAPs may get cheaper train tickets than adults. Second-degree price discrimination involves charging different prices depending on the quantity bought. For example, the first 100 units of gas and electricity may be more expensive than subsequent units. First-degree price discrimination involves charging the maximum price that customers are willing to pay; it involves reducing all consumer surplus. It is rarely practical except in a Dutch auction. The first condition necessary for price discrimination is that consumers must have different elasticities of demand. For example, people travelling at peak time to get to work have a more inelastic demand and (like market segment A) so can be charged a higher price. Group B, which could be students, have a more elastic demand. Therefore, a lower price is charged. Secondly, it must be impossible to resell the good between the different markets. For example, it mustn’t be possible for an adult to use a child’s ticket to travel on the train. The firm must be a price maker. Price discrimination is not possible in perfect competition. Also the costs of implementing price discrimination ust be less than the benefits. 9. Evaluate the view that, because price discrimination enables firms to make more profit, firms, but not consumers, benefit from price discrimination. Price discrimination enables firms to increase the profitability of the industry. Firms can set a profit maximising price for different groups of consumers and therefore increase total profits. Therefore, some consumers will pay higher prices. For example, customers with inelastic demand – buying peak tickets will have a reduction in consumer surplus as firms increase their prices. Therefore some customers will lose out and pay a price higher than marginal cost (allocative inefficiency) However, some customers will benefit from price discrimination. The higher prices paid by inelastic customers can subsidise lower prices for other groups of consumers. For example, the high prices paid by customers travelling at peak time can help subsidies lower prices for old aged pensioners. Often people with inelastic demand (adults, people travelling peak time) have greater ability to pay than people with elastic demand (e. g. tudents, old people) Therefore, you could argue that price discrimination enables a fairer distribution of resources in society. However, it is not always possible to use price discrimination on the grounds of income. For example, an unemployed adult would have to pay full fare on the train. Pensioners who get cheap tickets could be quite well off. It could be argued that it is unfair firms make profit at the expense of consumers. However, profit can be beneficial for consumers. Firstly, firms may use profit to fund research and development. This enables dynamic efficiency and enables consumers to benefit from better quality products and services in the long term. This is important for some industries like pharmaceutical drugs and airplanes where a lot of investment is needed. However, it is debatable how much firms like supermarkets and cinemas would spend on research and development. Another potential benefit of profit is that it might enable a firm to stay in business, who otherwise would go out of business. For example, without price discrimination a train firm may not be able to survive. There might be no one individual price greater than average cost. However, through price discrimination, it can cover its losses and stay in business. In this case price discrimination is definitely beneficial for consumers. It is better to have higher prices than to have no service at all. Price discrimination also enables firms to spread demand more evenly over a season. It gives a reward to consumers who can travel out of season / off peak. This reduces overcrowding at peak times. 10. Evaluate different ways in which governments could make markets more competitive. To make a market more competitive requires a reduction in barriers to entry and encouraging new firms to enter the market. The first policy would be deregulation. This involves removing legal barriers to entry. For example, there used to be a legal monopoly for the delivery of letters. Removing this legal barrier enables new firms to enter the market providing choice and competition. However, there are problems. Firstly, these industries like mail delivery are often natural monopolies. This means the most efficient number of firms is one. For example, there are very high fixed costs in delivering tap water to every home in the UK. Therefore, deregulation of tap water would not encourage a new firm to enter because a new firm would never be able to compete and set up a network of pipes. The government could remove legal patents, for example drug patents. This would make the market for drugs more competitive. However, if the government abolished patents, it would discourage drug companies from investing in new medicines and alternatives. This would increase competition, but could leave the consumer worse off. The government could make sure the Office of Fair Trading investigates any potential anti-competitive practises. For example, if firms engage in predatory pricing or vertical price fixing agreements they will prevent new competitors from entering. If the government increased the penalties for predatory pricing (selling below cost), then new firms would have more confidence to enter. However, the OFT already have the potential to investigate, so it is doubtful whether increasing potential fines will make much more difference. Also, practises of vertical price fixing can be difficult to spot. If markets are dominated by monopolies; the government could consider breaking up the monopoly into smaller firms. For example, the US government considered breaking up Microsoft because it had too much market power. This could be an effective way to increase competition, however there are some problems. Firstly, the government may disrupt the smooth working of the firm. The new smaller firms may not be able to benefit from economies of scale. Also, there is the potential for the new firms to collude, because they share a common starting point. The last policy could be government subsidies for new firms to enter. For example, the government could subsidise firms to enter the gas industry and sell it. However, government subsidies require higher taxes and the government may have poor information about the best type of firms to subsidise. 11. Discuss the extent to which new technology, such as the internet, has increased or decreased the competitiveness of markets. The internet has become an important tool for business. It has changed the way people shop and buy, having implications for the competitiveness of markets. A competitive market implies several firms, with relative ease of entry, low prices and low profits. An uncompetitive market would be characterised by a few firms and higher prices. The internet has made it easier to find information about prices and costs. This has helped increased the competitiveness of markets. Consumers have easy access to relative prices; this existence of perfect information is a characteristic of perfect competition. Therefore many retail markets like selling books and DVDs are more competitive than before the internet. However, other markets are less influenced by the internet. For example, restaurants and clothing are market segments rely on traditional sales, rather than over the web. For many firms, the internet has helped reduced start up costs. This is because, with an internet presence, costs are much lower than buying a physical building. Thus for internet start ups, sunk costs (costs which can't be recovered) are much lower. However, it is only a few businesses that can rely on just an internet presence; there is still the need for factories and shops for the majority of businesses like manufacturing cars. In some businesses, the internet has created barriers to entry; for example, firms who dominate Google search rankings have a powerful barrier to entry. A new firm may find it difficult to enter because it is hard to get the good rankings which send a lot of customers. Google itself has generated strong brand loyalty, and a dominant market position, which is difficult for anyone to overcome. However, pay per click advertising is a way to get business from search results and it has lower overheads than traditional advertising. Improved technology such as the internet and better international travel means that markets are increasingly global in nature. This means firms increasingly face competition from abroad. For electronics and cars, markets are very global, increasing their competitiveness. However, globalisation does not always increase competition. The growth of strong multinationals has in a way helped push out smaller independent retailers with a corresponding decline in diversity and competition. Another issue is that in some markets, the internet has changed people’s patterns considerably. For example, many young people don't buy music, but download for free on internet sharing sites. This has changed the market much more than an increase in competition. However, it has meant the decline of several record shops and music publishing companies, leading to a higher market concentration in this area. Section - ­? Government Intervention 1. Discuss the impact of deregulation on the local bus industry in Great Britain Deregulation involves opening up a monopoly to competition. Often deregulation involves privatisation as well. For example, the bus industry in the UK, used to be run by a state monopoly (local council). However, after deregulation, new private firms can enter. The first impact of deregulation is the increase in number of firms and hence greater competition. As more firms enter the market, there is more price competition and therefore, price of bus tickets could go down. However, it is argued that prices haven’t fallen, but increased. This is because, firstly, the bus industry has large economies of scale. It is not practical to have several bus companies competing; the most efficient number of firms is 1 or perhaps 2. In the above diagram, the minimum efficient scale is 10,000 bus journeys a week. If the total demand was 10,000 then the most efficient number of firms would be one. If there were two or three firms then the average costs will be higher than if there was a natural monopoly. Also, with only one or two companies, there is not sufficient competition to reduce prices significantly. It is easy for two companies to collude, even tacitly. Also, before deregulation, bus companies were owned by local councils and low fares were often subsidised. However, the private companies want to maximise profits and often they find demand is inelastic so prices have risen. It is argued that more competition and the entry of private firms have created greater incentives for bus companies to offer better services. For example, since deregulation, there are more electronic bus stops, which give information on arrival times. This may be due to deregulation or just because better technology has made it more feasible. The problem with deregulating the bus industry is that it is simply difficult to have effective competition. Some would even argue the bus industry is a natural monopoly. It is argued two bus companies can be inefficient because they duplicate routes and cause congestion. However, others point to some gains from competition such as better quality buses and efforts to attract customers. 2. Evaluate the view that the government should give financial assistance to firms producing cars in the UK to increase their competitiveness. Government assistance could be justified on the grounds of market failure. For example, there could be market failure with UK firms under providing education and training schemes to their workers. When the workers are qualified, they may leave giving the firm no benefits but all the cost, therefore, because of the positive externalities involved, firms have little incentive to train and educate workers Governments could overcome this by paying for training schemes to increase labour productivity. The improved labour productivity will help the UK remain competitive and give long term economic benefits. The problem of this scheme is that it will cost money and there is no guarantee that it will be successful. For example, the government subsidies may be spent on training that does little to increase labour productivity; e. g. workers may be unwilling to learn or the firm may use the government subsidy to increase its profits rather than promote useful training schemes. Government assistance may encourage firms to be inefficient because they come to rely on government help. In the 1970s, the UK government gave a lot of financial assistance to British Leyland because it was losing money. However, the money did little to transform the company. If a company is losing money, it is probably due to bad management or producing the wrong kind of products. In this case it is unhelpful for the government to give assistance in the hope they become more competitive. In this case, the government assistance is encouraging inefficient firms to stay in business. It will be expensive for the taxpayer and have no real benefit. Governments often have poor information about the dynamics of industry. For example, the government may not know the best firms to subsidise or how to subsidise them. When it comes to increasing competitiveness it should be firms who have the best idea. If the banks are not willing to lend money to firms, it is probably because they don’t have a good business plan; therefore, the government would be advised to avoid it as well. However, government assistance could be justified if the problem was a lack of suitable finance. For example, in a credit crunch firms may be unable to gain sufficient finance for investment, even though this investment would be good. Therefore, government assistance could be justified. Here the lack of business finance is an example of market failure. Generally, cars have no positive externalities, they contribute to global carbon emissions, so governments might want to subsidise more environmentally friendly firms. However, the government might want to subside investment into low emission cars, which run on hybrid fuels. In a free market, there may be insufficient investment in this kind of technology because firms ignore the positive externalities of the low emission engines; therefore, this justifies government intervention. Governments could justify subsidising ‘green technology’ in cars, if they have sufficient positive externalities. This diagram shows how a government subsidy can increase output from Q1 to Q2, which is socially efficient. 3. Evaluate the view that government intervention can correct all the market failures caused by the effects of economic activity on the environment. Economic activity creates many negative externalities, which include damage to the environment. To some extent government intervention can overcome market failure and provide a more socially efficient level of economic activity. Economic activity may cause pollution. This damage to the environment is a negative externality and is ignored by the free market. Therefore, there is overconsumption of driving cars. In a free market equilibrium, at Q1, the marginal social cost is greater than the marginal social benefit. The diagram below shows that the free market equilibrium is Q1. However, at Q1 SMC is greater than SMB therefore there is overconsumption. However, the government can place a tax on the good, to make people pay the true social marginal cost. This shifts supply to S2 = S1 + Tax and reduces demand to Q2. This is socially efficient because the SMC=SMB at this output. Therefore, in theory the government have overcome the market failure. However, in practise, it is more difficult to achieve social efficiency. A tax on production may be ineffective in reducing demand if demand is very inelastic. There is scope for tax evasion e. g. a tax on disposal of toxic waste may lead to ‘fly tipping’ – illegal dumping which damages the environment. It is also difficult to measure the true external cost of economic activity. For example, the cost of global warming may be much higher for future generations; therefore, efforts to reduce demand now, may be insufficient. Also, some costs of growth may be unpredictable. e. . the Chernobyl disaster was not predicted and after the event, government intervention is too late. Also some economic activity is too damaging to just place a tax on the good. In this case it may be more efficient to have regulations, for example, saying that nuclear power shouldn’t be used at all. Another issue regarding the environment is that it requires global cooperation. For exampl e, the UK government may seek to limit carbon emissions. One policy may be a system of pollution permits. Here the government regulator gives firms the right to pollute a certain amount. If firms wish to exceed their pollution quotes, they have to buy more permits; this creates an incentive to reduce pollution and introduce new technology. In theory, pollution permits can provide a market-based system to reduce pollution levels. However, it may be difficult to implement; e. g. difficult to measure pollution levels. However, a more pressing difficulty is that carbon emissions are very much a global issue. If the biggest polluters, such as, China and the US keep increasing their carbon emissions, it makes the UK governments efforts’ relatively futile. 4. In some European countries, price controls are imposed upon pharmaceutical companies. Discuss the case for government intervention to control market prices. The first argument for government price controls is the idea of monopoly power. If firms have monopoly power in a market, they are in a position to increase prices. As the diagram below shows, this monopoly power enables firms to set prices (Pm) above marginal cost, which is allocatively inefficient (P>MC). In an ideal world, the government would be able to increase competition. But, in some markets, competition is not practical. In the case of Pharmaceutical companies they may get a pure monopoly because of their patent. In the example, of tap water, very high fixed costs mean competition is not practical. Therefore, monopoly power is inevitable and price controls are the only realistic way to prevent abuse of monopoly power and prevent allocative inefficiency. There are also issues of equity. In the case of drugs, it could be argued they should not be too expensive otherwise people cannot afford them. It is also the same with gas and water supplies. As an essential public service, it is important that they remain in reach of all income groups. Also, some goods like medicinal drugs may be paid for by the government. Capping prices on medicinal drugs will help to limit the government’s health care budget and therefore lead to lower taxes. However, there are arguments against price controls. If governments limit price, firms may not make sufficient profit to encourage more research and development. To develop new drugs is quite risky with no guarantee of success; therefore, it is essential to give firms sufficient incentive to develop them. Lower prices and lower profits could decrease dynamic efficiency. Also allocative efficiency may be an inappropriate measure given that the marginal cost of producing a drug is very low, but fixed costs are very high. There is also an element of potential government failure. For example, the government may not have sufficient information about the state of the industry to make an appropriate decision on price. Government could set prices which are too low and cause firms to leave the market. 5. Discuss whether the government should ever consider nationalising privatised industries? Nationalised firms are owned and run by the government. Privatisation is the process of selling the firms to the private sector; this means the firm will be run like a normal public limited company, rather than by the government. Several industries like rail, electricity, gas and telecoms were privatised in the 1980s and 1990s. There are several strong arguments for suggesting privatised firms are more efficient than nationalised industries. Firstly, it is argued that a private firm has a strong profit incentive to cut costs. A nationalised firm is not subject to the pressure of private shareholders, therefore it is more likely to be x-inefficient and productive inefficient. If the government nationalised privatised firms like BT and British Gas, it may result in greater inefficiency and therefore higher prices. However, private firms may make mistakes because shareholders encourage short termism and risk taking. In the case of the banking industry, risks were taken to make more profit, but the government had to step in to bailout the banks when they made losses. Governments can, in theory, take a longer-term view and avoid short-termism. However, governments may also be subject to political pressure, which encourages them to sacrifice long-term investment for short-term gain. Some industries like the banking have a great importance to the wider economy. If banks went under, it might cause loss of confidence in bank deposits; this could cause a mass withdrawal of money, leading to a fall in financial confidence. In this case, the government may have no option but to nationalise private firms. Here the motive is preventing a collapse in bank confidence. This argument is mainly relevant to the banking sector. If a car firm collapsed there would be less reason to intervene, apart from to protect job losses, which is an expensive way to prevent unemployment. One problem of privatised industries is that they were often in industries considered to be natural monopolies. For example, tap water and distribution of gas and electricity is essentially a natural monopoly. A natural monopoly, where industry demand is close to the minimum efficient scale (10,000 in above diagram) and therefore most efficient number of firms is one. Therefore, some privatised firms are a private monopoly and could exploit consumers through higher prices. This might be a reason to nationalise the firm. However, another option is regulation. Regulators can regulate price increases so we get the benefits of privatisation without the drawbacks of monopoly power. However, in practise, regulators may struggle to get right balance between protecting consumer and interests of firms. Regulators could suffer from regulatory capture and so they are too kind to the firm. Other industries, like rail could justify greater government intervention because they have many positive externalities, which mean the good is under-consumed in a free market. For example, rail travel helps reduce traffic congestion and pollution. Under privatisation, rail maybe under-consumed with too little investment. There is a stronger case for renationalising rail because a government can make allowances for the external benefits in offering public transport. However, an easier option maybe for the government to subsidise the private firm. The subsidy should, in theory, help to overcome the under-consumption in a free market and prevent the need to renationalise. Generally, privatised firms have better incentives to be efficient and respond to changing market signals. If the privatised firm is in a competitive market, for example, BT, there is no benefit to renationalising the firm because competitive pressures keep prices down. However, in an industry like rail, there may be a greater justification of renationalisation. In this industry, competition is not realistic so the government have created a private monopoly. Also, the external benefits to railways means that the government may need to have closer direction and subsidy to overcome market failure. Also the experience of the banks shows that sometimes, the government needs to nationalise firms for wider economic interest. Labour Markets - ­? Section Footballers receive high pay, while those in disagreeable occupations, such as road sweepers, are among the most lowly paid. 1. How does economic theory explain such differences in pay? Economic theory suggests that wages are determined by factors such as marginal revenue product, and the supply of labour. Jobs such as road sweepers do not need qualifications or specialised skills. Most people are able to do that job. Therefore the supply curve is elastic, meaning many are willing to work at relatively low wages. Cleaners – Elastic supply Low wages Footballers inelastic supply, higher wages However, jobs such as being a top footballer are highly skilled. Only a small % of the population is able to be a good footballer, therefore supply is inelastic. Because of the inelastic supply curve, footballers find it easier to bargain for higher wages. As well as differences in supply, footballers will have a higher marginal revenue product. Marginal Revenu e products depends on marginal product (the productivity of workers) and Marginal revenue of last good sold (this depends on the price of the good sold. Footballers can affect the revenue of their club significantly. Therefore, the MRP of footballers is high, a good footballer can make a lot of revenue for his team, in terms of advertising revenue and gate money; therefore because MRP is high, wages will be high. Road sweepers, however, do not have a high marginal revenue product. The council doesn’t gain extra income from cleaning the streets. It is seen as a service rather than revenue-generating job; therefore, it is seen as a job with a low MRP. Another reason could be that road sweepers face monopsonistic firms who are able to cut wages. Footballers have agents to help them get higher wages. Also public sector workers like road sweepers tend to be lower paid than private sector workers. 2. Assess the case for and against the government intervening to raise the disposable income of workers on low pay. The government could intervene through increasing minimum wages and / or offering means tested benefits. The two different strategies will have different effects. The first reason for raising the pay of low-income workers is to reduce relative poverty. Relative poverty reflects inequality in society. Often this inequality stems from unequal opportunities such as middle class parents can afford to get better education for their children so they get higher pay. By increasing incomes of the low paid, the government is helping to reduce inequality. Reducing inequality also has some practical economic arguments, as well as moral justifications. Income inequality could aggravate feelings of social alienation; this could cause problems such as crime, vandalism and tensions within society. Increasing the incomes of workers on low pay may create greater incentives for low paid workers to move from benefits to paid work. If wages are low, it may encourage people to remain on unemployment benefits and income support. Increasing wages, could save the government paying out benefits and reduce the poverty trap. Higher wages may increase worker productivity, motivation and loyalty to the company. This is known as the efficiency wage theory. It is argued if wages are too low, people don’t mind if they get made redundant. Higher wages increases worker loyalty and therefore productivity. Finally, workers low pay may be due to monopsonistic employers who want to exploit their monopoly power to pay lower wages than market forces. Therefore, if the government increases wages through minimum wages then it will not cause unemployment. However, there are practical problems to intervening to raise disposable incomes of workers. If the government increase wages by imposing a higher minimum wage, there is the scope for creating real wage unemployment. If wages rise, firms may not be able to afford the workers, especially if the job is traditionally low paid work in the service sector. However, this analysis assumes labour markets are competitive. In the real world, employers often hold a degree of monopsony power. This enables the employers to set lower wages and exploit workers. In this case, a minimum wage helps to overcome the effect of monopsony employers and won’t cause unemployment. If the government increase wages through offering means tested benefits then this may create a poverty trap. Basically, means tested benefits may discourage workers from working longer hours or getting better paid jobs. This is because the gain in income is limited due to the means tested benefits for low paid jobs. Also, means tested benefit may encourage firms to pay lower wages knowing that the government will top up the wages. A better solution may be to offer lower taxes for low paid workers. Another solution would be to offer benefits in kind, such as housing benefit and cheaper prescriptions e. t. c. This increases their disposable income without distorting labour markets. 3. Do you agree that if a trade union persuades employers to increase wages in a labour market, employment must inevitably fall in that labour market? Justify your answer? If the labour market is competitive, i. e. good information, many employers, then in theory an increase in wages above the equilibrium will cause a fall in employment. The diagram below shows that a rise in wages to W2 (through trade union pressure) causes a fall in employment from Q1 to Q2. If demand for labour is inelastic, then the fall in employment will be relatively small. Some labour markets may have inelastic demand if – labour is a small % of total costs or the workers are indispensable part of the production process. If demand for labour is perfectly inelastic then an increase in wages will not cause any fall in demand for labour. However, if demand for labour is elastic, then higher wages could lead to a big fall in demand for labour. There are other reasons why employment might not fall. Firstly, if the employer has monopsonistic power, it is able to pay workers a wage below the market equilibrium. The diagram bellows shows that increasing the wage from W2 to W3, will actually keep employment the same at Q2. If trades unions increase wages from W2 to W1, then employment levels will rise from Q2 to Q1. Arguably many employers in the UK have a degree of monopsonistic power; workers find it difficult to move and therefore employers can keep wages lower. This is especially the case in the service sector where workers work part time and have weak contracts. Another issue is labour productivity. It is argued that paying higher wages may increase the loyalty of workers to the firm; this is known as the efficiency wage theory, and if workers are more loyal they will have greater productivity. A more likely scenario is that trades unions argue for a productivity deal. This is when they bargain for higher wages in return for new working practises, which increase labour productivity. If labour productivity and MRP of workers increase then firms will be able to afford the higher wages. Another possibility is that if real wages increases, there will be an increase in aggregate demand causing higher output and higher demand for workers. On the other hand this increase in wages may just cause inflation. Also, on a micro level, higher wages in one sector will not affect the macro economy significantly. Empirical evidence in the UK, suggests that since the minimum wage was introduced in 1997, it hasn’t caused unemployment, this is despite the fact the minimum wage has increase faster than inflation. 4. Assess three labour market policies which might be used to increase the level of employment amongst incapacity claimants and lone parents on benefits. An increase in the minimum wage might increase the incentives for people to take a job rather than stay on benefits. If wages are low, there may be little incentive for people to take a job rather than stay on benefits. However, higher minimum wages may increase unemployment. Firms may reduce demand for workers because they cannot afford the higher wages. A NMW can lead to unemployment of Q3 – Q2. However, the UK minimum wage has been increased without any obvious fall in employment levels. This could be due to the fact employers have monopsonistic power and can afford to pay higher wages. Alternatively demand for labour may be inelastic. If demand is inelastic, the fall in employment will be small. Another policy is for the government to provide targeted training schemes for those on incapacity benefits. The government could train them in using computers and IT. This may enable them to work online from home. This makes them employable, despite their disabilities. However, it is not clear how successful these schemes would be. For example, even with better IT skills, it may be difficult to find jobs which enable you to work from home. Lone parents on benefits may not have time to take out training schemes because they need to look after children. Better child-care provision. If the government offer free or subsidised childcare, then lone parents will be able to go out and work, saving the government benefits. However, the cost of providing childcare may be as expensive as providing benefits. Also, the government cannot guarantee that lone parents will actually take out the opportunity to leave children in child-care. The real difficulty may be finding a job or the low differential between wages and benefits. . Discuss the impact of net migration on UK labour markets Net migration will increase the supply of labour, possibly causing wages to fall. This effect will be most noticeable in areas where migrants concentrate e. g. London and the South East. The effect will also be most noticeable in industries where migrants tend to work; this could be fruit pickers, builders or plumbers. However, although the supply of l abour increases, it is important to bear in mind, that an increase in the population will also cause an increase in economic growth and increase in demand for labour. The extra supply of labour should be met by the extra demand for labour. Therefore, the real wage rates could stay the same. The impact of migration also depends on the skills and qualifications of migrants. If the migrants don’t speak English and have low skills, they may struggle to find employment in the UK labour market. Therefore, it could cause a rise in structural unemployment. If the migrants do speak English and have skills which are in short supply, it can help deal with labour market shortages that do exist. For example, recently the government said it would be setting migration policy to allow workers with specific skills to enter; for example, maths teachers and nurses. This helps to fill gaps in the labour market. Note, it is unlikely to depress wages in these sectors because the wages are set by the government and not market forces. It is also possible, that migrants, especially if illegal migrants are more likely to work in the black market. For example, workers from low wage countries may be more willing to accept wages below the official minimum wage. This could lead to a bigger underground (unofficial) labour market and economy. However, there is no guarantee migrants will gravitate to the unofficial labour market, by nature it is hard to quantify. 6. Discuss the relative merits of welfare benefits and taxes for reducing relative poverty in the UK Relative poverty occurs when people receive an income significantly less than the average in society. For example, one definition may be a monthly income of less than 50% of the average monthly income. Welfare benefits include; job seekers allowance, income support, child benefit and pensions. The biggest cause of poverty is unemployment because relying on unemployment benefits gives a relatively low income; therefore increasing JSA would increase equality of distribution and make people on low incomes better off. However, there is a risk that higher benefits may increase voluntary unemployment; this is because income from benefits may be similar to the income from a job, therefore there becomes a disincentive to take a job. If higher benefits do discourage people from taking a job, it will increase cost of benefits to the government and also mean that people become economically inactive and lose motivation to work. However, it depends how much benefits were increased compared to the level of wages. It might be possible to increase welfare benefits but maintain an incentive to work. For example, if you take a low paid job, you could retain some income support. Also the minimum wage helps to increase the incentive to work in the UK. Income support or family credit involves giving means-tested top up benefits to those on low wages; this will help reduce income inequality. But, similar to unemployment benefit, there is a danger of creating a disincentive to work. However, at least meanstested benefits are cheaper than universal benefits. Also the government can try grade the means tested benefits, so there isn't a cut off point which discourages people working longer hours A higher state pension would also help reduce inequality amongst pensioners; however, it would be very expensive to increase the universal state pension, especially because there are increasing numbers of OAPs in the UK. Therefore, it may be more effective to target pensions to those who need it most, i. e. use means tested benefits. This could involve an extension of the govt minimum income guarantee for pensioners. The only problem of this is that it may discourage workers from saving for a private pension, because, they will not then get as much from the govt. A switch from regressive to progressive taxes would help improve income distribution, e. g. cutting cigarette tax and increasing income tax. A progressive tax takes a higher % of income from the rich. E. g. a top band of income tax could take 40% of incomes over ? 27,000. If the govt increased the top rate, this would cause a reduction in income inequality because it would reduce take home pay of high earners; also the revenue could be spent on increasing benefits to those on low incomes. However, this would cause problems because higher taxes may discourage people from working harder. Therefore, higher rate of income tax may cause lower AS and not increase revenue for the govt. However, the extent of this depends upon the income and substitution effect. For example, some people need to maintain a certain level of income; therefore, if taxes increase the income effect means that they need to work harder to earn more. It depends how much the tax rate is increased. Often it is the very wealthy who feel it is worth living in another country if tax rates become too high. Other policies, which may be more effective, could include an increase in the Minimum wage; this increases the wages of those on low pay. However, it may cause unemployment if the labour market is competitive. Also, it will not help the poorest on unemployment benefits. But, if labour markets are monopsonistic then a minimum wage will not cause unemployment. Also a min wage could increase labour productivity and incentives to get a job. Empirical evidence suggests a min wages does not cause unemployment. To conclude, it may be possible to reduce income inequality by increasing income tax rates and means tested benefits such as income support. However, there is a danger that if they are increase too much they may cause disincentive within the economy, this is something the govt will have to be careful about. There is a conflict between reducing relative poverty and damaging incentives to work. Policies are likely to be more effective if used in conjunction with general policies to reduce unemployment, which is one of the biggest causes of relative poverty. Section – Transport and Market Failure. 1. Discuss whether Cost-benefit analysis is a practical way to decide whether projects, such as new roads, should go ahead. Cost-benefit analysis is a way to evaluate potential projects and decide whether they are in the interest of the public. Cost-benefit analysis studies involve calculating the social costs and social benefits to a particular project. If the social benefits exceed the social costs, it is indicative that the project is desirable. The first stage of cost-benefit analysis is to identify all the different costs and benefits. These include the monetary costs such as materials to build road, and pay workers. But, also in building a road there are external costs, such as, damage to the environment, noise pollution and air pollution. These external costs are harder to identify and give a monetary value to. For example, you could ask people involved in project or living near road. However, it is difficult for people to give unbiased opinions and they are likely to put their own perspective onto the evaluation or survey. When a monetary value has been placed on all the benefits and costs, it becomes easier to decide whether the project should go ahead or not. The first problem encountered in using cost-benefit analysis is that it can be difficult to put a value on certain costs and benefits. For example, building a new airport may cause noise pollution, but it is hard to put an economic value on this. You could ask people, but this is unreliable and people may give different figures. Therefore, guestimates need to be used, but they may be wrong. A second problem is that it is hard to identify all potential costs and benefits. For example, building a nuclear power station it might be hard to know potential future problems. For example, the Chernobyl nuclear accident would be something not included in a cost benefit analysis. In any planni