Supervision scenarios free essay sample

In the first supervision scenario there is an example of patient’s noncompliance with MDs protocol. The orthopedic MD should be contacted by PT prior to initiation of exercises to verify for any protocol adjustments. Since this case involves stretching that requires continuous examination and evaluation throughout the intervention it’s required to be performed exclusively by the physical therapist as stated in APTA Guidelines: â€Å"The physical therapist’s scope of practice as defined by the American Physical Therapy Association Guide to Physical Therapist Practice includes interventions performed by physical therapists. These interventions include procedures performed exclusively by physical therapists and selected interventions that can be performed by the physical therapist assistant under the direction and supervision of the physical therapist. Interventions that require immediate and continuous examination and evaluation throughout the intervention are performed exclusively by the physical therapist. † [1] However ATCs are trained and allowed to perform stretching for athletes since it’s part of athletic rehabilitation as supported by Illinois Athletic Trainers Practice Act: â€Å"[†¦] H. We will write a custom essay sample on Supervision scenarios or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Provision of on-site injury care and evaluation as well as appropriate transportation, follow-up treatment and rehabilitation as necessary for all injuries sustained by athletes in the program. † [2] Assignment #3 Supervision Scenario Case #1 I think the intervention could be delegated to ATC since Illinois Athletic Trainers Practice Act supports that. However according to APTA Guidelines for supervision of support personnel it should be performed under direct personal supervision as stated: â€Å"Physical therapy aides are any support personnel who perform designated tasks related to the operation of the physical therapy service. [†¦] Direct personal supervision requires that the physical therapist, or where allowable by law, the physical therapist assistant, be physically present and immediately available to direct and supervise tasks that are related to patient/client management. The direction and supervision is continuous throughout the time these tasks are performed. The physical therapist or physical therapist assistant must have direct contact with the patient/client during each session. †[3] Reference: 1. (PROCEDURAL INTERVENTIONS EXCLUSIVELY PERFORMED BY PHYSICAL THERAPISTS HOD P06-00-30-36). 2. (225 ILCS 5/) Illinois Athletic Trainers Practice Act 3. (PROVISION OF PHYSICAL THERAPY INTERVENTIONS AND RELATED TASKS HOD P06-00-17-28 [Amended 06-99-10-12] Assignment #3 Supervision Scenario Case #2 In the second supervision scenario PT made mistakes by not verifying pt’s medical Hx and WB status with MD’s office or hospital and not being specific with type of hip replacement done prior to developing appropriate plan of care. A physical therapist may delegate a patient to a physical therapist assistant as long as at least general supervision occurs. In Illinois practice act we ca read: â€Å"A licensed physical therapist shall be accessible by telephone to the physical therapist assistant at all times while the physical therapist assistant is treating patients†[1]. However the major mistake made by the PT that could prevent THR complications is lack of the required supervisory visit as stated: â€Å" On-site supervision shall take place every four to six visits [†¦] The supervisory visit shall include a complete on-site functional assessment, an on-site review of activities with appropriate revision of treatment plan, and an assessment of the utilization of outside resources. † [1] Also APTA Guidelines support that: â€Å"[†¦] a supervisory visit by the physical therapist will be made: b. At least once a month, or at a higher frequency when established by the physical therapist, in accordance with the needs of the patient/client. c. A supervisory visit should include: i. An on-site reexamination of the patient/client. ii. On-site review of the plan of care with appropriate revision or termination. iii. Evaluation of need and recommendation for utilization of outside resources. † [2] Assignment #3 Supervision Scenario Case #2 At the same time the PTA observing the patient condition should have reported it to the PT : â€Å"The physical therapist assistant shall: Observe patients progress and response to treatment, and report to the physical therapist. † [1] Also, per APTA Guidelines : â€Å"In those situations in which a physical therapist assistant is involved in the care of a patient/client, a supervisory visit by the physical therapist will be made: a. Upon the physical therapist assistants request for a reexamination, when a change in the plan of care is needed, prior to any planned discharge, and in response to a change in the patient’s/client’s medical status. † [2]

ACT English Word Choice and Diction Errors

ACT English Word Choice and Diction Errors SAT / ACT Prep Online Guides and Tips One of the trickier concepts that you will be tested on ACT English is your ability to choose the right word from among many that are not quite right, and to spot when words are being used incorrectly. Are you confident in your ability to find the differences in a group of similar words? Can you distinguish what’s needed from the context of a question? If you’re not so sure, read on to see how the ACT English will test you on this skill!In this post, I'll cover everything you need to know about these questions: What Does â€Å"Diction† Mean, Anyway? Diction is a fancy synonym forâ€Å"word choice† - you may have heard your literature teacher talk about itwhen analyzing a famous author’s writing style. On the ACT English, there are three main ways that word choice becomes important: recognizing commonly confused words understanding meaning in context recognizing idiomatic uses of phrases with prepositions This final topic is large enough thatwe have a whole separate article dedicated to it. But for the first two, let's lookat some example sentences that illustrate these concepts. There is nothing better then (1) waking up to the smell of freshly-brewed coffee. The exciting (2) smell really gets my blood pumping. 1. A. NO CHANGE B. better than C. better D. better to 2. A. NO CHANGE B. simulating C. dazzling D. stimulating Answers: 1. B; 2. D How did you do? These questions cover two of the most common types of diction errors that you will see on ACT English – commonly confused words and understanding meaning in context. Both of these test your ability to understand when a word is being used incorrectly. I’ll go into each of these question types in more detail below. But first, let’s talk about why ACT English has diction errors in the first place. Why Diction Errors? ACT English basically tests your ability to be an editor. The ACT wants to see if you can spot and correct errors in short passages. This skill is important for college level work, such as writing papers. Most of the ACT English questions focus on grammar, punctuation and style. By reading our guides or using another prep method, you can learn the various grammar rules that are important for being able to answer most of the questions on ACT English. With diction questions, the ACT is looking to see which students can also spot errors where you can’t apply your grammar rules. The only way you will know these answers is to understand the subtle differences between similar words. If you don’t think this task sounds too difficult, keep in mind that many students make diction errors all the time in their everyday speech and writing. The makers of the ACT know which words are most confusing for students, and focus on these when writing the test. So let’s start there – with the most commonly confused words that the ACT loves to test. The Most Common Diction Errors Some of the diction errors the ACT tests are random and therefore essentially impossibleto study for. However, the ACT writers havea couple of favorite errors, which usually appear at least once on every test. We'll go through these one at a time. THAN vs. THEN The first key concept for diction questionsis understanding the difference between â€Å"than† and â€Å"then.† Than is used to show a comparison. I am smarter than you are. He eats more rice than beans. Then is used for showing what happens next. First, she went to the store. Then, she went home. I want to eat my rice, then my beans. Pop Quiz! Look at the following pair of sentences. Can you tell which one is correct? I like blue Cornish cheese more then any other cheese in the world. I like blue Cornish cheese more than any other cheese in the world. Answer: the second is correct because the sentence shows a comparison - than is needed. How Should You Approach These Questions? Then/than errorsare pretty easy to spot and correct. When you see one of these words underlined, look at the rest of the sentence. If it is comparing something, use â€Å"than." If it is telling that one thing happened after another, use â€Å"then.† Let’s look back at the first question At the beginning of the article, I gave you the following question: There is nothing better thenwaking up to the smell of freshly-brewed coffee. A. No change B. better than C. better D. better to Now you can understand why the answer is (B) better than. The sentence shows a comparison (waking up and smelling coffee vs. waking up and doing anything else), so we need than. HAVE vs. OF The second most important diction pair to know is â€Å"have† and â€Å"of." The important distinction here is that â€Å"have† is a helping verb, while â€Å"of† is a preposition. If you see â€Å"of† being used as a helping verb, it will be incorrect! The #1 Rule for Have/Of: If you see could of, would/will of, should of, or might of: these are all INCORRECT. Instead they should be could HAVE, would/will HAVE, should HAVE, and might HAVE. This is one of those â€Å"everyday English† mistakes. In speaking, people tend to pronounceâ€Å"have† likeâ€Å"of† because it’s faster and easier to say. It also sounds a lot like our contractions â€Å"would’ve," â€Å"should’ve," etc. This has led some people to believe that â€Å"of† is actually the correct word to use in these circumstances - but it’s not! Let’s look at some examples: She would of preferred gorgonzola, but she got Cornish blue instead. INCORRECT She would have preferred gorgonzola, but she got Cornish blue instead. CORRECT "Would of" is always incorrect; "would have" is the correct replacement. How Should You Approach These Questions? Have/of questions should also be very easy to spot if you're looking for them. If you see of or have underlined, be ready to see a diction question. Remember that if you have would/will of, might of, should of, or could of, you can immediately cross out those answers. Choose an answer that replaces â€Å"of† with â€Å"have† and is also grammatically correct in the sentence. Let’s look at an example from the ACT. Dickinson’s last twenty years of letters many over 1,500 words in length reveals the breadth and depth of her connection to the world through a wide circle of correspondents. A. NO CHANGE B. reveal C. will of revealed D. would of revealed First thing we see in the answer choices are two answers that can automatically be crossed out, whichmakes our lives so much easier! Get rid of C and D, which both have the dreaded â€Å"of† construction. Now it’s a matter of differentiating between â€Å"reveals† and â€Å"reveal." At this point, you may notice that we are looking at a subject-verb agreement question. So we need to find what the subject is. Ask yourself: what is doing the revealing? It’s the â€Å"last twenty years of letters." When we cross out modifiers and the prepositional phrase, we get â€Å"last twenty years of letters." Now it’s obvious that â€Å"years† is the subject. Since â€Å"years† is a plural noun, we need the plural verb, which is â€Å"reveal." B is the answer. Other Easily Confused Words The ACT will rarely test other commonly-confused words. These questions are very difficult to predict because they happen quite infrequently. I have included a list of commonly confused words at the end of this article. Try reading through them and see if there are any that surprise you or that you didn’t know. If so, it wouldn’t hurt to make sure you have these down before you take the test. But don’t bother spending a lot of time worrying about this list. The ACT will rarely test this kind of question, so it’s really not worth stressing out over. You will most often see these commonly confused words in the context of our next type of question, which is†¦. Understanding Word Meaning in Context Instead of using really tricky commonly confused words, the ACT usually uses fairly common words with similar meanings, and asks you to choose which one is best for the sentence. This can be tricky because you have to really think about what the differences are between the different words that you're given, and also understand what the sentence needs in order to most correctly complete it. Let’s look at an example of this type of problem from the ACT: Many people might be surprised to learn that the American way of computing a person’s age differs from the traditional Korean way. In Korean tradition, a person is considered to be already one year old at the time of his or her birth. As a child growing up in two cultures, I found this contest a bit confusing. When I was in the fifth grade, was I ten or eleven years old? A.NO CHANGE B. change C. dispute D. difference This example shows how the ACT uses relatively simple words to try to trick you. You are probably familiar with all of the words in the answer choices, so let’s look at them closely to see which one best fits the sentence. All of the words here imply some sort of contrast or conflict, but in very different ways. Let’s start with the given word, â€Å"contest." A contest implies some form of formal competition between two things. Though the author says that there are differences between American and Korean age counting traditions, he doesn’t imply that they were actually in competition with each other. So (A) is out. Let’s look at (B). â€Å"Change† implies that something was one way, and then became another way. This doesn’t work because these traditions haven’t changed from one to the other - they were just different to begin with. So (B) is out. (C) is quite similar to (A), in that â€Å"dispute," like â€Å"contest," shows a direct conflict between two things. Again, this doesn’t really work because the two traditions aren’t actually competing with each other. That leaves us with (D), which is the only answer that makes sense. As we’ve said, the two traditions aren’t having a fight; they contrast simply because they have different characteristics. That means that (D), â€Å"differences," is the most appropriate answer. How Should You Approach These Questions? The meaning in context questions are definitely the trickiest of the diction questions. To spot them, look for questions that have an underlined word and answer choices that are completely different words, but are loosely related in meaning. First, read through the sentence. Try to place a word of your own in the spot of the underlined word. Now look at the answer choices. Though they will be slightly similar words, they will have different meanings. Which of them can have the meaning most like the word you put into the sentence? Choose that as the answer. Let’s look at this example from the ACT and use the above strategy to answer it. Perhaps the celebration of New Year’s Day in Korean culture is heightened because it is thought of as everyone’s birthday party. A. NO CHANGE B. raised C. lifted D. lighted First, let’s read through the sentence and try to see what should go in the blank. â€Å"Perhaps the celebration of New Year’s Day in Korean culture is _______ because it is thought of as everyone’s birthday party.† Something along the lines of â€Å"made more important† makes sense here. So which word could mean that? You’ll notice that almost all the words imply going up in one way or another - this is how the ACT is trying to trick you. But in the right context, one of them can also mean showing greater importance. â€Å"Raised† and â€Å"lifted† both refer to physically moving something up (unless they are paired with other words - not the case here). So (B) and (C) are out. â€Å"Lighted† is thrown in here to trick you and is quite different to the others - its means something has been made lighter, as in the opposite of darker. It doesn’t work at all, so (D) is out. Therefore the best word is the one the sentence started out with. If you look up â€Å"heighten†, you will see it can mean to physically raise something up, but it can also mean to make something more intense or significant, which is close to the original idea we came up with, which was making something more important. Looking Back The second question I gave you about smelling coffee in the morning had one of these meaning in context errors. Take a second look at the question. Though the answer choices are all vaguely related – they all imply something that excites or surprises in some way – the correct answer is â€Å"stimulating†. This is the only word that really implies something that helps wake you up, which is what is needed to correctly complete the sentence. Quick Recap To summarize, here are the key strategies you need to use to master diction questions on ACT English: â€Å"Of† used as a helping verb (would of, should of) is always incorrect. Choose an answer that replaces it with â€Å"have." Use â€Å"than† for sentences with comparisons. Use â€Å"then† to show one thing happening after another. When you see a meaning in context question, first read through the sentence and mentally replace the word with one that makes sense in the sentence. Choose the answer that comes closest to the word you used. Now It’s Your Turn! Read the following passage and answer the questions that follow. For the past twelve years, Khoubbane has been the unassuming leader of a unique (1) culinary movement in Morocco: creating and distributing a variety of high-quality cheeses throughout the country He slices a small piece off the outer edge of the wheel. A fine dusting of white mold already covers the cheese. The flavor is intense and creamy, with just a hint of the tang that will of developed (2) over the next five months with only Khoubbane's watchful eye and sensible (3) palate to determine when it has finished maturing. It is an unexpected undertaking for the 56 year old. Cheese, as the western world knows it, is unpopular in Morocco. "Moroccans don't eat smelly things," he says with a shrug. "There is less love for cheese here then in (4) France or Italy." This attitude is slowly changing, thanks to Khoubbane. His success, he says, has been due to the fact that he has viewed the process as a labor of love, rather than a business adventure.(5) A. NO CHANGE B. single C. differentiated D. specified A. NO CHANGE B. would of developed C. will develop D. develops A. NO CHANGE B. sensitive C. emotional D. touchy A. NO CHANGE B. then between C. than in D. than between A. NO CHANGE B. venture C. advantage D. process 1. A; 2. C; B.; 4. C; 5. B List of Commonly Confused Words WORD MEANING WORD MEANING accept to receive, take except excluding access entrance; opportunity excess more than needed addition something added edition a certain production of something adopt to legally take on, accept adapt to change to be more suitable advice a recommendation advise to give a recommendation adverse bad; unfavorable averse opposed to affect to influence effect a result afflict to cause suffering inflict to force something harmful aisle space between rows isle island allude to make an indirect reference elude to avoid allusion an indirect reference illusion a false idea or vision already happened before now all ready to be entirely prepared altar table for religious ceremony alter to change altogether completely; entirely all together all things with each other a lot a large number of something allot to give out an amount of something ambivalent to have two different feelings about something ambiguous having more than one possible meaning amoral having no sense or right and wrong immoral having intentionally bad morals anecdote ashort personal story antidote a substance or activity that stops something bad angel a spiritual creature angle space between intersecting lines measured in degrees apart separated, into pieces a part a piece of something appraise to examine and judge apprise to tell someone of something are 3rd person plural of â€Å"to be† our belonging to us accent how someone pronounces words ascent movement up assent agreement/approval assistance help assistants helpers attribute a quality/characteristic contribute to give something auditory related to hearing audible able to be heard aural related to hearing oral spoken, or related to the mouth balmy pleasantly warm barmy crazy or silly bare not covered bear to carry or accept something bated in suspense, excited baited to harass (past tense) bazaar a market bizarre very strange and surprising berth a bed on a boat/train birth time when a baby is born beside next to something besides in addition to something boar a wild pig bore a dull person board a long, flat piece of wood bored feeling uninterested born to have been birthed borne carried bough a large branch of a tree bow bend upper body forward breath air that comes from lunch breathe to take air in and out brake part of a vehicle that stops it break to separate into pieces buy to purchase by shows a person who does something canvas a strong cloth canvass to ask people their opinions censure to criticize formally censor to remove offensive things from public capital city where government is based,ormoney capitol state legislature building choose to decide or pick chose past tense of choose climactic an important or exciting time climatic relating to the weather coarse rough and thick course a series of lessons collaborate to work together corroborate to provide supporting information command to order commend to praise complacent feeling you don’t need to try hard complaisant willingness to please others complement something that goes well with something else compliment saying something to show praise comprehensive thorough comprehensible easy to understand conscience the part of you that makes you feel guilty conscious aware; awake contemptuous showing contempt contemptible extremely bad corps a group of people or military force corpse a dead body council an elected group of people counsel to give advice credible able to be believed credulous gullible dairy milk products diary a book of personal thoughts descent a movement down dissent disagreement desirous wanting something desirable attractive dessert sweet food desert hot, dry area device equipment used for a particular purpose devise to design or invent something discreet secretive discrete separate and different disinterested impartial uninterested not interested do a helping verb dew drops of water due expected or planned dominant most important or wanting control dominate to control or have power over die to stop living dye substance used to change color dyeing to change the color of dying present participle of â€Å"die† elicit to get info or a reaction from someone illicit not legal eminent respected imminent about to happen immanent permanent part of something emit to send out gas/heat/light omit exclude envelop cover something envelope what letters go in everyday commonplace every day each day exhaustive comprehensive exhausting tiring expandable gets bigger expendable non-essential explicit clear, detailed implicit implied or suggested fair reasonable fare cost farther more distant (physical distance) further more flaunt exaggerate flout intentionally break the rules formally properly formerly before foreboding apprehension or anxiety forbidding unfriendly or hostile forth forwards fourth first, second, third†¦.. gorilla large monkey guerrilla unofficial military group hear percieving sound here in this place or moment heard percieved sound (past tense of hear) herd flock/gaggle/group hoard collect/store horde large group hole hollow space in something whole complete human people/person humane kind implicit implied or suggested complicit involved in imply suggest implicate suggest someone is involved in something infer guess something based on the information you have incur cause unpleasant consequences to oneself occur to happen indeterminate uncertain or unclear interminable lasting a long time, in a boring way influence impact affluence wealth ingenious really clever ingenuous innocent and trusting its belongs to it’s it is knew past tense of "know" new not old know to be aware of something no a denial laid past tense of lay lain past tense of lie later occuring further along in time latter near the end of a period lay to put something down lie to recline horizontally lead to take charge led had taken charge lessen to reduce or decrease lesson what a teacher teaches lightning weather lightening becoming lighter or brighter loose not tight lose to not win maybe an adverb that means "perhaps" may be a verb phrase indicating that something could happen but is not certain meat flesh meet assemble mete administer a punishment metal hard, shiny substance medal metal object given as a prize mettle courage, strength, or fortitude miner someone who works in a mine minor not important; underageperson moral right and wrongs morale confidence level in the success of an endeavor passed to go by something; alternatively, to qualify past something that’s happened before now patience to stay calm patients sick people peace tranquility piece a part of peak the top peek a quick look pique annoyance pedal foot operated part of machine petal part of a flower peddle to sell perpetrate do something bad perpetuate to sustain or preserve something personal relating to a person personnel staff persecute oppress or abuse prosecute to take legal action against someone perspective viewpoint prospective potential buyer, or applying to the future plain ordinary, unremarkable plane flying vehicle pore small hole, esp. in the skin pour make liquid flow from a container precede to happen before something else proceed to go forward precedent an example or model president the head of prescribe recommend or authorize medical treatment proscribe to forbid presence being in a place presents gifts principal most important principle fundamental rule quiet no noise quite completely rain precipitation reign to rule rein straps that control a horse raise to lift raze completely destroy rational reasonable rationale the reason reluctant unwilling reticent saying little about what you feel respectfully showing respect respectively in the same order reverend Christian official reverent showing respect right correct rite traditional religious ceremony write produce words road surface built for vehicles rode to have ridden scene location or site seen to have looked sense feeling or awareness of something; one of the 5 senses since between the past and now; because sensible practical or realistic sensitive delicate; responsive sensory connected to the physical senses sight vision site a place cite mention something as proof simulate to mimic stimulate to activate or energize a process stationary unmoving; still stationery office supplies, esp. paper straight not curved strait narrow waterway or channel connecting two bodies of water suppose assume or presume supposed to expected to do something taught educated, instructed taut stretched very tight than used to compare two things then at that time their belongs to them there at that place or location they’re they are through from one end to the other threw to have thrown thorough completely to preposition used to describe a definition or identify the object of something too as well as two comes after one track narrow path tract large area of land visual relating to seeing visible able to seen waist around the middle of your body waste a bad use of something waive give up or cede wave move hand from side to side weak not strong week 7 days weather conditions in the air above the earth (wind, rain etc) whether if, or not wether a castrated ram where to, at, or in what place were past tense of "to be" which determining pronoun witch woman with magical powers whose pronoun identifying what belongs to someone who’s who is your belonging to you you’re you are yore a long time ago What’s Next? Now that you know how to tackle one of the trickier subjects on the ACT English, try another: here is how to take on idioms on the ACT. Not sure what else you’ll be up against? Here is a full breakdown of what you will find on ACT English. Aiming high? Here are some top tips to get a 36 on ACT English. Want to improve your ACT score by 4 points? Check out our best-in-class online ACT prep program. We guarantee your money back if you don't improve your ACT score by 4 points or more. Our program is entirely online, and it customizes what you study to your strengths and weaknesses. If you liked this English lesson, you'll love our program.Along with more detailed lessons, you'll get thousands ofpractice problems organized by individual skills so you learn most effectively. We'll also give you a step-by-step program to follow so you'll never be confused about what to study next. Check out our 5-day free trial:

The right of abode in Hong Kong Essay Example | Topics and Well Written Essays - 1250 words

The right of abode in Hong Kong - Essay Example The government ought to review the population policies, with picky references to mainland mothers birthing in Hong Kong city. Many lawmakers would say that these babies born here not only strain obstetric services for local parents, but also put pressures on healthcare, education, welfare, and housing services in the city. The government should consider responding that the question of children born of parents of both non-Hong Kong lasting residents can be viewed positively as they may turn into new blood of the aging population. The government should review the population policies suiting for long-term growth. The government should question if children mothered by nonlocal parents could actually relieve the aging population question. Again the Hong Kong SAR government should strive for the authorities to vet the daily ration of 150 individual-entry permit hopefuls. The government should take a look back to the chief secretary-led direction-finding committee for not making an announcement of any population policy reviews, leaving this population policy to fail to keep up to the current state. Interpretation of the Basic Law The government needs to note that the local population could increase by about 90,000 every year (with 40,000 of these children born of nonlocal parents). It should be worried the situation might be out of control and therefore need to seek for an interpretation of the applicable Basic Law provisions on residence rights of such category of children. Conversely, the Special Administrative Region (SAR Government) lacks continuing plans in its allocation and governance of finances, resulting in makeshift policies (Siu and Ku, 2008). Citizens believe the final way

The Foreign Exchange Market Essay Example | Topics and Well Written Essays - 2000 words

The Foreign Exchange Market - Essay Example For example, the desire to purchase a foreign automobile or to travel abroad produces demand for a currency in which these goods or services are produced. Second reason maybe to acquire foreign currency is to purchase financial assets in a particular currency. The desire to open a bank account, purchase foreign stocks or bonds or acquire direct ownership of real capital would fall into this category. A third reason that individual's demand foreign exchange is to avoid losses or make profits that could arise through changes in the foreign exchange rate. Individuals acquire that currency today at a low price in hopes of selling it at a profit later at a high price and thus make a profit. Such risk taking is activity is referred to as speculation in a foreign currency. Others who have to pay for an imported item in the possibility that the foreign currency will become more valuable in the future and would associate with the changes in the exchange rate is referred to as hedging. The tot al demand for a foreign currency at any one point in time thus reflects these three underlying demands: the demand for foreign goods and services, the demand for foreign investment and the demand based on risk taking or risk avoiding activity. It should be clear that the demands on the part of a country's citizens correspond to debit items in the balance-of-payments accounting framework. SUPPLY SIDE Participants on the supply side operate for similar reasons (reflecting credit items in the balance-of-payments). Foreign currency supply to the home country results firstly from foreigners purchasing home exports of goods and services or making unilateral transfers or investment income payments to the home country. For example, U.S. exports of wheat and soybeans are a source of supply for foreign exchange. A second source arises from foreign purchases of U.S. stocks and placement of bank deposits. Japanese joint ventures in U.S. automobile or electronic plants are all examples of financial activity that provides a supply of foreign exchange to U.S. Finally, foreign speculation and hedging activities can provide yet a third source of supply. The total supply of foreign exchange in any time period consists of these three sources. The foreign exchange market in the figure below is presented from a U.S. perspective and, like any normal market, contains a downward sloping demand curve and an upward sloping supply curve. The price on the vertical axis is stated in terms of domestic currency price of the foreign currency, for example $/franc and the horizontal axis measures the units of Swiss francs supplied and demanded in at various prices (exchange rates). The intersection of the supply and demand curves determines simultaneously the equilibrium exchange rate and the equilibrium quantity of Swiss francs supplied and demanded during a given period of time. An increase in the demand of Swiss francs on the part of the United States will cause the demand curve to shift out to D' and the exchange rate to increase to e'. Note that the increase in the exchange rate means that it is taking more U.S. currency to buy each

Literature Review (Topic may be decided by writer) Research Paper - 1

Literature Review (Topic may be decided by writer) - Research Paper Example This paper tends to identify factors that limit the competency of workforce in an organization and suggests ways in which the competency of workers can be enhanced. The needs of workers, if fully met, can play a fundamental role in improving their competency at work. Competency is a very broad term and has been interpreted by philosophers in different ways. Some people have categorized competency into different types; â€Å"The competences required of an occupation include both conceptual (cognitive, knowledge and understanding) and operational (functional, psycho-motor and applied skill) competences† (Deist and Winterton, 2005). Others have resorted to defining the competency itself without any reference to its types. There is little to no consensus upon a unique definition of competency, and people generally vary in their interpretation of competency. Nonetheless, for the scope of this literature review, one definition of competency needs to be chosen from among a vast major ity of sources. In their book, Stern and Kemp (2004) have referred to competency as a product of three traits, which are an individual’s skill or knowledge, motivation and qualities in the personality. For the scope of this research, this definition will be taken forward and factors affecting workers’ competency will be analyzed with respect to their skill, motivation and personality traits. Workers develop their skill as a result of their years of schooling and training that they receive upon a specific field of their choice, that later becomes their profession. Different students get educated in the same educational setup but vary in their knowledge of the subject. This essentially tells that there are one or more than one factors in addition to the years of schooling and training that play a decisive role in the development of skill in an individual. Such factors include but are not limited to a student’s interest in the studies, conflict between the environm ent of school and that of the home, willingness of the parents to get their child educated, affordability of parents, the extent of time a student can dedicate to studies given the responsibilities towards family, and the psychology of the student. All of these factors and many more mutually shape a student’s level of association with studies. In order to make sure that a company benefits from the services of a highly knowledgeable and skilled workforce, the first step management can take is to be very critical in the selection of employees. This requires great contribution of the human resource department in the organization. The selection procedure needs to be very well developed so that a highly skilled workforce is made part of the organization at the outset. Once the workers have been hired, managers can improve their skill by providing them with on-job education and training. This practice has become common in a vast majority of world class enterprises. Development of t he employees’ skill is considered vital in order to gain competitive advantage over contemporaries in the market. A lot of companies make their employees undergo regular training session on the job. Although it does incur the owners some cost in the start, yet the loss is made up in the long run as workers’ competency in work is enhanced and they are able to perform in a better way. Motivation, like competency is also a very broad term. It can be

Politics Impact On Financial Market And Economy Economics Essay

Politics Impact On Financial Market And Economy Economics Essay The stock market affects the economy on different sides: first the wealth effect which is the effect on people financial outlook, this means that people lose their money on shares. The second impact is the effect on pensions which means the investment trust that can be the most important thing for the long term development. The third impact is represented by the consumer confidence for the stock market. The fourth impact is the investment itself which is represented by the increased issuing for shares. The last impact is the bond market which develops and improves the investments (Pettinger, 2011). The economics of a country is related to the stock exchange situation. Stock exchange has many roles in the economy: raising capital for business through selling shares, mobilizing savings for investments helps companies management in financing their organizations, facilitating company growth through merger agreement in stock market, profit sharing through dividends and stock price that generate revenue if it increases and corporate governance by offering public stock exchange (kelly, 2010). Stock exchange also involve in creating investment opportunities for small investments since investing in shares is open for both large and small stock investors because a person buys the number of share he can afford. It is a barometer of economy since the share prices rise and fall depending on market forces. If the economy shows sign of stability and growth, the share prices tend to rise or remain stable, however if it shows depression then the stock market crash (Mandelbrot Hudson, 2006).   The types of stocks are: Common stock, Concentrated stock, Golden share, Growth stock,   Issued shares, Preferred stock, Restricted stock, Shares authorized, Shares outstanding, Tracking stock, and Treasury stock (Little, 2012). In economics, a financial market is a mechanism that allows people to buy and sell financial securities, commodities, and other fungible items of value at low transaction costs and at prices that reflect the efficient market hypothesis (Mandelbrot Hudson, 2006).   Finance markets facilitate the raise of capital, the transfer of risk, and the international trade. The financial market matches between the borrower and the lender who buys or sold securities. Borrowers of the financial market can be individual persons, private companies, public corporations, government, and municipalities; whereas lenders in the financial market are the investors(Soros, 2009).   The Financial markets could mean: 1. Organizations that facilitate the trade in financial products. For example: stock exchanges facilitate the trade in stocks, bonds, and warrants. 2. Relating buyers and sellers to trade financial products. Financial market can be domestic or international; trading financial products attract the interest of finance expert while the matches between seller and buyer attract the interest of economics (Dorfman, 1997). The finance markets have changes due to globalization and new economic climate, the demand have increased from investors, regulators, and customers. In Marc Fabers book Gloom Boom Doom Report, there is identification for three structural changes in modern finance (Soros, 2009).   These changes are called: the three Ations The first Ation is securitization where a liability or a mortgage is turned into an asset. The increase in securitization lead to a big problem since it decreases the liquidity. The second Ation is the digitalization of financial trading where technology network have linked globally the financial markets. The third Ation is the quantification where strong tendency in financial markets can be turned into organized spreadsheets with clear buy and sell signals. Finance market is always exposed to risks due to the change in political, social, or technology situation (Amadeo, 2012). Market risk  is the decrease in the value of an investment or trading due to the change in value of the market risk factors. The four standard market risk factors are stock prices, interest rates, foreign exchange rates, and commodity prices. The related market risks are: equity risk: the risk that stock prices will change. Interest rate risk: the risk that interest rates will change. Currency risk: the risk that foreign exchange rates will change. Commodity risk: the risk that commodity prices such as corn, copper, crude oil will change. Risk modeling  means the use of techniques in order to determine the financial risk. The techniques include  market risk,  value at risk, historical simulation, or  extreme value theory  in order to analyze a financial situation and forecast the losses (Crockford, 1986). The financial risks are categorized into  credit risk,  liquidity risk,  interest rate risk, and  operational risk  categories. Political risk is considered one of the operational risk beside legal risk and the operational risk management. This type of risks faces the investors, government, and corporations. There are macro and micro-level political risks. The Macro-level political risks have similar impacts across all foreign actors in a given location. This means that it affects all participants in a given country. Micro-level risks focus on sector, firm, or project specific risk. The political climate has a direct impact on every company and all businesses (Crockford, 1986). Politics is the process where a group of people make collective decisions that arrange the public regulations. Politics show authority and power that permits the government to manage and control the internal stability. The government failure occurs when it lose the ability to provide the civil his financial, social, and economical rights, in addition to the ability in controlling the political security. This can occur for the following reasons: Poor Information: this means that politicians may have poor information about the type of service to provide. Political interference: this means that politicians may take the short term view rather than considering long term effects. Lack of incentives: There is no profit motive working in the public sector which can lead to inefficiency. According to Bato (2010), the relationship is between the political freedom and the economic is statistically significant. Political freedom is connected with the concepts of  equality,  civil liberties,  and  human rights. It provides the country the ability to start a new beginning that improves people lives. According to political philosopher  Nikolas Kompridis, the pursuit of freedom in the modern era can be broadly divided into two motivating ideals: freedom as  autonomy, or  independence. There are different types of political failures: A crisis of state authority which is represented by military pressures, a succession crisis, or severe corruption. This can reflect the rise of religious sectors against the ruling government. Major divisions among the official, military, economic, and religious experts of the country. Economic conditions that seem unjustly on workers can be the main factor in government failure. A broad culture of opposition that unites different social and political groups that encourages efforts to oppose the government. The political revolutions are the activity that aims to change the government and the political system that leads to instability in the internal political situation that has negative effect on the economy in addition to the destruction of the structure. Europeans spoke of revolutions when one form of government gave way to another or a city-states government shifted between republican and aristocratic rule. The notion of revolution destroys the old ways in order to bring new progresses that improve the performance. The revolutions were involved in: Economics: the shift from agricultural to industrial economies is called the Industrial Revolution. Science: Scientific Revolution is used to indicate the shift from traditional natural philosophy to experimental science. Moreover, the revolutions were involved in improving the performance in military and other aspects (Bremmer, 2007). Political revolutions is used for sudden changes in the government through demonstrations and accompanied by attacks on government officials, on public or private property or any other political authority. When the revolution change government institutions but leave the economic and social structure; they are called social revolutions. While they are called the great revolution if they change the government structures, the organization of the economy, the social hierarchy, the role of religion, and major symbols and beliefs regarding authority and national identity. Revolutions are a form of internal political conflict that relates to popular rebellions or civil wars. Revolution is not just challenges to political authority for power but efforts to change a societys major political or economic or religious institutions. Political revolutions is the result of government failure, therefore it aims at improving the economics of the country by changing the government and political structure (Bremmer, 2007). The modern idea of revolution that developed in the eighteenth century was to show revolutions as progressive changes in the social order. These changes replaced outdated and unjust political, economic, religious, and social institutions with a new social organization. The political revolutions have different objectives (Bremmer, 2007): Constitutional revolutions objective is to replace  traditional empires with republics bound by newly written rules that would limit state power and give rights and responsibilities to citizens. As an example on this type: the American Revolution 1776; the French Revolution 1789; the Revolutions of 1848 in France, Germany, and Austria; the Turkish Revolution of 1919; the Iranian Revolution of 1905; and the Chinese Republican Revolution (1911). Anticolonial revolutions objective is to end rule by foreign countries. Some examples include the Latin American revolutions 1808-1828, the Vietnamese 1954 and Algerian 1962 revolutionsà ¢Ã¢â€š ¬Ã‚ ¦ Communist revolutions: inspired by the historical theories of Karl Marx, aimed to overturn existing government and replace them with one-party states that remove private property. They revolutions created dictatorships that destroyed economic elites. For example on this revolution type, Russia 1917, China 1949, and Cuba 1959. Antidictatorial revolutions: it is the result of corruption of dictatorships, aimed to create new governments based on constitutions or one-party states. For examples Mexico 1911, Nicaragua 1979, and the Philippines 1976 (Bremmer, 2007). People are involving in selecting the right government that can provide them strong economy and stable politics situation. The impact of the revolution on the economy is negative during the act, beside it need a period of time in order to rearrange the regulations and control the financial market. The stock market price will decrease since the demand will stop all the revolution period. Moreover the exchange will stop due to the difficulties and risk in transporting. Arab countries have successful take their independents from the occupational countries. However, the leader who have organized the anticolonial revolution, ruled for a long period of time without respecting the countrys constitution. The majorities of Arab young are educated and have the ability to be productive in his country. However, they are struggling to find full time employment due to the mess in distributing the job on unqualified people who permit the government to work for personal benefits. The Arab reaction to the popular movement in Tunisia was surprising since they were  motivated to move against their own governments. Arab countries lack political freedom beside to the economic difference (low income people, or high income), therefore they may use Tunisia sample in their own internal revolutions. The revolutions show a new beginning of a new Arab countries that aim at changing the governments that stole their economics resources by a government that provide them a strong economy. However, the fact is that The Egyptian market remained closed for the entire month of February even as the hardest hit markets were Oman and Qatar, down10.2% and 9.3% respectively for the month of February, while Dubai lost 8.1% and Saudi 6.6%.     Investors seeking to reduce risk were forced to sell out of other Middle Eastern markets, including Qatar and Saudi Arabia. All countries within the Region are different with respect to their social, economic, and political challenges. However, we may witness further pockets of changes across the Middle East. The fire that engulfed the Arab communities commenced in Tunisia, spread to Egypt, and transformed itself into a distinguished moment in the history of the Arab nation. Tunisians and Egyptians surprised the world with the speed and dynamic nature of the revolution that within weeks achieved its objectives. The impacts of these revolutions are still expanding to stimulate the Arab masses to change their internal governments in Libya, Saudi Arabia, Morocco, Yemen, Bahrain, and in Iraq. After undergoing the study, the collected data through both data collecting tools, secondary and primary, shows that the political turbulence has a negative impact on the financial economy.

My Life Essay

Good morning to the honourable judges, wise time-keepers and contestants. First of all, I need you to relax, and reflect on what you have done the past months. Did any of your activity involve a random act of kindness? Like rescuing an injured cat, helping the homeless or even helping a stranger with his/her work. Yes, I’m going to talk on random act of kindness. We are living at a period of time in which where ever we look, people are always rushing in the hustle and bustle of city life to complete their daily chores. For some it maybe getting to work on time, preparing breakfast for the whole family or completing their homework. Inspite of all this hustle, we should spend a few seconds to observe around us, we could make a difference in a person’s life. Ladies and gentleman, observe around you, have you ever noticed the homeless children or animals around you? I agree time is gold but can’t you spare some time and approach them with a broad smile on your face. A simple smile is a universal language of friendliness and kindness. You can offer to buy them a drink, or provide shelter for them. According to Scott Adams, an Amerian cartoonist, there’s no such thing as a small act of kindness. Every act creates a ripple with no logical end. As I was browsing through the Internet, I read upon a few stories and there is one in particular which I would like to share with you . A man named Jay and his wife were in Mexico on a holiday.As they walked into a McDonald’s restaurant, they saw a woman begging at the door and she had with her a young boy who was about 3 years old and about 2 feet tall, very fine built with short black hair. His face looked dirty, not so much in an unkempt way, but more like a young boy who had been left to his own devices and his smile shone like none other they have ever seen. The more they watched him the more they were drawn to him. He was playing with a stick at the front step, and as people left McDonalds, he would flash a mischievous smile and hold his hand out for a Peso. You could tell he did not care if he got one or not, he was just trying to help his mum out who was doing the real begging. They became enraptured watching him.They wanted to give him a gift. lt was then that it occurred to them that McDonalds always has toys for kids! So they went and got him a McHappy meal. They handed to him the bag of food and the toys which he did not imagine he would ever have. He was so thrilled. He grabbed the bag and ran across the step to his mother, â€Å"Mama, Mama, Mama.† As they left McDonalds, tucked into the corner of the step with his mother beside him, was the beaming little boy with a pop between his legs, fries hanging out of his mouth and his new plastic treasure clamped in his left hand. With his right hand he waved furiously at them and then in perfect English said, â€Å"Thank you very much!†. This story is a clear example of how a random act of kindness can touch someone’s heart. Aesop quoted that â€Å" No act of kindness no matter how small is wasted†. So if you think doing a simple kind deed is nothing, think again because for the person who gained from you random act of kindness, is indeed truly grateful. There is also the strange phenomenon where a dog helped a kitten that fell into a small drain. The kitten was all wet, shivering and giving out sounds in agony. The dog picked the kitten up with its mouth and dragged it towards the sidepath. Then, it licked the kitten’s body a few times with its tounge to dry him and ran away. So, you see ladies and gentleman, even a dog knows how to be kind. Recently, I witnessed an incident where 7 stray dogs were trying to cross a fully packed road. At that moment, a man driving an old sedan switched on his hazard lights and stopped in the middle of the road in a way blocking traffic going both ways. The dogs then quickly crossed the road while wagging their tails. The man then went on as though nothing had happened. I was awestruck. If everyone were like him, the world would be a better place to live in. Besides, there is a lot of things that you can do which is categorised as random act of kindness. Like, sharing your lunch with the needy, stopping for a pedestrian to cross the street or doing chores at home that you normally don’t do. Think of your mum’s reaction when she finds out that you have done some chores. How surprised she will be! This is the least we can spontaneously do for someone who we love and cherish a lot. We obviously don’t know how long we would live. So why not, make a difference in someone’s life while we can. So from now on, when we look at someone, a beggar, a child, stray animals, let’s try to do something that will truly make them happy. The smile that we receive in return of the kind deed is priceless. Trust me! The moment you see the smile, you will truly know that it is worth it. In one of Kahlil Gibran’s quotes, a Lebanese born American philosopher had said that â€Å" Tenderness and kindness are not signs of weakness and despair but manifestations of strength and resolution†. Do you know that, the Random Acts of Kindness Foundation is an organization set up to encourage people to carry out good deeds. People all over the world are experiencing the pleasure of having kind deeds done for them and they in turn reciprocate. These are countless ways for people to show acts of kindness. So, whether you buy a drink for the road sweeper, give a bowl of water to a stray dog, provide a shelter to a cat, or even as simple as helping your teacher to carry their stuffs to the staffroom, it is all categorised as random act of kindness. According to Charlie Chaplin â€Å" we think too much and feel too little. More than machinery, we need humanity. More than cleverness, we need kindness and gentleness†. I truly hope that I have inspired each and every one of you to conduct a random act of kindness. Fit this into your busy daily routine and let’s contribute to building a better society. Thank you.

Economics and Scholarship Essay

Through my whole life, I had dreamt of helping people especially those who deserve justice. For this reason, my goal is to graduate from university and become a lawyer. Therefore, I need to find resources that could help me to achieve my goals. There are many ways in which this scholarship will facilitates me. First of all, this scholarship will make it easier for me to function well in my education goals. It gives me an opportunity to further my education at University of Malaya in the field of Law. The scholarship would also provide me with a wealth of chances to take on extra-curricular activities and broaden my experiences to achieve my goals. In particular, it would enable me to be involved in community projects and eventually develop a stronger sense of civic responsibility, teamwork and leadership. Hence, this scholarship would ultimately enable me to apply such skills and experience to my on-going studies and make a positive contribution within the university and wider community. In addition, this scholarship would ensure that my studies are not burdened by financial constraints. See more: how to write a college scholarship essay format In my case, although my father works as government servant, he has to support a family of six. He has to bear my brothers’ school expenses. Moreover, my sister and I are currently pursuing higher education which requires high expenditure. Therefore, a scholarship is vital to alleviate my father’s burden and ease the financial problem in my family. Hence, I would be able to concentrate effectively on completing my studies, not only economically, but also for my personal and professional enrichment. Furthermore, a scholarship recipient is an important achievement that will raise my credentials to obtain a meaningful employment. Besides, it also acts as a useful vehicle to meet variety of people who can assist me in achieving my goals. This opportunity would further build up and improve my confidence and communication skills, an ability necessary to broaden my development as a scholar and an individual. In conclusion, I would greatly appreciate if you would consider me for this scholarship. I certainly believe that this scholarship can make a remarkable contribution to my education in the near future.

Political Party Logos - Republican Elephant and Democrat Donkey

Political Party Logos - Republican Elephant and Democrat Donkey Republicans have long been associated with elephants, and Democrats have embraced the  donkey for centuries in American politics. Related Story:  Why Republicans Are Red and Democrats Are Blue But where did those icons come from? And why have the elephant and donkey symbols stood the test of time? About the Democratic Donkey The Democrats use of the donkey has its roots in the presidential campaign of 1828, often described as one of the dirtiest political campaigns in U.S. history. Related Story: Do Negative Ads Work? President John Quincy Adams was being challenged by  Democratic Andrew Jackson, who had a colorful history that his opponents sought to capitalize on.  As 19th Century history expert Robert McNamara has written: For those who detested Andrew Jackson, there was a goldmine of material, as Jackson was famed for his incendiary temper and had led a life filled with violence and controversy. He had taken part in several duels, killing a man in a notorious one in 1806. When commanding troops in 1815, he had ordered the execution of militia members accused of desertion. Even Jackson’s marriage became fodder for campaign attacks. Jacksons political opponents took to referring to him as a jackass, a  derogatory term the candidate eventually embraced. Explains Smithsonian: Emboldened by his detractors, Jackson embraced the image as the symbol of his campaign, rebranding the donkey as steadfast, determined, and willful, instead of wrong-headed, slow, and obstinate. Related Story:  Print a Coloring Page Showing  the Donkey and Elephant The image of Jackson as a donkey stuck. In January of 1870,  Harpers Weekly political cartoonist and loyal  Republican  Thomas Nast began using the donkey to represent Democrats on a regular basis and the imagery stuck. The cartoon was titled  A Live Jackass Kicking a Dead Lion. About the Republican Elephant Nast is responsible for the Republican elephant, as well. He first use an elephant to represent Republicans in a  Harpers Weekly cartoon in November of 1874. He would go on to use it many more times, though it remains uncertain why, specifically, Nast chose an elephant to represent the Republican Party. Wrote The New York Times: By the 1880 presidential election, cartoonists for other publications had incorporated the elephant symbol into their own work, and by March 1884 Nast could refer to the image he had created for the Republican Party as â€Å"The Sacred Elephant.†

Collegial vs. Collegiate

Collegial vs. Collegiate Collegial vs. Collegiate Collegial vs. Collegiate By Mark Nichol What’s the difference between collegial and collegiate? Both words, and the root word college and the related term colleague, stem from the Latin word collega, meaning â€Å"colleague.† But for the most part, collegial refers to a state of mind, while collegiate is a more concrete adjective. A colleague is one with whom one works or interacts in a profession, a government office, or a religious environment, and though collegial can refer to the sharing of authority or power among colleagues in both religious and secular contexts, the primary connotation is a value-laden one of camaraderie. However, it is sometimes employed as a synonym for a specific sense of collegiate. That word’s primary usage is in reference to college students or their activities; sports contests between teams representing different colleges or universities, for example, are referred to as intercollegiate athletics. Collegiate, however, also refers to a certain type of religious entity mentioned below. College itself usually refers to an institution of higher learning, either in the sense of a building or a campus of buildings and other facilities or in the sense of its students, faculty, and administration. A college may be a traditional liberal arts institution or may specialize in professional, technical, or vocational subject areas, such as a business college. The term is also used to refer to a constituent part of a university, often consisting of multiple departments offering courses of study in the same general area, such as a college of sciences. Often, when colleges expand so much that they are subdivided for administrative and educational efficiency, they change their status to that of a university. (That word derives from the Latin term for universe; meanwhile, varsity, a shortening and alteration of university, is British English slang for university and refers in general to the primary squad on a school athletic team or, occasionally, in another competitive endeavor. Other uses of the term college are for a group of clergy members living and working together, for any body of people with the same interests or goals, or, most familiarly, in the phrase â€Å"electoral college,† referring to a group of people selected to elect a person for a political office. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:Addressing A Letter to Two People20 Rules About Subject-Verb AgreementParataxis and Hypotaxis

Critically evaluation of the role of insurance within a wider system Essay

Critically evaluation of the role of insurance within a wider system of risk financing and management - Essay Example They may audit firms to make sure that their risk management practices are adequate to guard against risk. This paper will examine risk management, in general, along with examining risk management in the case of banks, cyber firms, and farming. Risk Management Risks must be identified, and this is the first part of the risk management process, according to Carter et al. (1994). The identification process of risks may be approached by a combination of methods, including intuitive management; using department experts; using standard questionnaires and checklists; using expert computer-based systems; using structured interviews; through brainstorming sessions; or using outside specialists/consultants. The second process is risk quantification, and this means that the impact and probability of a each risk is estimated for each risk. After that, the estimate is quantified by using a spreadsheet which estimates timescales and costs. The next process is risk prioritising and filtering,which means that the important risks are recognized and controlled, and risks are prioritized according to whether they care a Category 1 risk (cost effect only); Category 2 risk (contingency plans and costs affected); or Category 3 risk (programme contingency and cost affected). The Category three risks are the higher priority, and the risks are prioritized from there. ... Mitigating strategies include avoiding the risk altogether by removing the cause of the risk; transferring the risk, which means that the risk is passed to somebody capable of handling that particular risk; reduction of the risk, which would consist of investing in insurance or some other up-front investment; management of the risk, which means that the risk is managed continuously until it is managed out; and contingency, in which funds are produced for the risks which are of low likelihood and impact, or have not been revealed. The next step after that is risk monitoring, reporting and control, which necessitates the use of a risk register, which is carried out by the risk manager. A risk audit is the step after his, which ensures that proper procedures are being followed to manage the risk. The final step is the project completion, which means that the risk manager assesses the project after completion, and assesses the adequacy of the risk management. Interplay Between Insurance and Risk Management According to MacMinn (1987), there is an interplay between insurance and risk management. Specifically, corporations purchase insurance as one way to control their risk (Arrow, 1964). While there is the theory that purchasing insurance is sometimes inefficient for a firm, because the cost of the insurance often exceeds the expected loss, so many firms who are risk averse would not want to purchase insurance because they are interested in maximizing profits, insurance still plays a large role in risk management (Godfrey et. al, 2009). This is because, according to Godfrey et al.(2009), the markets do not always behave rationally. When a corporation does not purchase insurance, that corporation is assuming that the

Utility and Demand Theory Term Paper Example | Topics and Well Written Essays - 1750 words

Utility and Demand Theory - Term Paper Example   Marginal utility is an important concept when analysing the demand theory, marginal utility refers to the additional utility derived from the consumption of one extra unit of a good.  Ã‚  From the above chart and table it is evident that total utility increases but at a decreasing rate, this is because there is a decline in the marginal utility or the additional utility gained from the consumption of one extra unit of a good.The utility theory is based on a number of assumptions and they include the following: I. Consumers aim at maximising their utility level. Consumers will prefer more of a good than less. When we have good Y and X the consumer will prefer X to Y or Y to X.IV. If the consumer prefers Y to X, and that he or she prefers X to K then the customer prefers Y to K.V. The consumers experience diminishing marginal utility when the number of units of a good increases  The number of units of goods consumed will be determined by the level of income, the level of income will determine the maximum number of units that can be purchased and therefore this aids in the development of a budget line. The opportunity cost will also determine the number of units consumed of a good, and finally, the number of units consumed will be determined by the level of utility derived. (Neumann, J, 2000)Given two goods Y and X and given that the price of X = 10 and price of Y = 15, also given that the level of income is 150 then the budget line will be determined as follows.