Pros and Cons of Building a Casino in Your Neighborhood

Pro’s †¢ New Jobs †¢ Entertainment †¢ Expand Tourism †¢ Contribution to Community †¢ Contribution to Charitable Organizations †¢ Lower taxes for Residents †¢ Tax Revenues †¢ Higher Wages †¢ Higher Property Value †¢ Extends Visitors Stay in Area †¢ Money put back into Local Economy †¢ Adds to a City †¢ Attracts People †¢ Traffic of People – Better Known Con’s †¢ Street Crime †¢ Prostitution †¢ Takes from Local businesses †¢ No New Businesses †¢ Erosion of Work Ethic †¢ Pathological Gamblers †¢ Increased Bankruptcy Rates †¢ Preys on Poor and Elderly †¢ Lost Productivity †¢ Traffic Congestion †¢ Entry Level Jobs – Low Paying Reality Money not re-spent in Local Economy †¢ No Taxes †¢ Environmental Effects Three essential conditions must be simultaneously satisfied if a particular cost is to be classified as a private cost: 1. G amblers must be fully informed 2. Gamblers must be rational 3. Gamblers must be required to bear the total costs of their gambling If any one of these conditions fails to be satisfied, an element of social costs exists. For example, if gamblers cease work in order to gamble and gamble away their family assets, leaving their families to claim social welfare benefits, the rest of the community is bearing social casts.The gamblers may have mad rational decisions in that they know that the community will provide a safety net. They might have made different decisions had the safety net not existed. One distinction that must be made is between real and pecuniary costs. Real costs represent a withdrawal of resources from other potential uses- they represent a subtraction from society’s total welfare. Pecuniary costs represent costs borne by some members of the community but which are exactly matched by benefits received by others. For example, assume that gambling increases levels o f corruption in the public and private sectors.Corruption can have both pecuniary and real effects. It can produce a redistribution of income, which is a pecuniary effect. It can also produce a real deterioration in efficiency as productive resources are allocated according to sub-optimal, non-economic criteria. Generally speaking, when identifying the real costs, we can classify the costs and benefits on gambling into two categories- tangible and intangible. Tangible costs are costs that can be valued in the marketplace. Any reduction in these costs will yield resources that will become available to the community for consumption or investment purposes.Intangible costs are costs that cannot be readily valued in the marketplace and which, when reduced, will not yield resources to the community for consumption or investment purposes. Examples of both tangible and intangible costs of gambling: Tangible Productionreduced on the job productivity Reduced workforce Reduced unpaid household services Heath and Counselingpsychological treatment of gamblers Treatment of families of gamblers Treatment of victims of crime attributable to gambling CrimePolicing Judicial systems Penal systems Insurance administration Regulationregulation supervision Regulatory programs ResearchEvaluationDevelopment Welfare PreventionCrime prevention Intangible Loss of life Suffering Quality of life Cultural impacts Stress to crime victims Stress to gamblers and others The purpose of this paper is to assess the economic impacts of Casino gambling within a community. The Seneca Indian Tribe opened a temporary casino on its land in Buffalo after federal approval, to satisfy its agreement with the state. The majority of the community are now turning their heads and not showing interest for the casino. They believe the operations will adversely affect the economic and social environment of the already struggling city.The community is looking for other sources of revenue and find out ways how to c lean up the streets. Opportunity cost is any good or service that has value of all the other goods or services that we must give up in order to produce it. We all use the idea of â€Å"opportunity cost† in our everyday lives. The Casino in downtown Buffalo will drain money from the city and local businesses will be affected by the advancements of the casino. The casino is looking to expand to a high class resort that will have room availability and food/beverage.The negative aspect is that the people that enter the casino will not leave to go out to local restaurants or hotels and spend dollars in the all ready weakened Buffalo economy. The casino will provide jobs, the jobs will be at a lower pay and with few, if any, of the protections against displacement. A downtown casino would severely devastate and/or drive out many of Buffalo’s restaurants, hotels and nightlife in the area. Many studies have been performed on Casino gambling and the economic impacts. Many econo mists have researched how the casinos do not contribute to local businesses and negative reputation within communities.Casinos are not helping the economy but only themselves. It is not appropriate for Buffalo to have to struggle anymore due to Seneca Indians and their eagerness to start up something is bound to fail. In New York State our way to protect the environment of nature and humanity. Indian casinos are also exempt from New York health codes, they can permit smoking. Employees in casinos have none of New York’s health protections, and even if they did they can’t sue in New York courts, so they have nowhere to go if they are injured by inhaling second hand smoke.The people buying the tax-free tobacco are not even contributing to the state budget, part of which in part pays for the huge cost of tobacco smoke and leads many to develop lung disease. Questions, discussions, and opinions are on a rise to whether a new casino should be built in Buffalo, New York. If we ask what benefits, or what economic development will this casino bring to the community there would not be enough answers as to compare to the negative effects it will actually bring.This essay will discuss the economic impacts, social and opportunity costs brought by casinos from economist researchers who have showed significant points to why casino worsen the economy and making it harder for local businesses and employment opportunity. To answer the question, â€Å"What is economic development? †Dr. Grinols professor of economics at Baylor University and author of Gambling in America: cost and benefits, 2004 said, â€Å"When individuals undertake productive activity, they engage in the creation of goods and service that provide greater welfare or satisfaction than the inputs used. † (Grinols 2004).Economic development is the creation of greater value by society from its available resources which means greater income and wealth, which lead to greater utility for me mbers of society (Grinols 2004). Dr. Grinols claims when a casino hires a hundred new employees they are equivalent to the same hundred loss jobs at other businesses, and casinos revenues are matched by reduced revenues at those other businesses, which leads to no economic development because greater value is not created. Casinos not only create economic loss, they intensify the problem by taking the money they get from the casinos out of he local communities (Day 2008). The casino industry do not re-spent their profits into the local economy. Statistics show thirty five to eighty seven percent of the profits are sent out of state in the form of vendor contracts, capital investment dividends and parent company profit sharing. The money does not get reinvested into the community, which is the foundation of economic development. In defense to the negative impact brought by casinos, the gambling industry tries to prove that casinos create job opportunity as a measure of economic develo pment; however Dr.Grinols argues that job creation is not an indicator of economic development and that local residents may not benefit at all from job creation. He goes on to say jobs are neither necessary nor sufficient for economic development. Secondly he argued, â€Å"A significant amount of promotional material claims that casinos decrease unemployment,† but most importantly because casinos represent a negative and not a positive economic development, in the long run the number of jobs are drastically decreasing and not created.In 2007 professor Frederic H. Murphy of Temple University proved in his economic impact analysis of expanded gambling in Philadelphia, because money was leaving the area and not staying in the local economy there will be a loss of over four thousand jobs. Dr. Grinols claims â€Å"according to research not sponsored by the casino industry, commercial casinos nationwide generated job loss in more than forty two percent of the counties with casinos .

User Manual

This system help users r people especially students and faculty who responsible in recording the data appropriately, it also saves time and more convenient to use than the traditional manual recording. It helps to eliminate the too much time and effort in borrowing, returning, reserving and claiming of items. Lack of library system in a school can lead to chaos and troubles, and because of it the librarian is having a problem to serve each students and faculties who wish to use the library.It is extremely useful in the school to use that automated system and will help the school advanced its education quality. Foreign According to Robinson (2001), usability is a key requirement for users, says Elisabeth Robinson, Product manager for Online Computer Library Center. The catalogue has become a way to pull together disparate resources, including commercial resources and web links. Management systems also allow circulation, including check in/check out and enable libraries to purchase mat erials and track where they are.According economy within which library systems form part of a larger whole. He was writing in a briefing paper about the study in library management systems. This study examined the systems used in higher-education libraries across the I-J and came up with some significant observations and recommendations. It noted that the ALMS market in I-J higher education is already mature and that four main vendors (Calibers, Innovative,Sordidness and Tails) have almost 90 per cent of the market.This market maturity means, according to the study authors, that the benefits to libraries of changing ALMS provider are limited. Library users expect to find everything together says Stephen Abram, vice president for innovation at Sordidness, the leading provider of software solutions and associated revise for libraries. According to her traditionally, the library management system or integrated library system (ILLS) was responsible for running libraries efficiently and effectively. Over the last few years, the role of the ILLS has been expanding from meeting library needs to delivering user experience.Local According to Eden (201 1), views that most libraries are forced to work with fewer staff because of the having a more improved and modernized system for their library. According also to the study, the library administration need to emphasize to their Taft that the organization has a vested interest in providing them with the tools and training they need to assist the organization in the new information marketplace. These may include search engines, circulation systems, and the online public access catalog.According to Lopez (2002), University of the Philippines Mindanao when UP in Mindanao accepted its first batch of students in 1996, the Main Library collection was integrated with the core collection of the School of Management (SOME) Library at the Satisfaction Bldg. , Ladies Avenue, Banning, Dave City. The Philippians and General References were housed together with the College of Arts and Sciences (CASE) collection in Room 2 of the Philippine Coconut Authority. In the Second Semester AY 1996-1997,the CASE Library moved to its main campus in Bags Shirr.Upon the recognition of UP in Mindanao by the Board of Regents (BOOR) as a constituent unit (CUE) of the UP System, the CASE was split into two (2), namely: College of Humanities and Social Sciences (OCHS) and the College of Science and Mathematics (SCM). The Main Library transferred to the newly renovated building where the main collection was set-up beside the books of the OCHS and the SCM. In July 2002, the library established the Library Educational Media and Information Technology Office (LIMITS). The LIMITS handles the audio-visual services, internet and the connectivity of the library.Users in every generation and in every stage have always wanted access to library resources. It has been important to know that libraries were there to be used when required, althoug h it was not necessary to visit them very often. The question facing us today is whether the mission libraries have performed in the past is still relevant in today's world. Numerous studies have demonstrated that the importance of library arrive is users oriented and the needs of meeting their demand and expectation. The proliferation of Information technology (IT) brings users' needs for timelier, convenient, speedy information delivery in recent years.Libraries have to harness the technological change and use it to fulfill their mission to provide access to information when people need it. The popular use of IT also can help libraries to know what their users need and provide right information to the right user with plenty of resources. Library plays as an interactive role to encourage users to use resources and establish a relationship with library. The use of computer technology in modern society has become indispensable evident in many day to day activities.The use of gadgets for implementing and upgrading the different software are now liable, including the use of bar code readers, swipe card readers and online access. Integrating these technologies in a company's and in the different sectors operations has now become a necessity. As the school focus on serving their students the best way they can, the management also ensures the welfare of their students. To do this requires a library management system to collect manpower input, process it and output complete and accurate information of students who will borrow books. Library is the warehouse of the information and knowledge.This is where students and teachers find books, encyclopedias, periodicals, newsletter, magazines, dictionaries, atlases, almanacs, Journals, pamphlets and other printed references. It provides free services for them so they could use every reference they need. It also provides assistance from the librarian to make it easier to look for the reference that they will use. It is a pla ce where could be informed and broaden their knowledge about everything free of charge. STATEMENT OF THE PROBLEM General: What is the way to eliminate too much time and effort in performing transactions in a particular School Library?Specific: 1. What are the needs of a School Library? OBJECTIVES OF THE STUDY General Objective: To design and develop a library management system that will serve as a proposal to help librarians save time and effort with the automation of its daily operation. Specific Objective: To allow librarians to retrieve complete information of the book and its borrowers. To eliminate too much time and effort in rendering books. To provide a convenient way in rendering books. SIGNIFICANCE OF THE STUDY The significance of this study was to help and give a benefit to the concerned group below.This study will be beneficial to the following: Students/Faculty Through a computerized library system, they can easily find the books that they are looking for without going t hrough the traditional way of searching a library material. Convenience is more visible for it is not time-consuming, resulting to a number of accomplished works. Librarian The computerized library system would improve the monitoring capacities of those ho maintain the library. It would be easier to determine whether a particular book is on-shelf or not.Computers have radically changed the way people learn and communicate with each other, as well as the library itself. The library differs little from other institutions and firms in the impact of computing technology on them. Changes are in the almost unlimited tracking of the availability of books: Whether a book has been issued or not is the work of moments, where before it would have entailed a long search through a card index. The availability of learning resources has been massively expanded through access o the Internet, again facilitated by the use of computer technology.Without computers, as some libraries are, all of them ar e dependent on paper work or manual recording of borrowed, returned, reserved, claimed and new books. When inefficient and labor intensive and can produced too much effort and time. Users of a paper based system become almost wholly reliant on the librarians, for all levels of service, whether they are enquiries about existing books, inter-library loans, or the availability of books. There is additionally no real involvement of a user in the entire process.

Agriculture and Urbanization

Mark Luccarilli briefly reviewed Bill Wood's Wood Walk posted in the fifth issue of Terrain.org in the autumn of 1999. In his comment it repeatedly states that the idea of ​​Benton MacKaye's original Appalachian Mountains has not yet been implemented and that the MacKaye term itself can be regarded as a failure. Mr. Lukarili acknowledged that he could not lay an intermediate position to integrate agriculture and nature as a whole in the United States, The idea of ​​an idyllic city may treat us as a utopian stupidity in the climax I declared it as 2). . Poverty Alleviation: As we all know, most of the people involved in urban agriculture are urban poor. In developing countries, most urban agricultural production is used for private consumption, and the market sells surplus. According to FAO (United Nations Food and Agriculture Organization), poor consumers in urban areas are very vulnerable to rising food prices because they use 60% to 80% of their income f or food. The community center and the garden education community regard agriculture as an integral part of city life. The Florida Sustainable Development Institute in Sarasota, Florida is a public community and education center where innovators with the concept of sustainable energy can run and test them. A community center like the Florida House provides a central place for urban agriculture to understand urban agriculture and start linking agriculture and city lifestyle. Urban agriculture, urban agriculture or urban gardening is a way to cultivate, process and distribute food in urban areas or surrounding areas. Urban agriculture includes animal husbandry, aquaculture, agroforestry, urban beekeeping and horticulture. These activities also occur in the suburbs, but suburban agriculture has different characteristics. Urban agriculture can reflect various degrees of economic and social development. It is a social movement for a sustainable community, organic farmers, food stuff and l ocal people form a social network based on the common nature and the general spirit of the community To do. These networks are developed with formal institutional support and are integrated into local town planning as a transitional town campaign for sustainable urban development. For others, food security, nutrition, income generation is the main motivation for this approach.

Markan Interpretation of Miracles Essay Example | Topics and Well Written Essays - 750 words

Markan Interpretation of Miracles - Essay Example The setting of the miracles is important and includes the physical environment in which the characters in the gospel lived, as well as, the props that make up the environment. Three settings figure prominently in the gospel of Mark; the wilderness, the sea, and Jerusalem. The sea is important in the gospel of Mark, being referred to forty nine times or brought up directly. There is no other setting is given attention in the gospel of Mark. There is an obvious relationship between the miracles present in the gospel of Mark and the sea and these are stressed in two ways: the placement of references to the sea in the gospel’s first half and the number of miracles happening in the sea. In the story of Mark, the sea is a locale of chaos, destruction, fellowship and instruction (Blackburn 32). In the Markan story events, the two thousand swine and all the demons that possessed them are drowned in the sea. In addition, a dramatic storm in the sea threatens Christ and his disciples wi th destruction. This scene served to demonstrate the faith and dominion of Jesus over evil, as well as reveal the disciples’ lack of faith. At one point, the writer describes Christ as teaching while in a boat. Jesus, in this case, is pictured as a man on the sea. Such images are filled with various possibilities for mediation between the spatial opposites. Such settings in the gospel of Mark cast an unquestionable link between the content of Christ’s parables, as well as his teachings of the kingdom’s in-breaking (Boring 12). The wilderness is encountered in the early parts of the of Mark’s gospel. John the Baptist makes an appearance in the wilderness, then Jesus is driven into the wilderness, and Peter then comes to him in the wilderness. Finally, Christ and his disciples go to the wilderness during a retreat, where the multitude follows them. In the opening chapter, mark points the audience towards the wilderness, four times, which bears importance fr om a symbolic or mythical standpoint. The Jewish scriptures offer two interpretations of the wilderness: a place of divine providence and divine testing, as well as a place containing prophesied transformation in the messianic age (Telford 40). The two aspects are linked into the Markan scheme. The wilderness threatens Yahweh’s people very existence, but also greatly illuminates God’s readiness and power to dispel the threat. There is evidence that the story of the wilderness carries a dual significance. The wilderness at times is threatening and hostile while, at other times it turns into a place of preparation. The wilderness is the locale for the testing of the disciples, as well as, a demonstration of God’s power in Christ. God’s provision of bread is made more dramatic in the gospel, by the harsh nature of the wilderness and can be associated with the incident during which Yahweh provided manna to the Israelites in the desert. Such emphasis on the se tting argues for the view that there is a deeper and parabolic meaning to the miracles performed in the desert (Telford 43). Jerusalem, just like the wilderness and the sea, provides a key setting for the narrative of Mark to take place. Jerusalem in the gospel is representative of the geo-political space within which the gospel can be interpreted. While reading the gospel of mark, the reader becomes gradually aware of the final destination of Christ is Jerusalem. In the gospel of Mar

The role of self in the workplace relationships Essay

The role of self in the workplace relationships - Essay Example Social psychology represents a blend of sociology and psychology in its investigation of attitudes and behavior in groups (Bellevue Community College, 2006). Social psychology studies the behavior of individuals in social setting. An individual's thoughts, actions, and even the conceptualization of the self are influenced by external factors, such as people within the immediate surroundings, friends, family, and location. This paper takes a look at a work in which both the protagonist and the work setting are considered. Through this dual integration (in relation to workplace, and self) this paper will achieve a broader and deeper understanding of how an individual's thoughts, actions, and even the conceptualization of the self are influenced by others. Individuals found in a happy and entertaining atmosphere tend to be more creative and involved than in places where they face admonishment and pressure. Research claims that individuals who 'feel good' are prone to a cognitive process that instigates a more flexible, fluent, and original thinking. This can have a positive influence on other individuals around them. When effective laws, rules and regulations, financial incentives or penalties, and social pressure leave little room for personal values become weak, do personal factors influence an individual's behavior. And because a variety of factors influence an individual's behavior, creative approaches involving multiple influences on behavior offer the greatest potential for change (Stern P.C, 2005). There are quite a few environmentally significant behaviors attributed to an individual. In the context of this dissertation however, the following situations address the subject of workplace relationships and its effect on self, co-workers and the work environment. The first type of behavior is committed activism; the second is non-activist; and the third relates to the influence of individuals on the environment in which they work, affecting the actions of the organization. An individual can be categorized to be under committed activism, if, he or she is involved actively in organizational and political demonstrations supporting public policies that affect the work environment. Non-activist on the other hand, indirectly affects the environment in which they work, such as the financial contributors to organizations. The above two classes of individual

An empirical study of the existing Indian fashion brands operating in Essay

An empirical study of the existing Indian fashion brands operating in the United Kingdom fashion market - Essay Example It is the fashion designer’s job to create fashion and make clothing for those demanding fashionable clothes. The fashion designers influence the prevailing fashion tremendously and have a grave effect on what will the future fashion be (Images KSA Technopak Study, 2005). As Rabolt & Soloman (2004) explain, global fashion is when a particular type of fashion is famous across the globe for instance big brand names like Channel and Armani. Fashion has become an international commodity because with globalization, people travel form one country to another taking their culture and traditions with them. They cannot completely adapt to the environment of the region they are travelling to because their culture and tradition as may differ from that region. However, Zwaag and Nagrath (2005) defend that they also want to mingle with the people and thus seek to dress in a way that is somewhat mid way –it represents their culture and at the same time helps them be a part of their current surroundings. Moreover, those who experience people from other cultures coming into their country, are influenced by them and they also want to alter their way of dressing etc. thus such an interaction of people belonging to different cultures evolves fashion as people dem and clothes that is a product of the influence of different cultures. New art, culture, tradition etc, also inspire the fashion designers and they seek to incorporate that into their work. Thus as Rabolt & Soloman (2004) add, with globalization, fashion has broken its bounds of traditional cultures and seeks to become global. Indian Fashion industry has become global as globalization influenced the country. With India’s economic boom, many industries prospered and so did the Indian fashion industry as the purchasing power of the people increased. Moreover, according to Schiffman and Kanuk

Field inventory Essay Example | Topics and Well Written Essays - 1250 words - 1

Field inventory - Essay Example e of the church is captured in their website that acknowledges that visiting a new church can be quite an intimidating experience, and, therefore, it is the objective to make any visitor to feel welcomed and at home as much as possible. I had previously visited this church in 2013 and had gathered quite a considerable amount of information from those two visits. The members of the church participate in intense praise and worship sessions. The worship takes various different forms in the church and include hymns of praise, prayers sessions, conduction of praise sessions together with the accompaniment of instruments such as the guitar, tambourine. This also includes the creation of a warm and welcoming environment as done by the welcoming committee at the door that welcome the worshippers with a handshake and a warm smile. Their services start at 9.30 am each Sunday morning which are also available as podcasts for downloading and online listening. There are different types of services to serve the different age groups that exist in the church. Therefore they have different services for the adults as in the parents, the young adults and for the smaller children. The atmosphere at CCML is a very friendly one and I was constantly getting introductions to individuals that were ready to welcome me and offer their assistance in incorporating me into the church community. I had the chance of meeting a senior member of the church who has a son that works with one of the biggest firms in Saudi Arabia. We exchanged our contact information promising to assist each other if the need to do so ever arose. I started to get to know the operation of the church and its core mission within the society. The mission of the organization is phrased as knowing, growing and loving. The church’s mission is to worship together as a community made up of a group of closely knit members, who grow and obtain spiritual maturity through discipleship, and education. The mission of the Chu rch is to

Chapter 6 and ch 9 Article Example | Topics and Well Written Essays - 250 words

Chapter 6 and ch 9 - Article Example The case study has rightly highlighted the plea of an 80-year-old woman, who could not handle the hot coffee properly, resulting in her splitting same on her ankles. The judge has passed the right decision. However, there cannot be any hard rules that can specify the ethical responsibilities to be matched with the product quality, as each individual case is different. This is a case of â€Å"might is right†. The bigger companies with huge funds for market promotion use â€Å"slotting fees† phenomenon as a method to increase their sales volume. However, this keeps the smaller and medium manufacturers out of the competition. On the other hand, the customers who are satisfied with lesser-known brands may not be able to find these products on the shelves of a store. The market economy does not require that bigger sharks eat away the smaller fishes. Instead, it allows the fair competition to grow in a healthy manner. In addition, the established companies may not even try to improve their product quality as they ensure their increased sales through such

Visual Analysis Paper for Art Humanities Term Example | Topics and Well Written Essays - 1250 words

Visual Analysis for Art Humanities - Term Paper Example For instance, comprehension is improved greatly. It becomes more insightful and many people become interested in the message passed across1. A glance a clear visual analysis at the pieces of works by Pieter Bruegel, harvesters clearly portrays the plights of an ordinary or common man. The fact is, this is a true reflection of what happens world over, however much it may face suppression to suit the current humanism. This is so due to two possible reasons; either due to forced labour from the purported land owners or masters or by the circumstantial life challenges which includes economic constraints. Whatever the reason, it shows a basketful of challenges facing the ordinary man who has to struggle too much in order to survive and fit in the society. From the harvesters’ case, there is farming which is of a great thematic concern. It is natural to perform such duties as farming and this accords accreditation from both the traditional and supernatural commands. However, there is something very sceptical about this call. This is toil and it is supported by the individuals portrayed as exhausted and possibly taken away by a light nap. Others slightly off duty do so at the behest of the call of nature and that is for them to have a bite to keep them moving on. It shows that the struggles undergone by these so called farmers in order to get bountiful harvest; not in the sense of the word is excess. However much it may seem of a picnic, it depicts the realities of nature. That is, it makes the whole idea very natural, the time setting being appropriately manipulated. The terrain displays a beautiful landscape and the motivation exhibited by individual persons in the drawings is very real. There is nothing more appealing to the eye as a natural setting. The landscape shown in the drawing is ideal and is immensely handy in the art industry. Naturalness has brought more delight in the work of Pieter. It can be noted that the

Privacy Matters Essay Example | Topics and Well Written Essays - 500 words

Privacy Matters - Essay Example Therefore, for the companies to attract many people and build trust on their web site users, they have developed privacy statements that give detail of their (users) privacy. A Privacy statement is a web document found on the web site of a company or a firm that gives details of the type of personally identifiable information that the company or the firm collects about those who visit its site (Turnbull 158). In addition, the statement also explains how the information collected is going to be used, who it is going to be shared with and how the users themselves can control the information gathered from them. Although all companies have privacy statements, the privacy statements vary from one company to another and entail different issues (Turnbull 155). This paper therefore, compares and contrasts published corporate privacy statements of three companies, that is, General Motors company, Panasonic Electric Works Corporation of America (PEWA) and Emetrix Company. All these companies o perate corporate web sites and it is in these web sites that their privacy statements are found (Turnbull 155). The privacy statements of these three companies have some similarities and differences. The statements have quite a number of similarities. Firstly, all the privacy statements of these companies are readily available and easily accessible.

The Automobile Sector Essay Example for Free

The Automobile Sector Essay The automobiles sector is divided into four segments – two-wheelers (mopeds, scooters, motorcycles, electric two-wheelers), passenger vehicles (passenger cars, utility vehicles, multi-purpose vehicles), commercial vehicles (light and medium-heavy vehicles), and three wheelers (passenger carriers and good carriers). The industry is one of the key drivers of economic growth of the nation. Since the delicensing of the sector in 1991 and the subsequent opening up of 100 percent FDI through automatic route, Indian automobile sector has come a long way. Today, almost every global auto major has set up facilities in the country. The world standings for the Indian automobile sector, as per the Confederation of Indian Industry, are as follows: * Largest three-wheeler market * Second largest two-wheeler market * Tenth largest passenger car market * Fourth largest tractor market * Fifth largest commercial vehicle market * Fifth largest bus and truck segment The auto sector reported a robust growth rate of 26 percent in the last two years (2010-2012). The BSE AUTO Index outperformed the benchmark Nifty by 79%, 12% and 19% in FY10, FY11 and FY12, respectively. However, the sector has shown a sluggish growth of 12 percent in 2012. The trend is likely to stay with a 10 percent growth outlined for 2013 citing high ownership costs (fuel costs, cost of registration, excise duty, road tax) and slow rural income growth. Solid but cautious growth is expected over the next few years. However, from a long-term perspective, rising incomes, improved affordability and untapped markets present promising opportunities for automobile manufactures in India. According to Macquaire equities research, sale of passenger vehicles is expected to double in the next four years and growth anticipated is higher than the 16 percent achieved in the past 10 years. Two-wheeler vehicle segment is expected to show slow growth of 10 percent CAGR over the period of 2012-2016, suggests the report. The Government recognizes the impact of the sector on the nation’s economy, and consequently, the Automotive Mission Plan 2016 launched by it seeks to grow the industry to a size of US $145bn by 2016 and make it contribute 10 percent to the nation’s GDP. The ICRA analysis of the Indian market projects heavy growth for competitively priced sports-utility-vehicles or SUVs and two wheelers. A number of major global brands like Honda, Suzuki, General Motors and Hyundai have launched their products in the SUV segment of the Indian automobile market. An average of 11. 5% growth in the two-wheelers sales in 2004-2007 has kept a number of global companies interested in this segment as well. The market has been moreover bolstered by a healthy rise in the sales of heavy commercial vehicles, and the presence of a strong auto component industry that now ranks 2nd in the world. One of the best things to happen for the Indian automobile market in the recent years was its telling improvement in the export sector. There was a 56% growth in exports from 2003 to 2004. Although economy cars continue to hold the lions share of the export market, vehicles worth more than USD 1 billion were also exported in 2004, for the first time in history. This increasing demand for Indian cars on the foreign shores has helped the countrys automobile industry in two significant ways. First, it has decidedly contributed to the economic growth of the industry. Secondly, it has helped to improve the image of the Indian manufacturing infrastructure at a global level. This increased confidence has resulted in more and more foreign brands opening manufacturing units in India, directly contributing to economy and employment. With a number of foreign brands joining ranks with the domestic manufacturers, the Indian consumer is now flooded with choice. An average Indian can now select from a wide range of Indian and foreign products. Some of the major Indian players are Maruti Udyog, Tata Motors, Mahindra, Ashok Leyland, Hero Honda and Bajaj. Toyota, GM Honda, Daimler Chrysler, Ford, Volvo and Hyundai Suzuki are the key international players in the Indian Automobile market. However, despite the presence of foreign brands, the domestic companies are still the biggest players. Maruti Udyog and Tata vehicles share the top honors for passenger and commercial vehicles respectively. The Indian automobile industry is now riding high on success, and the bright picture does tend to obscure the problems and challenges that lay on the track of its growth. Poor road conditions, heavy pollution and large scale traffic related accidents are serious impediments in the way of the industrys growth. However, steps are being initiated by the government to address these problems at various levels, and solutions are being worked out at a steady pace. Indian Automobile Industry SWOT Analysis Job opportunities in automobile sector The economy is booming and salaries are zooming. With an increase in purchasing power of people in our country, Indias automobile industry has become one of the fastest-growing in the world right now. With more disposable income and affordable cars like Nano hitting the road, car sales have touched new heights. To capitalise on this opportunity, many foreign companies are expanding their operations in India. It is for this reasons that there are plenty of job openings in automobile industry. For the right candidates, the salary is big. Jobs are available across almost all fields engineering, research and development, finance, human resources, and information technology. According to the Confederation of Indian Industry, auto sector currently employs 787, 7702 people, 58 percent of who are in the passenger car segment. However, there is an increasing demand for skilled professionals in the domain of effective service delivery, spares management and support functions. ITIs and Polytechnics provide 530,000 graduates every year, but there is an urgent need for updating courses to keep up with changing trends in technology, manufacturing, and processes. 2 most popular career options for MBA (at top level) in automobile industry-: Marketing Head: How is BMW different from Toyota? A marketing head is responsible for building the brand of the company. He has to position the companys brand, promote it at both domestic and international level, then see its performance in the market vis-a-vis other competitors. Qualifications: MBA with specialisation in Marketing and minimum work experience of 10 years. Expected Pay: Salaries range from Rs 800,000 rupees to Rs 5 million ($111,000). Some major multinational companies pay as much as 10 million rupees ($224,000). Financial Analyst: A financial analyst plays a key role in preparing the companys business plans, and is involved in the vehicles pricing and suggesting ways to reduce cost of production. He will also evaluate the progress of the product and reports its financial performance. He will also keep a check on the performance of competitors products. Qualifications: Companies typically look for candidates with a post-graduate degree in commerce, or masters in business administration with a major in finance. At least an experience of 15 years is required. Expected Pay: According to a report in Wall Street Journal, the salary of a financial analyst ranges from $67,000 to $156,000. Upcoming trends India is emerging as a strong automotive RD hub with foreign players like Hyundai, Suzuki, General Motors setting up base in India. This move is further enhanced by Government’s support towards setting up centres for development and innovation. Tata Nano’s successful entry in the Indian market has steamed up the opportunities of growth available in alternative segments like electric cars, vehicles run on natural gas, etc. Factors that will drive growth in the sector * Rising incomes among Indian population will lead to increased affordability, increasing domestic demand for vehicles, especially in the small car segment. * Fuel economy and demand for greater fuel efficiency is a major factor that affects consumer purchase decision that will bring leading companies across two-wheeler and four-wheeler segment to focus on delivering performance-oriented products. * Product innovation and market segmentation will channelize growth. Vehicles based on alternative fuels will be an area of interest for both consumers and auto makers. * Focus on establishing India as auto-manufacturing hub is reigning in policy support in form of Government’s technology modernisation fund. * Industry will seek to augment sales by tapping into rural markets, youth, women and luxury segments.

Teaching and Learning Policy Essay Example for Free

Teaching and Learning Policy Essay Learning is a dynamic process which begins at the time of conception and continues for the rest of our lives. At stages along this learning journey we partake in formalised learning in which we may interact with other human beings who may take on the role of teacher. This invariably happens within the confines of a school. The school being the environment designed to help pass on the knowledge, skills and qualities required as preparation for adult life. Our school is a section of a partnership involving pupils, families, the local and extended communities and school staff that give all the opportunity to develop each child’s formal learning and to promote everyone’s spiritual, moral, social and cultural development . In this way our school is pivotal in the formation and preparation of opportunities, responsibilities and experiences for life. This policy is for all teaching staff, Governors, parents, members of the community and appropriate outside agencies, including OFSTED, to appreciate our drive for high expectations and our strategies for ensuring that teaching and learning are effective. It sits alongside all other curriculum and management policies including the policy for ‘Performance Management’. It should also be read in conjunction with OFSTED documents and other relevant information including â€Å"The Code of Conduct for Teachers† that will drive our standards forward. Making a Difference Much work has been done on how pupils learn and multiple intelligence theories. This policy considers how as practitioners we can motivate all to ensure effective learning. Research suggests that there are many ways to ensure that effective learning takes place within the different learning environments that a child may encounter within a school. All staff have the ability to make a difference and all must consider the following: †¢ There is no one right way to teach, but teachers and TAs enhance their  effectiveness when teaching is purposeful, efficient, clear, structured and adaptive. Good teaching takes into account all aspects of assessment, prior learning and the individual needs of each child. †¢ High expectations are paramount †¢ Good teaching involves more than exposition and arranging activities; the nature of the interaction is carefully designed, with differentiation matched closely to pupils’ actual abilities and needs. †¢ Good teaching is where the pupils are given opportunity to extend their ability to take charge of their own learning. It is where teachers establish active links to enhance pupils’ learning styles. †¢ The effective learning environment is orderly, stimulating, attractive, safe and supportive. †¢ The effective teaching atmosphere encourages learners to value and draw on their own experience †¢ Good lessons are carefully planned and involve pupil participation as often as possible. They have pace, good questioning strategies and opportunity for reflection. †¢ Learning to learn entails increasing scope for pupils to use their initiative and to develop a capacity for independent work according to age range. †¢ Effective teaching occurs when pupils are given opportunity to apply the knowledge and skills they are taught. †¢ Effective learning design allows pupils to summarise what they have experienced and reflect carefully †¢ And effective teaching is complemented by fair discipline, positive reinforcement, and explicit formative feedback. Every member of staff must consider their professional characteristics and reflect and analyse how each pupils’ learning can be enhanced in preparation for the future. It is the role of all staff to dissect their teaching to ensure outstanding teaching and learning opportunities for each child. Monitoring Of Teaching and Learning Monitoring is a regular feature of our school and has become embedded into the culture and working life of our school life .It enables all to have an accurate picture of performance and developments in learning. It is a positive attribute in moving the school forward. Monitoring will occur in a variety of forms :- †¢ Regular monitoring of lessons as part of Performance Management. †¢ Monitoring of lessons as part of specific school initiatives and developments. This will include in-depth monitoring of the core subjects. †¢ Half termly classroom monitoring on working environments and pupils’ learning. †¢ Half termly monitoring of planning and assessment files. †¢ Half termly monitoring of pupils’ books by SMT and appropriate co- ordinators. †¢ Weekly monitoring of books as part of phase meetings. †¢ Weekly light touch monitoring on specific subjects to increase our overall effectiveness and efficiency. Monitoring will positively support teaching staff through :- †¢ Improving individual and team performance †¢ Expanding skills, knowledge and insight for all †¢ Providing a supportive working environment for all †¢ Improving communication that results in improved learning opportunities for pupils. †¢ Identifying individual, team and school needs. †¢ Developing individuals monitoring skills as part of the school’s effectiveness and efficiency. Monitoring is about accountability and will give all the opportunity to discuss positively and staff will be given feedback on lesson observation and scrutiny of their planning and pupils’ work. Written feedback will include a summary of agreed actions to be put in place for the following round of monitoring. Monitoring of lessons, planning, pupil’s work and associated self reviews will provide the basis for the School Development Plan and the vehicle from which Governors and all other interested agencies can gain on the effectiveness of our school. Induction of New Staff To ensure that all new staff have a successful induction and immediately enhance the learning of pupils, the school will allocate a member of staff to work alongside the new member. School procedures and expectations will be discussed and the opportunity to set out the professional needs of the  member of staff will be formalised. Appropriate professional development will be instigated and expectations set. Continued Professional Development Effective CPD is a planned progress. It will be the systematic and progressive improvement of competencies across the school. It is about the meeting of individual and the school objectives and therefore is intrinsically linked with the Performance Management policy, the School’s Development Plan, pupil performance and the needs of the individual. CPD will be designed to meet the individual’s immediate and future needs, it will give a structure to each person’s career development whilst having an impact on pupils’ learning However, each person must take responsibility for reviewing and fulfilling their own needs and school will hold each accountable for developing their own potential. The individual therefore must continually assess their needs and discuss issues with appropriate senior managers. The SDP for each school academic year is available for all working or involved within school. It gives the direction for the school and will indicate how CPD will be organised. Each individual’s performance management objectives will reflect the needs of school and the individual. Planning, Preparation and Assessment Planning, preparation and assessment time is organised so that teachers can work with appropriate colleagues. It gives opportunity for the termly and weekly plans to be scrutinised, assessment of learning analysed and the learning needs of the pupils met. Each phase leader will organise the sessions so that each teacher can maximise the time available. During the sessions the following will occur:- †¢ A selection of books will be scrutinised to ensure marking, presentation and that progress is consistent and of high quality. †¢ Work is analysed and assessment drives the next planning. †¢ The needs  of groups including DSEN and Gifted and Talented pupils are discussed and appropriate planning is put in place. Differentiation is put in place. †¢ Target setting is put in place, monitored and updated. †¢ IEPs are updated as appropriate and new IEPs written at the relevant times. †¢ The needs of staff are discussed and information, as required, passed on to the SMT. †¢ Teaching and classroom practise are discussed †¢ Relevant plans and information is prepared for TAs †¢ The sessions will also discuss resources and ICT All teaching members of staff are given specific details on the formats for planning and the layout of files. These will be scrutinised at phase meetings and by the SMT and co-ordinators throughout the school year to ensure corporative effectiveness. The different forms of assessment are dealt with in the Assessment Policy. All teaching staff must use the information and apply the knowledge to their teaching. Assessment must be consistently used to drive teaching and learning forward. Within this, target setting must be active with all pupils understanding their targets and how they can achieve them. Parents must also be updated of their child’s targets using the school’s pro- formas. Targets must be displayed in classrooms and within the pupils’ books for core subjects. Marking and Feedback to Pupils. The Marking Policy deals with marking issues in detail. Teaching staff must be up to date in marking and marking must give clear indications of how the pupil can move forward appropriate to age . Comments must be positive and opportunity must be given for pupils to act on comments and work on issues that have arisen. Marking will be scrutinised at phase meetings, whole staff meetings, through coordinators monitoring and by the SMT. Pupils will be asked through interviews and in monitoring whether marking and feedback has improved learning. Resources Regular audits of resources are to be carried out by coordinators and phase leaders prior to each block of work is undertaken. Within this remit is the organising of school visits and appropriate visitors to enhance the curriculum and learning opportunities. Pupil Premium, the grant to provide increased opportunities for pupils and to improve learning and reduce gaps between groups of pupils, will be used in part to fund these enhancements. The Pupils’ Voice As stated, good learning is facilitated when pupils have the opportunity to take charge of their own learning. Pupils have a voice and at all keystages staff must give credence to pupils and include them in the planning and delivery of lessons. By monitoring of planning and through discussions with pupils, the SMT will look for this. Prior to specific blocks of work, appropriate to age, pupils will be given time to consider the work ahead and give input. To ensure that every child has the opportunity to gain the range of learning skills to prepare them for life, teaching staff’s planning must show that within lessons pupils have ownership of their learning through teamwork, problem solving, research etc. The Role of Governors The Governing Body of is given at each full governing body meeting and at appropriate sub committee meetings details of monitoring and the review of performance and attainment across the school. As part of its role, the Governing Body will scrutinise our results from monitoring, assessment and internal reviews and ensure that our approaches are consistent and promotes our drive for excellence. Each Governor is linked with a specific area of school and will be in termly contact with co-ordinators to ensure they are fully briefed on teaching and learning. Co-ordinators of core subjects will report to governors termly to again ensure accurate information is passed on. From this the Governing Body will be active in teaching and learning across school. Informing Parents To ensure effective learning for our pupils, parents have to be an informed and active partner. Courses are run throughout the year to update parents on our teaching techniques and strategies so that they can support learning at home and help with homework. Termly Parent feedback sessions are held to update parents on their child’s attainment and progress. At these sessions parents will be given written information on their child’s targets and next steps. They will be given their child’s levels for the core subjects and how this compares to national statistics. For DSEN up to date information will be given and discussed. IEPs will be available for parents to sign and remark on. Yearly school reports will be issued in the summer term and will accurately reflect on the child’s attainment and attitudes. It will also give targets for the next academic year and how parents can support their child. Informal discussions will also take place throughout the year as required to keep parents informed. The Parent Support Adviser is available to help liaise with parents. The PSA will also arrange parent courses to upgrade the parents’ own skills in core subjects, these will have a direct positive effect on pupils’ learning as seen from past experience. Outside Agencies Walsall Children’s Services support school through a variety of important vehicles. The School Improvement Officer will routinely meet with staff and discuss improvement, initiatives, data and monitoring of teaching. Officers will also oversee teaching and learning and support school with CPD issues. Other outside agencies such as Walsall Business Partnership will be used to support the curriculum and maximise learning opportunities for pupils. The school works with local schools and local communities also to improve learning opportunities and inspire pupils.

Introduction to Theories of International Trade

Introduction to Theories of International Trade In this concept there are mainly two theories that are classical theory of trade and new trade theory each differentiates from each other with different advantages, assumption and drawbacks. Exchange of goods and services on an international level between two or more countries is stated as international trade. Trade generally takes place between different companies it is of different goods and services. An import is goods and services bought by other country for local use. Example: UK imports gold, telecom equipment from India and export is the process of selling the goods and services which the host country has produced in the country more than sufficient. Example: Tea is exported to UK from India. However, government and individual person often buy and sell products and services internationally resulting international trade. Integration of the world economy is more than ever before. We participate in world/global economy by purchasing or selling goods and services in day to day lif e. Industrial equipments, oil, agricultural products, services like banking transportation, telecommunication, and tourism services are main part of international trade commonly. International transportation and communication cost has been reduced significantly resulting in greater integration between the economies of the world. The interdependence of countries can affect prices, wages, employment, and production in other country; it also affects economic trends and financial condition of each other. For prosperity countries have to work together more closely and rely on each other. Classical Trade theory: Classical theory focused mainly on occurrence of trade. The firms felt need of a separate theory due to fundamental differentiation of internal trade. These theories feature the variation in comparative benefit of manufacturing commodities of 2 countries to the diversity in the manufacturing competence of workers in that particular country it is focused on single value prices. Factor price differences are never considered in this theory. There are several sub theories in this particular concept which is explained as followed. (Sinha, n.d.) Absolute advantage Theory of trades (Adam smith, 1776): In the 2nd part of the 18th economic progress got complicated due to mercantilism policies. In the book The Wealth of Nations published in 1776 author Adam Smith stated that mercantilism theory favors the producers and reduces the interest of the consumers. Adam smith says in his theory that exports are profitable but countries should also import goods and services to satisfy better requirements of consumers instead of making them here in internal market. As we can see in the figure 1, country 1 has absolute advantage in good A production/resources and country 2 has absolute advantage in good B production/resources so country 1 should export good A to country 2 and import good B from country 2 vise versa. (Anon, n.d.) Figure 1: Absolute Advantage (Absolute Advantage n.d.) Assumptions of absolute advantage theory: Trade between two countries for two commodities: If we take three or more countries it does not help analytically for absolute advantage theory. Efficiency of the product: Countrys goal is not always efficiency comparing at the level of the world it is not easy to produce efficient product every time. Zero transportations cost: Transportation cost is not considered in absolute advantage theory. Factor mobility/immobility: Theory presumes that all the resources are mobile in the country and immobile between two or more countries. Total employment: Theory considers that every country has full employment in the whole country. (Anon, n.d.) Comparative advantage Theory (David Ricardo, 1817): This theory of David Ricardo states that both the countries involved in trade can gain a lot even if one of the countries is producing less than all goods and services that produced by other country. As can be seen in the graph below country B is producing more than country A in both the goods that is produced in both countries. Both the counties should specialize in what there is low opportunity cost is required. (Anon 1, n.d.) Figure 2: Comparative Advantage (Comparative Advantage n.d.) No or low transportation cost: consideration of the transportation cost is not even taken in this theory also. No negative externalities: theory does not say about externalities affecting trade, and it also does not take into consideration that there could be negative externalities for more production. (Anon 2, n.d.) There are no economies of scale: Due to different policies of government for particular country it becomes hard to trade freely and affects the total production and eventually affecting to the scale of economy. (Anon 3, 2008) Mercantilism Theory (16th century): Mercantilism theory is a thinking of 16th century. Major trading nations were thinking that if we increase our exports internationally we will gain power, wealth and also the precious metals like gold and silver in return. The theory says that in total world there was only fixed wealth which will increase our countries wealth resulting in becoming powerful country through either importing or exporting the goods in high quality but in lower cost. Earlier days transactions was use to take place in the form of either in gold or in silver coins which created trend of exporting more and importing less is called as mercantilism. (Anon1, n.d.) Mercantilism is time bounded; it is short term because after some period of time resources will be over due to large no of use of the raw material. Then countries will have to import the same good to their own country. Certain goods should be imported by any country to avoid later effect of scarcity for any goods and services. (Anon 4, 2008) Factor Endowments Theory (Heckscher in 1919, Ohlin in 1933): In this theory both Swedish economists Heckscher and Ohlin have different view/explanation about comparative advantage. They both think that comparative advantage comes from difference in national factor endowments. Factor endowments means the scope of the country is endowed with resources like land, labor, and capital, workforce, and infrastructure. Different countries have different factors endowed, and different factor endowments explain differences in factor costs. To lower the cost the factor should be more profuse. This theory proposes that the nations would export those goods that makes demanding use of those factors that are locally more in numbers, and should import those goods those have scarcity locally. (Aswathappa, 2010) New trade theory: This theory endeavor to comprehend and give details of the global trade affect the diversity of goods accessible to consumer around the world, these theories also describe concentration of market structure. Analysis of Trade: The testimony brings the awareness that the trade between India and U.K has historical trade relations. Indias exports to U.K was beneficial to both countries as U.K use to import raw material and make it into finished goods and again export those products to other countries. According to the survey it is observed that India had good revenue when the exports were high to U.K but as India moved towards diversification the exports of the country started declining since the year 2000. Both countries are the top investors in the economies of each others economies, this enables long term benefits to both countries. (Anon 5, 2012) Exports of India: The current situation of Indias exports shows positive sign on the trade i.e. exports of the country was worth 23698 million USD. In the GDP 22% of exports is been contributed, out of which jewelry constitutes 16% of contribution in exports. Mainly India exports to U.S, European Union, China Arab Emirates. (Tradingeconomics 1, 2012) Exports of U.K: The current market situation of U.K according to the records is 40. 5 Billion GBP in September 2012. This country is considered as fifth largest nation. The main export of U.K is telecommunication equipment, aircrafts, automatic data processing equipment etc. U.K mainly exports goods and services to Ireland, USA, France and Germany. (Tradingeconomics 2, 2012) Positive impacts of International trade on India and U.K: The growth of India rose above 6% after the year 2000. Overall employment also increased from 1% to about 3% which is beneficial to the economy. Liberalization of trade policies enabled to bring efficiency in several terms. Improved standard of living of the country. (Sankaran, Abraham, and Joseph, n.d.) Increase in possible growth of the business. Expand market share globally. Enables steady variation of market.(Economywatch, 2010) Protectionism of trade theory: This concept came into existence in order to protect the interest of the country who is involved in international trade. Here government protects the firms from exploitation of other countries. Typical method of protectionism is direct state intervention, subsidies, tax cuts to local business, quotas and tariffs. These are main types of protectionism method used by the government. Merits of protectionism: Protectionism of international trade helps protecting the local organization and employment. With help of reduction in imports economical aggregate demand will increase. Country can develop some laws to avoid dumping. Foreign companies bring their products and sell them in lowest price than the production cost. Protectionism helps in developing new domestic firm to grow faster blocking the foreign company to develop locally. (Gulrajani, 2009) Demerits of protectionism: Innovation and improvement will become weak as there will not be much of competition due to protectionism. Dismissal and burnout will be the ultimate result of protectionism. Lower or bad quality might dissatisfy the customers because of long term protectionism. Redundancy can become serious issue due to less innovation or improvement. Protectionism affects the countries economy and also the world economy. Many countries are now avoiding protectionism ad they are favoring more of free trade agreements. (Anon 8, n.d.) Analysis of Comparative Advantage: At a lower opportunity cost when a country produces goods and services when compared with other country that particular country is said to have comparative advantage. (Economicshelp, n.d.) Comparative advantage of India: India has huge population therefore this particular country has good labor and so it is specialized in labor intensive product. This capability differentiates themselves from other countries, and makes maximum use of it in order to make maximum profits which would add to host countries economy. (Tradingeconomics 3, 2012) Comparative advantage of U.K: U.K is vast country therefore they are specialized in several goods but mainly the comparative advantage of this country is manufactured goods i.e. is pharmaceutical products, telecommunication product etc. the quality provided by this country for these country makes product outstanding also the technologies use to manufacture these product ensure efficiency in goods that exported. (Economicsonline, n.d.) Criticism to Comparative advantage: Even if the countries do not have clear comparative advantage, they aim to take risk by broadening there horizons for goods and services. The assumption of two country and two goods is incorrect as the real world is too complex by exporting and importing different services and goods. This concept is not constant i.e. it can change over a period of time. In this concept exchange rates and relative prices are not taken into consideration. Structural unemployment is possible if there is complete specialization as there are some cases where workers cannot transfer from one sector to another. Without any diminishing return this concept is perfectly mobile. (Economicsonline, n.d.) Conclusion: International trade and investment is constituted by economic relation. This irregularity is embedded in a situation where prosperous countries are impatient to stipulate free trade for others but are hesitant to compel it on themselves and are capable to evade doing so. The current market of international trade promotes growth and aims to reduce poverty. Different theories have different assumptions but the modern theory is considered to be more effective then the other as it focuses on both i.e. exports as well imports. The protectionism concept is effectively being used by the countries in order to avoid exploitation and also ensures smooth going in trade.

Pop art was a direct response to the commercial and consumer society Es

Pop art was a direct response to the commercial and consumer society of modern time†. Explain why this might be true. Pop art was an art formed by artist expressing their views. â€Å"Pop art was a direct response to the commercial and consumer society of modern time†. Explain why this might be true. Pop art was an art formed by artist expressing their views on modern day society. Pop art originally emerged from England in the fifties; although it was not exploited in England, in fact during the fifties it wasn’t very well implemented. In the sixties, in New York, pop art began to have a high prospective. Many artists soon realized that pop art could be expressed in a variety of forms, this soon related to its commercial use. Pop art soon became a major category in the art world. Numerous artists couldn’t really differentiate between sculptures or paintings if they were pop art, cubism, mosaic and many others. The category pop art can extend to any reach of art. The answer was simple; they could be in more than one category. Pop art brought art to the 20th and 21st century. Pop art was originally a descendant of Dada, Dada was a movement in the 1920’s but came to halt in the thirties due to the great depression that shook the world. Marcel Duchamp tried to breach the gap between art and society, his goal was to bring them closer together. Roy Lichtenstein set the highest standard and led the way of pop art. Lichtenstein was and still is considered...

Legality :: essays research papers

Today the vast majority of authors get little or no income from copyright royalties. For instance, scientific, technical, and academic journals usually pay nothing to their authors, and most scientific, technical and academic books earn only a few hundred dollars in royalties. Newspaper writers work on salary, and so do magazine writers, or they are free lancers who are paid a flat rate, not a royalty. Only a tiny percentage of authors make any significant portion of their personal income from royalties. Even in the case of books, typically only around five percent of the retail price goes back to the author. Yes, it is good for writers to be paid, but copyright royalties are a very inefficient way of doing it. So why was copyright developed? It was because of the invention of the printing press. For thousands of years, the only way written works could be duplicated was through a slow and extremely expensive process of copying by hand. But then the printing press was invented and it became possible to produce an unlimited number of inexpensive copies. However, there was a catch. To produce a printed book requires a very large expense ahead of time for things like editing, typesetting, running off at least a few hundred copies of the book, and promotion. A publisher would be willing to invest all this money only if it knew it would have exclusive rights to publish the book. Otherwise any book that was a hit would immediately be copied by other publishers, and the original publisher would get little or no return on its investment. So copyright law was created to promote publishing so that the public could enjoy the fruits of the new technology of printing. We have copyright for music recordings for the same reason. The invention of the phonograph made possible cheap copies of music. However, a great deal of money is required to produce the record--recording studio time, paying musicians, editing, producing a master, producing records at a factory--and also for promoting and distributing it. Copyright for music guarantees exclusive rights to sell a record, so music companies are willing to put up the money ahead of time to produce records in hopes they will make a profits from them. So copyright was invented so that society could enjoy the fruits of new inventions for reproducing works. But now we have new technologies that radically change the economics of reproduction.

The Physics of Space Shuttle Re-Entry :: physics science space

When in orbit the shuttle is positioned so that it is moving nose-first and the top of the shuttle is pointing towards the earth. The shuttle is positioned "bottom up" so that the black bottom will radiate the heat from the sun more effeciently. Step one for the shuttle is to turn around so that it is moving stern-first and then it fires it's engines in order to slow the shuttle so that it will drop out of orbit. Next the shuttle flips over so that it is right-side-up when it enters the atmosphere. Between step three and four the shuttle burns any excess fuel that it may still have so that there is less of a danger of explosion when the fuel tanks get hot durring re-entry. Step four is where the shuttle maintains an angle of about 40 degrees from the vertical and maintains an approach so that the shuttle slows down. After slowing to a speed where the shuttle can maneuver it will "fly" (remember, the shuttle has no more fuel so it has only one chance to land) in some final S shaped cu rves to slow some more and then land at a designated airport (as shown below). How Does the Shuttle Turn or Maneuver in Space? The basic means of movement for the space shuttle can be explained in Isaac Newton's laws F=Ma and for every action, there is an equal and oposite reaction. The force, on the space shuttle, is equal to the mass of the shuttle multiplied by its acceleration. By burning fuel in a rocket engine on the back of the shuttle, a force on the shuttle equal to the mass of fuel being "thrown" out the stern of the craft multiplied by its acceleration. This basic physics formula is very important to the shuttle getting up into space and to the beginning of its deceleration on its return to earth. Thus it has a very real impact on weather the shuttle will survive the trip through the earth's atmosphere back to land. When the shuttle first enters the earth's atmosphere it is traveling at speeds topping 30,000 km/h. The shuttle has to decelerate to 0 km/h after it lands. The acceleration that it must endure to slow the shuttle is an incredibly large force on the structure of the craft. When the shuttle is entering the atmosphere it must enter at an angle window of only a few degrees.

Dance choreography: Extended programme notes

Big Brother is a dance that explores the idea of being trapped and controlled within a â€Å"box. † For me the box was a larger metaphor for society, and on another level, the dance explores the idea of society controlling the individual, and the desire to escape this control. The accompaniment I chose is called, â€Å"The Black Parade† by My Chemical Romance. I chose this piece of music because I felt it created a very strong atmosphere that largely reflected the emotions of the character in my dance. Though only used for around twenty seconds, the varying pace and the complex rhythms in the piece created an air of frustration, desperation and excitement- emotions I try to convey as the character attempts to break free of the box. The electric guitars and drums complemented the powerful and often heavy dynamics. I chose to use a section that moved from a slower tempo into a faster tempo as I felt this represented the character's situation at that point in the dance. The slower tempo, I feel, made the character seem weary- tired of fighting. The transition into the faster tempo as the character makes a final attempt to break free of the box gives the final section an exciting climax, and creates a sense of excitement yet desperation at the idea of escaping. I decided to bring the music in slowly as I felt it built the atmosphere effectively towards a climax at the end of the piece. My piece is split into four sections of ABCD narrative. Section A focussed on the character's discovery of being trapped, whilst section B looked at the character being controlled whilst being trapped in the box (this was also a theme running throughout my piece. Section C, the largest of the sections looked at the character's attempt to escape from the box. Finally, section D, the shortest section, was the character's actual escape from the confines of the box. I began my dance at centre stage, in a ball shape on the floor. By making myself look very small, I feel it made me look very vulnerable, and as if confined- immediately defining the idea of restriction. I then began to run around the ‘box' following a random pathway, pushing off the walls. Creating the circular box as I define these walls. This random pathway indicates the idea of panic for the character on discovering they are in a box. The pathways being random represent the character's lack of self-control over oneself- and underpinning the theme of my dance. Although within these random pathways, I never travel outside the box, outlining the fact I am trapped. The strong pushing gestures (motif A) I use in this section are one of the main motifs running through my piece, and reveal the fact the character is confined to the box. Section B is performed mainly in bound-flow, though the gestures move from closed to open. Initially, the arms are tight to the body, trying to pull away- symbolising chains. Then when free, I take large steps, trudging around the box in a zigzag pathway, with my arms and head floppy yet tense- as if a puppet. Similarly, the idea of a puppet is reflected in the heavy steps here. I used the puppet to convey the idea of the character being controlled; his strings are pulled by society. I then make a gesture, at the edge of the box, facing the audience, as if ‘pulling' away the wall of the box. My facial expression here completely changes to one of wonder and amazement, and I use the second motif – a mime of touching/exploring the wall before pushing off into a spin (motif B). I do this very softly, a contrast from the strength of movements inside the box. I am then pulled back into the box, again like a puppet back under the box's control. This provides the link between section B and section C. I am trying to escape the confines of the box in section C and this is reflected in the repetition of motifs A and B as well as running about the space. As the character is pulled back into the box, the space becomes larger, into a rectangular shape. I included this to allow me to explore a larger amount of the space. This section begins with similar puppet like movements from section B this time repeated on the floor. After getting up, I then run about the space, repeating motif A. After pushing off each wall, I develop this motif by adding to the end of it- travelling to the next in various ways: spins, slide, leap and run. Using many actions emphasises the manic behaviour of the trapped character. The space then again becomes small, this time very small, as if within a corridor. Motif A is again developed, this time by using elbows to push instead of palms. As a result of being trapped in this new smaller box, the somewhat free flow gestures seen earlier in this section become bound flow. I then repeat motif B, this time with a new emphasis on the movements. Instead of them being soft, as they were first, I made them powerful and developed them by adding a hop and push. The hop and push helped make the character look more desperate as if pushing up as well as out of the box. In addition, I developed this motif by repeating each section (the push and spin and then the hop and push) alternately facing to each side. I did this because I wanted to show my motif to the audience from several viewpoints to help add interest to my dance. Section D provides the climax to the dance. The link between section C and D is a set of fast spins, with arms bent upwards. This shows that the character is breaking out of chains seen in section B. The music becomes louder, and moves into a faster tempo- I imagine this to represent the character's heartbeat. The music in section C is slower, but as the character reaches the final breakout he becomes more and more frantic and excited. The climax is me running into a slide on my knees across the floor toward downstage left. I thrash my arms to represent the break for freedom. I then repeat my developed motif B, further developing it by changing the level. This shows how tired the character has become of fighting to escape. For the final image in my piece I thrash my arms over my head, throw my torso forward and hold. The floppy arms here can be left to interpretation for the audience. They could be seen as showing relief at breaking free of the box. Similarly, they also resemble the puppet arms seen in section B showing the box's control- and therefore may indicate that however hard he fights, he cannot escape the box's control. I wished for the audience to make their own interpretation at this point. There is floor work in each of the four sections. The transition between low and high levels suggests at the characters weakness- as if being thrown about the space, as seen in sections A and C. I choreographed this dance as a solo because I wished for it to focus around an individual's fight to break free from the confines of a society that tries to force people into conforming to certain ways- as if the individual is a puppet. By performing in solo, it allows the audience to focus and speculate more on how the individual is affected by society. Similarly, I could have choreographed a group dance to display how this idea of control or the ‘box' affects many of us. Throughout my dance I mainly concentrated my focus forward, toward the walls of the box. I did this because I felt it revealed the character's determination to escape the box. I only had a different focus during two other moments. When being the puppet I had my focus follow my arms and legs to suggest that my whole body was being controlled and pulled toward a point in the space. Secondly, in section B when I pulled away from the wall of the box, to show I was outside of the box my focus was all around the space ahead- as if looking in amazement at what was outside the box. In my piece facial expressions played a huge part in helping tell the story. I used a large variety of facial expressions in accordance with my character's varying emotions. In the opening section my facial expressions were wide and open, and my breathing heavy, to show the character is panicking at being in the box. In the puppet section, my face is blank, to show I haven't control over myself. When seeing outside the box, I looked around in amazement to show the contrast between the box and the outside. And during sections C and D my facial expressions were much tighter to show the character is angry at being in the box, and is determined to find a way to escape. I ensured that the music entered at a time that it went well with the narrative. The music was symbolising the character's emotions. When controlled by the box the character has no control over his own emotions. The lack of music symbolises this- no emotion, no music. Similarly, in section D, the music indicated that the character was about to break free, and gain his own emotions back. As a result my music only came in very close to the climax, when I finally escape the box. I had two main inspirations for the dance. The book â€Å"1984† by George Orwell looks at the idea of society trying to control all aspects of our lives, by taking away individuality and making each person the same. A robot; or puppet in the image of society. This is where I got the main idea for the puppet like movements, and for the idea of being trapped within a box. It is also the inspiration for my title ‘Big Brother,' a term coined by the book. Also, watching the piece ‘Swansong' by Christopher Bruce influenced me hugely. I feel the greatest influence it had on me was to create a piece about the world we live in. The themes of bullying and injustices, that Bruce looks at in the piece, are things that happen in the context of prison all around the world. I took from the piece, that sometimes the most powerful pieces are ones that people can in fact understand and relate, to the dance idea. I am extremely pleased with the piece of dance I have choreographed for my coursework. I feel it clearly expressed an interesting dance idea in an engaging fashion. I am particularly, pleased with my manipulation of spatial design to make clear the idea of the box, and the way the box got larger and then closed in around the character. I felt that the simple motifs very clearly communicated the dance idea, with the pushing motions, and were developed in a way that made them very interesting: by adding spins, leaps, hops, turns and varying levels. Feedback from my peers suggested that my main motifs very clearly communicated the idea of being trapped within a box, and that the message of the dance was very clear. I believe I made the right decision in choreographing a solo piece, as I feel that this emphasised the idea of an individual against the greater society well. I did not like the section B I initially choreographed, as after watching it back on video and receiving feedback from my teachers I felt it was much weaker in comparison to the rest of the dance. The movements were much weaker, and the section did not clearly communicate the dance idea, as it was mainly just a set of non-complementing floor patterns and gestures. I instead developed the theme of society's control, and used this to create the puppet section- a section I am proud of as it is interesting to watch and expresses the dance idea clearly. I could possibly have changed the dynamic of section B to a slower pace to create a greater contrast between the controlled puppet character, and the character fighting for freedom. Other from that, I like the whole of my dance, and felt that all sections were powerful and communicated the dance idea effectively whilst being strong and exciting to watch- especially when combined with my powerful use of facial expression. In feedback from my teachers they suggested that the music would be more appropriately brought in at the point where the character pulls the walls apart and sees outside the box, to show that the character has seen an outside world- a hope- and that now they are not being so controlled but instead fighting the control. My favourite moment of the dance was the ending, the climax to the piece. The loud fast music, powerful and fast dynamic, thrashing gestures and throwing myself to the floor made this very dramatic and a very exhilarating end to the piece.

A Time Series Analysis of the Adjusted Closing Stock Prices

Table of Contents 1. ?Introduction 2. ?literature review 3. ?Introduction 4. ?Methodology INTRODUCTION Google Inc. is an American multinational corporation which provides Internet-related products and services, including Internet search, cloud computing, software and advertising technologies. The company was founded by Larry Page and Sergey Brin while both attended Stanford University. Google was first incorporated as a privately held company on September  4, 1998, and its initial public offering followed on August  19, 2004. The company is now listed on the NASDAQ stock exchange under the ticker symbol .The company's mission statement from the outset was â€Å"to organize the world's information and make it universally accessible and useful†, and the company's unofficial slogan is â€Å"Don’t be evil†. In 2006, the company moved to its current headquarters in Mountain View, California. Objectives 1. To fit a multiple regression model to a data set comprising the put, call and strike prices of a stock belonging to a company listed on a known index. 2. To use the BSM Model to which provides a mathematical science for the pricing and hedging of European Call and Put options as the American Options market 3.We wanted to analyze the data for Google option prices from the S;P index over the past and present time periods in order to be able to forecast the future. Literature Review 1. Put call parity In financial mathematics, put–call parity defines a relationship between the price of a European call option and European put option in a frictionless market —both with the identical strike price and expiry, and the underlying being a liquid asset. In the absence of liquidity, the existence of a forward contract suffices.Put–call parity requires minimal assumptions and thus does not require assumptions such as those of Black–Scholes or other commonly used financial models. 2. Black-Scholes Model The Black–Schole s model or Black–Scholes-Merton is a mathematical model of a financial market containing certain derivative investment instruments. From the model, one can deduce the Black–Scholes formula, which gives the price of European-style options. The formula led to a boom in options trading and legitimized scientifically the activities of the Chicago Board Options Exchange and other options markets around the world. t is widely used by options market participants Methodology The data being analyzed consisted of daily past prices of silver traded on the S;P index since 14th May to 22 September 2012. The group was required to obtain data sets containing put, call and strike prices the data set of option expiring in more than 30 days but less than 100 The data was obtained from marketwatch. com on 14th May 2012 copied to excel and imported to R, with the stock price at $605. 23. The group chose options expiring on 22th September 2012 for the 1st data set, with 94 days to expiry.A n average of the Bid and Ask prices of both the call and put options was then calculated as shown below. The values in the columns labeled â€Å"call†; â€Å"put â€Å"were calculated as an average of the corresponding Bid ; Ask call and put prices respectively. A number of statistical methods were applied to analyze the data on the R program. We first started by importing the data to the R program; below is a table showing the data. Strike | call| put| Strikesq| Adj Close| 295| 311. 75| 0. 45| 87025| 605. 23| 300| 306. 45| 0. 425| 90000| 613. 66| 305| 303. 1| 0. 45| 93025| 609. 15| 310| 297. 6| 0. 75| 96100| 612. 79| 315| 291. 4| 0. 5| 99225| 607. 55| 320| 286. 6| 0. 55| 102400| 596. 97| 325| 282. 75| 0. 6| 105625| 611. 02| 330| 277. 85| 0. 65| 108900| 607. 26| 335| 273. 4| 0. 775| 112225| 604. 43| 340| 266. 6| 0. 7| 115600| 604. 85| 345| 262. 1| 0. 75| 119025| 614. 98| 350| 256. 7| 0. 8| 122500| 615. 47| 355| 253. 3| 0. 875| 126025| 609. 72| 360| 248. 35| 0. 875| 129600| 601. 27| 365| 243. 45| 0. 925| 133225| 597. 6| 370| 237. 35| 1| 136900| 596. 06| 375| 232. 4| 1. 05| 140625| 599. 3| 380| 227. 45| 1. 05| 144400| 607. 45| 385| 222. 55| 1. 2| 148225| 609. 57| 390| 218. 85| 1. 325| 152100| 606. 7| 395| 212. 45| 1. 45| 156025| 624. 6| 400| 207. 9| 1. 525| 160000| 651. 01| 405| 202. 95| 1. 6| 164025| 635. 96| 410| 198. 15| 1. 65| 168100| 626. 86| 415| 193. 15| 1. 825| 172225| 630. 84| 420| 188. 4| 2. 025| 176400| 632. 32| 425| 183. 6| 2. 25| 180625| 635. 15| 430| 180| 2. 375| 184900| 642. 62| 435| 175. 25| 2. 55| 189225| 646. 92| 440| 170. 3| 2. 9| 193600| 641. 24| 445| 164. 6| 3. 025| 198025| 648. 41| 450| 160. 9| 3. 3| 202500| 655. 76| 455| 155. 15| 3. 55| 207025| 647. 02| 460| 150. 6| 3. 85| 211600| 649. 33| 465| 146. 8| 4. 05| 216225| 642. 59| 470| 141. 15| 4. 55| 220900| 646. 05| 75| 137. 65| 4. 95| 225625| 639. 98| 480| 132. 05| 5. 35| 230400| 633. 49| 485| 128. 5| 5. 8| 235225| 633. 98| 490| 123. 45| 6. 2| 240100| 625. 04| 495| 118. 65| 6. 75| 2 45025| 621. 13| 500| 114. 1| 7. 4| 250000| 615. 99| 505| 110. 75| 7. 95| 255025| 617. 78| 510| 105. 65| 8. 5| 260100| 605. 15| 515| 101. 35| 9. 45| 265225| 600. 25| 520| 98| 10. 25| 270400| 607. 14| 525| 93. 15| 11. 1| 275625| 606. 8| 530| 89. 55| 11. 95| 280900| 604. 96| 535| 85. 15| 13. 05| 286225| 614. 25| 540| 80. 6| 14. 15| 291600| 621. 25| 545| 76. 85| 15. 3| 297025| 622. 4| 550| 72. 9| 16. 35| 302500| 618. 25| 555| 69. 5| 17. | 308025| 618. 39| 560| 66. 05| 19. 2| 313600| 609. 31| 565| 62. 8| 20. 75| 319225| 609. 9| 570| 59. 15| 22. 45| 324900| 606. 11| 575| 56. 5| 24. 05| 330625| 607. 94| 580| 52. 75| 26| 336400| 614| 585| 49. 7| 27. 85| 342225| 604. 64| 590| 46. 7| 29. 6| 348100| 606. 52| 595| 43. 9| 31. 9| 354025| 605. 56| 600| 40. 95| 34. 35| 360000| 609. 76| 605| 38. 45| 36. 7| 366025| 612. 2| 610| 36. 1| 38. 85| 372100| 605. 91| 615| 33. 55| 41. 35| 378225| 611. 46| 620| 31. 05| 44. 15| 384400| 609. 85| 625| 29. 5| 46. 9| 390625| 606. 77| 630| 27. 35| 49. 75| 396900| 60 9. 09| 635| 25. 3| 52. 95| 403225| 596. 33| 40| 23. 2| 56| 409600| 585. 11| 645| 21. 6| 59. 2| 416025| 580. 83| 650| 19. 95| 62. 65| 422500| 580. 11| 655| 18. 6| 66. 15| 429025| 577. 69| 660| 16. 85| 70. 1| 435600| 579. 98| 665| 15. 6| 73. 95| 442225| 568. 1| 670| 14. 4| 77. 55| 448900| 569. 49| 675| 13. 3| 81. 35| 455625| 580. 93| 680| 12. 25| 85. 55| 462400| 585. 52| 685| 11. 05| 88. 25| 469225| 585. 99| 690| 10. 05| 93. 4| 476100| 639. 57| 695| 9. 55| 96. 45| 483025| 632. 91| 700| 8. 45| 102. 25| 490000| 628. 58| 705| 7. 75| 105. 25| 497025| 624. 99| 710| 7. 1| 110. 65| 504100| 629. 64| 715| 6. 75| 114. 75| 511225| 625. 96| 720| 5. 95| 119. 5| 518400| 623. 14| 725| 5. 65| 122. 65| 525625| 622. 46| 730| 5. 05| 128. 5| 532900| 650. 02| 735| 4. 55| 131. 95| 540225| 659. 01| 740| 4. 25| 137. 6| 547600| 668. 28| 745| 3. 95| 142. 35| 555025| 665. 41| 750| 3. 5| 147| 562500| 645. 9| 755| 3. 25| 151. 7| 570025| 642. 4| 760| 2. 975| 155. 95| 577600| 639. 7| 765| 2. 725| 161. 4| 585225| 64 0. 25| 770| 2. 525| 166. 45| 592900| 633. 14| 775| 2. 2| 169. 9| 600625| 629. 7| 780| 2. 125| 174. 75| 608400| 625. 82| 785| 1. 975| 180. 55| 616225| 630. 37| 790| 1. 775| 185. 45| 624100| 621. 83| 795| 1. 65| 190. 35| 632025| 625. 96| 800| 1. 525| 195. 15| 640000| 619. 4| 810| 1. 35| 205. 05| 656100| 618. 07| 820| 1. 175| 214. 95| 672400| 625. 63| 830| 0. 975| 224. 75| 688900| 625. 39| 840| 0. 825| 234. 95| 705600| 627. 42| 850| 0. 725| 244| 722500| 616. 05| 860| 0. 65| 254. 25| 739600| 623. 39| 870| 0. 525| 265| 756900| 623. 77| 880| 0. 475| 274. 55| 774400| 625. 65| 890| 0. 425| 284. 6| 792100| 620. 36| 900| 0. 375| 293. 45| 810000| 613. 77| 910| 0. 375| 304. 7| 828100| 599. 39| 920| 0. 3| 314. 45| 846400| 582. 93| 930| 0. 3| 323. 3| 864900| 588. 19| 940| 0. 275| 333. 25| 883600| 563| 950| 0. 25| 343. 25| 902500| 570. 11| 960| 0. 25| 353. 25| 921600| 580| 970| 0. 25| 363. 25| 940900| 580. 94| Fitting a Multiple regression Model From the results shown? 0=605. 997, ? 1=0. 995, ? 2= -0. 9979. The value of the stock at that point in time wasSt=605. 23. If significant, the estimate ? 2 was to be equated to -e-r (T-t) and the value for r equated. In this formula, T-t is the time to expiry of the options (94 days in our case) and r is the interest on a daily basis (short rate), which was then supposed to be annualized. Since all the estimates were significant, ? 2= -0. 9979=-e-r(94) r=-ln0. 997994=2. 236391*10-5 Annualizing r; r=2. 236391*10-5*250=0. 05592275=5. 2275%, which is the risk. The formula call(Ct)= 605. 997+0. 995put(Pt)-0. 9979(Strike(Kt)) was the model we used to derive values of call prices in relation to the multiple regression model. A plot of these call and strike options is shown below; If significant, the estimate ? 2 was to be equated to -e-r (T-t) and the value for r equated. In this formula, T-t is the time to expiry of the options (94 days in our case) and r is the interest on a daily basis (short rate), which was then supposed to be annuali zed. PROCEDURE FOR FITTING Finally we drew a graph of Call against Strike and this was the graph obtained.The code and resulting graph are shown below, GRAPH FOR CALL AGAINST STRIKE BSM MODEL METHODS To fit the BSM Model and generate theoretical call prices, we obtained and truncated historical data from finance. yahoo. com as shown in the column labeled ‘Adj. Close’ The code snapshot below created a function â€Å"BSM73† We then computed the BSM73 by using the given the data, annualized interest rate (r), stock price, strike price and days to maturity generates the theoretical call prices. The proposed model to be fitted to fit the regression model CtSt= ? 0+? 1KSt+? 2K2St+ ? t main purpose is so as to determine the values of ? ,? 1 ; ? 2 Procedure From the results shown, we get ? 0=1. 313950 , ? 1=-1. 959886, ? 2= 0. 001195. The value of the stock at that point in time was St=605. 23. PLOT BSM CALL PRICE (Yt) AGAINST STRIKE PRICES For data analysis conducted fo r September 2012 options with T-t=94 days and r=5. 922%, the proposed model can be used in option pricing. It can be concluded from the analysis that for options with a longer time to expiry and a smaller interest rate, the proposed model prices the options more accurately than the BSM model in the price ranges where most options are traded. TIME SERIES ANALYSISThe theoretical model for a time financial time series data is given by; Xt = Trend + ARMA + GARCH + WN Where WN is the white noise in the data. We assumed that the GARCH component is equal to 0 We proceeded to investigate whether indeed the data at hand had trend in it. We used the following tools in our investigation * Box plots * ACF * Histogram * Plotting the data Time series of the data. Summary of strike price data. Box plots ACF OF GARCH NOISE Code: ;y=log(strike) ; d=diff(y) ; garch=d^2 ; acf(garch,lag=100,main=†ACF of Garch Noise†) Histogram Code: hist(strike,main=†Histogram of ADJ Closing pricesâ⠂¬ )De-trending the data After having confirmed that the data contained linear trend, we proceeded to de-trend the data by; 1. Finding the natural logarithm of the data ;y=log(strike) 2. Differencing the data ;d=diff(y) We confirmed that the data the data was actually stationery at this point by using the following techniques; * Finding the ACF of the de-trended data and Plotting the de-trended data FIT ARMA (p, q) We found that an ARIMA (2, 2, 0) was the best model for our data FORECASTING We used the ARIMA (2,2,0) model to predict the adjusted closing share prices for the next 10 days: