The economics of ocean resources Essay Example | Topics and Well Written Essays - 1000 words

The economics of ocean resources - Essay Example In summary, Hardin’s article addresses the exploitation of common resources due to individuals self utility maximisation goals. Naturally resources are limited while human wants are not only unlimited but also recur. Rationally, individuals strive to maximally benefit from the available resources, which translate to exploitation of the resources. Hardin notes that, the benefits accruing from the use of these resources accrues to a particular individual while the economic loss associated is shared by the community. The rise in population worsens the impact. Therefore, to a single individual, over- use of the resource is beneficial despite harming the community and hence making greed rational. According to Hardin (1968), freedom to access resources enhances the tragedy. For that reason, Hardin advocates for increased government involvement in utilization of public resources and supports his arguments with failure of the’ invisible hand’ to generate a socially optim al solution in several aspects. Economic theory suggests that increased consumption boosts productivity and increases social welfare. The contradictory result that exists in consumption of common resources, especially the exhaustible ones, is what Hardin referred to as the tragedy, and expounded the definition of tragedy to cover both unhappiness and remorseful actions in life. According to Hardin, and many other scholars, the solution to the commons problem must involve an external controller. Government involvement and privatisation have been marked as the most effective solutions. However, given that the problem is caused by individual’s greed and affects the same individuals, collective action can be termed as not only effective but also a cheaper mode of reducing the tragedy. According to wade, collective action refers to the harmonization of actions by a group to achieve a common interest. As noted earlier, individuals are

GUCCI Essay Example | Topics and Well Written Essays - 2000 words

GUCCI - Essay Example Exhibit A and Exhibit E show in the new 2006 Ready to Wear advertisement that GUCCI Blouses are far advanced in terms of trends and fashion design as compared to many of its blouse competitors like DKNY, D & G, BCBG, Burberry, Diesel, and others. The financial statement of DKNY shows that the net profit is only a low 8% of the net sales. (www.edgar-on-line.com) The key functions of buying and merchandising and other liaison with retail and marketing include ranging, pricing, promotions and space allocation. Buyers also identify market opportunities to meet changing consumer needs The market opportunity, based on the trend forecast, shows that GUCCI blouses are one of the top fashion statements that many of the "rich" clients love to keep as display items both on their person and at home. In accounting, the projected Income statement is estimated by first projecting the future sales. In this case the blouse sales have been estimated to be 2.5% higher than its previous 7% per year. To get the sales for three months, the annual sales of 7% of 210 million pounds is multiplied 3 months and divided by 12 months. The months are July, August and September. Therefore the estimated sales are 4.99 million pounds for the three month period. The projected sales as stated in the problem is 210 million and blouses took 7% of the sales. This year you are looking for a 2.5% increase and you are expected to operate on 8 weeks cover. This will translate to ([210 million x (.07+.025) ] x (3/12) = $1.322 million for the 3 month period. Therefore the buying department will have to spend 1.322 million pounds for the entire three month blouse purchases. Exhibit C shows the balance sheet for 2002 to 2004. The blouses will then be presented to the brand director for approval. After approval from the brand director, the blouses will be presented to the retailers for display in its regularly assigned store shelves and show rooms. Exhibit D shows the WSSI estimates. The retail stores prefer companies, like GUCCI, that have fast moving items since most retail stores base their commissions on total sales. If the sales are slow, then the retail outlets will have lower commissions. GUCCI, also, has its own fashion galleries and stores plus its many catwalk presentations that will increase sales. Buying price ranges for each Gucci blouse (Eicher, 2003) is 30 pounds, 40 pounds, 50 pounds, 60 pounds, 70 pounds and 80 pounds. These will be respectively sold at 113 pounds, 150 pounds, 188 pounds, 226 pounds, 264 pounds and 300 pounds respectively. Gucci products are being sold in over fifty countries. This includes United States, Europe, Asia, Canada and others. Regarding the retail marketing it does against competitors etc, "Companies like Gucci and Max Mara, with their own stores and no-frills management style, may be better fixed than others. And as Mr. Maramotti said after the Max Mara show, with its romantic peasant blouses, sashed dresses in men's-wear fabrics and crisp Sergeant Pepper jackets, 'we make nice clothes for real people.' '' (http://query.nytimes.com/gst/fullpage.htmlres=9501E1DA123DF931A35753C1A9679C8B63&pagewanted=print) Gucci product ranges include fashion jewelry,

Economic impacts of tourism

Economic impacts of tourism Economic advantages of tourism in Poland. Once of the main economic advantages for the country from the sector of tourism is foreign exchange. Money tourists spend while in Poland creates income the county can then use to invest or fuel the development and financial advancement of other economic sectors. Before Poland joined the EU and the Euro became the official currency of all member countries. Poland accelerated its economic growth by using other currencies such as the German mark or the English pounds which tourists brought with them and were stronger against the local currency (zl). Now as it has the same currency as any other country in the Euro zone it no longer requires to accumulate foreign exchange to help transactions made with member countries. Of course foreign exchange still remains an important indicator of international tourism even though there is no foreign exchange in Europe other countries such as America, Russia and China and its people are still required to bring an amount of money from their own currency based on their length of stay. As one of the top five export categories for 83% of the worlds countries and the main source of foreign exchange earnings for 38% them. Before joining the EU Poland belonged under both these categories. Contribution to government revenues from tourism is separated into two categories. The direct contributions which are generated from income taxes, tourism employment, businesses related with tourism such as travel agencies, public boats, marinas etc. and of course from direct taxes on the traveling tourists such as departure taxes. The second category is the indirect contributions, generated from taxes and duties taxed and products and services supplied to the tourist for example accommodation and food. Leaving Poland aside for a moment and viewing this on a worldwide scale the WTO had estimated in 1998 that direct and indirect tax contribution to economies around the globe surpassed 800 billion US $. This year (2010) the WTO estimates this figure to be double. Employment generation The rapid expansion of tourism in Poland the recent years lead to a significant increase in and creation of employment. For examples Hotels alone provide around #### jobs Furthermore tourism generates jobs also directly through restaurants, means of transport, nightclubs, and travel agencies, souvenir sales and tourists attractions while it also generates jobs indirectly through the supply of goods and services sectors associated with tourism related businesses. In total tourism supports about 437,600 workers in Poland. Stimulation of infrastructure investment Since a nice country is an attractive country, tourism motivates the government to work on improving the infrastructure of destination sites which slowly spread throughout other parts of the country as well. Such improvements among others are better water systems, sewage and waste handling systems, roads, electricity, communication means and quality, transport networks and so on. These improvements of course do not only help attract tourism but benefit the life of the local population. Contribution to local economies The environment is a basic part of the assets used by the tourism industry and for that reason profit coming for the field of tourism is measured to measure the economic value of protected areas. But local revenues are not always easy to qualify as tourism related ones that happens because not all of tourist expenses are formally registered. In Poland as in any country money is also earned through informal employment, for example from street vendors, informal guides or rickshaw drivers. The positive side of informal employment however is the fact that the money theses people earn returns to the local community as they engage their own transactions as they too have to live. This money gets a great multiplier effect as it is spent over and over again. The multiplier however is not only attributed to the informal revenues any transaction between any tourist related business and the visitors or two or more business entities which purchase items or services one from another within the local economy. What has as a result the inflow of money to Polands economy from en exterior source and this money is subsequently spent again by its new owner in a different transaction and so on. In this way the market and the different sectors is fueled extra cash. For example, the tourist will take a taxi to go to his hotel, the taxi driver will then use that money to pay for a service to his car, the mechanic will use the money he gained to go to the super market, the super market will then order new stock and so on. The multiplier is itself is split into 3 categories. Direct expenditure, is when the tourist personally exchanges money for a good or service, in the hotel or at a restaurant or at a cinema etc. It is also related with tourism produced exports and with investments related to a tourism project in an area. Indirect expenditure, is the transaction made subsequently to the one described above by the new owner of the money. For example when a hotelier pays for goods or services provided by the local area like ordering food supplies or taking extra staff. Induced expenditure is the increased purchasing activity of locals due to the additional personal income resulting from the Direct expenditure of visitors. For example, the hotel employees use their wage bonuses or tips to buy something at the super market. Induced and Indirect expenditures are also called secondary expenditure. Based on this the WTO assumes that tourism generates an indirect contribution the economy which equals to 100% of the direct tourism expenses. Economic Disadvantages of tourism in Poland. Leakage The direct income from tourism oriented transactions is the amount of money that remains after subtracting taxes, profits and wages paid to sources outside of the area and imports are bought. These amounts removed from the overall amount are leakages. Fire example in the all inclusive holiday packages more or less 80% of the tourist money goes to international companies which own airlines, tour operators, hotels etc. while the locals receive very little of that money. Additionally the remaining retained income can still leave Poland through subsequent leakage or transactions the locals do with informal or wandering vendors. There are two main ways of how leakage can occur. Import Leakage, happens when the visitors expect to find or demand standards of equipment, food or beverages Poland does not produce or cant supply by itself. Champagne, feta cheese, bananas and natural gas are only some examples of industries or products Poland cant produce for various reasons or it simply does not yet have a supplying industry. Furthermore a significant amount of the income made from tourism leaves Poland again to pay for these imports. The average import related leakage is assumed to be between 40 to 50% of gross tourism earnings for small economies and between 10 to 20% for more advanced countries. Polands leakage on imports is estimated to be 36% Export leakage, international companies play a big role in this kind of leakage. Particularly in poor developing destinations they are the ones that have the required capital to invest on building of tourism infrastructure facilities and improvements. As a result the foreign investors who sponsored the construction of hotels and other facilities take their share from the tourism related revenue back to their own countries. Enclave tourism Takes place when the more developed countries try to control the tourism development in developing destinations or use that as an opportunity to increase their own incomes. As the international companies intervene with tourism activities of les advanced countries, local businesses see their chances to earn money from tourists greatly reduced. This potential revenue decreases further with the creation of more and more All-inclusive hotels and vacation packages. Since if the visitor remains for his whole stay only in the hotel which offers him all he wants (food, drink and entertainment) local market has little ways to benefit from tourism. While all inclusive packages generate big revenue little of that reaches the local economy compared to other forma of accommodation. These types of establishments also import more trying to gain cheaper prices and employ less people than normal establishments. Infrastructure costs The development of tourism costs the government and Polish taxpayers great sums of money. In order to be able to attract and host more visitors the government proceeds to improve airports, make batter roads and improve other infrastructures as well. Foreign and even local developers in most cases request tax breakers or other financial advantages which are costly procedures for the government. The public resources with will be used to cover these financed infrastructure or tax breakers accordingly reduces Polands investment in other important areas like education or health. Increase in prices Growing demand for basic services and goods from tourists results in price increases which have a negative effect on local societies as their wages remain without an according raise. Developing tourism also creates a raise in real estate demand and this has as a result the increase of constructing costs and value of land. These growing prices and a static salary make life for locals hard. Economic dependence of the local community on tourism Diversification inside an economy is evidence of health, but when a country becomes dependant for its economic survival on a single industry, this puts great stress on the industry and the people involved with it as it has to perform well. There are many developing countries which due to little ability to explore or use other resources have focused entirely on tourism for the development of their economy. There are countries like the Maldives where 83% of local work depends on tourism; such over-reliance on tourism brings a lot of risks to an economy as the economic recession, changing tourism trends and natural disasters can have devastating results on the country. Seasonal character of jobs The problems included in the seasonal nature of tourism oriented work are mainly income insecurity as when the season is over the workers are fired and have no work until the next season. But even there is no guarantee he will get reemployed next year. It is also hard for the seasonal employees to get training, employment related medical benefits or recognition for their experience and in some cases the housing and working conditions they are offered are unsatisfactory.

Twelve Angry Men Essay -- essays research papers

Twelve Angry Men is a very interesting play about an unfortunate young man, who was convicted of killing his dad. The worst part was, the young man was only nineteen, and his life was just starting. The jurors listened to all the evidence, then came the hard part, making the decision: guilty, or innocent. Eleven jurors said guilty and only one said innocent. There was a lot of peer pressure involved. I decided to write about different peer pressures three of the jurors used. The three jurors I picked are juror #10, juror #7, and juror #8.The first juror I want to write about is #10. Juror #10 was using a lot of sarcasm, whenever he was trying to prove his point, or prove someone else wrong. I think that this method of peer pressure is one of the most powerful ones. I believes so, because when you are embarrassed in front of 11 other people (in this case jurors) you do not know, really lowers your self-esteem. It may lower it to the point where you will say guilty, eve though deep down inside, you will feel that the person is innocent. This is a quote I picked to illustrate sarcasm skillfully used by #10: "You're a pretty smart fellow, aren't you?" I think this one sentence could really put anyone down, and make anyone feel embarrassed, and maybe stupid. Another juror I decided to write about is #7. He was muscle flexing most of the time. Muscle flexing means, he was raising his voice, even screaming at everyone, as if he was the boss. Whenever #8 was trying to ...

Case: Settlement

Discussion1 Is Fast Eddie required to accrue a liability as of March 31, 2011, financial statements related to the ongoing government investigation? If so, how much? Yes. Fast Eddie is required to accrue a liability of $3. 7 million. Subsequent Events are Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. There are two types of subsequent events: a.The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events). b. The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (that is, nonrecognized subsequent events).According to ASC 855-10-25-1, an entity shall recognize in the financial statements t he effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements.An example of recognized subsequent events is that if the events that gave rise to litigation had taken place before the balance sheet date and that litigation is settled after the balance sheet date but before the financial statements are issued or are available to be issued, for an amount different from the liability recorded in the accounts, then the settlement amount should be considered in estimating the amount of liability recognized in the financial statements at the balance sheet date. The investigation was held in 2010 before the end of fiscal year on Mar 31, 2011.The $3. 7 million of settlement was offered in April 2011, before CPAs-R-Us completed its procedures and issued the audit report for the year ended March 31, 2011. The government did not accept offers t o settle before finalizing its investigation, as a result, Fast Eddie should accrue a liability as of Mar 31, 2011. According to ASC 450-20-25-2, the required accrual liability would be $3. 7 million. An estimated loss from a loss contingency shall be accrued by a charge to income if both of the following conditions are met: a.Information available before the financial statements are issued or are available to be issued (as discussed in Section 855-10-25) indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements. Date of the financial statements means the end of the most recent accounting period for which financial statements are being presented. It is implicit in this condition that it must be probable that one or more future events will occur confirming the fact of the loss. b. The amount of loss can be reasonably estimated. 50-20-50-10 talks about Litigation, Claims, and Assessments. As a result, the set tlement is a recognized subsequent event. According to EITF Topic No. D-77, â€Å"Accounting for Legal Costs Expected to Be Incurred in Connection With a Loss Contingency† (ASC 450-20-S99), The SEC Observer noted that the SEC staff would expect a registrant's accounting policy to be applied consistently and that APB Opinion No. 22, Disclosure of Accounting Policies, requires disclosure of material accounting policies and the methods of applying those policies. Discussion2If Fast Eddie withdraws the settlement offer before it is accepted by the government and before the issuance of Fast Eddie’s financial statements, would that change your answer to the above question? According to 450-20-55-36, Fast Eddie should provide an illustrative disclosure in accordance with ASC 450-20-50. In this case, accrual would be inappropriate, but disclosure would be required if an unfavorable outcome is determined to be reasonably possible but not probable (450-20-55-13). Since Fat Eddie believes the company is not obligated.

Background of Daoism and Confucianism in China and its Influences

Confucianism has been very essential in the preservation of the Chinese civilization. It is embodied by the teachings of Confucius and Mencius, supported by the followers until the modern ages. The Neo-Confucianists of the Sung and the Ming periods instilled some teachings of Daoism’s naturalism (Wen-shun, p. 123) Confucianism shaped the national character of what we know as the China of today. It has also permeated the aspect of the society which involves family, arts and literature, and all the virtues of human relationship.All that embraces the Confucian teachings worked in two ways. It affected the ideologies and way of thinking of the writers who still follow the tradition, and even those who are not into it. Daoism took over the disordered state of the country, where there is man’s disappointments in his personal life, which can be associated to worldliness. On the other hand, Confucianism came victorious in times of tranquility and success (Wu-Chi, 1990, p. 4) Th e western beliefs contribute to the deviation of the anti-Confucian literary artists who influence a lot the people of China.Even the normal people of the modern times instill to them the reasons of not inclining themselves anymore on the Confucian dogma. Because of these western influences, the influence exerted by Confucianism in modern China has gone lower dramatically. The promotion of science in modernization, together with the growth of democratic thoughts made Confucianism unsuitable to modern China (Wen-Shun, 1992, p. 200). Still, many political thinkers agree, like for example, Ch’en, that dealing with modernization does not require involvement of the western or any foreign ideas.China’s modern world has increasing debates whether the influence of Confucianism has a negative impact on the country’s economic development. Confucianism teaches that the profit orientation of a government or a society negates virtue, which is emphasized by capitalism. Confuc ius continues in his articulation against the capitalistic China that he would not engage himself on such wrongdoings even if it is for the betterment of the society (Killion, 2006, p. 32). Daoism thrives on achievement of perfection against the politics of imperial administration (Woodhead, 2001, p.93).Perfection is equated to immortality; the ‘dao’ or ‘The Way’ being the force of the universe where people are inclined to be one to it. Dao is a metaphysical, at the same time, philosophical conception, which is synonymous to the ‘nature’ being used by the Greeks. The meaning creates thinking about generation and regeneration which controls the existence of things in the moral influence. In Confucianism, the principle of the ‘heavenly order’ is emphasized, while in Daoism, it is only ‘The Way’ itself.Daoism created a number of hermetic traditions. In addition to it, the traditions of the lay liturgy have also been influ enced. The highlight of their teachings is on the exorcism and healing. Under the emperors, these teachings were approved, and have turned from a heart of texts to a canon law. The presence of Daoism in the China today does not articulate optimistic speculation that the age-old Daoism has come back in the modern China. They have no doubt that it is still the Daoism in the past that revolves around China in the modern times.There is a struggle against the anti-religious policies and government officials who create misinterpretations of the Daoism dogma. The Chinese local culture has been influenced by Daoism, that it lives in every home. The negative aspect is that the local policies and the openness of controlling these local policies control the balance regarding the religion’s existence. Even so, Daoism influence the school systems and the medical systems in China that leads them to the road of modernization (Pui-tak, 2006, p. 47). It still lives in the rural areas of China , although many Daoists are being oppressed by the government.