My Childhood Memory Essay -- essays research papers

                My Childhood Memory      I recollect it like yesterday. We were all standing by calmly for my dad to get back home from the race track. He guaranteed me and my sister that in the event that he won, he would take all of us to Rye Playland. The minutes felt like hours. It was the longest hour of my life. At that point at long last we heard the vehicle entryway shut. Me and my sister hurried to the front entryway restlessly sitting tight for the news. He opened the entryway and strolled in. We attempted to peruse the demeanor all over obviously he was looking down while taking his shoes off. The tension was murdering us. At that point he gazed upward. No words were expressed among us and our dad. He just gave us a clear gaze. I didn't have the foggiest idea what to think. I was terrified to solicit on the grounds that I was so stressed from the reaction. It was that second when he said to us, "Well kids, select what your going to wear to Rye playland th is weekend." Excitement just hopped all through my entire body. We both ran over and gave him the greatest embrace and ran upstairs to choose what we would carry with us. I was so energized for the following two days, I likely just got around 4 hours rest. At that point the day at last came. It was Saturday.      It was the main time in my life I was glad to hear the morning timer go off. Obviously I was at that point wakeful for two hours before it really went off, however I stood by at any rate. I leaped out of... My Childhood Memory Essay - papers research papers                 My Childhood Memory      I recall it like yesterday. We were all standing by persistently for my dad to get back home from the race track. He guaranteed me and my sister that on the off chance that he won, he would take all of us to Rye Playland. The minutes felt like hours. It was the longest hour of my life. At that point at long last we heard the vehicle entryway shut. Me and my sister hurried to the front entryway tensely hanging tight for the news. He opened the entryway and strolled in. We attempted to peruse the appearance all over obviously he was looking down while taking his tennis shoes off. The tension was executing us. At that point he gazed upward. No words were verbally expressed among us and our dad. He just gave us a clear gaze. I didn't have a clue what to think. I was terrified to solicit in light of the fact that I was so stressed from the reaction. It was that second when he said to us, "Well kids, select what your going to wear to Rye playland this weekend." Excitement just hopped all through my entire body. We both ran over and gave him the greatest embrace and ran upstairs to select what we would carry with us. I was so energized for the following two days, I likely just got around 4 hours rest. At that point the day at long last came. It was Saturday.      It was the main time in my life I was glad to hear the morning timer go off. Obviously I was at that point alert for two hours before it really went off, yet I stood by at any rate. I leaped out of...

Capitalism Europe

Specialists changed monetary exercises by figuring out how to exploit economic situations by implying proficient systems of transportation and correspondence and by making an arrangement of managing the cost of an item dependent on flexibly and request. 4. The organizations that bolstered early free enterprise were banks and business entities, for example, the English East India Company and their Dutch partner. 5. The Dutch and English upheld the development of free enterprise in light of the fact that the English East India Company and their Dutch partner were two enormous exchanging organizations that spread the thoughts of private enterprise for a bigger scope than any time in recent memory. . The Joint-stock organizations set p by the thoughts of free enterprise and the English/Dutch would be approved to overcome, investigate, and colonize far off grounds looking for business openings. In this way, early private enterprise created with regards to Imperialism, as European people g roups built up braced exchanging posts Asia and pioneer systems in both Southeast Asia and the Americas. Royal extension was critical to the spread of free enterprise, since it empowered European dealers to get regular assets that would be disseminated. 7.Crafts and organizations had fixed costs and wages and they controlled guidelines of value. They didn't try to acknowledge benefits, along these lines disheartening rivalry and opposed mechanical advancement. 8. The putting out framework was framework in which industrialist business visionaries conveyed incomplete materials to country family units where the craftsmans would complete a piece of the item in their homes (like a mechanical production system) and pass it on until the item was done and afterward it was providing for the business visionaries, and afterward the craftsmans were paid for their work. 9.The points of interest of the putting out framework were that in light of the plenty of rustic work, business people spent ge nerally title on compensation and benefitted enormously. 10. The putting out framework acquainted enormous aggregates of cash with the field which brought material advantages and upset the since quite a while ago settled examples of provincial life. The standard of rustic life rose drastically; families procured more products and provincial individuals wore more pleasant garments, ate better food, and drank better wine. People had the chance to become riches and quit depending on neighbors and family. Youthful grown-ups and ladies started to acquire their own wages. 11.In Eastern Europe needed urban areas so there was no option in contrast to working in the open country, o proprietors exploited on this circumstance by compelling laborers to work under amazingly brutal conditions though in Western Europe there were better working conditions and more urban communities. Western Europe was obviously better in contrast with Eastern Europe in the territory of work. 12. Private enterprise presented moral difficulties. Medieval scholars accepted that benefit making was ethically hazardous, since profiteers looked to further their own potential benefit as opposed to the government assistance of the bigger network. The Church thought about enthusiasm as an unmerited and unethical benefit. 13.Adam Smith's reaction was that society noisy thrive when people sought after their own financial advantages. 14. In spite of the fact that Capitalism might not have essentially caused changes in family life, it urged advancements that assisted with characterizing the nature and job of the family. Free enterprise supported the family unit; it offered openings doe autonomous families to expand their riches. As these families turned out to be increasingly significant monetarily, their significance socially and sincerely expanded. Love turned out to be increasingly significant in marriage (not just fortifying collusions) and guardians and their youngsters turned out to be progressively essential to family life.

How Do I Write An Essay About Myself?

How Do I Write An Essay About Myself?There are several reasons to find out how do I write an essay about myself? The purpose of this article is to explain one of the most common reasons why people find themselves wondering about this question. When writing a paper, you want to make sure that it is a thorough and well thought out piece of writing. This is one way to make sure you are not merely repeating what someone else said but to also add your own personal touch.What does this mean? In today's world there are so many distractions available that students find themselves unable to focus on their studies and get their work done. Sometimes the family, friends and job can overpower your focus and you simply cannot concentrate on anything. This can be really detrimental to your school work. Therefore, if you cannot write an essay about yourself, then you need to do something about it.In order to be able to write an essay about yourself, you need to consider some basic factors. First, yo u need to ensure that you are actually self-aware. Many people feel like they are unselfish and that they love being around other people but, in reality, they do not. If you are truly self-aware, then you will be able to grasp the fact that there are people who are important to you and that they need your time and attention.It is also important to learn how to connect with other people emotionally. If you are capable of reaching out to others, then you will be able to build and support relationships that are vital to your success. When you know how to write an essay about yourself, you will be able to keep things in perspective and not allow your frustrations to ruin your relationships.The second thing to consider when learning how to write an essay about yourselfis the length of your writing time. Most people put themselves into writing a paper long before they have finished their assignments. Since they will not know how long they will need to write, they will be unable to determi ne how long they should be writing for.When learning how to write an essay about yourself, you need to remember that you should always be taking the time to write something down first. Instead of waiting until you have completed all your assignments, start making notes of anything you come across during your readings and classwork. You never know what you may find interesting or entertaining and this could be the basis for a great essay. Write down all these items on your list and read through them as often as possible.Finally, in order to learn how to write an essay about yourself, you need to remember that you will have a difficult time finishing your papers. This is because people tend to procrastinate and just stay in the same routine for too long. Therefore, take your time and put together a well-rounded piece of writing.These are just a few of the main ideas to help you understand how do I write an essay about myself. Once you have learned how to write an essay about yourself, you will begin to see that it is a must to revise, edit and revise again. After all, you are writing on a topic of which you are very knowledgeable.

The Debate Of Raising Minimum Wage - 1910 Words

Debate of Raising Minimum Wage Raising minimum wage has been an ongoing issue for many years. Similar to every debatable issue, pros and cons are inevitable. In the United States, minimum wage started when the Fair Labor Standards Act of 1938 (FLSA) was passed and minimum wage started at 25 cents per hour. The purpose of setting a minimum wage is to set a maximum workweek and to eliminate child labor. It is defined to be the least amount of money employers are obligated to pay their employees by law. As the years passed, the minimum wage began to increase to accommodate the growing economy. Although the wage has increased from a mere 25 cents per hour to $7.25 over the course of 75 years, living expenses are much higher causing many people to be poverty stricken (Debate.org). President Obama proposes raising the minimum wage, so that it would help minimize the income gap in America. However, most business organizations and the Republicans oppose to the idea, saying that it could potentially lead to more economic p roblems. While both sides have valid points, which one provides a more compelling argument? In the United States, the minimum wage should be raised in every state; therefore workers can have a more comfortable standard of living, lower the poverty line, and minimize the income gap. The increase of minimum wage could lead to a better quality of life. Many had lived barely paying for the minimal necessities such as shelter, food, water, clothes, etc. The topic ofShow MoreRelatedEssay on The Debate over Raising the Minimum Wage1502 Words   |  7 PagesThe federal minimum wage was raised to $7.25 an hour by Congress in 2009, something that has been carried out only a handful of times since the establishment of the wage in the Fair Labor Standards Act in 1938. Even with this modest rise in income, the minimum wage today does not provide for a decent standard of living. It has failed to keep pace with the wage growth of an average American worker. The minimum wage was intended provid e a minimum standard of living; to aid in alleviating povertyRead MoreThe Debate Over The Minimum Wage Debate1737 Words   |  7 Pagesduring Carnegie’s time and would mark the very beginning of long and difficult process to achieve worker’s rights that still continue to this day. The minimum wage debate is without a doubt part of these negotiations and has taken the spotlight in recent years. There are two sides to the minimum wage debate: the employees fighting for higher wages who would like to earn enough to keep food on the table for their family, and the employer who is doing what they can to keep costs low and ensure thatRead MoreEffects of Increasing Minimum Wage Essay988 Words   |  4 Pagesidea of having a federal minimum wage is a good one. The idea is to protect low and unskilled workers from discrimination and allow all workers to earn a living wage. The recent debate on the floor, though, is whether or not to raise the minimum wage from the current $7. 25 per hour up to $10.10 per hour. President Barack Obama made this proposal during his annual State of the Union Address on January 28, and following this there were many hot debates about it. The debates focused not only on the advantagesRead MoreMinimum Wage During The Great Depression1419 Words   |  6 PagesThe Minimum Wage Battle In the United States, the minimum wage was passed during the Great Depression in 1938 to protect the buying power of normal workers in a period in which the â€Å"unemployment rate was still a very high 19 percent† (Sklar, 2009, p. 1). Since that time, there has been significant debate about the controversial topic of raising the federal minimum wage. The federal minimum wage law was created to eliminate unfair practices of sweat shops and manufacturing companies during this timeRead MoreEffects of Increasing Minimum Wage794 Words   |  3 Pagesa federal minimum wage is a good one. The idea is to protect low and unskilled workers and allow workers to earn a living wage. The recent debate on the floor, though, is whether or not to raise the minimum wage from the current $7.25 per hour up to $10.10. President Barack Obama made this proposal during his annual State of the Union Address, and after this there were many hot debates about it. The debates focused not only on the pr o side and the con side of increasing the minimum wage, but alsoRead MoreThe Debate Over Minimum Wage940 Words   |  4 Pages The debate on raising the minimum wage has been discussed in detail in Congress for the past eighteen months. But as of late, writer William Finnegan suggests, it is â€Å"among the many urgent issues that it [Congress] certainly won’t address.† Though this issue is important, Congress seems to be putting off making any real decision in regards to raising the minimum wage. The bill to raise minimum wage from $7.25 per hour to $10.10 and hour over a two year period had been thrown around for monthsRead MoreMinimum Wage Argument Jack Page 2/26/13 One of the hot topics recently in this country is the600 Words   |  3 PagesMinimum Wage Argument Jack Page 2/26/13 One of the hot topics recently in this country is the question, and debate, of should minimum wage be raised? With both sides wildly arguing about raising the minimum wage being good or bad, and the truth behind whether it will do more good than harm to this country. The question still remains with should it be raised? For supporters of the wage being raised they are excited for what the White House’s Council of Economic Advisors stated. â€Å"White House’s CouncilRead MoreMinimum Wage Should Be Legal1435 Words   |  6 PagesMinimum wage is currently a very heavily debated topic. Many are in favor of raising the current national minimum wage of $7.25 to a more livable wage; suggestions for this increase are anywhere between $9-15 per hour. While the minimum wage has been raised several times throughout the years, it has not been kept proportional to raises in inflation which has led to a decrease in the amount of goods that people are able to buy with those wages, in turn making their economic lives more difficult. ThoseRead MoreMcdonald s And The Minimum Wage993 Words   |  4 PagesMCDONALD’S AND THE MINIMUM WAGE Introduction Minimum wage has always been, and will probably always be, a controversial topic. Some believe raising the minimum wage is the solution to poverty, while others believe that raising the minimum wage is a recipe for â€Å"killing† jobs. This age old debate has come to the forefront recently as the â€Å"Fight for $15† by fast-food workers continues to grow. The campaign’s core argument is that the billion-dollar companies in the fast-food industry can afford toRead MoreThe Minimum Wage Debate870 Words   |  4 PagesThe minimum wage debate has recently made a large comeback in United States politics. Contemporary studies show over 3.8 million Americans are paid at or below minimum wage (Dickinson 33). Many have looked skeptically back on past wage systems and have questioned wage’s relationship to current market inflation. In response to this inquiry, a large majority of the general population, relatively unrelated to their degree of income, support legis lation to increase the minimum. However, the issue has

Assignment on Business Strategy - Free Essay Example

Sample details Pages: 18 Words: 5404 Downloads: 5 Date added: 2017/09/11 Category Advertising Essay Did you like this example? Assignment on Business Strategy 1. Evaluate a company of your choices Mission statement in the light of the 3 components of any Mission Statement. Also use the Abel framework to evaluate the business definition that this mission statement drives. Ans. ) While a business must continually adapt to its competitive environment, there are certain core ideals that remain relatively steady and provides guidance in the process of strategic decision making. These unchanging ideals from the business vision and are expresses in the company mission statement. The mission statement communicates the firm’s core ideology and visionary goals, generally consisting of the following three components: a. Core values to which the firm is committed b. Core purpose of the firm c. Visionary goals the firm will pursue The firm’s core values and purpose constitutes its core ideology and remain relatively constant. They are independent of industry structure and the product life cycle. The core ideology is not created in the mission statement; rather, the mission statement is simply an expression of what already exists. Don’t waste time! Our writers will create an original "Assignment on Business Strategy" essay for you Create order The specific phrasing of the ideology may change with the times, but the underlying ideology remains constant. Here is the Coca-Cola Companys mission statement for Stakeholders which is published in Jeffrey Abrahams new book, 101 Mission Statements From Top Companies . The Coca-Cola Promise: The Coca-Cola Company exists to benefit and refresh everyone it touches. The basic proposition of our business is simple, solid, and timeless. When we bring refreshment, value, joy and fun to our stakeholders, then we successfully nurture and protect our brands, particularly Coca-Cola. That is the key to fulfilling our ultimate obligation to provide consistently attractive returns to the owners of our business. The audience for this mission is specifically for the stakeholder. The values here are stated explicitly: refreshment, value, joy, fun, and attractive returns. These words were obviously carefully chosen by those who crafted this mission statement. The â€Å"ultimate obligation† of â€Å"attractive returns† is a powerful way to state the company’s vision and keeps the values stated in context. A separate mission statement is published on The Coca-Cola Companys website for access by the general public: â€Å"Everything we do is inspired by our enduring mission: * To Refresh the World†¦ in body, mind, and spirit. * To Inspire Moments of Optimism†¦ through our brands and our actions. * To Create Value and Make a Difference†¦ everywhere we engage. † These values are consistent with the stakeholder version of the mission: refreshment and value are echoed in addition to inspiration. 2. What does a Business model intend to achieve, and how? Evaluate any company of your choices Business Model in the light of the same. Ans. ) Business Models are simulations of actual business functioning. They act as ideal real life examples, and help participants actively discuss the pros and cons of the situation given. A business Model gives a Full Account of any particular Business Scenario. One has to SWOT analyze the Business Model based on different parameters. A  business  model is a description of how a business intends to operate, how it makes money or delivers value, and what it does and does not do. A business model can change throughout the life of business or can be applied to a specific product, or to a nonprofit. It is a more general and concise statement than the business plan, but is still often used to explain the business and its activities to investors, banks or employees. Standard business models are often referred to in shorthand, such as subscription or low-cost leader. As we know a business model is the mechanism by which a business intends to specify a market offering. It is a summary of how a company plans to serve its customers and specifies its product offering. It mentions both the strategy and methods of implementation. As Amazon. com was being established, the delivery of information, goods, or services to end customers employed one strong business model called the Online Retailers of Physical Goods. This business model takes title to the newly manufactured products that they sell and often rely on third party providers. Like Amazon. com, it needed third party providers, such as Borders and Barnes ; Noble, to maintain its product supply. When Amazon. com was first launched, Amazon. om was heralded for its feel-friendly culture that drew talented young people to apply for work there and employed smart hiring strategy by hiring the brightest, most intelligent and versatile people. Jeff Bezos wanted people who could share his vision and were willing to work to achieve it. He tried to establish a sense of community due to sharing both hard work and fun with his employees. Although pay was less than market salaries, attractive ownership option s were offered. Amazons three operational strategies are 1. Cost-Leadership Amazon places itself as leader based only on the pricing. It offers the same product quality for lesser price. 2. Customer Differentiation Amazon uses design, quality and convenience as a differentiator which set it apart from its close competitors. 3. Focus Strategies Customer service is the major focus while realizing that each market has its own quirks. Amazon. coms values and philosophy are at the center of the organization. These often determines the success and failure of the enterprise . The other important factors Amazon focuses on are customer satisfaction and operational frugality. These two values complement Amazon. coms operational strategies in achieving and maintaining an effective competitive advantage. Growth Drivers There are four primary drivers for growth: 1. Product focus 2. Customer focus 3. Technology focus 4. Distribution focus Using the above stated strategies, Amazon has managed to place itself in a position of power and success. 3. Use the 5 forces model to analyze and interpret the opportunities and threats that the industry within which a company operates (of your choice), throws up. Explain how the company plans to capitalise on the opportunities and tackle the threats posed. Ans. ) The Porter’s Five Forces model is a simple tool that supports strategic understanding where power lies in a business situation. It also helps to understand both the strength of a firm’s current competitive position, and the strength of a position a company is looking to move into. Despite the fact that the Five Force framework focuses on business concerns rather than public policy, it also mphasizes extended competition for value rather than just competition among existing rivals, and the simpleness of its application inspired numerous companies as well as business schools to adopt its use (Wheelen and Hunger, 1998). * * * * * * * * * * * * * * * * * * Chez Airlinbe company is not an isolated unit in the world and performs within a market full of other competitors. To be able to evaluate their position on market and to act accordingly they themed the Porters Five Forces Model. This model helped to define and realize their business and its surroundings and identify threats and opportunities to focthem on. They review this model periodically to obtain up-to-date data in this global and turbulent environment. The Porter Model consists of 5 elements which together comprises the environment business operate in. These elements are: suppliers, customers, new entrants, existing competition and the product itself. By assessing every one of these elements they get the whole picture of their company within the market and the rating helps them target the key areas. They theme the scale of 0-5 to evaluate the policies of each element where 0 means no policies and 5 very high policies (reffering to the number n the brackets). * 1) Policies of Suppliers As they operate in the areas of services there are no critical commodities having large influence of their everyday service delivery. Therefore this area is not of critical policies in a short run. However, they should not underestimate this element as they wouldnt be able to continue the business in long run without suppliers. * The market is domin ated by a few large suppliers rather than a fragmented choice of their supply (3) This is a threat in case of the aircraft machines. There are not many reputable airplanes (and airplanes parts) producers and therefore they could have strong policies to control the air travel industry. As for the catering, gift services and other indirect materials there are many fragmented choice and therefore their policies is of almost no significance as they could be replaced quickly. * There are no substitutes for the particular input (5) There are no substitutes for planes (in case they want to continue providing air transportation instead of ground routes) and therefore the policies of this element is very high business critical. They could reduce this policies by handling cargo theming the earth services but this might decrease service level they provide to their customers. * The suppliers customers are fragmented, so their bargaining policies is low (4) There are more than 200 airlines all over the world and despite some alliance organizations (such as IATA) they are all potential competitors. The policies of this element is relatively high as the suppliers could afford losing one customers but the customers cant afford loosing the critical supplier (e. g. Boeing). The switching costs from one supplier to another are high (3) Switching costs in air transport industry are mainly related to the fact of limited airplanes producers and to the machine a company already owns. They theme planes form 3 producers: Airbthem, Boeing and ATR. Switching to a different producer would mean higher maintenance costs for another type of plane (training of maintenance staff including) and also necessary training for their pil ots which is time and money consuming and its not necessary. * There is the possibility of the supplier integrating forwards in order to obtain higher prices and margins. This threat is especially high when: * The buying industry has a higher profitability than the supplying industry (1) This is not the case of aircraft manufacturers as the manufacturing of large products (i. e. planes) brings more revenue and profit than operating air transport itself. Hotheyver, there might be some intentions to create separate divisions operating with self-produced planes. * Forward integration provides economies of scale for the supplier (0) Again, this is not a real threat as no economies of scale would be reached by forward integration. * The buying industry hinders the supplying industry in their development (e. . reluctance to accept new releases of products) (2) Its true that buying industry wants working and self-tested products for stable prices more than new and more expensive innovations but still theres not a large inclination towards forward integration. * The buying industry has low barriers to entry (3) From the manufacturers point of view, the buying industry has low barriers to entry as the highest barrier is represented by huge investments into aircraft. * 2) Policies of Customers Similarly as the suppliers policies, the bargaining policies of customers determines how much customers can impose pressure on margins and volumes. In general, their customers could be divided into three groups: * private individual customers * travel agencies * other airlines which they provide with ground handling, training and other support services. The aspects of customers policies are as follows: * They buy large volumes, there is a concentration of buyers (2) As for the individual buyers, the name of the category itself reveals that they themually act as indivuals and therefore have no strong bargaining policies. Travel agencies buy larger volumes or order charter flights and therefore their switching to a different supplier might have larger impact on their profits. As for the 3rd group, they are not threaten by their policies as they are the major servicing subject on Prague airport. * The supplying industry comprises a large number of small operators (4) This fact should be of high importance as there are many airlines providing similar service to their customers and therefore the customers could choose among them easily. With introduction of e-tickets choosing the company to fly with is a matter of 5minutes. Therefore the importance to identify the key decision factors rises and they should find their way to distinguish Czech Airlines from other companies to be attractive to their customers. The supplying industry operates with high fixed costs (3) Fixed costs in CSA are represented by costs on aircraft purchase and maintenance and by costs of executives salaries, i. e. their fixed costs are relatively high. On the other hand, they do not invest in new airplanes that frequently so the fixed costs do not influence their performance and profita bility too seriothemly. * The product is undifferentiated and can be replaces by substitutes (4) One of the features of their product (service) is that its geographically bound. All their services are connected to Czech Republic and namely Prague so they mainly compete with companies operating within the same area. This is a high threat as the core of the product it the same for all the competitors: transport via air. Hotheyver, they try to differentiate by additional services and providing high comfort to all segments of their customers. There are many substitutes to air travel but not with equal value to customers (more in the substitutes section). * Switching to an alternative product is relatively simple and is not related to high costs (1) Switching to an alternative product (i. . other ways of transportation ground, water) is easy and requires no financial costs at all. But it could bring increased costs of time, money or comfort of travelling. And this rises with the distance travelled. Therefore this aspect is not of high influence. * Customers have low margins and are price-sensitive (4) The margin related to travelling itself is low in case of any means of transportation and therefore price plays an important role when deciding whose services to theme. In addition, with online booking customers could express their price-sensibility very easily and quickly by hoosing different airlines. They are aware of that and they try to balance their price politics with the services they provide. * Customers could produce the product themselves (0) Obviothemly no impact here, customers are not able to produce the porudct themselves. * The product is not of strategic importance for the customers (2) For long-distance travelling flying is the top means of transportation as its the fastest and most comfortable way to reach the desired destination. Therefore it is of strategic importance becatheme without air transport a lot of places would remain almost unreachable to the customers. But as for the close destinations, other means of transport could be considered. * The customers knows about the production costs of the product (1) This industry is very specific and the service delivered cant be easily substituted or performed by the majority of customers and therefore no subjective results of observation of costs are available (to the customers). Hotheyver, the customers realize that the costs mthemt be high and is therefore impossible for them to produce the service on their own. * There is the possibility for the customers integrating backwards (2) For the 1st group of customers, i. e. rivate individuals, it is barely possible to integrate backwards with all the high costs of establishing and running such business. There might be a way for the second group, i. e. travel agencies, in case its a large and theyll established company who finds the sense of optimizing costs of producing travelling services in buying and running their own airplanes. This actually happ ens but with all the maintenance costs and necessity to utilize the capacities, not very often. The 3rd category of customers is not of a large policies as it is not cost-effective to run their own support and handling services on Pragues airport. 3) Threat of New Entrants The competition in an industry is higher, the easier it is for other companies to enter this industry. In such a situation, new entrants change major determinants of the market environment (market shares, prices, customers loyalty) at any time and there is always a pressure for reaction and adjthemtment for existing players. In almost every industry one can never be sure of its position and should be aware of new entrants bringing new products or jthemt being innovative and attractive to the customers. The threat of new entries always depends on the extent to which there are barriers to entry and these typically are: * Economies of scale (minimum size requirements for profitable operations) (1) This is themually the case of production companies rather than servicing areas. Hotheyver, a theyll established company with a large customerss base and air fleet could be more efficient in their performance and therefore in a certain way realize economies of scale. As for the handling and support on Prague airport, they are the major provider of those services and therefore they are realizing economies of scale in that area. High initial investments and fixed costs (1) This is a huge barrier for any company interested in entering this market as large investments into aircraft should be expected. You also need to find trained staff, fully equip all the planes, rent hangars, etc. * Brand loyalty of customers (4) This is a real threat as the customers are not forced to be loyal to the brand. T hey can choose from variothem providers by jthemt-a-click-away change and do not hesitate to try another, new provider. They try to reduce this threat by providing special services to their regular customers based on a loyalty card program where they collect miles for which they are later refunded. They have special lon-term agreements and contracts with travel agencies which also make it very inconvenient for them to switch to different provider. * Protected intellectual property like patents, licenses etc. (5) There are no limitations in air transportation concerning intellectual property and therefore this results in no barriers for new entrants. * Scarcity of important restheirces, e. g. ualified expert staff (4) It might be difficult to find new staff at the beginning but one can try to hunt for staff of competitors or jthemt theme the training ctheirses provided e. g. by Czech Airlines. That is this is not a real barrier. * Distribution channels are controlled by existing players (5) The main distribution channel from airlines to customers is the Internet and therefore anyone can access and no c ontrol is performed. The other channels are individual and again of no restriction or limitation. So the policies of this aspect is strong. * Existing players have close customers relations, e. . from long-term service contracts (3) This is the case of travelling agencies with long term and convenient contracts. This relationship is though not that strong and the contracts dont last that long in order to prevent new competiton to enter the market. * High switching costs for customers (4) They try to increase the switching cost by loyalty programs for their customers and by emphasizing the tradition of Czech airlines (the only airlines with Czech speaking staff onboard) as theyll as by long-term convenient contracts with travel agencies and airlines they service on ground. But for the majority of their private individual customers the switching costs are very low and thats why they should be aware of this aspects high influence. * Legislation and government action (5) No legislation or government action binds this industry and this does not represent any barrier of entry at all. * 4) Threat of Substitutes A threat from substitutes exists if there are alternative products with lotheyr prices of better performance parameters for the same purpose. In case of air transport possible considered substitutes could be * ground transport or water transport. As for the water transport, its huge advantage is that large amount or theyight could be carried this way. Hotheyver, there is limitation of water accessibility of the site and also time inconvenience. Ground transport is more likely to be a substitute to air travel but for larger distances travelling on ground might get uncomfortable and time consuming. Also overseas destinations are out of reach. Hotheyver, travelling on plane is limited to the fact that only destinations with airports are accessible. This fact is but one of those the customers count with. Similarly to the threat of new entrants, the treat of substitutes is determined by factors like: * Brand loyalty of customers (4) This point was already discthemsed. * Close customers relationships (3) This point was already discthemsed. * Switching costs for customers (4) This point was already discthemsed. * The relative price for performance of substitutes (2) There is no actual substitute for air travelling in global scope but alternative means of transportation (trains, trucks, ships, cars etc. could be themed to provide similar service. These substitutes could be more convenient for local or near transportation but for overseas or holiday travelling as theyll as for fast cargo transportation air is the best option. The price might vary but customers dont evaluate the whole service jthemt in terms of actual price paid but also in terms of implicit costs such as time saved, comfort of travelling etc. * Current trends (0) Tra nsportation industry is not an example of trend determined domain and this is hence not a real threat. 5) Existing Competition They identify their competition as the airline companies flying to destination Prague, Czech Republic. The reason for that is that all their flight start/terminate in Prague. There are almost 50 companies flying from Prague to variothem destinations all over the world and they compete on separate routes. As the switching cost for customers are low and they can jthemt select any provider flying the desired way they try to identify with their clients and put emphasize on Czech tradition. They find competitive advantage in being the only Czech company operating on Prague airport and try to attract Czech customers (as theyll as foreign of ctheirse) to enjoy all the benefits they could, in comparison to their competitors, provide. * There are many players of about the same size (5) This is a high-policies factor as there actually are many small players (such as Aer Lingthem, EasyJet,†¦more here) on Prague airport providing similar product (i. e. air transport). * Players have similar strategies (4) There is not an easy way to differentiate from competition in this industry and the strategies of the competitors are very similar. They all theme loyalty programs, they all conclude long-term contracts with travel agencies, online check-in †¦ They try to provide additional service to place theirselves differently in the market, such as online services , sms info, cargo tracking, sky shop, special care of children and disabled clients, etc. * There is not much differentiation bettheyen players and their products, hence, there is much price competition (3) The major differentiation of their products is in destinations they fly to as there could be places that are (from Prague) covered only by Czech Airlines. Otherwise they are competitors with similar products and they could try to differentiate by additional services. Price themually plays an important role for the customers and with the low switching cost customers are likely to be price sensitive. * Low market growth rates (growth of a particular company is possible only at the expense of a competitor) (3) The airlines market is relatively saturated as the most attractive destinations are covered but that leaves the space for new destinations and new routes and offering to draw clients and bind them to their company. * Barriers for exit are high (e. g. xpensive and highly specialized equipment) (3) All the investments into aircraft and staff might make it difficult to leave the industry but it might get also very expensive to stay in the area when being unprofitable. In addition, planes are machines which are not company-specific and could be sold and further themed by other airlines. * Summary The analysis of Five Forces clearly impl ies that the main threats to Czech Airlines are represented by existing competition and new possible entrants. They should therefore focthem on those areas to prevent losing their market share and customers while maintaining delivery of high-quality services. They should try to diversify their services and differentiate the product to bring additional value to customers; they should discover new destinations to attract new clients; they should work on relationship with their customers and try to build a loyalty toward their brand and company; etc. They also should not forget about the other areas as the differences are not so large and their omitting could result in increased policies and new threat. That is also the reason for repetitive evaluation and careful observation of the market to be able to react to changes in time. 4. Find an example of a multinational company that in recent years has switched its strategy from a multidomestic, international, or global strategy to a transnational strategy. Identify why the company made the switch and any problems that the company may be encountering/encountered while it tries to change its strategic orientation. Ans. ) Once a company begins to operate outside of its own national environment, its problems of strategic choice begin to multiply (some of these complications may also occur in a company with a number of large subsidiaries). International business has been with us for a long, long time. It arrived at the dawn of civilisation and for centuries provided the motivation for many of the acts which shaped the path of history. If wars were not fought for personal grandeur, territorial expansion, or religion, they were usually fought for trade. By the fifteenth century the international company was well established in the shape of the banking and merchant businesses which flourished in Italy. The international company began to get larger, and during the European colonial period was frequently entrusted with the task of government, administration, defence (and we might add aggression), as well as sordid commerce. The British East India Company, the Hudson’s Bay Company, the British South Africa Company are just a few of the names which can still set the imagination reeling. Some of our modern multinational giants may be bigger, but how many can bring their private armies and navies to back up their grand strategies? Problems of managing international business are also very old. Drucker1 quotes the example of how the Rothschild family managed its international banking business – stationing key members of the family at the foreign courts where business was to be generated and banishing the inept members to places where there was no business. Although many problems are old, they are still very relevant, and should be considered against the background of the different types of international business which exist today. These can be classified under four headings: 1 The company whose only international business is trading internationally 2 The company which has a high volume of export business supported by marketing companies in other countries and the occasional manufacturing subsidiary The transnational company with a network of subsidiaries or associate companies in other countries, including many overseas plants 4 The multinational company that produces and markets internationally and which has a multinational management, possibly international ownership. The transnational and multinational companies polarise into two strategic types, multidomestic and global. A multidomestic strategy is a coordinated series of country operations, possibly grouped into regions, where strategies are designed as a response to local market conditions. The global company looks at the world as one market, and in many but not necessarily all of its strategies will act on a global basis. Strategic management for the first two types of companies presents only a few additional problems over those faced by the national business. These arise mainly from the complications of distance, language, national cultural differences, the management of additional profit centres, and the need to take account of more than one national business environment. 5. How does a company craft its corporate-level strategy? How does this affect the way it uses organisational structure, control and culture. Explain how the use of organisational design has impacted the implementation of a companys (of your choice) corporate level strategy. Ans. ) Corporate-level strategies address the entire strategic scope of the enterprise. This is the big picture view of the organization and includes deciding in which product or service markets to compete and in which geographic regions to operate. For multi-business firms, the resource allocation process—how cash, staffing, equipment and other resources are distributed—is typically established at the corporate level. In addition, because market definition is the domain of corporate-level strategists, the responsibility for diversification, or the addition of new products or services to the existing product/service line-up, also falls within the realm of corporate-level strategy. Similarly, whether to compete directly with other firms or to selectively establish cooperative relationships—strategic alliances—falls within the purview corporate-level strategy, while requiring ongoing input from business-level managers. To highlight and explain the nature of impact of corporate level strategy, an example of a health care organization has been taken into consideration. Organizational design is a formal, guided process for integrating the people, information, and technology of an organization, and serves as a key structural element that allows corporations to maximize value by matching their corporate design to overall strategy. From a strategy perspective, organizational design is an untapped variable that needs to be addressed in the context of organizational strategy and change. As attention to clinical quality becomes more of a priority, it will be essential for health-care institutions to evolve organizational and management structures that support the design and implementation of quality-improvement initiatives and create mechanisms for accountability for quality of care. Moreover, organizations in most industries are in constant evolution, so organizational design should be considered a variable and evolving tool for improving organizational performance. As hospital-based care became the dominant system of health-care delivery in the 20th century, most hospitals adopted a functional model based on discipline-based specialization . Each functional area (i. e. various clinical departments, nursing, laboratory services) has a manager that reports to higher management levels and eventually to the hospitals chief executive officer. Although this centralized design has allowed for efficiency based on scales of economy, it limits integration across functions and the ability to develop innovative, creative quality-improvement processes and solutions at the level of the service line. For example, most total quality management projects originate and are implemented at the level of hospital management teams through high-end administrative and support services. However, clinical care is administered at a service-line level by clinicians and teams of complementary health-care professionals (i. e. nurses, therapists, pharmacists, etc). The conflict between central control and local autonomy and accountability is a key issue to resolve for most organizations. The development of a less centralized, service-line orientation at hospitals should help support the development of total quality management processes at the clinical level. Organizational design by product and service line is becoming more common in health-care institutions and is likely to grow. Innovative, high-quality health-care systems like Intermountain Health care have attempted to implement new quality efforts and allow more autonomy at the service line. However, because the current organizational structure is more functional in nature, management has experienced difficulty in crediting cost savings and improved quality to specific service lines. Modification of current management systems from a centralized to more decentralized structure, in order to make service line units more accountable and autonomous for quality-improvement initiatives, may help optimize the results of future efforts. Hospital systems in the USA have historically evolved such that physicians serve primarily as consultants and customers of the hospital and are paid on a fee-for-service basis, whereas hospital resources (such as beds, operating rooms, and technologies) are managed by administrators and shared by departments. A more recent trend has moved physicians into active roles as integral personnel within hospital management, but there has been little change in hospital structure to accommodate their evolving role in quality management. For example, total quality management projects have traditionally existed within hospital management administrative teams, while clinical care was a guarded realm of health-care professionals. Future changes in organizational structure that incorporate physicians into quality management roles at the service level, as well as direct reporting to the hospital chief executive officer, should help facilitate the involvement of clinicians in total quality management. Successful businesses have developed organizational and management structures that engender corporate-level objectives while maximizing the ability of individual business units to address their local competitive environments. For example, large corporations are successfully using corporate strategy maps and balanced scorecards so that employees both belong to individual business units and are in tune with corporate priorities. Individual unit managers make decisions that tie their activities to corporate values. This strategy as allowed the company to realign local management goals and decision making without having do endure the upheaval of major organizational restructuring. Additionally, large companies such as Johnson ; Johnson and General Electric have successfully used a multidivisional organizational structure to maximize financial performance and quality oversight within local business units. Management and organizational structures in health-care organizations should be deve loped to allow each member of product and service lines to improve the quality of care they deliver to patients.

Analyzing Biopsychological Disorders - 1522 Words

Analyzing Biopsychological Disorders Bonnie Montgomery Analyzing Biopsychological Disorders Part A Biopsychology is a biological approach to psychology. Historically, researchers believed that neuropsychological disorders were of the brain, and psychological disorders were of the mind. Now, psychologists understand that these distinctions do not exist. Biological approaches to psychological disorders direct psychologists to consider the active cause and effective treatments of major psychological disorders. These major psychological disorders include schizophrenia, affective disorders, anxiety disorders, and Tourette syndrome (Pinel, 2009.) Schizophrenia is an arduous psychiatric disease. This disease is difficult to treat, and†¦show more content†¦A link between anxiety disorders and an imbalance in certain neurotransmitters may be present. The neurotransmitters that regulate anxiety such as noradrenaline, serotonin and Gamma-aminobutyric acid (GABA) may contribute to anxiety disorders. The areas of the brain that are affected by anxiety disorder are the forebrain, limbic system, locus coeruleus, dorsal, hippocampus, and the amygdala. The forebrain is the most affected area of the brain in subjects with anxiety disorder. The limbic system is thought to affect the central role of processing anxiety-related information. Also, people with obsessive compulsive disorder often show increased brain activity within the basal nuclei (Lundbeck Institute, 2008.) The discovery that selective serotonin reuptake inhibitors can effectively treat anxiety disorders has led to the Serotonin Theory. The Serotonin theory indicate s that serotonin mediated neurotransmitters in the brain may be involved in anxiety disorders. The fact that some antidepressant agents relieve symptoms of both anxiety and depression disorders indicate that there may be a correlation between the two disorders. Information also indicates a correlation between genetic susceptibility in depression and anxiety disorders (Lundbeck Institute, 2008.) The side effects of antidepressants include nausea, insomnia, anxiety, decreased sex drive, sweating, tremors, diarrhea, fatigue,Show MoreRelatedEssay about Psy/240 Final Project: Analyzing Biopsychological Disorders1935 Words   |  8 PagesAnalyzing Psychological Disorders In an attempt to gain a position as a psychologist, I will be discussing schizophrenia and the disorder’s casual factors, associated symptoms, the areas of the brain it affects, and the neural basis of the disorder. I will continue on to discuss appropriate drug therapies. In addition I will also be reviewing two separate case studies, each on a different disorder. I will be examining each problem from the perspective of a bio psychologist. I will define theRead MoreUnderstanding Schizophrenia And Biopsychological Case Studies Of Anxiety And Drug Abuse1791 Words   |  8 Pages Analyzing Psychological Disorders: Understanding Schizophrenia and Biopsychological Case Studies of Anxiety and Drug Abuse Susan DeVoe University of Phoenix â€Æ' Analyzing Psychological Disorders: Understanding Schizophrenia and Biopsychological Case Studies of Anxiety and Drug Abuse Let us discuss and dive into the study of a disease called schizophrenia. We will be taking a look at its symptoms, its causes, the areas of the brain it affects, its neural basis, and the appropriate drug therapiesRead MoreSome Facts about Juvenile Delinquency Essay3326 Words   |  14 Pagesexclusive for those who commit criminal acts. Otherwise, those children, who misbehave, are diagnostic with a conduct disorder. The feature of juvenile’s delinquents are the same that abnormal behavior such as antisocial disorder and conduct disorder (Santrock, J. W. 2012). In other words, juvenile delinquency term is use only to talk about legal issue, while conduct and antisocial disorder is use to describe the same problem in psychological terms. Legally, juvenile delinquency’s criminal offenses is

UK Economy Economic Crisis

Question: Describe about the Esay for UK Economy for Economic Crisis? Answer: Introduction Economic crisis is a situation in the economy of a country that faces sudden downturn bringing down a financial crisis. A downturn in the economy implies a situation in which the value of assets or financial institutions falls rapidly. The global financial crisis was 2007-2008 but it has not ended yet (Navarro 2012). The global economy was slowed down with losses in billions and there is a debt crisis in the current European sovereign. An economic crisis takes the form of recession or depression. A few indicators of economic crisis are falling or rising prices due to deflation or inflation, a falling Gross Domestic Product (GDP) and drying up of liquidity (Obstfeld 2012). According to Jones (2016), UK, the richest fifth of the population are worse than they were before the financial crash in the year 2007 in terms of disposable income. Also, the poorest fifth have become better leading to a controversy among anti-austerity campaigners. The results reflect that UK is a more unequal country when measured by housing, pension and shares than measured by income. The reports from the Institute of Fiscal studies also suggest that 9% of the households in Britain have no assets. Further, 5% are worth in excess of 1.2m (Elliott 2015). The current scenario of Britisk econmy reveals that the economy has grown in every quarter since the start of 2013 by 0.5%. According to the economists, Britain is not experiencing bad deflation currently. The falling prices have boosted the consumer spending power. The income of people is rising. The overall effect of economic crisis on the exchange rates is negative (Walker 2015). The aim of this diary is to reflect upon various aspects and impacts of economic crisis on the UK economy. Economic crisis has exacerbated differentiated impact across the globe. The common impacts of the economic crisis are reported as increase in unemployment, negative effects on balance of payments, growing budget deficits, reduction of fiscal space and tax revenues, reduced revenue from tourism, foreign exchange rate fluctuations, collapsing housing markets and various others (Obstfeld 2012). This diary attempts to determine the impact of economic crisis on unemployment, UK housing markets, exchange rate fluctuations and property prices. A critical discussion is presented on the above factors or effects that are caused due to economic crisis. Finally, a conclusion for the entire diary is summarized for the overall impacts of economic crisis on the UK economy. Diary Entry 1: Exchange Rates Date of Input 07/ 03/ 2016 Reference of the source (Harvard style) Bootle, R., 2015. The exchange rate is the most important price in our whole economy. [online] Telegraph.co.uk. Available at: https://www.telegraph.co.uk/finance/comment/rogerbootle/11517297/The-exchange-rate-is-the-most-important-price-in-our-whole-economy.html [Accessed 7 Mar. 2016]. Choudhry, T. and Hassan, S., 2015. Exchange rate volatility and UK imports from developing countries: The effect of the global financial crisis. Journal of International Financial Markets, Institutions and Money, 39, pp.89-101. Giugliano, F., 2015. Exchange rates put squeeze on UK business - FT.com. [online] Financial Times. Available at: https://www.ft.com/cms/s/0/e56ce118-c8d7-11e4-bc64-00144feab7de.html#axzz42C3hL1iu [Accessed 7 Mar. 2016]. KoÄ enda, E., Maurel, M. and Schnabl, G., 2013. Short- and Long-term Growth Effects of Exchange Rate Adjustment. Review of International Economics, 21(1), pp.137-150. Spence, P., 2015. Why China has devalued the renminbi and how it will affect the UK. [online] Telegraph.co.uk. Available at: https://www.telegraph.co.uk/finance/china-business/11795811/Chinas-renminbi-gambit-why-it-has-devalued-the-yuan.html [Accessed 7 Mar. 2016]. Discussion of the content of the articles The rise in interest rate in the US and quantitative easing in Europe has pushed up the sterling against euro and pushed it down against the dollar. Such moves in exchange rates could squeeze the profit of various British companies. The rising dollar on the cost base of many companies has impacted on the price of raw materials. Any increase in the value of euro against the pound would hurt the profitability in business. In the long run, the rising pound value could adversely affect export volumes. The rising pound also impacts the bankers as they are trying to improve position with the task of rising inflation. The economists expect the interest rates to increase over the next two years. The increase in exchange rate is making the people aware for any pound spent (Giugliano 2015). The authorities of China took a shocking decision by devaluing Yuan by over 2pc against the US dollar. This could be troublesome for the UK-listed shares. China is known to be the worlds largest consumer of metals and the change in exchange rate expected to drag down miners due to slowdown in the worlds second largest economy. Further, the UK retailers having a large exposure to China were also hit. A weaker Yuan made imports even expensive and there was a decline in shares in exports for luxury goods makers. According to CBIs director for economics, there is pressure on UK exports to China in the short-term. However, the effect on Chinese growth would be beneficial in the long term for UK exporters. There are opportunities for Britain to achieve a slower and sustainable growth. UK can reduce trade barriers as the consumers become more affluent (Spence 2015). Critical review of the content of the articles using academic sources words The exchange rate is the most important price in the UK economy. The economy will suffer if the exchange rate goes wrong. It is difficult to anticipate what s going wrong when pound is moving in different directions against different currencies. The trade weighted index gauges pound movements against other main currencies such as dollar through the trade-weighted index (TWI). For TWI, the euro is single biggest component while dollar stands second. Also, there is improvement in competitiveness since the recent rise in pound. According to the argument presented by John Mills, excessive high sterling rate leads not only to weak net exports but also shrinks the size of manufacturing, low productivity, low investment, high unemployment and other economic ills (Bootle 2015). There are three main factors responsible for exchange rate volatility during the current financial crisis- enormous currency depreciation against the US dollar, current account position and the size of foreign exchange reserves. UK faces exchange rate volatility from three major developing countries- South Africa, Brazil and China. The exchange rate volatility is important as it suggests UK import behaviour in the current economic crisis period. The UK trade adjustment programs could prove unsuccessful if the third country exchange rates discourage import expansion. There is asymmetric behaviour between exchange rate volatility and UK real income and import price ratio. The UK imports from the above three countries decrease if the real exchange rate volatility between dollar and pound increase (Choudhry and Hassan 2015). There are various pros and cons of the exchange rate adjustments in the UK economy. The adjustment tools such as independent monetary policy and exchange rate made wage and price adjustments necessary. These changes triggered various policy responses. In the Keynesian view, depreciation helps in jumpstarting the economy. The international competitiveness can be regained instantaneously. Keynesian mainly concentrated on the short-time dimensions with a capital and goods market perspective. However, Hawtrey assumed that low-cost credit during the crisis would help in preventing a credit crunch. There are long-term growth effects of crisis therapy (KoÄ enda, Maurel and Schnabl 2013). Therefore, the overall effect of economic crisis on the exchange rates is negative. The country can proceed with real wage cuts and structural reforms. The rise in exchange rate for other countries against UK pound may prove beneficial for the economy in the long run. The UK products become cheaper in the international market with a decline in value of the pound. Diary Entry 2: Employment Date of Input 07/ 03/ 2016 Reference of the source (Harvard style) Blazek, J. and Netrdova, P., 2012. Regional unemployment impacts of the global financial crisis in the new member states of the EU in Central and Eastern Europe. European Urban and Regional Studies, 19(1), pp.42-61. Dietrich, H., 2013. Youth unemployment in the period 2001-2010 and the European crisis - looking at the empirical evidence. Transfer: European Review of Labour and Research, 19(3), pp.305-324. Grayling, C., 2011. UK unemployment total reaches 17-year high - BBC News. [online] BBC News. Available at: https://www.bbc.com/news/business-15271800 [Accessed 7 Mar. 2016]. Tanveer Choudhry, M., Marelli, E. and Signorelli, M., 2012. Youth unemployment rate and impact of financial crises. Int J of Manpower, 33(1), pp.76-95. Waterfield, B., 2014. Euro 'increasing unemployment and social hardship', says EC. [online] Telegraph.co.uk. Available at: https://www.telegraph.co.uk/finance/financialcrisis/10587724/Euro-increasing-unemployment-and-social-hardship-says-EC.html [Accessed 7 Mar. 2016]. Discussion of the content of the articles The global crisis leading to economic recession had caused and is still causing advere impacts on UK economy. Other than exchange rate fluctuations, the economic crisis has also impacted the employment rate. According to The Office for National Statistics (ONS), the rate of UK unemployment rose by 114,000 between June and August to 257,000. Unemployment is one of the key measures of inequality along with wages. The figures for unemployment were also reported as 21.3%, a high record of 991,000 for the 16 to 24-year-olds. Other figures show a reduction in employment by 175,000 for part-time workers, 74,000 for people over 65 years. Clearly, these figures are the impact of international financial crisis. The increasing unemployment figures are very disappointing. The economy would likely get weaker. The UK economy pursued deficit reduction for retaining the confidence of commercial markets and encouraging business in UK (Grayling 2011). With the deepening economic divisions between rich and poor eurozone countries, there has been an increase in unemployment and social hardship. The single currency in Europe is fuelling inequality. Also, the loss of sovereignty forced to drive down the living standards of people. The social divergences and unemployment rates are a sign of EU not fulfilling the fundamental objectives. After economic lost years and millions of unemployed throughout the EU, it is very little and too late for the commission to come around to face reality. The euro area countries are attempting to regain competitiveness in the absence of currency devaluation option. The internal devaluation is not working efficiently and has increased recession in the recession. Eventually, recession has declined economic growth in Britain (Waterfield 2014). Critical review of the content of the articles using academic sources The rate of unemployment in UK increased after a prolonged recession of 2008-2013. The economy was stuck in a deflationary spiral. The economy faced stringent budget cuts thereby depressing demand. The depressed demand is making it difficult to increase exports. The UK economy has made efforts to reduce the unemployment rates. In the past few months, there has been a slight reduction in European unemployment, but, the prolonged period of mass unemployment is leaving significant social and economic problems for the whole Eurozone. The Paris based forum gave a warning to few countries such as Greece, Spain and Portugal as they recorded the highest rate of unemployment (Blazek and Netrdova 2012). The European Employment Strategy includes the integration of youth in the labour market. There was a dramatic rise in the youth unemployment after the recent global economic crisis. Youth unemployment is at a much higher rate than the adult unemployment. The European Union is reported to be the most impacted areas in the world due to economic crisis. There has been no improvement in the employment rates for young people despite the European Employment Strategy in the last decade. The multiple features that characterize the rates of unemployment in UK are the quality, stability and performance standards at work. Financial crisis impact on the YUR is statistically significant and robust; the impact seems more significant for highà ¢Ã¢â€š ¬Ã‚ income countries (Tanveer Choudhry, Marelli and Signorelli 2012). The youth labour plays a critical role in increasing employment. The effects of rising unemployment in the UK economy must not be underestimated. Not only the pressure is built upon benefit system, but also the taxable income is reduced. Keeping aside the purely financial implications, the growing unemployment in UK also affects the students who have gone to college or other further education. The unemployment rates also impact the spending within the economy leading to pricing pressure, cost-cutting and job losses. The people are affected as they seek and struggle to find the luxuries of life. The global economic crisis as caused due to the problems initiating in the US banking system. The rising unemployment and a shrinking tax basis put additional pressure on public expenditure (Dietrich 2013). Therefore, tackling unemployment has been an increasing worry for Organisation of Economic Cooperation Development (OECD). The government need to work harder for equipping workers that have skills to adapt and cope up with the fast-changing economic landscape. Diary Entry 3: Housing and Property Market Date of Input 07/ 03/ 2016 Reference of the source (Harvard style) Boyce, L., 2015. UK property isn't a bubble, academics claim, but London is on the cusp. [online] This is Money. Available at: https://www.thisismoney.co.uk/money/mortgageshome/article-3300549/UK-property-market-isn-t-bubble-academics-claim-London-cusp.html [Accessed 7 Mar. 2016]. Foster, D., 2016. Housing blew up the global economy in 2008 and we learned nothing. [online] the Guardian. Available at: https://www.theguardian.com/housing-network/2016/jan/29/housing-global-economy-2008-the-big-short-financial-crash [Accessed 7 Mar. 2016]. Foster, D., 2016. Is immigration causing the UK housing crisis?. [online] the Guardian. Available at: https://www.theguardian.com/housing-network/2016/jan/25/is-immigration-causing-the-uk-housing-crisis [Accessed 7 Mar. 2016]. Tse, C., Rodgers, T. and Niklewski, J., 2014. The 2007 financial crisis and the UK residential housing market: Did the relationship between interest rates and house prices change?. Economic Modelling, 37, pp.518-530. Whitehead, C. and Williams, P., 2011. Causes and Consequences? Exploring the Shape and Direction of the Housing System in the UK Post the Financial Crisis. Housing Studies, 26(7-8), pp.1157-1169. Discussion of the content of the articles The economic crisis has also affected the housing market in UK. The house prices have broken free and the asset prices are collapsing across the world. The mortgages are increasingly unobtainable and unsustainable because the house prices are leaping every year by tens of thousands of pounds. The housing market has been experiencing overwhelming prices in UK. Many people hoped that gambling with housing would be forbidden after the 2008 crash, but people became hooked with profit and continued to make profits out of the housing market. The UK housing market has no possibility of having any solution casualty-free. Fewer people would be able to afford homes if the house prices continue to rise. More people would become homeless because of huge mortgages. Even if the market becomes stable, the lack of access to housing puts would still be a problem (Foster 2016). It is claimed that London is on the cusp of housing bubble as there is a little sign of exuberant rises at a national level. London being at the cusp of a housing bubble could ruin the surrounding regions. The evidences state that the house prices are experiencing a sudden crash leaving the buyers with negative equity and large mortgages. The property prices have increased in the last 12 months by 11%. If the prices of London keep increasing at 2.75 per cent in every three months, the city would experience bubble-type behaviour. The rapid inflation in the London property market has spread the effects into the wider market in UK. A few places such as harrow, Redbridge, Newham, Bexley and Waltham Forest have recorded a huge growth in comparison to last year (Boyce 2015). Critical review of the content of the articles using academic sources The housing market plays a critical role in the UK economy. It also reflects the owner-occupation rate. The severity of the economic crisis in UK was unprecedented. The impacts lead to falling nominal interest rates. UK started experiencing falls in housing loan approvals and base rate for Bank of England from 2007. There was a decline in consumer confidence due to the threat of unemployment caused by economic crisis. There is a relationship between monetary interest rates and housing prices. The studies have found that change in the house prices and interest rates might be a result of shocks. UK faced credit crunch that can be associated with affordability further leading to supply of finance (Tse, Rodgers and Niklewski 2014). The housing crisis in UK has been called up for various causes. One of the causes is stated as immigration. It was claimed that more than one-third of the housing demand in Britain was due to immigration. It was further stated that the house prices would be low by 10% over a 20-year period if the demand was not caused due to mass-immigration. The migrants are more likely to reside in the private sector rather than living in social housing or buying homes. The population of renters is half in comparison with the total migrant population. It has also been found that immigration actually lowers house prices in some areas rather than raises. In case of immigration, the average local income gets lowered thereby decreasing housing demand and supply. However, immigration often leads to export of natives thereby reducing the demand for housing (Foster 2016). It has been found that the UK home ownership has declined due to rising prices, falling interests and worsening affordability. The credit crunch had immediate effect on the mortgage market undermining the capacity to operate. UK made a series of measures for protecting household savings and ensured that there was fund available for supporting economic activities. Although the policy saved but the structure of mortgage market worsened. The UK economy aimed at stimulating housing market. There was clearance in backlog of supply by supporting the homeowners by meeting mortgage payments (Whitehead and Williams 2011). Therefore, the housing sector in UK economy is adversely affected due to economic crisis. The demand for housing is geographic specific. The crisis has put downward pressure on the ownership rates. Diary Entry 4 : Tourism Date of Input 07/ 03/ 2016 Reference of the source (Harvard style) Broad, M., 2015. What impact would Grexit have on the UK? - BBC News. [online] BBC News. Available at: https://www.bbc.com/news/business-33165580 [Accessed 7 Mar. 2016]. Collinson, P. and Osborne, H., 2015. How the Greek financial crisis could affect your holiday plans. [online] the Guardian. Available at: https://www.theguardian.com/money/2015/jun/29/greek-financial-crisis-holiday-plans-holidaymakers-difficulties [Accessed 7 Mar. 2016]. Kotios, A., Pavlidis, G. and Galanos, G., 2011. Greece and the Euro: The chronicle of an expected collapse. Intereconomics, 46(5), pp.263-269. Meadway, J., 2012. The Euro: Crisis and Collapse?. Competition Change, 16(2), pp.150-159. Page, S., Song, H. and Wu, D., 2011. Assessing the Impacts of the Global Economic Crisis and Swine Flu on Inbound Tourism Demand in the United Kingdom. Journal of Travel Research, 51(2), pp.142-153. Stylidis, D. and Terzidou, M., 2014. Tourism and the economic crisis in Kavala, Greece. Annals of Tourism Research, 44, pp.210-226. Discussion of the content of the articles The hospitality and tourism sector was affected due to the global economic crisis. The international tourism faced various challenges. The strongest and most negative impact due to the economic crisis was on Greece. UK does not form a part of the eurozone (Meadway 2012). The country has not contributed to bail out Greece directly as the country suffered from various disadvantages after the economic crisis. The big euro zone nations such as Germany and France have been managing by contribution of 40bn and 30bn respectively. UK provided 1.72bn to the International Monetary Fund (IMF).Greece is one of the most popular holiday destinations in UK with over 1.73 million holiday visits. Devaluation in the Greek currency would make a great value holiday destination for the tourists (Broad 2015). Greece is on the lips of holidaymakers and the financial crisis affects the holiday plan. The card processing services are limited at short notice. The Foreign Office suggests withdrawing a large amount of cash in Euros before heading to Greece. The officials further suggest carrying other modes of payments such as debit and credit cards. There were various questions in the minds of tourists that have been discussed. The tourists are suggested to carry greater cash as the ATMs have restricted amounts for foreigners. Despite all limitations, Greece assures a high level of service to the tourists and makes the country a top destination across the world (Collinson and Osborne 2015). Critical review of the content of the articles using academic sources There are various causes of tourism fluctuations such as economic, political and environmental factors. Tourism crisis is caused due to fluctuating exchange rates, loss of market confidence and various other reasons. Greece is undergoing political crisis and tourism can be the driving force behind the economic recovery. The country took several measures to improve tourism such as environmental protection, boosting competitiveness, enhancement of alternative forms of tourism, creation of quality infrastructure and offering various products that offer value for money (Stylidis and Terzidou 2014). The global economic crisis affected the demand on UK inbound tourism. The major tourism markets are considered as India, Australia, Canada, Russia, US and many other countries. According to the data, 3.7 million visitors were lost because of the economic crisis. US and Germany were considered to be most affected markets. The crisis led to reduction in millions from these source countries. Since the revenue was lost directly to the economic crisis, the economic value of inbound tourism also declined. There was a decline in expenditure made by the tourists due to economic crisis (Page, Song and Wu 2011). The number of UK visitors dropped from 2.4 million to 1.4 million in 2007 for Greece. The economic crisis led to decline in the value of sterling leading to credit crunch in 2009 and 2010. The UK visitors not only declined in Greece but across the world. There are various internal and external forces that lead to negative tourist perceptions. The spending of consumers has declined by both individual and corporate customers. There has been a decline in foodservice, lodging and other hospitality products. The luxury hotels have been majorly affected due to economic crisis. The tourism sector is an important driver of growth as it plays a key role in poverty reduction and prosperity (Meadway 2012). Conclusion Economic crisis has exacerbated differentiated impact across the globe. This diary attempts to determine the impact of economic crisis on unemployment, UK housing markets, exchange rate fluctuations and property prices. The common impacts of the economic crisis are reported as increase in unemployment, negative effects on balance of payments, growing budget deficits, reduction of fiscal space and tax revenues, reduced revenue from tourism, foreign exchange rate fluctuations, collapsing housing markets and various others. The global economy was slowed down with losses in billions and there is a debt crisis in the current European sovereign. The rising pound also impacts the bankers as they are trying to improve position with the task of rising inflation. A weaker Yuan made imports even expensive and there was a decline in shares in exports for luxury goods makers. According to CBIs director for economics, there is pressure on UK exports to China in the short-term. The adjustment tools such as independent monetary policy and exchange rate made wage and price adjustments necessary. These changes triggered various policy responses. In the Keynesian view, depreciation helps in jumpstarting the economy. The country can proceed with real wage cuts and structural reforms. The rise in exchange rate for other countries against UK pound may prove beneficial for the economy in the long run. The economic crisis has also affected the housing market in UK. Many people hoped that gambling with housing would be forbidden after the 2008 crash, but people became hooked with profit and continued to make profits out of the housing market. It was claimed that more than one-third of the housing demand in Britain was due to immigration. It was further stated that the house prices would be low by 10% over a 20-year period if the demand was not caused due to mass-immigration. With the deepening economic divisions between rich and poor eurozone countries, there has been an increase in unemployment and social hardship.