Business Ethics and Starbucks Essay

1. Starbucks demonstrates a new focus on business ethics and social responsibility by providing health care benefits to their employees, giving to the welfare of the needy, and also by packaging their goods in recycling materials along with any other practices that are beneficial to the company. Starbucks has also demonstrated by improving their dealings with their customers as well as their suppliers. Although this may not bring in additional revenues, the ethical businesses are better recognized and there durability is greater.As long as Starbucks can continue to gain trust in the customers, it will allow them to have a strong bond with them also. 2. I feel that Starbucks has been concerned with social responsibility in its overall corporate strategy because for one reason it is a popular business and it helps the image of the company to care about the community and the environment. Other reasons Starbucks were so concerned was because of the negative impact on the company. Starbucks has always been engaged in responsible business practice since they first started their operation and they have always spent a lot of time defending their image as well. Several small coffee shops were put out of business due to the clustering strategy. Starbucks decided to refocus their strategy after the 2009-2009 recession. Several locations were closed because of the lack of performance due to the economic depression. Because of Starbucks dedication to their employees and suppliers, they were able to earn their loyalty. However Starbucks were also concerned with social responsibility because it affected all parties involved. The company did achieve social responsibility by taking steps to follow certain guidelines and being involved in the community, which is very important to the company since ethical companies tend to do better in the long run. 3. I think Starbucks has both grown rapidly and mainly because it does provide products and an environment that customers want. Most people don’t know anything about the ethical and social responsibility that Starbucks engage in unless they research their websites. I feel that Starbucks success was due to its strong brand image that had been built over the years. Consumers purchased these products from Starbucks because of the good taste. However people were concerned about being ethical and social responsible when running a business, especially when consumers wanted to enjoy what they were consuming without having to worry about how the products are labored. This company also grew large due to several charity campaigns; such as the partnership between Starbucks and the project Red to raise money for different events. By being a large buyer of Fair Trade certified coffee, in spite of the high cost, they continued to grow as the purpose of fair trades that promotes a better working condition and greater incentives for the mmanufacturers. Starbucks does not only offer quality coffee to its customers, they also have a great atmosphere of the coffee shop. They have given back to the community and earned their trust as well as respect from their customers.

The Relationship Of Feminism And Anthropology Anthropology Essay

The relationship of feminism and anthropology can convey a new development to the manner descriptive anthropologies are written and done. Lila Abu-Lughod ‘s statement women's rightist descriptive anthropology is an ‘ethnography with adult females at the Centre written for adult females by adult females ‘ can be seen as an attempt to happen a distinguishable manner of making and composing descriptive anthropology. In this essay I will look at the roots of feminism and feminist anthropology. I will so discourse Abu-Lughod ‘s statement and seek to explicate how her statement is good to anthropology and whether it is possible to make research her manner. I will secondly look at the advantages and disadvantages of the statement. I will concentrate on impressions of partial individuality and objectiveness. Finally, I will reason by discoursing some of the issues environing the authorization of adult females, and that although Abu-Lughod ‘s statement does hold some benefits it misses the of import point. I will reason that feminist descriptive anthropology should be used as a political tool for deprived adult females and it should reflect a â€Å" corporate, dialectical procedure of edifice theory through battles for alteration † ( Enslin:1994:545 ) . Feminism can be defined as ‘both a societal motion and a position on society. As a societal motion, it has challenged the historical subordination of adult females and advocated political, societal, and economic equality between the sexes. As a societal and sociological position, it has examined the functions that sex and gender drama in structuring society, every bit good as the mutual function that society dramas in structuring sex and gender ‘ ( Oxford dictionary 2007 ) . There are three chief classs in which the different moving ridges of feminism can be divided. Among the first one which was from 1850 to 1920, during this period most research was carried out by work forces. Feminists aimed to convey the voice of adult females in descriptive anthropology, they gave a different angle on experiences of adult females and the environing events. This brought a new angle because male descriptive anthropologies merely had the chance to interview other work forces e.g. what w ere adult females like. Important figures during this period were P.Kayberry who worked with B.Malinowski at LSE. She focused on faith but she examined work forces and adult females in her work. Traveling on to the 2nd moving ridge of which was from 1920s to 1980s, here the separation between sex and gender was made by of import women's rightists. Sexual activity as nature and gender as civilization. This takes us to the nature civilization duality which is of import when we are concentrating on the subordination of adult females in different societies. The dualities between sex/gender, work/home, men/women, and nature/culture are of import in societal theory for raising arguments. Important figures in the 2nd moving ridge feminism were Margaret Mead she made a batch of part in her work on the diverseness of civilizations here she helped to breakdown the prejudice that was based on constructs of what is natural, and she put more accent on civilization in people ‘s development. Most of import work ‘s of Mead was Coming of Age in Samoa ( 1928 ) . Another of import figure was Eleanor Leacock who was a Marxist feminist anthropologist. She focused on catholicity of fe male subordination and argued against this claim. This 2nd moving ridge of feminism was influenced by a figure of events in history, the 1960s was closely linked to political agitation in Europe and North America, like the anti-Vietnam war motion and the civil rights motion. Feminism was something that grew out of these political events during the sixtiess. Feminism argued that political relations and cognition were closely linked with each other so women's rightists were concerned with cognition and we have to oppugn the cognition that was being given to us. Feminism during 1960s called for the constitution of adult females ‘s authorship, universities, feminist sociology and a feminist political order which would be classless. Feminists became interested in anthropology, because they looked to ethnography as a beginning of information about whether adult females were being dominated everyplace by work forces. What are some of the ways that adult females are populating different societies, was there grounds of equality between work forces and adult females. Did matriarchal societies of all time exist and to acquire the replies to such inquiries they turned to ethnography. This takes us to the issue of descriptive anthropology and what we understand about adult females in different societies. It became obvious that traditional ethnographic work ignored adult females. Some of the issues environing adult females are ; ethnograhies did non speak about adult females ‘s universes, it did non speak about what went on in adult females ‘s lives, what they thought and what their functions were. When we discuss the inquiry are adult females truly subordinated, we realize that we do non cognize much about adult females in different societies. B.Malinowski ‘s work on the Kula did discourse the male function in the exchange of valuables. But during the 1970s Anette Weiner ( 1983 ) went to analyze the same society and she found out adult females are playing an of import function in Trobriand society excessively. Their involved with the Kula, exchanges, rites etc but Malinowski ne'er wrote about it. Female anthropologists of the seventiess would tra vel and look for of import work forces, and so they would analyze their values, their societies, what was of import to them. These anthropologists assumed, that work forces followed male logics in this public/private divide in line with this divide between the domestic and public sphere. They would besides presume that what went on in the populace sphere, economic system, political relations was more of import the domestic side. The construct of objectiveness came to be regarded as a manner of male power. Feminists claimed that scientific ideals of catholicity, eternity, and objectiveness were inherently male-dominated and that the more feminist properties of particularism, empathy and emotionalism were devalued ( Abu-Lughod 1990 ) . Feminists argued that to take over male domination these female properties had to be given more importance and made clear. Abu-Lughod ‘s ideal manner of making research is when a female ethnographer takes portion in the descriptive anthropology, instead so taking herself, who listens to other adult females ‘s voice and gives histories ( Abu-Lughod 1990 ) . The female ethnographer is able to make so because although the adult females studied differ from the ethnographer, she portions portion of the individuality of her source. The female research worker therefore has the appropriate â€Å" tools † to understand the other adult female ‘s life ( Abu-Lughod 1990 ) . this is why harmonizing to Abu-Lughod female descriptive anthropology should be an descriptive anthropology with adult females at the Centre written by and for adult females. Abu-Lughod says that early women's rightist anthropologists did non truly make anything about cognition. They had good purposes but they did n't make much as they were trapped in ways of thought that had been given to them by the masculine nature of the academy.

Bilateral Trans-Scaphoid Perilunate Fracture Dislocation

Bilateral Trans-Scaphoid Perilunate Fracture Dislocation BILATERAL TRANS-SCAPHOID PERILUNATE FRACTURE DISLOCATION OF THE CARPUS. (CASE REPORT) Abstract: Trans-scaphoid perilunate fractures-dislocations are rare lesions. They occur in a high-energy trauma. The concomitent lesion of both wrists is exceptional. We report a case of bilateral trans-scaphoid perilunate dislocated wrist fracture in a 21-year-old man. The dislocation was treated by opened reduction and fractures by internal fixation. The functional outcome was satisfying after two years of follow-up. Introduction: Trans-scaphoid perilunate fracture-dislocations are relatively uncommon. 1 These are the most common form of the complex carpal dislocations 2,3 causing marked disruption of the carpal anatomy. Time from injury to treatment (delay in treatment), anatomic classià ¯Ã‚ ¬Ã‚ cation, and open or closed nature of the injury are the major factors that determine the clinical outcome in trans-scaphoid perilunate fracture-dislocations. 4,5 Late presentation combi ned with missed diagnosis often causes critical delay in the treatment of these injuries. If the acute phase is missed, then some authors recommend alternative procedures such as wrist arthrodesis and proximal row carpectomy which are relatively mutilating surgeries that leave a significant functional deficit. 4,6,7 The acute phase is defined as the first week after injury, whereas the delayed phase is the period between the seventh and 45th day and after 45 days the injury is said to be in the chronic phase. 4 We report the case of a patient who referred to our department two weeks after the initial trauma with bilateral dorsal trans-scaphoid perilunate fracture-dislocations of the carpus. Anatomic reduction, percutaneous pin fixation of the carpus and fixation of scaphoid fractures of both wrists were performed by opened reduction under fluoroscopic control. Presentation of case: A 21-year-old, right-hand-dominant man sustained an isolated injury to his both wrists after a fall from a height of approximately 4.5 m. The carpal injuries of both wrists were missed initially and both wrists had been bandaged for two weeks after the trauma. He was referred to our department two weeks later with increasing pain. The patient reported that he fell on his outstretched hands with both wrists in extension. Both wrists were deformed in marked dorsiflexion, painful, swollen, and tender to palpation, with limitation of movement. The patient complained of paresthesia in both of his hands. On physical examination, meticulous cutaneous sensory mapping was performed of both hands to determine the area of decreased sensation. This was done with the use of the sharp end of a paperclip while applying a constant pressure. This revealed minor numbness in the median nerve distribution area of both hands (thumb, index, middle finger, and the radial side of the ring finger). The two-point discrimination was normal on both sides. The mobility of the fingers was normal but pai nful, and there was a slight decrase in grip strength of both hands. Motor power in abductor pollicis brevis and opponens pollicis muscles was full (5/5) on both sides. The Tinel’s sign was negative over the carpal tunnel in both sides. The findings of the patient led us to think that there is not any condition like acute carpal tunnel syndrome due to fracture-dislocation.We thought that the numbness of the patient was due to temporary traction injury of the median nerve caused by dislocation on both sides. The vascular status was normal on physical examination. Study of the anteroposterior, oblique and lateral plane radiographs showed that the patient had bilateral dorsal trans-scaphoid perilunate fracture-dislocations of the carpi ( Fig. 1 ). According to the classification described by Herzberg et al., the fracture-dislocations were trans-scaphoid as path of trauma and Stage 1 as displacement of capitate on both sides. 4 The patient was informed about his pathology and a dvised to undergo surgery. If possible the patient’s preference was closed treatment. Therefore, we initially recommend closed reduction and percutaneous fixation. However, if this was not possible or in the situation of a failure we informed him about the open procedure. Under general anesthesia, a closed reduction was attempted with traction manoeuvre described by Tavernier 8 under fluoroscopic control. The reduction was not satisfactory,we opted for the open reduction by posterior approach.After anatomical reduction was achieved, intercarpal fixation was applied to carpal bones using three K-wires. The first K-wire was applied to scaphoide- lunate, the second K-wire was applied to- lunate-triquetrum and the third K-wire was applied to capitatum-lunate. After the procedure, reduction and fixation of carpal bones was confirmed under fluoroscopy. The same procedure was repeated for the other wrist. We noticed that the scaphoid fracture was reduced spontaneously along with t he reduction of the carpal bones. So we performed   fixation of the left scaphoid fracture using a 3.5 mm mini Acutrak headless compression screw through the fracture line from a dorsal-proximal to a volar-distal direction. Intraoperative fluoroscopic control confirmed anatomic reduction of the scaphoid fracture.. Finally, standard radiograms were obtained and both wrists were immobilized in a short arm cast ( Fig. 2 ). The patient noted complete relief of symptoms the day after surgery. The pain and the paresthesia that the patient complained preoperatively was relieved dramatically and the function recovered. The post-operative period was uneventful. Four weeks after surgery, the casts and the K-wires were removed. New casts were applied for another 4 weeks when union was visible on radiographs. The casts were removed eight weeks after surgery. There was radiographic evidence of union of the scaphoid on the left side, but on the right side radiography revealed delayed union of the scaphoid. The patient subsequently underwent 3 months of intensive range-of-motion and muscle-strengthening exercises. Intermediate clinical and radiographic examinations were performed 6 and 12 months after surgery. At the two-year follow-up, the radiographs showed normal carpal bone relationships on both sides, complete union of the scaphoid on the left side(Fig.3). Wrist motion on the left side was excellent with 70 ° of palmar flexion, 80 ° of dorsiflexion, full supination and pronation, full radial and ulnar deviation. The right wrist could achieve 60 ° of palmar flexion and 70 ° of dorsiflexion, full supination and pronation, but with a mild decrease in radial and ulnar deviation. The grip strength of the right hand was 30 kg while that of the left side was 38 kg, measured with the Jamar dynamometer (J.A. Preston, Jackson, Michigan) . Fig.3 Right wrist and Left wrist anteroposterior and   lateral view after two-years. At the two-year follow-up, the patient was symptom-free concerning median nerve functions. The patient was free of pain on the left side. On the right side there was mild pain with wrist motions due to non-union of the scaphoid.The patient was able to perform activities of daily living and he had returned to all of his previous activities. The functional outcome was good on the left side, with a Mayo wrist score of 80/100. The functional outcome was satisfactory on the right side, with a Mayo wrist score of 65/100. Radiographs of both wrists revealed no evidence of radiocarpal or midcarpal arthritis. No osteonecrosis of the lunate or the scaphoid was evident. The lunate position was correct, without signs of instability. Anatomic relationships of the carpal bones were maintained. Discussion Carpal fracture-dislocations are rare injuries; thus their classification and treatment are rather difficult. Osseous variants of this injury are common; the trans-scaphoid perilunate fracture-dislocation constitutes 61% of all perilunate dislocations and 96% of fracture-dislocations. 4 The trans-scaphoid perilunate fracture-dislocation is an uncommon injury sustained due to force transmission through a hyperextended wrist. 9,10 These injuries may be easily overlooked or misdiagnosed. 4 After a delay in diagnosis of several weeks or months, the clinical prognosis is poor compared with injuries that are treated acutely. 11 According to the classification described by Herzberg et al., we initially diagnosed our patient in the delayed phase. 4 Regarding the literature, the management of such injuries in case of delayed presentation is rare. 12,13 Dislocation in this region requires rapid realignment, as untreated perilunate dislocation will lead to serious secondary damage. 13,14 Perilunate fracture-dislocations are high-energy injuries, produced by wrist hyperextension. 3,15 There is disruption of the palmar capsuloligamentous complex, starting radially and propagating through the carpus in an ulnar direction. 3,15 This dislocation takes a transosseous route through the scaphoid resulting in a trans-scaphoid perilunate fracture-dislocation. 10 In trans-scaphoid perilunate dislocations the fractured scaphoid is the initial destabilizing factor of the carpus. 16 Regarding the literature, we believe that the mechanism of injury in our patient was fall from a height on the outstretched hands. Treatment options currently used for perilunar instability patterns include closed reduction and cast immobilization, closed reduction and percutaneous pinning, and open reduction. As the awareness of the anatomy and biomechanics of these injury patterns has evolved, authors have tended toward treatment approaches that attempt to repair the injured intrinsic and extrinsic carpal ligaments, that is, open techniques. 4,8,11 Most authors agree that closed reduction is the initial treatment of choice for trans-scaphoid perilunate fracture-dislocations. 2,8,17 In addition, treatment often r equires intercarpal fixation within the proximal carpal row. Most authors have agreed that the key to a good clinical result in the management of trans-scaphoid perilunate dislocation is the anatomic union of the scaphoid and the restoration of proper alignment of the carpal bones. 17 In this case, we prefer a opened reduction and intercarpal fixation with K-wires, as well as screw fixation of the scaphoid, because we didn’t achieve a good fracture alignment after closed reduction . Gellman et al. suggested that anatomical reductions of the scaphoid, as well as the mid-carpal joint, and the restoration of the articular surface of the lunate are the most important aspects determining the prognosis. 11 An open reduction further increases the risk of a scaphoid blood supply interruption, whereas percutaneous screw fixation of the scaphoid minimizes this risk. 3,17,18 In addition, a rigid fixation with a percutaneous screw can also reduce the immobilization period and allow for an earlier rehabilitation. Acutrak screw fixation allows earlier discontinuance of the cast than K-wire fixation. In our case, the range-of-motion exercises of the wrist were started earlier after the initial operation. The nonunion rate was relatively higher in the series that were treated by closed reduction. 19,20 In our case study the radiographs obtained two years after surgery revealed a non-union of the right scaphoid. We believe that the delay in treatment and maybe the malrotation of the scaphoid that we overlooked on the initial radiographs led to the interruption of the blood supply which was possibly responsible for the non-union of the scaphoid. Despite the non-union of the scaphoid, the functional outcome of our patient was satisfactory, with mild pain, good range of movement and good grip strength. Similarly, Herzberg et al. 4 reported that unsatisfactory radiographs did not equate to a poor clinical outcome. We planned to perform open reduction and internal f ixation with grafting for the non-union of the right scaphoid. Conclusion As the injury have led bilateral dorsal trans-scaphoid perilunate fracture-dislocations,  we therefore recommend minimally invasive techniques if an anatomical closed reduction and  a percutaneous rigid fixation of the scaphoid is achieved on the intraoperative evaluations.

The use of force by william carlos williams Essay

The use of force by william carlos williams - Essay Example Should one derive vicarious pleasure by such an exercise? Hurting consciousness is hurting the core personality of an individual; it is the ultimate non-physical hurt. To cause intentional pain to others is considered as the greatest sin. The story by Williams relates to the 19th century surroundings. The narrator is a doctor, and the story centers on his actions and the reactions to his actions by the girl-patient. Now, normally a doctor is a busy person, profession-wise and he has to handle a number of patients in a day, and the family members. The doctor, in this particular case, is on house calls. As he initiates the process of the physical examination of the patients he thinks, â€Å"I could see that they were all very nervous, eyeing me up and down distrustfully. As often, in such cases, they weren't telling me more than they had to, it was up to me to tell them; that's why they were spending three dollars on me.†The doctor seems to be sympathetic and aware of his respon sibilities for the patient and would like to do justice to the professional charges that he would receive. Sometimes, handling the accompanying persons is more difficult than to handle the patient. A doctor is not a member of a peace delegation; he is a professional and has a responsibility to carry out—to make the patient recoup the original health. ... the ego issue may also crop forth in which case the doctor will have his way. His forcibly gathering the throat culture from the resisting child he is examining is the case in point. (The doctor must be thinking while executing his treatment options—I am the doctor, and I know what I need to do!) Basically, the doctor is a compassionate man, but he cannot be expected to retain his composure throughout the day in the discharge of his professional duties. He is undeniably blunt and prejudiced to an extent. He has to be, and that probably depends upon the type of patients/people that he has to interact with. His actions are generally the responsive actions. He has no deliberate intentions to hurt his patients. The parents are generally weak before their offspring, and with a daughter going through the phase of ill-health, the level of weakness increases further. This is the common disposition of parents. In this story a clear picture of the psychological trends of the daughter, p arents and the doctor emerges. Each one of them is right according to their understanding, in the given circumstances. The weak parents turn further weak, in front of their ailing daughter. The daughter becomes more stubborn taking advantage of their weakness. The doctor has to intervene, he has to carry on with his professional options of his choice and finally, he assumes the posture of stubbornness. At this juncture, he doesn’t hesitate to exert his professional power. He cannot wait for the weak parents and the stubborn daughter to come to a settlement, because time is also a constraint for the doctor, and he is suspecting it to be a case of diphtheria. He must diagnose and act quickly. When the polite words, initial coaxing fails, he comes to a conclusion and he says firmly, â€Å"I'm here

Egoism Essay Example | Topics and Well Written Essays - 500 words

Egoism - Essay Example Ethical egoism relate to selfishness since it focuses on people who are self-centered. These people think of themselves before they take any action of assisting others. They focus on the result if it favors their cause of action or not. It is also true to say that those people who are willing to help must think of themselves in whichever way. Such people are always cautious; it is always their wish not to harm other people. These kinds of people are very honest since they always thrive to avoid lying. They really value a good reputation and that is why they will always ensure that they maintain it. On the other hand, these people seek to gain trust from other people as much as they need to trust other people. They also ensure that they keep promises once they commit themselves, for this reason they continue keeping the mutual relationship that existed with their friends. There is human being who does not love and appreciate him or herself. This theory provides that people need to love and appreciate themselves before they can get to assist other people. This love for oneself helps to boost the self-confidence and esteem. It portrays how people always love to be on the winning side. On the other hand, Altruism describes people who are willing to go an extra mile to help other people. Although it is widely believed that human beings have the self-interest recent studies has contradicted this fact by arguing that human beings tend to cooperate before they compete. It is through this cooperation and the helping nature of human beings that has made it possible for the people to survive. Indeed, altruism is a fundamental aspect of social instincts. Apparently, although human beings are not entirely altruistic, they have a tendency of feeling compassion to the needy. It is always a challenge to find the better side of human beings (Christians, 2009). The reasons that suggest why we should practice altruism evidently provide the reason why altruism is as result of

Do We Live in a World of Media Infotainment And Melodramatic Reportage Essay

Do We Live in a World of Media Infotainment And Melodramatic Reportage - Essay Example It is in the context of this process that infotainment has been expanded in countries worldwide. The above process is related to the limitation of national media cultures and the establishment of media rules and ethics that are common in all countries – at least those being affected by the particular media system. In other words, infotainment reflects the trend for the promotion of a global media culture (Thussu 2007, p.68). Melodramatic reportage has been another aspect of the above trend, supporting – like infotainment – the promotion of common media ethics and rules for all countries worldwide. In order to understand the level at which media infotainment is currently developed worldwide, it would be necessary to refer primarily to the characteristics and the content of the particular term, i.e. to show the activities and ideas that the above term incorporates. In accordance with Kellner (2003) ‘infotainment discloses a synergy between information technol ogies and multimedia which combine entertainment and information’ (Kellner 2003, p.14). In other words, infotainment incorporates two different media roles, the provision of information and the entertainment. The combination of these roles can lead to a dynamic media concept, being able to attract the interest of people of different ages and social classes. Various explanations have been given in the literature regarding the expansion of infotainment. In accordance with Lange (1999) the increase of competition in media has led to the alteration of the content and the structure of news programmes; instead of focusing on political news, media emphasizes on ‘human interest stories’ (Lange 1999, p.27). It is... This essay approves that the role of infotainment in the above case has been clear: attracting the attention of the British people away from the government’s decisions, gathering funds for supporting various public activities and improving the relationship between the British public and the monarchy. The above fact shows that infotainment can have different aspects, influencing the views of the public on various political and social activities. The specific role of infotainment has been made clearer in the case of celebrities’ crimes. In such cases, infotainment has three distinctive roles: to provide information on the crime committed, to prevent public from developing similar behavior and to entertain – at the level that the crime committed is used as a chance for focusing on the private life of the celebrity involved – for example the case of Lindsay Lohan, as analyzed below. This phenomenon is more intense in developed countries – where the fund s invested on media advertising are quite high. This report makes a conclusion that the expansion of media infotainment and melodramatic reportage in most countries internationally cannot be doubted. In fact, the review of two specific news texts – related to media infotainment – proved that the approach used by journalists when presenting a particular story is highly differentiated compared to the past. Of course, the role of the media infotainment in the increase of publicity of a particular event cannot be doubted.

St George's Church, Schenectady, NY Essay Example | Topics and Well Written Essays - 750 words

St George's Church, Schenectady, NY - Essay Example To the north is the Mohawk river. As an Anglican Church, St. George’s was established by British missionaries and supported by many other churches in the area. Donations were provided by Trinity Church on Wall St., as well as from the many Dutch and English settlers. Sir William Johnson became one of the first parishioners, with a generous donation. He also used his influence with fellow officers to gain even more support. â€Å"Well known throughout the colonies for his defeat of the French at Lake George, Johnson's heroic capture of Fort Niagara only weeks before the initial subscription helped guarantee a favorable response.† (stgeorgesschenectady.org). Church membership was limited to those who held blue collar jobs with limited means Through the 1700s. In the 1770s, during the Revolutionary war the church was used as a barracks. For the remainder of the century the church struggled with membership and obtaining appropriate leadership. Again, in the early 1800s Trin ity Church donated funds for repair of St. George’s and for the Rector’s salary. In 1810 the church formed a choir. By 1830 a Sunday School with around 70 children was operating. An active Ladies’ Guild was also raising funds for church projects by this time, allowing it to become more self sufficient. In 1941 William Johnson returned, this time as Rector of St. George’s.

The use of gene therapy to treat genetic diseases Essay

The use of gene therapy to treat genetic diseases - Essay Example An individual has sickle cell trait when one of the two copies is carrying the sickle cell beta globin gene. On the other hand, if both the copies carry sickle cell beta globin gene then the individual has sickle cell anemia and suffers from the debilitating disease. In accordance with predictable patterns of inheritance there are four possibilities: i. An individual with normal beta globin hemoglobin genes has children with an individual possessing two copies of sickle cell gene have a 100% probability that all their children will have sickle cell trait i.e. one normal gene and one sickle cell gene. ii. When two individuals with sickle cell trait have children then each of their offspring’s has a 50% chance of having sickle cell trait, 25% chance of inheriting normal homozygous genes i.e. two normal copies of beta globin hemoglobin gene and 25% chance of inheriting two copies of sickle cell gene. iii. If an individual possessing normal beta globin hemoglobin genes has children with an individual having sickle cell trait then each child has a 50% chance of inheriting two copies of normal beta globin hemoglobin genes and an equal chance of having sickle cell trait. iv. In case an individual having sickle cell trait decides to have children with an individual having sickle cell anemia then each child has a 50% chance of having sickle cell trait and a 50% chance of having sickle cell anemia. (JONES 2008). Hemophilia is a recessive, X linked disease; therefore, genetic segregation and dominance play an important role in the inheritance of hemophilia. The recessive mutated forms of clotting factor VIII and IX are present on the X chromosome. Therefore, the disease is more common in males because they have a single X chromosome and if it has the mutated gene then the person will have hemophilia as unlike females they do not have another X chromosome for compensation. In females, the dominant X

Business Economics Essay Example | Topics and Well Written Essays - 1500 words - 2

Business Economics - Essay Example In fact the choice problem of the monopolist is to choose the per-unit price and quantity of output to maximise profits. This is achieved by producing that level of output (Qm) for which the MC = MR (with the MR being intersected by the MC from below as a second order condition). The price charged will be Pm as it can be seen from the demand curve that it is what the consumers shall be willing to pay for each unit if Qm is the available output in the market. Here the profit level shall be supernormal (represented as the shaded area in the diagram) i.e, over and above the normal profits. The absence of close substitutes allows the monopolist to charge a price high enough that ensures supernormal profits. However one should note that the monopolist can actually be bearing losses as well in the short run. This occurs simply if the AC corresponding to the profit maximising output lies above the corresponding price. In this case however the short run problem for the monopolist becomes one of minimising the loss. However, a firm will go on operating in a monopoly market through the long run if only he earns positive profits. Such profits can be sustained in the long run since in spite of the supernormal profits that may act as incentives to new firms, the barriers to entry are assumed to be strong enough to prevent new entry in a monopoly market structure. In the long run, the equilibrium condition is LMC = MR with the MR curve being intersected from below by the LMC curve. However the monopolist is limited in hiking the pricing over a certain extent as the negative income effect it generates may cause consumers to move on to substitute goods and thus causing a loss in revenue. However as long as the monopolist produces the profit maximising output and charges the corresponding optimal price, he/she shall be earning supernormal profits in the long run as well. Oligopoly is a type of

Energy Drinks Research Essay Example for Free

Energy Drinks Research Essay Many energy drinks are found in the market and many people are consuming them without knowing the bad effects on their health, having the misconception that they help in enhancing and boosting the body energy. Ingredients: Other than the caffeine and carbohydrates energy drinks contain: B vitamins: Energy drinks contain B vitamins that exceed the daily-recommended amounts. Gingko: German pharmacological studies suggest that this herb increases blood flow to the brain and may be effective in treating depression and short-term memory loss. Guarana: An herbal stimulant popular in Brazil. The reason guarana is so stimulating is that it contains two to three times the caffeine of coffee. Carnitine: A compound generally found in animal foods thats theorized to enhance fat burning and improve endurance performance. Mechanism: Energy drinks cause many things that include: Insomnia and alertness: Most energy drinks contain caffeine and herbal stimulants that stimulate the central nervous system, giving a sense of alertness. This stimulation can cause a person who is sleepy to wake up. However, it can also prevent a person desiring to sleep from dozing off. In addition, the caffeine in energy drinks blocks the effects of adenosine, a chemical in the brain involved in sleep. This in turn activates neurons in the brain as though there were an emergency, often preventing sleep and causing insomnia. Increased heart rate: When caffeine blocks adenosine and the neurons are activated, the pituitary gland releases adrenaline. This hormone makes the heart beat faster and consuming the large dosage of caffeine found in energy drinks can lead to high blood pressure and heart palpitations. Increased blood sugar: When adrenaline is released into the system, this causes the liver to release extra sugar in to the bloodstream for energy. In addition, energy drinks contain high amounts of sugar, which can be digested easily and also used as a quick source of energy. When consumed, the body experiences a sugar high then often crashes. The sugar enters the bloodstream, provides a blast of energy and when the sugar is burned up, 30 to 45 minutes later, the body usually experiences a sugar crash. At this time feelings of dizziness, slowed reflexes and decreased performance may occur. Dehydration: Caffeine is a diuretic or a substance, which causes urination. The caffeine in energy drinks causes the kidneys to move extra fluid into the urine, which can lead to dehydration if done while sweating during exercise. The high levels of sugar in energy drinks slow the absorption of water that dilutes the sugar in the bloodstream, enhancing dehydration. Also, consuming a drink with a high sugar concentration before an athletic performance can cause gastric distress and diarrhea, resulting in dehydration. Energy: Most energy drinks contain large amounts of caffeine, which can provide a temporary energy boost. Some energy drinks contain sugar and other substances. The boost is short-lived, however, and may be accompanied by other problems. Side Effects: Energy drinks can cause inflammation in the stomach; bleeding and ulcerations in the duodenum. While consuming energy drinks alone will not damage your liver immediately, prolonged consumption of certain ingredients in popular energy drinks may have ill long-term effects on your liver. For example, many energy drinks contain herbal concentrate products like kava kava or taurine. An overabundance of either of these herbal supplements can lead to liver damage or liver failure. For example, consuming large amounts of taurine may lead to complications in individuals with type-2 diabetes. Caffeine and Guarana affect the adenosine receptors in the brain. Caffeine also cause dopamine to be released in greater amounts which makes you feel more alert and energetic and happy though it does not provide any energy. Resources: http://www. deseretnews. com/article/635202412/What-ingredients-do-energy-drinks-have. html? pg=all http://www. ehow. com/about_5256218_do-energy-drinks-affect-body. html Books: The Nutrition Bible, by Jean Anderson.

Models of change | Free essay | Management essays

Models of change | Free essay | Management essays Models of Change Throughout the last decade there have been numerous changes and developments in the way we manage work. From the classical era Frederick Winslow Taylor introduced the scientific approach, often criticized for the lack of scientific rigor and one dimensional view of human motivation (Burnes 1989; Kelly, 1982). Rose (1988) argues, that Taylor portrays human beings as greedy robots: indifferent to fatigue, boredom, loneliness and pain, and driven solely by monetary incentive. However, Taylor does not ignore the fact that individuals have different abilities. He was quick to point out that not everyone was capable to work in a scientific one best way, and that individuals needed to be selected on their ability to work hard and in accordance with instruction (Linstead, Fullop Lilley, 2009). It would be wrong to say that Taylorism or scientific management is a thing of the past, these theories are alive today. Giving strength to the French proverb The more things change, the more they stay the same, Burkard Sievers (1995) argues that changes in the structure of work, such as Taylorism job specification / simplification, have deskilled many jobs and made work meaningless. He goes on to state, we only need to look at McDonalds, behind the strong family image of the company, both internally and externally and the importance of team membership, is a highly Tayloristic organization which studies have demonstrated depend on a high proportion of expendable part-time and contract labour and a punitive control system. Taylors view was to achieve the highest productivity you had to follow one best way which was subject to rigorous control, however, Elton Mayos experiences in the Hawthorne Works Experiments disproved those beliefs. The experimenters at Hawthorne had discovered that teaching employees to become a team rather than inflicting one best way also had a strong influence on productivity. Also the employees would have the opportunity to vary their work methods, avoiding boredom. Unlike Taylorism, the employees at Hawthorne had a great deal of freedom in comparison. These experiments lead us to the humanistic management approach, where changes were being implemented in consideration for the working environment for its employees with the aim to be more productive. In 1951 saw the introduction of Kurt Lewins three step model for change. This theory set out to answer the questions How does successful change happen? (Comparison of Change Theories, 2009) The key was to see that human change, whether at the individual or group level, was a profound psychological dynamic process that involved painful unlearning without loss of ego identity and difficult relearning as a cognitive attempt to restructure ones thoughts, perceptions, feelings and attitudes. (Change Management, 2009) Unlike previous theories which looked at how we approach the way we work, Lewin looked at how we implement the changes in how we work, devising the three step approach set out below. Unfreezing Changing to overcome the pressures of both individual resistance and group conformity. Movement A change process that transforms the organization from the status quo to a desired end state. Refreezing Stabilizing a change intervention by balancing driving and restraining forces. (Robbins, fig 19.3, 2009) The introduction of this new way of thinking is regarded to be the corner stone model for understanding organizational change and also the beginning of Organizational Development (Understanding the Three Stages of Change, 2009). Our existence is defined by the fact that we have to shape our lives to fit reality. In the sense that there are universal constants we have to make the best of, like a finite amount of resources or physical laws. Our final aim is to reach a point where we can shape the organisation to fit our lives. Which begs the question; if we achieve this what will we do then? This is why we have culture. To do something is not an end in itself. We need culture to reflect on how we managed to change something and how it changed us and what we need to change for the future.

Sexual Harassment at the Workplace Essay -- Sexual Harassment in the Wo

Harassment and Discrimination at the Work Place Three repair workers at the Facilities Management Division of the Lee County jail filed a series of harassment and discrimination claims after being repeatedly harassed and discriminated by nine co-workers for over three years. After an extensive investigation by the Equal Employment Opportunity Commission (EEOC), it was determined that there was sufficient evidence to file a claim in federal court. Now, the United States Justice Department has filed a claim against Lee County in Florida costing tax payers thousands if not, millions of dollars. This is an example of how thriving companies can suffer an unexpected harassment or discrimination lawsuit which can cost them thousands of dollars affecting their bottom line as well as their reputation. As an independent human resources consultant, Santiago-Santos will organize a local education campaign and provide employers with different trainings to educate them and their employees about harassment and discrimination. Educating business owners and their employees is key for reducing the number of claims being filed due to harassment and discrimination. Harassment and discrimination can affect a business in many ways. Having a history of harassment and discrimination claims can damage a business’ reputation and affect its bottom line. It can cost the business current and future clients as well as investors and employees. Depending on the gravity of the claim(s), the process of settling the claim(s) can take anywhere from months to years. Meanwhile, the cost of the settlement and other fees continue to add up. A business might have to compensate the affected parties besides paying court fees and lawyers. The Equal Employment Opportu... ...s, organizing a local campaign wish will provide training about harassment and discrimination for local business will help build a healthier community and possibly improve the local economy. References Clark, C. S. (1991, August 9). Sexual harassment. CQ Researcher, 1, 537-560. Retrieved from http://library.cqpress.com/cqresearcher Glazer, S. (1996, July 19). Crackdown on sexual harassment. CQ Researcher, 6, 625-648. Retrieved from http://library.cqpress.com/cqresearcher/ Kane-Urrabazo C. (2007). Sexual harassment in the workplace: it is your problem. Journal of Nursing Management, 15(6), 608-613. doi:10.1111/j.1365-2834.2007.00725.x U.S. justice department sues lee county over discrimination accusations. (2012, February 06). Naples Daily News. Retrieved from http://www.naplesnews.com/news/2012/feb/06/us-justice-department-sues-lee-county-over/

Seeking Truth in A Dolls House :: A Dolls House Essays

Seeking Truth in A Doll's House. The characters, in Henrik Ibsen's A Doll's House, are hiding from each other and seeking the truth about each other and about life. The game of hide and seek that Nora plays with her children, she also plays with her husband. She hides her actions and her true personality from him. He also hides his life from her. Thinking that she would never even understand, he keeps all the business of their relationship secret from her. Although Nora hides from her husband, she also plays the role of seeker. Nora wants to seek out the truth of her life. Much of the play is a game of hide and seek. Excellent. Nora plays a game of "hide and seek"(Ibsen 506)* with her children. The simple game can be seen also as a symbol of real life in the play. Nora is playing hide and seek with the adults in her life. Nora is trying to keep something away from public knowledge and especially away from her husband. She hides the fact that she borrowed money to save his health. She was afraid that if Torvald knew that she had taken initiative to borrow money to help him that it would be "painful and humiliating"(Ibsen 501) for him. She knows that Torvald needs to feel in control of everything. So she hides her actions from him. Nora hides the fact that she has done something illegal from Torvald. She is given the opportunity to tell Torvald and maybe get his support or advise on the situation, and she lies to him to hide the truth. She claims that the reason that she does not want Torvald to fire Krogstad is that "this fellow writes in the most scurrilous newspapers...he can do [Torvald] an unspeakable amount of harm"(Ibsen 519). Nora hides the truth and replaces it with lies. Torvald does not know that if he fires Krogstad that the consequences will affect his whole family. Nora could have told him, but instead she decided to hide the truth from her husband. She also hides her own strength. She plays the part that she has come accustomed to, being the doll. The first time in the play that Torvald refers to Nora, he calls her a "little lark"(Ibsen 493). Throughout the play, he refers to her as a cute little animal, never with any word that might imply a situation of his peer.

The Symbolism of the Piano in The Piano Essay -- Piano

The Symbolism of the Piano in The Piano      Ã‚  Ã‚  Ã‚  Ã‚   The piano has been inextricably linked with the roles and expectations of women in British society since its advent in the mid 1700s to the late 1800s when rising standards of living made it more accessible to middle class society. Pianos were regarded as "secure icons of social distinction" 1 and a wife was viewed similarly as a possession of "privatization, success and respectability."2 Pianos were instrumental in both reinforcing gender roles and as delineators of class distinction thus perpetuating the class system. 3    While concentrating primarily on Ada, this essay will discuss the symbolism of the piano in The Piano expressed through the relationship with each of   the four main characters of the film. I will also comment on the piano as a colonial representation of conquest.    In one of the earliest scenes in The Piano, Ada waits with her young daughter for the arrival of her new husband and a party of Maori workers who will carry the their baggage to the house. On the empty beach in a new land, and alone with her daughter asleep beside her, she consoles herself by fingering her piano, still trapped within its wooden house. On Stewart's arrival the next day, he quickly rejects her plea to have the piano carried to Ada's new home or even to return to collect it.   As the party climb a ridge behind the beach, Ada stands on a promontory and views the piano standing alone on the sand below her. Framed in the overpowering and commanding landscape of   the harsh, unyielding New Zealand bush, the crafted wood and iron piano stands as an image of colonialism.4 However, the dominant image conveyed in the scene is one of   loss, isolation and the separation of the pi... ...ight and mocking "carnivalesque". (Politics of Voice, p.36). 8 The performance of music was to be "in private company" Music and Image, p.39 9 Hazel, Valerie The Politics of Voice and Jane Campion's Piano, p.30 10 As for instance when he offers four keys for them to lie together, she counters with five. 11 Gordon, Suzy "I clipped your wing, that's all": auto-erotism and the female spectator, p.202 12 "And the wind said 'remember how we used to play?' "Then the wind took her hand and said 'come with me.' "But she refused." This story suggests a change from a compliant Flora to an independent, free-thinking Flora whose choice is her own. 13 Edmond Abat quoted in Reading Readings 14 The piano was not previously at his house so it cannot really be termed a return.   Baines' comment "I'm giving it back" refers more to possession than place.   

Economics Syllabus

CARIBBEAN EXAMINATIONS COUNCIL Caribbean Advanced Proficiency Examinations Correspondence related to the syllabus should be addressed to: The Pro-Registrar Caribbean Examinations Council Caenwood Centre 37 Arnold Road, Kingston 5, Jamaica, W. I. Telephone Number: (876) 920-6714 Facsimile Number: (876) 967-4972 E-mail address: [email  protected] org Website: www. cxc. org Copyright  © 2008, by Caribbean Examinations Council The Garrison, St. Michael BB 11158, Barbados This document CXC A20/U2/08 replaces CXC A20/U2/03 issued in 2003. Please note that the syllabus was revised and amendments are indicated by italics and vertical lines.First Issued 2003 Revised 2008 Please check the website www. cxc. org for updates on CXC’s syllabuses. RATIONALE1 AIMS 2 SKILLS AND ABILITIES TO BE ASSESSED2 PRE-REQUISITES OF THE SYLLABUS3 STRUCTURE OF THE SYLLABUS3 UNIT 1: MICROECONOMICS MODULE 1: METHODOLOGY: DEMAND AND SUPPLY 4 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 MODULE 3: DISTRIBUTION THEORY 17 UNIT 2: MACROECONOMICS MODULE 1: MODELS OF THE MACROECONOMY27 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES28 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS36 OUTLINE OF ASSESSMENT44REGULATIONS FOR PRIVATE CANDIDATES 55 REGULATIONS FOR RESIT CANDIDATES56 ASSESSMENT GRID57 RESOURCES58 GLOSSARY59 T T he Caribbean Advanced Proficiency Examinations (CAPE) are designed to provide certification of the academic, vocational and technical achievement of students in the Caribbean who, having completed a minimum of five years of secondary education, wish to further their studies. The examinations address the skills and knowledge acquired by students under a flexible and articulated system where subjects are organised in 1-Unit or 2-Unit courses with each Unit containing three Modules.Subjects examined under CAPE may be studied concurrently or singly, or may be combined with subjects examined by other examination boards or ins titutions. The Caribbean Examinations Council offers three types of certification. The first is the award of a certificate showing each CAPE Unit completed. The second is the CAPE diploma, awarded to candidates who have satisfactorily completed at least six Units, including Caribbean Studies. The third is the CAPE Associate Degree, awarded for the satisfactory completion of a prescribed cluster of seven CAPE Units including Caribbean Studies and Communication Studies.For the CAPE diploma and the CAPE Associate Degree, candidates must complete the cluster of required Units within a maximum period of five years. Recognized educational institutions presenting candidates for CAPE towards the award of the Council’s Associate Degree in nine categories must, on registering these candidates at the start of the qualifying year, have them confirm in the required form, the Associate Degree they wish to be awarded. Candidates will not be awarded any possible alternatives for which they d id not apply. T ? RATIONALEEconomics is the study of how society provides for itself by making the most efficient use of scarce resources so that both private and social welfare may be improved. The subject, therefore, covers the study of individuals, households, firms, government and international economic institutions as they attempt to make better use of scarce resources. The study of Economics enables individuals to develop a better understanding of the economic issues which affect them and the world in which they live. It will also enable students to offer informed comments on economic matters.The knowledge gained from this course in Economics will be of lifelong value to the student. The influence of the subject on all areas of activity should stimulate the individual to continue reading and conducting research in Economics. It is recognised that persons doing this course may be drawn from different backgrounds and may possess different interests. Some may wish to study Econom ics as preparation for further specialisation in the subject. Others may study the subject to complement other subject disciplines, such as, careers in finance, accounting or law.Some students may see the subject as one worthy of study in its own right. Students of Economics will be able to contribute, significantly, to economic and social development in the Caribbean and the wider world by acting as catalysts for wider awareness of social and economic issues. A study of Economics at the CAPE level will be of benefit to all students by introducing them to the philosophy which underlies everyday economic interactions. The study will also train the student to think logically, critically and impartially on a variety of contentious issues. AIMS The syllabus aims to: 1. promote understanding of the basic principles and concepts of economics which are accepted in large measure by economists while recognising that the field is changing continuously; 2. develop an appreciation of the variou s methods used by economists in analysing economic problems; 3. develop an understanding of the global economy and of the relationships between rich and poor nations with respect to international trade and finance and the most important international financial institutions; 4. ncourage students to apply economic principles, theories and tools to everyday economic problems, for example, inflation, unemployment, environmental degradation, sustainable development and exchange rate instability and to contribute meaningfully to any dialogue on these issues; 5. encourage students to apply economic theory to the critical issues which affect the small open Caribbean-type economy; 6. encourage students to evaluate contentious economic issues so that decision-making may be informed by logical and critical thinking; 7. sensitize students to the need for ethical behaviour in the conduct of economic transactions. SKILLS AND ABILITIES TO BE ASSESSED The assessment will test candidates’ ski lls and abilities to: 1. identify and explain economic theories, principles, concepts and methods; 2. interpret, analyse and solve economic problems using economic models and concepts; 3. develop structural and reasoned expositions and evaluate economic theories and policies. PRE-REQUISITES OF THE SYLLABUS Successful participation in this course of study will be enhanced by the possession of good verbal and written communications skills. A good foundation in Mathematics would be an asset to students doing this course.STRUCTURE OF THE SYLLABUS The Syllabus is arranged into two Units. Each Unit consists of three Modules, each Module requiring 50 contact hours. UNIT 1: MICROECONOMICS Module 1-Methodology: Demand and Supply Module 2-Market Structure, Market Failure and Intervention Module 3-Distribution Theory UNIT 2: MACROECONOMICS Module 1-Models of the Macroeconomy Module 2-Macroeconomic Problems and Policies Module 3-Growth, Sustainable Development and Global Relations Lists of reso urces are provided in the syllabus. The lists provide information that may be helpful for the study of each Module.It is advised that the topics listed in the sections do not necessarily follow sequentially. Teachers may thus introduce certain concepts before others. It is recognised that Economics may be taught using a strictly qualitative approach or a strictly quantitative approach. However, a proper mix of the two approaches is critical to the understanding of the subject at this level. Teachers are advised, therefore, that proper delivery of the subject would involve the integration of the two approaches. ? UNIT 1: MICROECONOMICS MODULE 1: METHODOLOGY: DEMAND AND SUPPLYGENERAL OBJECTIVES On completion of this Module, students should: 1. appreciate the main problem of economics namely, the allocation of scarce resources and the inevitability of choice; 2. understand the laws, principles and theories governing demand and supply; 3. understand the basic tools of economic analysis. SPECIFIC OBJECTIVES TOPIC 1: Central Problem of Economics Students should be able to: 1. explain the concept of scarcity; 2. apply the concept of opportunity cost in a variety of real-life situations; 3. explain the concept of production possibilities frontier (PPF); . use the production possibilities frontier to indicate constant returns, diminishing returns and increasing returns; 5. account for shifts in the production possibilities frontier (PPF); 6. differentiate between positive and normative economics; 7. outline the advantages and disadvantages of the alternative mechanisms by which resources are allocated. CONTENT 1. The meaning of scarcity, free goods and economic goods. 2. (a)Definition of opportunity cost. b) Choice: what, how and for whom to produce. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) ) The concept of opportunity cost applied to economic agents (individuals, households, firms and governments). 3. (a)Assumptions: maximum output attainable, g iven full employment and constant state of technology. (b)Regions: attainable, unattainable, efficient and inefficient levels of production. 4. Production possibilities frontier: slopes and shapes. 5. Use of production possibilities frontier to show growth and technological change. 6. Examples of positive and normative statements. 7. Different types of economic systems: traditional, market, planned and mixed. SPECIFIC OBJECTIVESTOPIC 2: Theory of Consumer Demand Students should be able to: 1. explain the concept of utility; 2. explain the law of diminishing marginal utility and the limitation of marginal utility theory; 3. explain the meaning of indifference curves and budget lines; 4. explain consumer equilibrium using the marginal utility approach; 5. explain consumer equilibrium using the indifference curve approach; 6. isolate the income and substitution effects of a price change; 7. explain effective demand; 8. derive the demand curve using both the marginal utility and indiffe rence curve approaches; 9. ifferentiate among normal, inferior and Giffen goods; 10. distinguish between shifts of the demand curve and movements along the curve; UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 11. identify the factors that affect demand; 12. explain the meaning of consumer surplus; 13. explain price elasticity, income elasticity and cross elasticity of demand; 14. calculate numerical values of elasticity; 15. interpret numerical values of elasticity; 16. assess the implications of price elasticity of demand for total spending and revenue; 17. state the factors that determine the price elasticity of demand.CONTENT 1. Utility: total, marginal, cardinal (marginalist approach), ordinal (indifference curve approach). 2. (a)Explanation of diminishing marginal utility. (b)The main assumptions and limitations of Marginal Utility Theory. 3. Indifference curves and the budget constraint (budget lines). 4. The law of equi-marginal returns. 5. The point of tang ency of the budget line to the indifference curve. 6. Income and substitution effects of a price change. 7. Effective demand. 8. Deriving the demand curve using the marginal utility as well as the indifference curve approach. . Normal, inferior and Giffen goods using the indifference curve approach. 10. Shift versus movements along demand curves. 11. Price and the conditions of demand. 12. Consumer surplus including graphical representations. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 13. Price, income, and cross elasticities. 14. Calculation of values of elasticity. 15. Classification and interpretations (sign and size); including the drawings and interpretations of graphs. 16. The implications of price elasticity of demand for total spending and revenue. 17.Factors that determine the price elasticity of demand. SPECIFIC OBJECTIVES TOPIC 3: Theory of Supply Students should be able to: 1. identify the factors of production; 2. explain the term production functio n; 3. differentiate between the short run and long run; 4. explain the law of diminishing returns; 5. calculate total, average and marginal physical product; 6. explain the relationships among total, average and marginal physical product; 7. identify the stages of production as they relate to total, average and marginal product; 8. calculate total, average, marginal and other costs; 9. xplain the relationship among total, average and marginal costs; 10. explain why supply curves are usually positively sloped; 11. explain the concept of producer surplus; 12. explain the shape of the short run and long run supply curves; UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 13. explain returns to scale and the concepts of economies and diseconomies of scale; 14. distinguish between a movement along the supply curve and a shift in the supply curve; 15. explain the concept of elasticity of supply; 16. calculate elasticity of supply; 17. interpret elasticity of supply. CONTENT . Factors of production: land, labour, capital and entrepreneurship. 2. Relationship between output and input. 3. Fixed and variable factors. 4. The law of diminishing returns. 5. Calculation of total average and marginal physical product. (See suggested teaching and learning activities). 6. Change in the relationship as input increases. 7. Production and its stages, as they relate to the total, average and marginal product including the use of graphs. 8. (a)Fixed cost, variable cost, total cost, marginal cost, average fixed cost, average variable cost, average total cost, sunk costs. ) The shape of the long run average total cost curve. c) Productive optimum. 9. The relationship between total, average and marginal cost including the use of graphs. 10. Relationship between quantity supplied and price. 11. Producer surplus including graphical representations. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 12. Relationship between marginal cost and the average cost in the short run and long run. Explanation of why the supply curve is the section of the marginal cost curve above the average variable cost and average total cost. 13. (a)Long run and economies of scale. ) Factors determining economies of scale. c) Internal and external economies of scale. d) Diseconomies of scale. 14. Price and the conditions of supply. 15. Concept of elasticity of supply. 16. Calculation of elasticity of supply. 17. Classification and interpretation (size of coefficient) including the drawing and interpretation of graphs. SPECIFIC OBJECTIVES TOPIC 4: Market Equilibrium Students should be able to: 1. explain the concept of the market; 2. explain market equilibrium; 3. calculate equilibrium price and quantity; 4. outline factors that cause changes in equilibrium; . evaluate the impact of price controls on market equilibrium; 6. analyse the effects of taxation and subsidies on market equilibrium. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) CONTENT 1. The concept of the market. 2. Equilibrium price, equilibrium quantity. 3. Use of demand and supply data to calculate equilibrium price and quantity. 4. Changes in conditions of supply and demand. 5. The effects of price ceilings and price floors on equilibrium. 6. (a)The effects of taxation and subsidies on market equilibrium. (b)The incidence of an indirect tax.Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For topic 1, Central Problem of Economics, let students provide examples from personal life, the home, firms and government to demonstrate opportunity cost and the production possibilities frontier (PPF). 2. For topic 2, Theory of Consumer Demand, let students derive their own schedule and plot the demand curve for commodities which they use in their everyday lives. 3.For utility, use water or any other drink to show the different levels of satisfaction (utility). Use the data to derive total and marginal utility curves. 4. For the concept of elasticity, teachers may use two types of materials, one that could change in varying degrees and the other which remains the same regardless of circumstances. Teachers should then apply this concept to market conditions illustrating the concepts of elasticity and inelasticity. 5. For deadweight loss, teachers may use the graphs for consumer and producer surplus to show how market intervention may lead to loss welfare (deadweight loss). 6.For stages of production, allow students to derive the total average and marginal product curves using simulated data. Use the results of the graphs to point out the different stages of production. An example is given below. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) GRAPH SHOWING THE STAGES OF PRODUCTION [pic] (i)Stage 1occurs up to the point where APPL is at its maximum. (ii)Stage 2 occurs fr om the point where APPL is at a maximum up to the point where MPPL is zero. In this stage new workers add to total physical output. (iii)Stage 3 occurs when MPPL is negative. The producer will operate in stage 2.In stage 1 there is insufficient labour being used (up to the point where MPPL is at its maximum) and the output per worker is increasing. In stage 3 the producer gets no addition to total physical output from additional workers. It would be possible to have more total physical product with less labour applied to a fixed factor (say machinery). UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION GENERAL OBJECTIVES On completion of this Module, students should: 1. appreciate the distinction between the different types of market structures; 2. develop awareness of the causes of market failure; . appreciate the measures that can be adopted to reduce or eliminate market failure; 4. appreciate the arguments which suggest that government intervention may not necessa rily improve economic performance. SPECIFIC OBJECTIVES TOPIC 1: Market Structure Students should be able to: 1. outline the goals of the firm; 2. explain how firms measure profits; 3. explain the concepts of average, marginal and total revenue; 4. explain the concept of market structure; 5. outline the characteristics of the different market structures; 6. distinguish among the different market structures; 7. xplain the factors that influence the pricing and output decisions of the firm; 8. calculate measures of industrial concentration; 9. interpret measures of industrial concentration. UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) CONTENT 1. Profit maximization, growth, satisficing, sales and revenue maximization, market dominance. 2. Total revenue, total cost, normal and economic (abnormal) profit. 3. Relationship between average, marginal and total revenue. 4. Types of market structures: perfect competition, monopoly including price discrimin ation, monopolistic competition, oligopoly and cartels. . Characteristics of the different market structures. a) barriers to entry; b) control over market and price; c) nature of the good; d) numbers of buyers and sellers; e) competitive behaviour and performance. 6. Focus on all characteristics of the different markets in addition to profit maximization. a) Examples of close approximations of market structures in the Caribbean. 7. Marginal cost and marginal revenue, total cost and total revenue, marginal cost pricing and average cost pricing. 8. Herfindahl Hirschman Index – the percentage of an industry’s output produced by its four largest firms (four-firm concentration ratio): pic] where si is the market share of firm i in the market, and n is the number of firms. 9. (a)Interpretation related to market structures. b) Limitations of measures of industrial concentration. UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) SPECIFIC OBJECT IVES TOPIC 2: Market Failure Students should be able to: 1. explain the concept of economic efficiency; 2. distinguish among private goods, public goods and merit goods; 3. distinguish between social costs and private costs and social benefits and private benefits; 4. explain the concept of market failure; 5. explain what is meant by deadweight loss; . outline the causes of market failure. CONTENT 1. Inclusion of discussion of Pareto efficiency. 2. (a)Examples of private goods, public goods and merit goods. (b)Discussion of issues of rivalry and exclusion. 3. Social costs, private costs, social benefits, private benefits, external costs, external benefits. Use of graphical representations. 4. Divergence of social costs and social benefits and efficiency. Use of graphical representations. 5. Deadweight loss including verbal and graphical representations. 6. Causes of market failure: a) monopoly; b) public goods and merit goods; c) externalities: positive and negative;UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) d) divergence between social and private costs and social and private benefits; e) imperfect information; f) asymmetric information: adverse selection and moral hazard; g) open access to resources; h) lack of property rights (squatting, streams, ocean); i) non-existence of markets (for trading). SPECIFIC OBJECTIVES TOPIC 3: Intervention Students should be able to: 1. evaluate the measures used by government to correct market failure; 2. evaluate the measures used by the private sector to correct market failure. CONTENT 1.Measures used by government to control market failure: a) -regulation; – anti-trust policy; – taxation; – privatisation and deregulation; – state ownership; – subsidies; – legislation; – market creation (tradable permits); b) pros and cons of government intervention; c) -merits and demerits; – effectiveness of intervention in Caribbean societies (effect of small size in relation to policy making). UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) 2. Private Sector Intervention: (a)corporate code of conduct; (b)corporate social responsibility; (c)voluntary agreements; (d)corporate ethics.Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For price discrimination, teachers could identify the first, second and third degree price discrimination using different examples from students’ experiences. Teachers should then illustrate by use of diagrams. 2. For the kinked demand curve model, teachers may use the daily newspaper or mobile phone industry as examples. UNIT 1 MODULE 3: DISTRIBUTION THEORY GENERAL OBJECTIVES On completion of this Module, students should: . understand what accounts for the returns that accrue to the owner s of the factors of production; 2. appreciate the issues surrounding poverty and the measures used to alleviate poverty; 3. develop skills in applying microeconomic analysis to critical social issues involving income inequality. SPECIFIC OBJECTIVES TOPIC 1: The Demand for and Supply of Factors Student should be able to: 1. explain the rewards of the factors of production; 2. explain the concept of derived demand; 3. outline the marginal productivity theory; 4. apply the marginal productivity theory to the demand for land, capital and labour; 5. nalyse the factors affecting the supply of land, capital and labour; 6. analyse the factors determining rent, interest and wages; 7. distinguish between transfer earnings and economic rent. CONTENT 1. Rent, interest, wages and profits. 2. Derived demand. 3. (a)The assumptions and limitations of Marginal Productivity Theory. (b)Marginal Physical Product, Marginal Revenue Product and their relationship. UNIT 1 MODULE 3: DISTRIBUTION THEORY (con t’d) 4. The value of the Marginal Product: a) land; b) labour; c) capital – using present value (use of graphical representation required). 5.The fixity of land, the supply of loanable funds and the labour supply. 6. The demand for and supply of factors. 7. Numerical, graphical and verbal explanations of transfer earnings and economic rent. SPECIFIC OBJECTIVES TOPIC 2: Wage Differentials Student should be able to: 1. explain the concept of wage differentials; 2. analyse imperfections in the labour market; 3. analyse the effect of labour mobility on wages; 4. explain the concept of compensating wage differentials; 5. explain the role of Government, Trade Unions and Employers’ Associations in the pricing of labour. CONTENT 1.Differences in wages within industries and among industries. 2. Imperfections on the demand side (for example, differences in marginal productivity) and on the supply side (for example, geographical immobility). 3. The mobility and immobility of labour; geographical (migration of workers), occupational. 4. Compensating (equalizing) differentials. UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 5. The minimum wage rate; monopsonies; migration of workers; collective bargaining; trade union strategies, the role of employers’ associations; efficiency wage. SPECIFIC OBJECTIVES TOPIC 3: Income inequality, Poverty and Poverty AlleviationStudents should be able to: 1. differentiate between size and functional distribution of income; 2. explain the concept of income inequality; 3. explain the measures of income inequality; 4. explain the measures used to reduce income inequality; 5. distinguish between absolute and relative poverty; 6. outline factors that contribute to poverty; 7. explain why certain categories of people are more susceptible to poverty than others; 8. evaluate the different ways used to measure poverty; 9. outline strategies used by Governments to alleviate poverty; 10. analyse the economic costs of poverty; 1. assess the economic benefits of government intervention to alleviate poverty. CONTENT 1. Size and functional distribution of income. 2. How income is distributed. 3. Lorenz curve measurement of income inequality; and Gini coefficient (interpretation only). 4. Measures to reduce inequality: taxes, subsidies, transfers. UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 5. Absolute versus relative poverty. 6. Factors that contribute to poverty including: a) social and physical environment; b) discrimination – gender, race; c) restrictions on certain economic activities; d) non-ownership of resources; ) family size; f) single parent; female- headed families. 7. Persons who are most susceptible to poverty: (a)people with special needs; i) physically challenged; ii) elderly; iii) youth; iv) single parent families; v) indigenous people; (b)reasons – Limited access to employment, level of training, legislation, availability of income to share among family. 8. Wa ys used to measure poverty: a) basic needs; b) poverty line; c) head count; d) UNDP Human Development Index (HDI). UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 9. Strategies to alleviate poverty: a) transfer payments; b) free education and health care; ) housing; d) minimum wage legislation; e) equal employment opportunities; f) Government employment creation(special works programmes). 10. The cost of poverty, including: a) unemployed human resources; b) lower potential output; c) inefficient allocation of Government expenditure; d) social and environmental costs. 11. Economic benefits including: a) provision of education and health leading to development of human capital; b) improvement in well- being as measured by the UNDP (HDI); c) more equitable distribution of income. Suggested Teaching and Learning ActivitiesTo facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. Use knowledge from topic 3, unit 1, Theory of Supply, to derive the demand curve for factors of production. 2. Teachers may use graphical representation of the Lorenz Curve to illustrate unequal distribution of income. Teachers should also relate the Lorenz Curve to the GINI coefficient. Also show the effect of taxes on the Lorenz Curve and the GINI coefficient. UNIT 2: MACROECONOMICS MODULE 1: MODELS OF THE MACROECONOMYGENERAL OBJECTIVES On completion of this Module, students should: appreciate the notion of National Income accounting and the importance of these accounts for macroeconomic theory and policy; 1. understand the views of the classical keynesian and monetarists schools; 2. understand the factors that influence the level of investment in an economy. SPECIFIC OBJECTIVES TOPIC 1: National Income Accounting Students should be able to: 1. explain the circular flow of income; 2. explain the concept of National Income Accounting; 3. explain the different ways of der iving National Income Accounts; 4. nterpret National Income statistics; 5. use National Income accounts to analyze the performance on an economy as a whole; 6. derive real GDP from nominal GDP; 7. explain the limitations of GDP. CONTENT 1. Economic agents. 2. Gross Domestic Product (GDP),Gross National Product (GNP) and other measures. 3. Calculation of GDP, GNP and their components (personal income, disposable income), Net National Income (NNI), and per capita income; avoidance of double counting. UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) 4. Total measures: a) GDP at market prices; b) GDP at factor costs. 5.Use of National income accounts to measure economic performance over time and to make inter-country comparisons. 6. Calculation of real and nominal GDP using the price deflator. 7. Limits of National Income Accounts as a measure of well-being: a) non-inclusion of the informal sector (the underground economy, illegal activities); b) non-payment for do-it-yoursel f activities; c) non-accounting for externalities, environmental degradation (Green GDP); d) the fact that it measures changes in the value of output but not changes in the quality of life. SPECIFIC OBJECTIVES TOPIC 2: Classical models of the MacroeconomyStudents should be able to: 1. explain why within the classical model, all employment is voluntary; 2. explain how full employment is restored in the classical model; 3. explain the factors that influence aggregate demand; 4. explain the factors that influence aggregate supply; 5. interpret the classical long run supply curve; 6. explain price level determination within the classical model; 7. use the classical aggregate demand and supply model to show changes in the price level and employment. UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) CONTENT 1. Flexibility of wages and prices. 2.The role of wage price and interest rate flexibility. 3. The factors that influence aggregate demand: a) consumer spending; b) investmen t spending; c) Government spending; d) net export spending. 4. Factors that influence aggregate supply including changes in input prices and incomes. 5. The assumptions of the vertical aggregate supply curve. 6. The interaction of the classical aggregate demand and supply curves. 7. Shifts in the aggregate demand and aggregate supply curves. SPECIFIC OBJECTIVES TOPIC 3: Basic Keynesian Models Students should be able to: 1. explain the consumption function; 2. xplain the relationship between saving and consumption; 3. calculate the simple multiplier; 4. explain the effect of changes in investment on national income; 5. explain the effect of government spending on national income; 6. describe the effect of withdrawals and injections on national income; UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) 7. explain the relationship between net exports and national income; 8. determine the equilibrium level of national income; 9. explain inflationary and deflationary gaps. CONTE NT 1. Autonomous and induced consumption. 2. (a)Income = consumption plus saving. b)marginal propensity to consume and save. (c)average propensity to consume and save. 3. Simple multiplier [pic]. 4. Relationship between changes in investments and national income. 5. Government’s expenditure and its effects on national income. 6. (a)Concepts of injections and withdrawals in an economy. (b)The effect of injections and withdrawals on national income. (c)Small multipliers in the Caribbean context due to leakages. 7. (a)Relationship between net exports (x – m) and national income. b) Exports as an injection and imports as a withdrawal. 8. Determination of equilibrium income using: a) 45 o line or E=Y; ) withdrawals and injections approach; c) the Keynesian aggregate demand and supply curves (long run and short run). UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) 9. (a)Full employment level of output. (b)Actual level of output. (c)Equilibrium level of national i ncome could be either below, at or above potential level of output. SPECIFIC OBJECTIVES TOPIC 4: Investment Students should be able to: 1. explain the concept of investment; 2. differentiate between the investment demand curve and the investment curve; 3. explain the accelerator theory; 4. outlinethe factors that account for the volatility of investment.CONTENT 1. Investment (induced and autonomous). 2. (a)Marginal efficiency of capital (investment demand as a function of expected rate of return). b) Marginal efficiency of investment (non-interest rates as determinants of investment demand, taxes, costs, stock of capital goods on hand expectations). 3. Accelerator theory of investment. 4. Determinants of investment: a) The accelerator; b) Durability; c) Irregularity of innovation; d) Variability of profits, expectations and interest rates. UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) Suggested Teaching and Learning ActivitiesTo facilitate students’ attainment o f the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For topic 1, teachers should pay special attention to the rules of accounting working from the GDP down to consumption and savings. Teachers should also deal with the concepts such as market price and factor costs, as well as real GDP and normal GDP. Make use of the circular flow diagram from the closed economy to the open economy. 2. For topic 2, Classical Models of the Macroeconomy, teachers should use graphs to emphasize flexibility and the automatic return to equilibrium. . For topic 3, teachers could demonstrate the operation of the multiplier by using data to show the successive rounds of spending. Calculations and graphical representations of the multiplier are required. 4. Use the 45 ° line and average demand and average supply to show inflationary and deflationary gaps. 5. For topic 4, Investment, teachers may use tables to illustrate and expla in the accelerator, that is, the necessity to increase expenditure, constantly, for investment. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES GENERAL OBJECTIVES On completion of this Module, students should: nderstand the reasons why an economy may be characterised by unemployment and how intervention may be used to improve economic performance; appreciate the role of the Central Bank in the economy; understand monetary and fiscal policy and their applications; understand the nature and burden of the national debt. SPECIFIC OBJECTIVES TOPIC 1: Unemployment and Inflation Students should be able to: 1. explain what is meant by the labour force; 2. explain the unemployment rate; 3. distinguish between unemployment and underemployment; 4. evaluate the costs of unemployment; 5. explain the causes of unemployment; 6. valuate the policies used to reduce unemployment; 7. explain the causes of inflation; 8. distinguish between real and nominal variables; 9. explain how inflation is me asured; 10. explain the causes of inflation; 11. evaluate the effects of inflation; UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) 12. evaluate the policies used to combat inflation; 13. explain the relationship between the unemployment rate and inflation. CONTENT 1. Employed and unemployed. 2. The unemployment rate. 3. Unemployment and underemployment. 4. The effect on output, income and growth: additional financial burden on the state; social costs. . Labour immobility, other market imperfections, structural changes in the economy, inadequate aggregate demand, increase in labour force participation rate, seasonality, intervention. 6. Fiscal policy, monetary policy, wage subsidies, retraining programmes, investment tax credit, employment tax credit, government employment programmes, reducing market imperfections. 7. Inflation: general price level. 8. Real and money wages: a) real and nominal GDP; b) real and nominal interest rate. 9. The GDP deflator; the reta il price index; the producer price index. Calculations and limitations of the indices. 10.Demand shocks, supply shocks, increase in the money supply growth rate. 11. The costs and benefits of inflation: the impact of redistribution of wealth; impact of business activity and growth, impact on the balance of payments. 12. Income policy, monetary policy, fiscal policy and supply side measures. 13. Trade-off between inflation and the rate of unemployment: Phillips curve – stagflation. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) SPECIFIC OBJECTIVES TOPIC 2: Monetary Theory and Policy Students should be able to: 1. explain the concept of money; 2. outline the functions of money; 3. explain the demand for money; . explain the supply of money; 5. explain monetary policy; 6. explain how the money supply is controlled; 7. explain how money is created in the banking system; 8. explain why residents substitute foreign for domestic currency; 9. explain the Quantit y Theory of Money; 10. outline the types of monetary policy; 11. describe the effects of monetary policy on national income; 12. evaluate the limitations of monetary policy. CONTENT 1. (a)The meaning of money. (b)Types of money: token and commodity. 2. Functions of money. 3. (a)Liquidity Preference Theory. (b)Motives for holding money (transactions, precautionary, speculative). UNIT 2MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) 4. The money supply (M1, M2). 5. Monetary policy – expansionary and contractionary policies. 6. (a)The role of the central bank in creating high-powered money (monetary base). (b)Instruments of monetary control: i) open market operations; ii) discount rates; iii) financing fiscal deficits; iv) reserve requirements; v) moral suasion; vi) interest rates. 7. (a)Excess reserves. (b)Credit creation. (c)The money multiplier. 8. The nature of currency substitution and hoarding. 9. The Quantity Theory of money. 10. (a)Tight monetary policy (in flation). (b)Easy monetary policy (unemployment). c)Balance of payments. 11. How monetary policy affects national income. 12. Limitations of monetary policy including the fact that it is: a) permissive, not compelling and only creates the environment; UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) b) difficult to control the money supply of foreign-owned commercial banks; c) difficult to eliminate lags in monetary policy; d) weakened by fiscal indiscipline. SPECIFIC OBJECTIVES TOPIC 3: Fiscal Policy Students should be able to: 1. explain the concept of fiscal policy; 2. outline the goals of fiscal policy; 3. explain the nature of the budget; 4. xplain the balanced budget multiplier; 5. outline methods of financing budget deficits; 6. evaluate the limitations of fiscal policy; 7. distinguish between discretionary and non-discretionary fiscal policy. CONTENT 1. The meaning of fiscal policy. 2. Fiscal policy as a means of addressing: a) aggregate demand; b) unempl oyment; c) inflation; d) balance of payments. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) 3. The nature of the budget: a) taxation, revenue, transfer, expenditure; b) budget surplus and budget deficit; c) balanced budget. 4. Explanation of the balanced budget multiplier. 5.Methods of financing budget deficits including external and domestic borrowing. 6. Lags and potency of fiscal policy. 7. (a)Expansionary and contractionary. (b)Automatic stabilizers. Specific objectives TOPIC 4: Public Debt Students should be able to: 1. explain the national debt; 2. explain the cause of the national debt; 3. evaluate the effects of the national debt on the economy; 4. explain the burden of the national debt; 5. evaluate ways of reducing the debt burden; 6. interpret the debt service ratio; 7. calculate the debt service ratio. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) CONTENT 1. The national debt: ) stock/flow; b) fiscal indiscipline; c) domestic and foreign debt. 2. The causes of the national debt. 3. The effects of the national debt on the economy: a) output and investment decisions; b) exchange rate pressures; c) inflation; d) crowding out and crowding in. 4. The responsibility for debt repayment. 1. Management of the national debt: a) internal and external borrowing; b) taxation; c) debt rescheduling; d) debt forgiveness. 2. Interpretation of the debt service ratio. 3. Calculation of the debt service ratio (principal plus interest as a percentage of export). UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d)Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For topic 1, Unemployment and Inflation, teachers should use the Phillips Curve to show the relationship between the unemployment rate and inflation rate. 2. For topic 2 (money multiplie r), show the various rounds in the money expansion process as done in the multiplier. Use Central Bank Acts and Reports for data gathering. 3. For fiscal policy, there is no need for students to derive the balanced budget multiplier.This should only be explained. 4. Teachers should emphasize the causes of the national debt and the burden it places on future generations. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS GENERAL OBJECTIVES On completion of this Module, students should: 1. understand the basic concepts of growth and development; 2. understand the impact of imports and exports on the macroeconomy; 3. understand the balance of payments accounts and appreciate the causes and consequences of balance of payments crises; 4. become aware of the benefits and costs derived from current integration arrangements, such as CARICOM, FTAA and the EU; . understand the role and functions of international economic institutions. SPECIFIC OBJECTIVES TOPIC 1: Growth and Sustainable Development Students should be able to: 1. distinguish between growth and development; 2. explain the concept of sustainable development; 3. outline the factors that determine growth; 4. outline the factors that contribute to sustainable development; 5. explain the concept of human development; 6. anaylse the structural characteristics of Caribbean economies; 7. analyse the impact of the region’s structural characteristics on sustainable economic development. UNIT 2MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) CONTENT 1. Differences between growth and development. 2. Current growth versus the well-being of future generations. 3. Differences between exogenous (technical change) and endogenous growth (capital accumulation, human capital). 4. Economic, social and environmental factors. 5. Indices of human development including mortality rates, literacy, per capita income, life expectancy. 6. Structural characteristics of Caribbean ec onomies including: a) small size; b) openness; c) composition of exports; d) resource base; e) poverty; f) economic dependence. . Implications for regional economies: a) dependence on aid; b) preferential trade agreements; c) foreign direct investment (FDI); d) vulnerability to natural and man-made change; e) changes in world prices. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) SPECIFIC OBJECTIVES TOPIC 2: International Trade Students should be able to: 1. analyse the role of imports and exports in a small open economy; 2. outline the factors that influence exports and imports; 3. explain the effects of foreign exchange earnings on a small open economy; 4. explain the theory of comparative advantage; 5. valuate the arguments for protection; 6. evaluate the arguments for Trade Liberalisation; 7. outline methods of trade protection; 8. explain the commodity, terms of trade; 9. interpret changes in the commodity terms of trade; 10. calculate the commodity, terms. CONTENT 1. The role of exports in creating domestic income and the role of imports in generating income for foreigners. 2. The factors which determine exports and imports including: a) international price; b) domestic production; c) domestic prices and exchange rates; d) international economic activity as it affects the tourism market in the Caribbean; UNIT 2MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) e) shifts in international demand and the emergence of substitutes; f) changes in International Income. 3. Foreign exchange earnings from exports: a) access to capital goods; b) the export multiplier; c) access to consumer goods; d) increased domestic production. 4. The theory of comparative advantage. 5. Arguments for protection including: a) infant industries; b) employment; c) food security. 6. Arguments for Trade Liberalisation including access to technology, availability of cheaper goods and services. Application of the theory of comparative advantage. . Methods of protection including: tariffs, quotas and other non-tariff methods. 8. Explanation of the commodity terms of trade. 9. Interpretation of changes in the commodity terms of trade. 10. Export price index divided by import price index multiplied by 100. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) SPECIFIC OBJECTIVES TOPIC 3: Balance of Payments and Exchange Rates Students should be able to: 1. explain the balance of payments; 2. distinguish between the current account and capital account; 3. analyze the causes and consequences of balance of payments disequilibria; 4. utline the policy measures for correcting balance of payments disequilibria; 5. explain exchange rates; 6. explain exchange rates determination; 7. distinguish between fixed and floating exchange rate regimes; 8. describe the effects of the exchange rate changes. CONTENT 1. Explanation of the balance of payments. 2. Capital items and current it ems. 3. The causes and consequences of balance of payments – disequilibria. 4. Policy responses to balance of payments crises including: a) devaluation; b) expenditure switching; c) expenditure reducing measures. 5. Explanation of exchange rates. 6.Determination of exchange rates. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) 7. Fixed and floating exchange rate systems (fixed, free floating and managed float). 8. The effects of exchange rate changes. SPECIFIC OBJECTIVES TOPIC 4: Economic Integration Students should be able to: 1. explain the main forms of economic integration; 2. evaluate the costs and benefits of economic integration; 3. evaluate the objectives of Caribbean integration; 4. analyse the implications of international integration arrangements for Caribbean economies. CONTENT 1. Main forms of economic integration, including: ) free trade area; b) customs union; c) common market; d) economic union. 2. The costs and benefits of economic integration including trade creation and trade diversion. 3. The objectives of CARICOM and the rationale for the CARICOM Single Market and Economy (CSME). 4. The significance of integration movements, for example European Union (EU) and the North American Free Trade Agreement (NAFTA) for Caribbean Economies. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) SPECIFIC OBJECTIVES TOPIC 5: International Economic Relations Students should be able to: 1. xplain the role and functions of the World Trade Organisation (WTO); 2. explain the role of international financial institutions (IFI’s); 3. explain the term multinational (transnational) corporation; 4. explain the nature of foreign direct investment; 5. outline the potential benefits and disadvantages of foreign direct investment; 6. explain the term globalisation; 7. describe the factors responsible for globalisation; 8. evaluate the effects of globalisation on developing countries . CONTENT 1. The role and functions of the WTO. 2. The role of the IMF and World Bank in the International Financial System. . Explanation of multinational (transnational) corporation. 4. The nature of foreign direct investment. 5. Potential benefits and disadvantages, including: a) access to technology and capital; b) access to markets; c) access to management skills; d) repatriation of profits; UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) e) transfer pricing; f) crowding out of domestic businesses. 6. The concept of globalisation. 7. Forces driving globalisation, for example, technological innovation, trade liberalisation, and liberalisation of capital markets. 8.Implications of globalisation for developing countries with particular reference to the greater Caribbean (greater competition, access to markets, access to technology, cheaper prices and greater variety of goods, loss of preferential markets). Suggested Teaching and Learning Activ ities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in examining the structure of the economies of the Caribbean and the problems of imports and exports using international partnership agreements and policies. Teacher should ensure that students could distinguish among; ) Terms of Trade; b) Balance of Trade; and c) Balance of Payments. ? OUTLINE OF ASSESSMENT Each Unit of the syllabus will be assessed separately. The same scheme of assessment will be applied to each Module in each Unit. Grades will be awarded independently for each Unit. Candidate assessment on each Unit will comprise two components: i) External Assessment undertaken at the end of the academic year in which the Unit is taken. This component contributes 80% to the candidate’s overall grade. ii) Internal Assessment undertaken throughout the course of the Unit. This contributes 20% to the candidate’s overall grade. EXTERNAL ASSESSMENT | (80%) | |Paper 01 |Forty-five multiple-choice items, fifteen (15) on each Module. |30% | | |(1 hour 30 minutes) | | | | |Paper 02 |The paper consists of three (3) sections comprising six (6) questions spread across |50% | | |(2 hours 30 minutes) |all Modules in the Unit.Each section contains two (2) essay type questions from which| | | | |candidates are required to attempt one (1). | | | | | | |INTERNAL ASSESSMENT FOR EACH UNIT | | |