College vs. High School Essay Free Essays

One significant test that I trust I will experience in school is dealing with my own time carefully. In secondary school, my time was constantly guided by others. My instructors continually reminded me when assignments were expected and Instructed me precisely how to do them. We will compose a custom article test on School versus Secondary School Essay or on the other hand any comparative theme just for you Request Now In any case, In school, I should continually allude to my prospectus to check when assignments are expected. I am presently going to be all alone. It will be my duty to do my assignments on schedule. To conquer this test, I will have y prospectus with me consistently to check what assignments should be finished. This will assist me with keeping steady over everything. Another test that I trust I will look in school is considering. In secondary school, I didn’t need to spend quite a while contemplating. I had all the material I expected to concentrate in one course book. Then again, in school, there are various assets that I am liable for finding and contemplating. To conquer this test, I will go through at any rate two hours outside of class to read for a young lady. I will print out the assets recommended on my schedule to have helpful to allude to whenever. One more test I dread to look In school Is that educators will push me to think basically for myself. In secondary school, I was constantly guided through the reasoning procedure. Presently I am all alone to consider some fresh possibilities and have my own Ideas, which can be testing some of the time. To beat this, I will utilize assets proposed on the prospectus to assist me with thinking of certain thoughts. Additionally, in the event that I don't comprehend meeting totally, I will connect with my friends in class or I will contact the educator for help. I trust that with time, I become better and better at intuition basically for myself. School versus.. Secondary School Essay By doodlebug 13 continually reminded me when assignments were expected and educated me precisely how to do them. Be that as it may, in school, I should continually allude to my schedule to check to whenever. Step by step instructions to refer to College versus Secondary School Essay, Essays

APA Annotation for 4 articles Research Paper Example | Topics and Well Written Essays - 1000 words

APA Annotation for 4 articles - Research Paper Example The paper prevails with regards to exhibiting that the impression of Muslim ladies that is depicted in the book subverts the need to address the male centric social orders that make it hard for the young lady youngster to be engaged. Rather, it shows that the foundation of the creator and monetary inspirations for the most part drives the message. The paper is valuable while assessing the circumstance of Arabic Muslim young ladies in the United States of America. In spite of the fact that the paper fills in as a solid study of the book, it has neglected to welcome the realities in the novel. The Breadwinner has prevailing with regards to adding to the discussion about the job of religion in sabotaging the confidence for fairness in the general public. The Arabic understudies in the nation would relate to the contention made in the paper. Specifically, they will relate to the way that the institutional structure and culture where they adapt frequently sabotages the job of ladies. In a ddition, they will concur that the ‘girl needing salvation’ account that is available in the book sabotages their mission for acknowledgment in the general public. , Erick and Zaidi center around how the media secured the homicide of a youthful Muslim young lady in Mississauga, Ontario. The episode happened in December 7. Specifically, they have concentrated on how the media moved the discussion from worries over an unfortunate family occasion to a bigger theme, the conflict of developments. The creators likewise centered around resistance and the negative impact that the term has on the general public. The paper has featured the social ramifications associated with the discussion over the hijab. Since Canada and America share numerous social likenesses, the paper will be enlightening in forming discussions on the theme in America. The paper features the moral ramifications in the general public. The creators have prevailing with regards to featuring the effect of an occasion in

Mohandas Gandhi An Example For Me - Free Essay Example

Mohandas Karamchand Gandhi I chose Mohandas Gandhi because I believe he had good morals like not encouraging violence and not having desires to be rich. Gandhi was born in December 2, 1869 and was born in Porbandar, India. When Gandhi was a child he was a medium size and shy. He even ran away from school to avoid communicating with other kids. When he turned 13 he married Kasturba Gandhi in May 1883.Kasturba and Mohandas had 4 children: Harilal, Manilal, Ramdas, and Devdas Gandhi. Mohandas Gandhi never believed in violence, he believed that An eye for an eye leaves the world blind.(Gandhi) He also believed that all men are equal and everyone should be nice to each other. When Gandhi protested against British rule, he protested without violence. Gandhi also protested with people who were trained to resist the temptation of fighting back. Some of the ways that Gandhi protested was boycotting British fabrics and food. Most of these methods were efficient. Mohandas Gandhi had a lot of good quotes like, Hate the sin, love the sinner.(Gandhi), and A man is a product of his thoughts, what he thinks he becomes.(Gandhi). Gandhi lived a simple life, he was vegetarian, meditated, and had no materialistic desires. At one point in his life Gandhi got on a train in first class, but a white person tried to kick him out. Gandhi refused until they forcibly kicked him out. This was the very first event that raised attention towards Gandhi. Even though Gandhi was a good man when he was older, this was not exactly true when he was a child. When Gandhi was in school he ran away so that he did not have to socialize with other children. He also rebelled by eating meat, and smoking, and stealing change from other people. Gandhi started a protest in India called the Salt March. Gandhi made salt by evaporating sea water, which was illegal in that area, and he got caught and arrested later. A few years later he moved to London and he studied the world religions. When he moved to London he got put in Time magazine but never received the Nobel Peace prize. Unfortunately Gandhi met his end in 1948 when one of his fans decided to shoot him with a silenced pistol. Statues have been put up all over the world in honor of Gandhi. These are a few good reasons that I believe that Gandhi had good morals and was a good person. He never believed in violence, he went from a bad child to a good man, and he stood up for what he believed in.

Australia s Relationship With Indonesia - 1712 Words

Introduction Australian-Indonesian relations are the foreign relations between the two countries, whether economically, politically, legally or socially. Australian-Indonesian relations involve an interaction in foreign policies between the two nations (Wolfsohn, 1951, p. 68). As long as Indonesia is Australia s closest and largest neighbor, they are bound to have great international relations. These relations began as early as the 17th century and had only become enhanced with time (Daly, 2003, p. 397). The relationship has been defined by a conjoint growth trade of up to $14 between the years 2011-2012 which reports an increase from the previous economic year (Mark, 2012, p.402). These countries are members of various trade deals such as the ASEAN Regional Forum in addition to having close ties with education, defense, and leadership. Australia s relationship with Indonesia is crucial, and lack of such could severely bruise the economy, and hence they need to keep united by ensuring the use of widespread media with beneficial input. Australia interacts with Indonesia in a way such as sporting activity, tourism, education, economic policies, youth exchange programs, cultures and above all their diplomacy (Okamoto, 2010, p.241). Internal Scene in Indonesia Indonesia is the largest country in South East Asia and the third most populous in the world. Indonesia’s geographic proximity to Australia makes its bilateral relationship with Australia an important one for bothShow MoreRelatedGlobal Economic Expansion Of Indonesia1536 Words   |  7 PagesIntroduction Indonesia is one of the largest and most varied archipelagos on Earth that sit between Asia and Australia, and share borders with Papa New Guinea, East Timor, and Malaysia. With continuous economic, democratic, and political growth, Indonesia’s abundance of natural resources and location in the heart of Asia’s trade routes can potentially put its region in the forefront to becoming a region that will power global economic expansion in the future. Indonesia’s first President, SukarnoRead MoreHistory Of Indonesias First President1464 Words   |  6 Pagesthe Army’s Strategic Reserves, General Suharto began to take the reins of power in his own hand. Suharto was appointed president from 1967 until 1998 and ruled Indonesia with his New Order government. He was well respected in his position until a severe financial crisis struck the country. Although Suharto helped to modernize Indonesia into the 20th century, the failing economy and call for democracy final ly forced him to resign in 1998. After rioting toppled in 1998, free and fair legislativeRead MoreDoes The Environmental Kuznets Curve Exist?1371 Words   |  6 PagesDiscussion piece: Does the Environmental Kuznets Curve exist? The case of carbon emissions in Indonesia, China, Australia, and United States. The Kuznets curve is firstly introduced in 1955 by Kuznets as an inverted-U relationship between income inequality and economic development. Later it is found that the Kuznets curve is useful for describing the relationship between environmental pressure and the economic growth or known as the Environmental Kuznets Curve (EKC) (Dinda, 2004). The hypothesisRead MoreIndonesi An Important Factor For Indonesia1153 Words   |  5 Pagesworld community, Indonesia cannot slip way from international cooperation, if so; Indonesia may not be able to meet all its needs. Indonesia is now cooperating with many countries in Asia Pacific including New Zealand. New Zealand is an important factor for Indonesia in economic relation (New Zealand Foreign Affairs Trade, n.d.). Diplomatic relations between Indonesia and New Zealand was officially first formed in 1958. In the year after the establishment of diplomatic between Indonesia and New ZealandRead MoreBuying Patterns Or Seasonable Variations As R elevant Essay1750 Words   |  7 Pagespopulation of the decisions / buyer. : This article percent of the population of a consumer purchase history and models to predict the decisions of behaviorally devotion catalog. Based on the data from the two surveys, the buyer of a catalog of women s clothing, tools, the study found that repeat customers is a difference from switching on several measures. Part of the decision model that exists among buyers catalogs wear a routine that works with the public on the frequency order to predict the likelihoodRead MoreIndonesia Is An Archipelago Nation Consisting Of More Than1591 Words   |  7 PagesIndonesia is an archipelago nation consisting of more than 17,000 individual islands. Located primarily in Southeast Asia between the Indian Ocean and the Pacific Ocean with some territories located in Oceania. The total area of Indonesia is approximately 1.9 million km2, with a coastline of 81,000 km (CIA 2017). Located in the equatorial zone, Indon esia possesses a Tropical Climate. Weather and climate-related disasters can be common in Indonesia, including occasional floods, droughts, and tsunamisRead MoreCompany Analysis : Khs Gmbh1734 Words   |  7 Pagescould sort out the problem according to the management. Indonesia is an option that the company management is looking forward to start the production. The strategic location in relation to giant economies of China, India and Australia, low labour cost and access via sea route are the main advantages that Indonesia has. But, being a complex country, there are certain risks that the company should keep an eye on before investing in Indonesia. 1.INDONESIAN ECONOMY IndonesianRead MoreBenefits And Harms Of International Education For Both Home And Host Countries1071 Words   |  5 PagesInternational Education has grown strongly in Australia for the last few years. At the same time, it has a direct impact on Australia and home countries such as China. Based on the research, this essay argues that there are some benefits and also harms of international education for both home and host countries. This essay first shows what is the Internationalisation. Then, it gives information about the benefits and the harms for Australia as well as China. In Australia, there are some benefits of internationalRead More Australia Essays1189 Words   |  5 Pages Australia- Trade and Immigration Background As Joycelyn has mentioned Australias having greater and greater interaction with its Asian neighbours, through the areas of trade and its active role in the regional trade organization - APEC. Despite its location, Australia can hardly be thought of being an Asian country. Not so long ago, Asian were looked down upon, with a mixture of fear because of the communist aggression, pity because of their poverty, and contempt, as they dumped cheap and poorlyRead MoreThe Environmental Performance of Chevron in Terms of Fulfilling Social Needs Within Society and Stakeholders1706 Words   |  7 Pagesthe highest priority on the health and safety of their workforce and protecting the environment. They claim to proactively work towards improving their processes to reduce pollution and waste (Chevron 2012). For instance The Gorgon Project in Australia shows how energy development and the environment coexist. The project involves development of a liquefied natural gas (LNG) and domestic gas. Barrow Island is a class â€Å"A† nature reserve and Chevron has been operating there for more than 45 years

The American Civil War - 1765 Words

Sectional Distinction When considering how different or how similar two things are from each other, one must really step back and see the entire picture. Many would say that the American Civil War was fought over sectional differences between the North and the South. There are some very obvious differences between the two regions. The North was becoming a very industrialized region and the South was continuing what was working for them with agriculture, mainly driven by plantations stocked with chattel slaves. As many would see that Antebellum North hand South were very different and that’s why the South succeeded and went to war with the North to protect their Southern way of life. Looking at the many demographics of a society, one can see that the Antebellum North and South were actually fairly similar to each other in many of those demographics before the Civil War broke out and even some during the war, the was a same sense of moral for the war in both of the sectional regions. One of the key demographics that many say that the South was different from the North would be their means of economic ambiguity. Many saw the North as a purely industrialized region compared to the South as being purely driven by agriculture. However, not all of the North was industrialized as not the entire South was based on agriculture. There were northern farmers who specialized in specific crops that couldn’t be grown in the South, as there were crops harvested in the south that couldn’tShow MoreRelatedAmerican War And The American Civil War1551 Words   |  7 Pageswhich then caused the Southern states of America to decide to leave the American Union and create their own Southern Confederacy. This tore our nation apart. The American Civil War had begun and the very people that were once neighbors had each other’s blood on their hands. Many American lives had been lost. The American lives lost in the Civil War even exceeded the number of American lives los t during World War I and World War II. We were divided. The North wanted to reunite with the southern statesRead MoreThe War Of The American Civil War1376 Words   |  6 PagesThe American Civil War was arguably the most important war in the history of the country. The War of Independence may have allowed American to become its’ own country, but the Civil War resulted in something even more important than that, the end of slavery in the southern states. All of the issues that caused the Civil war were based around slavery, such as states’ rights that involved how slavery would be handled in each state, and trying to preserve the Union since the south seceded from the northRead MoreThe American Civil War1296 Words   |  6 Pages The American Civil War, also known as the State’s War, was a conflict that arose mostly from the issue of slavery, but deep down was due to economic differences between the North and the South. The South seceded from the North and crea ted their own self-government due to their belief in the lack of state’s rights versus the federal government and what they saw as a weakness in the Articles of Confederation. While the Confederacy of the United States depended on slave labor for their economy in regardsRead MoreThe War Of The American Civil War1618 Words   |  7 Pages A Civil War is a battle between the same citizens in a country. The American Civil War was fought from 1861 to 1865 to determine the independence for the Confederacy or the survival of the Union. By the time Abraham Lincoln was elected president in 1861, in the mist of 34 states, the constant disagreement caused seven Southern slave states to their independence from the United States and formed the Confederate States of America. The Confederacy, generally known as the South, grew to include elevenRead MoreThe War Of The American Civil War1324 Words   |  6 PagesThere were many events that led to the cause of one of America’s most devastating war, the American Civil War. The American Civil War was an unfortunate war that cost more than the lives of six hundred thousand people. Events such as the Missouri Compromise, Kansas Nebraska Act, Dred Scott Decision, and the Election of Abraham Lincoln resulted in the four yearlong battles between the Northern and Southern states due to social and economic differences on the idea of slavery. In the 19th century,Read MoreThe American Civil War1418 Words   |  6 PagesGuns fired, smoke lingering in the air, people dying. The American Civil War had a huge impact on the United States. Two compromises took place before the start of the Civil War. These compromises include the Missouri Compromise and the Compromise of 1850. The Missouri Compromise dealt with the crisis in 1819 over Missouri entering the Union as a slave state. The compromise was â€Å"the first major crisis over slavery, and it shattered a tacit agreement between the two regions that had been in placeRead MoreThe War Of The American Civil War Essay1472 Words   |  6 PagesThe American Civil War lasted from April 12, 1861 to May 9, 1865. It was the bloodiest war in American history, killing approximately 620,000 soldiers in total. The War was fought and won by the North, ensuring that all the United States would stay united and slavery would be illegal in The United States. However, history is one of the m ost complicated things in the world. It’s also one of the most important things in the world because history is what made the present possible. Historians have debatedRead MoreThe War Of The American Civil War1439 Words   |  6 PagesWhen the American Civil War began in the spring of 1861, those flocking to enlistment stations in states both north and south chiefly defined their cause as one of preservation. From Maine to Minnesota, young men joined up to preserve the Union. From Virginia to Texas, their future foes on the battlefield enlisted to preserve a social order, a social order at its core built on the institution of slavery and racial superiority . Secession had not been framed by prominent Southerners like Robert ToombsRead MoreThe War Of The American Civil War960 Words   |  4 Pagesslavery even if it meant war caused peace in this nation. Slavery was the vital cause of the American Civil War. The north and the south both had their differences on how to run the country. People in the North believed in unity and that slavery should not exist because â€Å"all men are created equally.† On the other hand, the South believed in continuing slavery. People tried to talk it out and come to a middle ground after both sides compromising, however that didn’t work and caused war. Ideological differencesRead MoreThe War Of The American Civil War856 Words   |  4 PagesSlavery may have been established as the catalyst of the American Civil War, but the beginning of the dispute began in the time of the Revolution with a weak decentralized government under the Articles of Confederation. Later gained momentum as territorial expansion set Americans against each other on debating whether the new states should be slave states or free states, it questioned the power of the Federal government regarding state rights, and brought about instability in the unity of the United

Hardest Challenge Faced In Developing A Business Plan

Question: Describe about the Personal Reflection On Business Plan Development? Answer: Introduction: Developing a business plan is an important step as it helps in considering important factors and future course of action for the business. A business plan is a written statement that has all the information that a business is expected to follow. A successful business plan is available developed on real life facts and assumptions. Therefore it is required to make in-depth research into various factors that may affects its profitability and credibility during the business application (Trevifio Brown, 2004). Hardest challenge faced in developing a business plan: The hardest challenge that I faced when developing a business plan was specifying positioning. The positioning of the product needs to be done such that the customers notice the products and could easily place their orders using online medium. This way selecting the best method for positioning was a real hard challenge to develop. Positioning was done by selecting the most popular online websites that supports businesses including eBay and amazon. Thus the products were kept on sale through online medium. Also the positioning of the old books was made specifically for the low end product segment, wherein a discount of nearly 45% was offered to the customers. Along with that the free shipment of the product and flat courier service was offered to tempt the customers (Mintzberg, 1994). This way the positioning was featured by following issues. Attracting customers to new business: The attraction of the customers towards new business is among the toughest job in the present day world. People are brand crazy and have their personal likes and thoughts on specific products. These customers can be attracted to new business only when they are offered something extra than others. Competition: The competition in the market is so hard that the customers are have great offers to surf before making purchase. The pricing, advertisement and backing of company brand name all has created so much completion for the new entrant that it is really hard to find a space in the market for new business set up. Technology: The technology used for placing orders and offering assistance to the customers is quickly changing. Due to this reason Amazon and ebay have become the best way to promote business The technology used by them is considered among the best and latest method of supporting business activities and meeting up to customer expectations. Uncertainty: A lot of uncertainty exists in the market. The trend of the customers changes every now and then. Therefore it is really hard to decide on the future of selling old books. Therefore its really hard to decide on investing in new business that is based on selling of old books. Financing A lot of investment is required while positioning a product online for sale. This is so because its really hard to predict the coming future demand from the customers. Therefore financing for inventory that places right products in right amount has to be decided in the business plan (Kickul Neuman, 2000). Reason behind facing such problems and issues in developing business plan: The reason behind the difficulties faced in developing a business plan includes the followings. Unrealistic assumptions: The business plan is actually based on assumptions. Now any of these assumptions can proved unrealistic in the real world. The customer trend, choice and market acceptance to new entrants all may face either no acceptance or more than just acceptance. Therefore the assumptions may prove to be unrealistic while developing a business plan. Inadequate research. A business plan requires a lot of research. Lack or inadequate research may lead to issues and problems in application and non-realistic decisions can be achieved. Hence the business plan developed requires more in-depth knowledge and research which has actually made the business plan more challenging to developed. Balancing quality with growth: It is rather a difficult task to balance quality with growth. Thus in a business we can only assume to maintain quality with growth but in reality its really hard to manage for finance, cut down profits and balance quality (Fisk, 2010). Overcoming challenges: The best way to overcome these challenges is by following a certain criteria for developing a business plan stated as below. Stage I: Identifying the various options available to the business. At this first stage the various options available to the business are identified. These includes the opportunities available in online selling, creating brand image, placing products and services in the market, fair pricing, offering huge discounts and offers etc. This way identification of the best option out of the various other options is done in this stage. Stage II: Measuring the feasibility of each option to the business: Measuring of each options separately and calculating its feasibility is another step. This way the options available to the business are measured in terms of benefit, profit and outcome that could be expected. Stage III: Realizing the targets of the business. The targets of the business need to be realized before making any selection out of the possible options available. This way the business terms, products, services, market capture etc. all needs to be realized. Stage IV: Selecting the best option for the business: The selection of the best options that suits the requirements should be done for the business. The business plan initiation should be made with due consideration of the opportunities available. All the factors and features should be considered while selecting and preparing for the business plan. Stage V: Developing the business plan: The process of developing a business plan based on the selected options should be initiated at this step. The business plan should be developed in details considering various factors that may affect the business. Various real life assumptions should also be made while developing the business plan. Stage VI: Making a pilot application of the business plan: The pilot application of the business plan will help in getting more near to reality. This will help in realizing that if the business plan is actually inconformity with the real world. Stage VII: Considering feedback and suggestions. The discussions, identifying customers expectations, considering feedbacks, thoughts and suggestions etc. all can help in deciding on the methods that could be used on the application of the business plan. Stage VIII: Reaching out to the best conclusion. The best conclusion can be reached out while carefully and fairly deciding on the feedbacks and suggestions that has been received through discussions. Stage IX: Making appropriate changes in the business plan: The suitable and most appropriate changes in the business plan needs to be done at this stage so that the business plan comes more near to reality. This way the assumptions that may prove incorrect should be removed and suggestions in pilot survey should be applied. Stage X: Finalizing the business plan: The finalizing of the business plan should be done at this stage after making all required changes in the business plan. The finalization of the business plan can be done by writing in details the information that will be followed. Also due consideration to all aspects needs to be given in the business plan (Crane Matten, 2003). Important Lesson Learnt As An Entrepreneur: The most important lesson that I learnt after developing a business plan as an entrepreneur is that it is very easy and simple to talk about business ideas and yet very hard develop. This is because of the following pre-requisites that needs to be considered while developing a successful business idea. Writing down everything: A business plan should be well written. It should cover everything that could bring out successful application for the business. Writing a business plan also helps in discussing the motives with experts so that the changes can be brought in through suggestions and feedback. Also it helps in describing the actual objective of the business and deciding proper plan of action that it has to follow. Considering various factors seriously: Various factors should be considered seriously in the business plan. This includes the factors that may affect the business like competitor response, customer trend, product pricing policy etc. Making realistic assumptions: Making realistic assumptions helps the business plan to stay in alignment with the real world. Thus whatever we assume may not prove correct but through the realistic assumptions we can formulate a business plan that actually considers real life issues and problems. Taking important decisions in advance. A business plan helps in deciding on the important decisions. This way it gives enough time to think, consider and reconsider on various issues and problem so that on time decisions can be taken which could actually help achieve the desired goal and targets for the business. Making early plans for dealing with competitions. Business plan if developed carefully could help in making early plans for dealing with the competition. This way the company could easily expect on the market response and decide on the actions that can be taken to fight back competitors policy. Keeping target of achieving customer satisfaction: Business plan helps in deciding on the customers response from the business. This way the target of achieving customers satisfaction during the actual application of business plan can be decided. Therefore the business policy, motives and plan can be developed such that the customer expectations can be met. Focusing on improving business: The focus on improving the business while meeting its objectives can be targeted through the business plan. Therefore the various stages of business can be identified and the most suitable action plan that will help achieve estimated goals and targets can be achieved. Estimating goals and targets for the business: Estimating of goals and targets for the business can be done by developing a business plan that considers all factors. The business plan therefore could help in deciding the target growth and development that a business should achieve within a limited time frame. Considering for unforeseen contingencies: The business plan should make arrangements for the unforeseen contingencies that may rise due to any reason. The unforeseen contingencies can include requirement for finance, changing customer trend and behavior, increasing competition in the market, competitive pricing by the competitor etc. Thus to fight back the real life situations the action plans should be developed well in advance so that the business could deal easily with this issues and problems that may rise in future. Through business plan enough consideration and time can be given on deciding the action plan that could be followed in a particular situation (Chopra Meindl, 2001). Conclusion: In the end, the business plan should reflect the future course of action that a company may follow so that the desired outcome is finally achieved. The business plan should be developed on real notions and assumptions so that the application becomes easier. A successful business plan is that which considers all the factors that has been learnt while preparing business plan. The best thing that I learnt from the business plan formulation process is that everything needs to be planned and considered so that the desired outcome is achieved. The options for unforeseen contingencies and applications that may affect the business should also be kept open. The various factors that could affect the business should be identified. Finally making real life assumptions can help in deciding the best course of action that the business could follow while the application of the business plans (Atkinson Miller, 1998). Bibliography Atkinson, B. Miller, R., 1998. Business Economics. Harlow: Princeton Hall. Chopra, S. Meindl, P., 2001. Supply Chain Management: Strategy, Planning and Operation. 1st ed. New Jersey: Princeton Hall. Crane, A. Matten, D., 2003. Business Ethics. Oxford: Oxford University Press. Fisk, P., 2010. People, Planet, Profit: How to Embrace Sustainability for Innovation and Business growth. Kogan Page. Kickul, J. Neuman, G., 2000. "Emergence leadership behaviors: The function of personality and cognitive ability in determining teamwork performance and KSAs". Journal of Business and Psychology, 15, pp.27-51. Mintzberg, H., 1994. The rise and fall of strategic planning: Reconceiving roles for planning, plans, planners. Toronto: Free Press. Trevifio, L.K. Brown, M.E., 2004. Managing to be ethical: Debunking five business ethics myths. Academy of Management Executive., 18(2), pp.69-81. Waldman, D., 2006. Cultural and Leadership predictors of corporate social responsibility values of top managment: A Globe study of 15 countries. Journal of International business studies., 37(6), pp.823-97.

Inflation and its impact on indian economy free essay sample

In economics, inflation is a persistent increase in the general price level of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy. A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index (normally the consumer price index) over time. Inflations effects on an economy are various and can be simultaneously positive and negative. Negative effects of inflation include an increase in the opportunity cost of holding money, uncertainty over future inflation which may discourage investment and savings, and if inflation is rapid enough, shortages of goods as consumers begin hoarding out of concern that prices will increase in the future. We will write a custom essay sample on Inflation and its impact on indian economy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Positive effects include ensuring that central banks can adjust real interest rates (to mitigate recessions), and encouraging investment in non-monetary capital projects. Economists generally believe that high rates of inflation and hyperinflation are caused by an excessive growth of the money supply. However, money supply growth does not necessarily cause inflation. Some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied. Low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities, as well as to changes in the velocity of money supply measures; in particular the MZM (Money Zero Maturity) supply velocity. However, the consensus view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation. Low (as opposed to zero or negative) inflation reduces the severity of economic recessions by enabling the labor market to adjust more quickly in a downturn, and reduces the risk that a liquidity trap prevents monetary policy from stabilizing the economy. The task of keeping the rate of inflation low and stable is usually given to monetary authorities. Generally, these monetary authorities are the central banks that control monetary policy through the setting of interest rates, through open market operations, and through the setting of banking reserve requirements. Definition of Inflation The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Central banks attempt to stop severe inflation, along with severe deflation, in an attempt to keep the excessive growth of prices to a minimum. As inflation rises, every dollar will buy a smaller percentage of a good. For example, if the inflation rate is 2%, then a $1 pack of gum will cost $1. 02 in a year. In simple terms, the word Inflation refers to a growth or increase in money supply. As one of the important economic concepts, the effects of inflation exert impact both in the economic and social spheres of a nation and on its inhabitants. Most countries central banks will try to sustain an inflation rate of 2-3%. Effects of Inflation: General Inflation affects both the economy of a country and its social conditions, as well as the political and moral lives of its inhabitants. However, the economic effects of Inflation are stated and described below: †¢Price inflation has immense effect on the Time Value of Money (TVM). This acts as a principal component of the rates of interest, which forms the basis of all TVM calculations. The real or estimated changes occurring in the rates of inflation lead to changes in the rates of interest as well. †¢Inflation exerts impact on the treasury of a nation as well. In United States of America, Treasury Inflation-protected Securities (TIPS) ensures safety to the American government, assuring the public that they will get back their money. However, the rates of interest charged by TIPS are less compared to the standard Treasury notes. †¢The most immediate effect of inflation is the decrease in the purchasing power of dollar and its depreciation. Inflation influences the investments of a country. The Inflation-protected Securities (IPSs) may act as a guard against the loss in the purchasing power of the fixed-income investments (like fixed allowances and bonds), which may occur during inflation. †¢Inflation changes the allocation of income. This exerts maximum effect on the lenders than the borrowers at the time of persisting inflation, because the loans sanctioned previously are paid back later in the form of inflated dollars. †¢Inflation leads to a handful of the consumers in making extensive speculation, to derive advantage of the high price levels. Since some of the purchases are high-risk investments, they result in diversion of the expenditures from regular channels, giving birth to a few structural unemployment’s. Inflation in India The inflation rate in India was recorded at 6. 16 percent in December of 2013. Inflation Rate in India is reported by the Ministry of Commerce and Industry, India. Inflation Rate in India averaged 7. 71 Percent from 1969 until 2013, reaching an all time high of 34. 68 Percent in September of 1974 and a record low of -11. 31 Percent in May of 1976. In India, the wholesale price index (WPI) is the main measure of inflation. The WPI measures the price of a representative basket of wholesale goods. In India, wholesale price index is divided into three groups: Primary Articles (20. 1 percent of total weight), Fuel and Power (14. 9 percent) and Manufactured Products (65 percent). Food Articles from the Primary Articles Group account for 14. 3 percent of the total weight. The most important components of the Manufactured Products Group are Chemicals and Chemical products (12 percent of the total weight); Basic Metals, Alloys and Metal Products (10. 8 percent); Machinery and Machine Tools (8. 9 percent); Textiles (7. 3 percent) and Transport, Equipment and Parts (5. 2 percent). Many developing countries use changes in the Consumer Price Index (CPI) as their central measure of inflation. However, this method is unsuitable for use in India, for structural and demographic reasons. CPI numbers are typically measured monthly, and with a significant lag, making them unsuitable for policy use. Instead, India uses changes in the Wholesale Price Index (WPI) to measure its rate of inflation. Provisional annual inflation rate based on all India general CPI (Combined) for November 2013 on point to point basis (November 2013 over November 2012) is 11. 24% as compared to 10. 17% (final) for the previous month of October 2013. The corresponding provisional inflation rates for rural and urban areas for November 2013 are 11. 74% and 10. 53% respectively. Inflation rates (final) for rural and urban areas for October 2013 are 10. 19% and 10. 20% respectively. The WPI measures the price of a representative basket of wholesale goods. In India, this basket is composed of three groups: Primary Articles (20. 1% of total weight), Fuel and Power (14. 9%) and Manufactured Products (65%). Food Articles from the Primary Articles Group account for 14. 3% of the total weight. The most important components of the Manufactured Products Group are Chemicals and Chemical products (12%); Basic Metals, Alloys and Metal Products (10. 8%); Machinery and Machine Tools (8. 9%); Textiles (7. 3%) and Transport, Equipment and Parts (5. 2%). WPI numbers are typically measured weekly by the Ministry of Commerce and Industry. This makes it more timely than the lagging and infrequent CPI statistic. Issues The challenges in developing economy are many, especially when in context of the Monetary Policy with the Central Bank, the inflation and price stability phenomenon. There has been a universal argument these days when monetary policy is determined to be a key element in depicting and controlling inflation. The Central Bank works on the objective to control and have a stable price for commodities. A good environment of price stability happens to create saving mobilization and a sustained economic growth. The former Governor of RBI C. Rangarajan points out that there is a long-term trade-off between output and inflation. He adds on that short-term trade-off happens to only introduce uncertainty about the price level in future. There is an agreement that the central banks have aimed to introduce the target of price stability while an argument supports it for what that means in practice. The Optimal Inflation Rate It arises as the basis theme in deciding an adequate monetary policy. There are two debatable proportions for an effective inflation, whether it should be in the range of 1-3 per-cent as the inflation rate that persists in the industrialized economy or should it be in the range of 6-7 per-cents. While deciding on the elaborate inflation rate certain problems occur regarding its measurement. The measurement bias has often calculated an inflation rate that is comparatively more than in nature. Secondly, there often arises a problem when the quality improvements in the product are in need to be captured out, hence it affects the price index. The consumer preference for a cheaper goods affects the consumption basket at costs, for the increased expenditure on the cheaper goods takes time for the increased weight and measuring inflation. The Boskin Commission has measured 1. 1 per cent of the increased inflation in USA every-annum. The commission points out for the developed countries comprehensive study on inflation to be fairly low. Money Supply and Inflation The Quantitative Easing by the central banks with the effect of an increased money supply in an economy often helps to increase or moderate inflationary targets. There is a puzzle formation between low-rate of inflation and a high growth of money supply. When the current rate of inflation is low, a high worth of money supply warrants the tightening of liquidity and an increased interest rate for a moderate aggregate demand and the avoidance of any potential problems. Further, in case of a low output a tightened monetary policy would affect the production in a much more severe manner. The supply shocks have known to play a dominant role in the regard of monetary policy. The bumper harvest in 1998-99 with a buffer yield in wheat, sugarcane, and pulses had led to an early supply condition further driving their prices from what were they in the last year. The increased import competition since 1991 with the trade liberalization in place have widely contributed to the reduced manufacturing competition with a cheaper agricultural raw materials and the fabric industry. These cost-saving driven technologies have often helped to drive a low-inflation rate. The normal growth cycles accompanied with the international price pressures has several times being characterized by domestic uncertainties. Global Trade Inflation in India generally occurs as a consequence of global traded commodities and the several efforts made by The Reserve Bank of India to weaken rupee against dollar. This was done after the Pokhran Blasts in 1998. This has been regarded as the root cause of inflation crisis rather than the domestic inflation. According to some experts the policy of RBI to absorb all dollars coming into the Indian Economy contributes to the appreciation of the rupee. When the US dollar has shrieked by a margin of 30%, RBI had made a massive injection of dollar in the economy make it highly liquid and this further triggered off inflation in non-traded goods. The RBI picture clearly portrays for subsidizing exports with a weak dollar-exchange rate. All these account for a dangerous inflationary policies being followed by the central bank of the country. Further, on account of cheap products being imported in the country which are made on a high technological and capital intensive techniques happen to either increase the price of domestic raw materials in the global market or they are forced to sell at a cheaper price, hence fetching heavy losses. Factors There are several factors which help to determine the inflationary impact in the country and further help in making a comparative analysis of the policies for the same. The major determinant of the inflation in regard to the employment generation and growth is depicted by the Phillips curve. Demand Factors It basically occurs in a situation when the aggregate demand in the economy has exceeded the aggregate supply. It could further be described as a situation where too much money chases just few goods. A country has a capacity of producing just 550 units of a commodity but the actual demand in the country is 700 units. Hence, as a result of which due to scarcity in demand the prices of the commodity rises. This has generally been seen in India in context with the agrarian society where due to droughts and floods or inadequate methods for the storage of grains leads to lesser or deteriorated output hence increasing the prices for the commodities as the demand remains the same. Supply Factors The supply side inflation is a key ingredient for the rising inflation in India. The agricultural scarcity or the damage in transit creates a scarcity causing high inflationary pressures. Similarly, the high cost of labor eventually increases the production cost and leads to a high price for the commodity. The energies issues regarding the cost of production often increases the value of the final output produced. These supply driven factors have basically have a fiscal tool for regulation and moderation. Further, the global level impacts of price rise often impacts inflation from the supply side of the economy. Domestic Factors The underdeveloped economies like India have generally a lesser developed financial market which creates a weak bonding between the interest rates and the aggregate demand. This accounts for the real money gap that could be determined as the potential determinant for the price rise and inflation in India. There is a gap in India for both the output and the real money gap. The supply of money grows rapidly while the supply of goods takes due time which causes increased inflation. Similarly Hoarding has been a problem of major concern in India where onions prices have shot high in the sky. There are several other stances for the gold and silver commodities and their price hike. External Factors The exchange rate determination is an important component for the inflationary pressures that arises in the India. The liberal economic perspective in India affects the domestic markets. As the prices in United States Of America rises it impacts India where the commodities are now imported at a higher price impacting the price rise. Hence, the nominal exchange rate and the import inflation are a measures that depict the competitiveness and challenges for the economy. EFFECTS OF HIGH INFLATION ON ECONOMY In an economy in which the prices of everything, including the prices of assets and debt instruments, changed proportionally with the price level, nobody would be hurt by our benefit from changes in the price level, unless those changes affected the economy’s output and the rate at which that output grew. However, in the real economy, all prices do not change at the same rate. Consequently, inflation does provide gains to some and losses to others, apart from any effect on the output level and its growth rate. 1. Effects on the distribution of income and wealth There are two ways to measure the effects of inflation on the redistribution of income and wealth in a society: (i) on the basis of the change in the real value of such factor incomes as wages, salaries, rents, interests, dividends and profits. Here, income is narrowly defined, (ii) on the basis of the size distribution of income over time as a result of inflation. The change in a household’s net worth from one date to another is the difference between the changes in the amounts of its assets and liabilities. Conceptually this is a broader definition of income. In terms of the narrow definition, inflation affects the distribution of income only to the degree that it alters the way that the flow of total income is distributed by income class. If this remains unchanged despite inflation, then by definition inflation does not affect distribution of income. However, by the broad definition, inflation may leave the flow covered by the narrow definition unchanged, but still significantly alter the distribution of income by causing changes in the distribution of net worth of household by income class. The effects of inflation on redistribution of income can be understood by knowing the effect of inflation on different group of societies which are as follows: (i) Debtor and Creditors: During inflation, debtors return the same amount of money, but they pay less in terms of goods and services. Thus, the burden of the debt is reduced and debtors gain. On the other hand, creditors lose because they receive less in real. Thus, inflation brings about a redistribution of real wealth in favor debtors. (ii) Salaried Class: During rising prices, salaried persons lose because their salaries are slow to adjust when prices are rising. (iii) Fixed Income Class: The recipients of transfer payments such as pensions, unemployment insurance, social security, etc. and recipients of interest and rent live on fixed incomes. All such persons lose because they receive fixed payments, while the value of money continues to fall with rising prices. There are two types of investors: first, who invest in shares or stocks of companies and second who invest in fixed interest bearing bonds. Investors of first group gain because when prices are rising, business activities expand which increase profit of companies. As profits increase, dividends on equities also increase at a faster rate than prices. But investor of second type loses during inflation because they receive a fixes sum while the purchasing power is declining. (v) Farmer: Landlord loses during rising prices because they get fixed rents. But peasant proprietors who own and cultivate their farm gain. The landless agricultural workers are hit hard by rising prices. (ii) The Effects of inflation on Output, Employment and the Growth Rate For an economy producing below potential, many economists maintain that inflation of the creeping or crawling variety will have a tonic effect on output and employment. In the event of unanticipated inflation, prices rise faster than money wage rates, and the resulting reduction in the real wage rate gives business the profit incentive to hire more workers and expand output. Consequently, a rise in the inflation rate, if unanticipated, may lead to a reduction in the unemployment rate. Given an inflation in which wages lag behind prices, the wage share of total income shrinks and the fraction of total income saved expands. This follows from the fact that a larger portion of the total income goes to profits and other non wage income, the recipients of which are typically upper income groups with a relatively high propensity to save. That a greater saving will occur under the conditions here specified is well established. When one compares the rate of inflation and the rate of growth of real gross national product in major industrialized countries over the period since World War II, one finds no clear pattern. West Germany (with the lowest rate of inflation) has shown one of the highest rates of growth and Japan (with a high rate of inflation) has shown by for the higher rate of growth. The U. K. (with the lower rates of growth) is among the highest in terms of the rate of inflation. These are problems of interpretation here due to the impact of World War II. (iii) Other Effects of Inflation Inflation leads to a number of other effects which are discussed as under (i) Government: The government gains under inflation for rising wages and profits spread as illusion of prosperity with in the country. (ii) Balance of Payments: During inflation, domestic become costlier compared to foreign products. This leads to increase imports and reduce exports, thereby making the balance of payments unfavorable for the country. But there is no adverse impact on the balance of payments if the country is on the flexible exchange rate system. Inflation should be tackled from various angles as it is a complex phenomenon. In modern economy, the broad categories of instruments of commonly used to manage inflation are (1) Monetary policy, (2) Fiscal policy, (3) Direct control, and (4) Miscellaneous measures. Monetary policy The basic underlying assumption behind the use of monetary policy to control inflation is that a rise in prices is due to excess of monetary demand for goods and services by the people since bank credit is easily available to them. Monetary policy is, thus, concerned with banking and credit availability to firms and households, interest rates, public debt and its management and the monetary standard. Therefore, the most logical way out to check inflation is to prevent the flow of money supply by framing apt monetary policies and cautiously implementing monetary measures. A dear money policy is followed to curb inflationary pressures. The total volume of credit is depleted by using quantitative methods. In this regard, (1) benchmark rate may be hiked, (2) open market operations may be undertaken, and (3) in extreme cases, reserve requirement ratio may be enhanced. Keeping in mind the above, RBI reduced the Cash Reserve Ratio from 4. 5% in September 2012 to 4. 25% in October’ 2012. RBI also made no changes in the benchmark repo rate. It stood at 7% in October 2012 RBI also conducts regularly MSS auctions to suck out excess liquidity from the system . However, looking at high inflation, further action on the monetary front is very much necessary. Fiscal policy Fiscal policy is the policy concerning the revenue expenditure and debt of the Government for achieving certain objectives like control of inflation, public expenditure etc. It is quite clear that public expenditure is on the increase continuously and the increased expenditure is either met by deficit financing or by borrowings. Borrowings results into inflation in the economy and on the other hand deficit financing leads to high prices. Hence, a need arises for a policy which can bring stability on one hand and can control public expenditure on the other hand. Fiscal measures can effect changes in the total expenditure. It may involve increase in taxation and decrease in government spending. The government is supposed to counteract an increase in private spending during inflation. During the last one year, the government has taken the following steps to control the prices of essential items, food and oil items, in particular. 1. Reduction in central sales tax 2. Reduction in ad valorem excise duty on both petrol and diesel 3. Duty cut on all refined oil items 4. Slashing of import duty on all crude vegetable oils 5. Import duty cut on butter and ghee 6. Ban on export of pulses and basmati rice 7. Implementing excise duty on steel However, these measures may result in lower tax revenue which, in turn, may increase the fiscal deficit of the government. Direct Controls Direct Controls refer to the regulatory measures undertaken to convert an open inflation into repressed one. Such regulatory measures include rationing of scarce goods and direct control on prices. They can be introduced or changed quickly and easily. Hence, the effect of these changes can be rapid. The government of India directly controls the prices of petroleum goods and also uses certain indirect measures to control the prices of cement, steel and essential goods. These are more useful when they are applied to specific scarcity areas. These are to be used only in extraordinary circumstances and not during peacetime. Miscellaneous Measures Some other measures which may help in curbing the inflation are 1. Increase the supply of essential goods by producing more. 2. Stop wage price spiral by exercising the control on salaries 3. Produce certain essential items at the expense of luxury goods 4. Relaxation of restrictions on imports 5. Reduction in exports 6. Check the growth of population through an effective family planning program 7. Indexing Conclusion Incidence of inflation has been viewed as a monstrous occurrence. It squanders money and destroys economies. Literary works apprehend dire consequences of high and hyper inflation. As the saying goes,† a stitch in time saves nine†, the monetary policy should be preemptive and proactive in order to avoid it. As the causes of inflation differ from country to country, it becomes essential for the central banks to respond to these occurrences fast and intelligently by using the appropriate monetary policy tools. It should be flexible enough to act according to the changing scenarios. Inflation-targeting framework can be an effective option. Economic history is full of inflationary instances. What lacks is the material linking of the concepts with that of the practical experiences. Several variables in the economy that are affected by the money supply have been looked at in this paper. Each of these real variables is influenced by inflation to a certain extent. Though all the effects that inflation causes cannot be explained by inflation, there is no doubt that inflation does play a role in the economy’s growth. Inflation, as a subject, has been a major area of economic research and public debate, all over the world, and particularly so in India, where strong democratic traditions and intellectuals’ activism are well-rooted. There is a need for working out a national consensus on the acceptable level of inflation. What may be called inflation-consensus should be followed by an explicit inflation-mandate. Our track record on inflation has been satisfactory, and there are good chances that could be improved upon if analytical tools are kept sharp and the timeliness and coordination especially between fiscal and monetary operations as well as effectiveness of policy responses are ensured.