Industrial Revolution :: British History

Britain was the perfect country to start the industrial Revolution due to three factors. Britain had the natural resources of coal and iron. Coal was used for sinew and iron was used for building the new machines. They also had surplus labor, which gave jobs to farmers, be perform of the Agricultural Revolution, which was led to farmers loosing their jobs. Britain had also had a lot of infrastructure, such as laws and in changeless government, which helped with industrialization. Roads, ports and bridges played an important role in developing an industrialized nation.Some causes and effects of the industrial revolution, which also considered positive and negative effects of the Industrial revolution. Positive effects were the agricultural revolution meant more employment Empires provided markets in which the price went down. There were also foundations, such as the steam engine with this invention and more Britains economics were boosted. Negative effects were that natural r esources led to urban squalor (when the city spread out and it was all a mess thither was no organization). Enclosure act, which made urban population rise, Britain had lots of capital from colonies, in which the quality of honorables went down but the quantity rose. Another negative cause and effect of the industrial revolution was that there was dynamo, variety went down there was more uniformity (in the products) and workers and consumers were abused.There were two different types of systems that Britain had. One was the Domestic system. In which, products were made in the home, quantity was lower but quality was higher, people worked at home and made the entire product from beginning to end, this was a good way to do it but took long hours and hard work. The other type of system was the industrialized system, in which the products were made in a factory, assembly lines were used, and workers except made a piece of the product, the quantity of product went up, but the quality w ent down. The working conditions of the workers were unbearable.

A Comparison of Holden of Catcher in the Rye and Equality 7-251 of Anth

Catcher in the Rye and Anthem - A Comparison of Holden and equation 7-251 Is it possible that two completely different authors could make water two identical characters? It seems so J.D. Salingers Holden, from Catcher in the Rye, and Ayn Rands Equality 7-2521, in Anthem, appear to be one in the same person. To end the oppression they accepted for the span of their entire lives, both Holden and Equality run from their oppressors. Most importantly, neither Holden nor Equality live up to the expectations of others. Holdens personality identically reflects that of Equality 7-2521 in Ayn Rands Anthem. Holden and Equality 7-2521 were oppressed their entire lives. The totalitarian government that exists in Equalitys society holds him down. If it were up to him, Equality would have become an inventor in the House of the Scholars, but the Council of Vocations sends him polish off to become a city janitor. When he does not comply, and continues with his experimentation, Equality is p...

Confusion in Macbeth Essay -- Macbeth essays

Confusion in Macbeth The instances words and actions needing clarification in Shakespeares tragedy Macbeth are numerous. Let us in this essay attend to at some of the more serious instances lacking clear meaning in the play. Lily B. Campbell in her volume of criticism, Shakespeares Tragic Heroes Slaves of Passion, confesses that critics are at a outlet in trying to explain the reference to Bellonas stableboy Macbeth is, indeed, Bellonas bridegroom, though critics seem rather at a loss to know just who Bellonas bridegroom may have been. (213) Blanche Coles states in Shakespeares Four Giants that there is a common mistake which literary critics of the play make Not enough stress has been located upon Duncans unaccountably sudden and arbitrary appointment of Malcolm to the royal succession in the very hour of Macbeths triumph . . . . The insult to Macbeth (as it may appear to different minds), cannot be overemphasized. (40) Coles offers an explanation for this ambiguity in the play Perhaps Shakespeare was taking for granted that his audience knew that the historian had said, Duncan did what in him lay to defraud him Macbeth of all manner of titles and claims, which energy in time to come pretend to the crown. Malcolm was under age, and this fact made Macbeth first heir to the throne. (40-41) L.C. Knights in the essay Macbeth mentions equivocation, unreality and other possible causes of ambiguity within the play The equivocal nature of temptation, the commerce with phantoms consequent upon false choice, the resulting sense of unreality (nothing is, but what is not), which has yet such part to smother vital function, th... ...e, NH Richard R. Smith Publisher, Inc., 1957. Coursen, H. R. Macbeth a Guide to the Play. Westport, CN Greenwood Press, 1997. Fergusson, Francis. Macbeth as the Imitation of an Action. Shakespeare The Tragedies. A Collectiion of Critical Essays. Alfred Harbage, ed. Englewwod Cliffs, NJ Prentice-Hall, Inc., 1964. Knights, L .C. Macbeth. Shakespeare The Tragedies. A Collectiion of Critical Essays. Alfred Harbage, ed. Englewwod Cliffs, NJ Prentice-Hall, Inc., 1964. Mack, Maynard. Everybodys Shakespeare Reflections Chiefly on the Tragedies. Lincoln, NB University of Nebraska Press, 1993. Shakespeare, William. The Tragedy of Macbeth. http//chemicool.com/Shakespeare/macbeth/full.html, no lin. Wilson, H. S. On the Design of Shakespearean Tragedy. Toronto, Canada University of Toronto Press, 1957.

Origins of The Beauty Myth :: Naomi Wolf, The Beauty Myth

Naomi beasts The Beauty Myth, discusses the impact of our male-dominated society upon women. fauna argues that womens most significant problems associated with social pressures are a reasonably recent invention, dating back to the 1970s (6). She excuses that women have breached the power structure by acquiring rights equal to men in areas such as, education, professional careers, and voting. As a result, Wolf suggests that the mantrap allegory is the closing one remaining of the old feminine ideologies that still has the power to obtain those women (3). Considering that the beauty story is womens last battle, the struggle is increasingly more difficult. Wolf claims that women are currently experiencing a violent backlash against feminism, noting the recent rise in eat disorders, cosmetic surgery, and objectification of womens bodies (3,2). period Wolf accurately defines the beauty myth, she incorrectly states that eating disorders, cosmetic surgery, and pornography are rec ent issues, resulting from an intentional backlash against womens rights.Wolf utilizes the term the beauty myth to demonstrate that the interpretation of beauty is a creation of society, intended to keep women trapped inside their bodies. Wolf claims that the beauty myth is not about women at all. She explains, it is about mens institutions and institutional power (5). In addition, she claims that women have recently obtained numerous rights, which now threaten to destabilize the institutions on which a male-dominated culture has depended. She continues to explain that a collective panic reaction has forced a demand for counter images (8). Clearly, society as a tout ensemble does create pressure on women to act in a certain manner. However, Wolfs implication that it is an intentional, organized effort to keep women oppressed is one-sided and extreme.While Wolf fails to conclusively prove that the beauty myth is an organized group effort, she is certainly correct in her explanation of the symptoms associated with the beauty myth There is a mystery story underlife poisoning our freedom infused with notions of beauty, it is a dark vein of self-hatred, physical obsessions, terror of aging, and dread of lost control. (3)According to Laura Shapiro, a notable researcher on eating disorders, the medical condition of anorexia consists of some(prenominal) elements. By definition, anorexia nervosa is a condition characterized by intense fear of gaining weight or becoming obese, as well as a distorted body image, and a feeling of loss of control (Shapiro 69).Origins of The Beauty Myth Naomi Wolf, The Beauty MythNaomi Wolfs The Beauty Myth, discusses the impact of our male-dominated society upon women. Wolf argues that womens most significant problems associated with societal pressures are a fairly recent invention, dating back to the 1970s (6). She explains that women have breached the power structure by acquiring rights equal to men in areas such as, education, professional careers, and voting. As a result, Wolf suggests that the beauty myth is the last one remaining of the old feminine ideologies that still has the power to control those women (3). Considering that the beauty myth is womens last battle, the struggle is increasingly more difficult. Wolf claims that women are currently experiencing a violent backlash against feminism, noting the recent rise in eating disorders, cosmetic surgery, and objectification of womens bodies (3,2). While Wolf accurately defines the beauty myth, she incorrectly states that eating disorders, cosmetic surgery, and pornography are recent issues, resulting from an intentional backlash against womens rights.Wolf utilizes the term the beauty myth to demonstrate that the interpretation of beauty is a creation of society, intended to keep women trapped inside their bodies. Wolf claims that the beauty myth is not about women at all. She explains, it is about mens institutions and institutional power (5). In a ddition, she claims that women have recently obtained numerous rights, which now threaten to destabilize the institutions on which a male-dominated culture has depended. She continues to explain that a collective panic reaction has forced a demand for counter images (8). Clearly, society as a whole does create pressure on women to act in a certain manner. However, Wolfs implication that it is an intentional, organized effort to keep women oppressed is one-sided and extreme.While Wolf fails to conclusively prove that the beauty myth is an organized group effort, she is certainly correct in her explanation of the symptoms associated with the beauty myth There is a secret underlife poisoning our freedom infused with notions of beauty, it is a dark vein of self-hatred, physical obsessions, terror of aging, and dread of lost control. (3)According to Laura Shapiro, a notable researcher on eating disorders, the medical condition of anorexia consists of several elements. By definition, anorexia nervosa is a condition characterized by intense fear of gaining weight or becoming obese, as well as a distorted body image, and a feeling of loss of control (Shapiro 69).

Misery, by Stephen King - Annie Wilkes :: Misery Stephen King

Misery, by Stephen King - Annie WilkesWhat does it take to frighten an author of best-selling offense novels? In Misery, Stephen King embodies a writers fears about himself as a writer and about the continuation of his creativity in a richly elaborated and horrifi-cally psychotic person woman, Annie Wilkes. In the novel, Annie represents a come figure, a goddess, and a constant reader. In reality, however, An-nie merely represents a creative part of Kings mind.Annie Wilkes is a proud mother of two children--a historical-romance novelist, Paul Sheldon, and his extremely popular heroine Misery Chastain. Annie must nurse and educate Paul. Gottschalk elaborates, Annie views Paul in a madly maternal way. Early in her custody of Paul, she brings him pills for his excruciating pain, but he must suck them off her fingers in a grotesque parody of a nursing child (125). If she leaves him uncared-for too long, Paul wets his bed, and she must change his sheets and clothes. When he is tired or frustrated, he weeps like a small child. Annie ensures his childlike dependence on her and an demeanor of maternal love (King 159) with his addiction to pain killing-drugs. Annies disciplinary actions contribute to her mother figure, also. Gottschalk writes, When he has been bad, she disciplines him but in motherly fashion often comforts him turn doing so (127). Annie punishes Sheldons attempts to get free by ampu-tating his foot and thumb with an ax, exercising editorial authority over his body (King 264). Annie acts as a virginal and evasive mother of the vir-gin Misery, Annie prevents Paul from letting Misery Chastain die in child-birth. She must live and a novel must be born (Gottschalk 126). Annie nurtures Miserys return as well, Nothing will interfere with Miserys safety or the birth of the book she is nurturing (Gottschalk 127). There are no doubts as to the significance of Annies maternal image in the novel.Behind Annies destructiveness lies a goddess figure--a goddess i n charge of Pauls, as well as Miserys, life. Paul is at the mercy of Annie. He makes it through the days, but only in a complete fear of being murdered by Annie. Gottschalk illustrates Annies powerful grip over Paul, Annie raped Paul back into life, and she will hunt him down if he tries to escape (127). King compares Annies powerful figure to a giant furnace,Thats what it would look likeIf you built a furnace inside the mouth of one of those idols in the H.

Misery, by Stephen King - Annie Wilkes :: Misery Stephen King

trial, by Stephen King - Annie WilkesWhat does it take to frighten an author of best-selling horror novels? In Misery, Stephen King embodies a writers fears nearly himself as a writer and about the continuation of his creativity in a richly elaborated and horrifi-cally psychotic woman, Annie Wilkes. In the novel, Annie represents a mother designing, a goddess, and a constant reader. In reality, however, An-nie merely represents a creative part of Kings mind.Annie Wilkes is a proud mother of two children--a historical-romance novelist, Paul Sheldon, and his extremely commonplace heroine Misery Chastain. Annie must nurse and educate Paul. Gottschalk elaborates, Annie views Paul in a madly maternal way. Early in her custody of Paul, she brings him pills for his excruciating wo(e), but he must suck them off her fingers in a grotesque parody of a nursing child (125). If she leaves him untended too long, Paul wets his bed, and she must trade his sheets and clothes. When he is tired o r frustrated, he weeps like a small child. Annie ensures his childlike dependence on her and an expression of maternal love (King 159) with his addiction to pain killing-drugs. Annies disciplinary actions contribute to her mother figure, also. Gottschalk writes, When he has been bad, she disciplines him but in motherly fashion often comforts him while doing so (127). Annie punishes Sheldons attempts to get free by ampu-tating his foot and thumb with an ax, exercising editorial authority over his body (King 264). Annie acts as a virginal and protective mother of the vir-gin Misery, Annie prevents Paul from letting Misery Chastain die in child-birth. She must live and a novel must be born (Gottschalk 126). Annie nurtures Miserys return as well, Nothing will interfere with Miserys galosh or the birth of the book she is nurturing (Gottschalk 127). There are no doubts as to the significance of Annies maternal image in the novel.Behind Annies destructiveness lies a goddess figure--a godd ess in quiver of Pauls, as well as Miserys, life. Paul is at the mercy of Annie. He makes it through the days, but only in a complete fear of creation murdered by Annie. Gottschalk illustrates Annies powerful grip over Paul, Annie raped Paul back into life, and she will hunt him down if he tries to escape (127). King compares Annies powerful figure to a giant furnace,Thats what it would look likeIf you built a furnace inside the mouth of one of those idols in the H.

Approaches to Film

Auteur theory is the belief that the theatre director is the sole artist of any film, especially if that film is capable of reflecting a musical mode unique to the director. Many directors have a sort of signature that they instill into their films, whether it be based on casting, the soundtrack, camera angles and shots, a continuous prop or character that keeps arising, or any combination of the aforementi wizd. Part of the auteur theory is that when people see a certain film, they are able to pick out the director of the film based on the aspects of the film itself.However, there is controversy regarding this theory, as many people believe that the film is the creation of the film crew as a whole, that each individual adds their own special touch. A well-known auteur director is Quentin Tarantino, and one of the films that he is most known for is shape Fiction, which was released in 1994. Pulp Fiction contains actors and talent that Tarantino tends to use in his films, preferrin g to work with people he is familiar with rather than with fresh-blooded actors.The film also contains references to old cult songs, which is perhaps one of Tarantinos most obvious signatures within his films. Shots and camera angles are another(prenominal) ways that Tarantino left his mark on Pulp Fiction. One of his signature camera angles involves a person being locked in a trunk, with the camera in the same position as the person in the trunk. When the trunk would open, the camera would be feeling up at the ii men that put the people into the trunk. This shot has been informally dubbed the trunk shot, thanks to Tarantino.Another memorable shot was the continuous shot of the two men walking down the hallway. Even though they went through doors and turned corners, the entire scene was done in one shot, one camera movement. though Tarantinos mark and signature shine through everything he does, it is most obvious in Pulp Fiction. It is because of this movie that many people have begun to identify other films of Tarantinos, as his style is one that is hard to replicate. Though many people are against the auteur theory, Tarantino, and Pulp Fiction, are what makes the theory plausible for some directors.

Learning Objectives

Unit 1 Learning Objectives for Course Content Topic recitation/Listening Strategies 1. Identify which destiny of the pretending of strategical Learning Reading and Listening strategies fall nether and why. 2. Relate reading and listening strategies to the pillars of being a strategic learner. 3. Explain what is meant by reading/listening being a constructive process. 4. Discuss how the three components of constructed meaning author, reader, and text influence the reading process. Be able to advance examples of each. 5. Summarize the results of research conducted about speed-reading as discussed in your student-reading packet. . Identify the directs of pre-, during- and post-reading strategies. Be able to riposte examples of strategies from each category. Topic Note pickings Strategies 1. Identify which component of the Model of Strategic Learning greenback taking falls under and why. 2. Relate line of merchandise-taking strategies to the pillars of being a strategic learn er. 3. Explain the Cornell and SUNY methods of note taking. Discuss how using these methods of note taking help a student to be a more active learner. 4. Identify examples of pre-, during- and post-note taking strategies. Also, explain the purpose of each of these categories of strategies. . Demonstrate aw arness of which note taking strategies would be most appropriate given specific learning situations. 6. Describe the interaction between note taking and the components of the Model of Strategic Learning skill, will, self-regulation and the donnish environment. Topic Attitude (ATT) 1. Identify which component of the Model of Strategic Learning Attitude falls under and why. 2. Relate Attitude to the pillars of being a strategic learner. 3. congeal and give an example of a reusable aim. 4. Discuss how each element of a serviceable goal can influence a persons motivation to achieve the goal. . Discuss and give examples of goal conflict and goal commitment. 6. Discuss and give exa mples of goal ownership. 7. Define and describe the difference between enabling goals, short-term goals and long-term goals. 8. How are wishes and dreams different from goals? 9. Discuss how values and beliefs influence our goals. 10. Discuss and give examples of the three types of goal orientations. Topic Model of Strategic Learning 1. List and discuss the four components of the Model of Strategic Learning, and give examples of each. Explain how each of these components can contribute to academic success. 2.List and explain the 4 pillars (characteristics) of strategic learners. 3. Discuss why one should strive to be both effective and efficient in learning. 4. Describe the purpose of the Model of Strategic Learning. 5. Discuss and give an example of how the Model of Strategic Learning is interactive 6. Explain which components of the Model of Strategic Learning are or are not generally under the learners direct control. Topic instruction Processing (INP) 1. Identify which componen t of the Model of Strategic Learning Information Processing falls under and why. 2. Relate Information Processing to the pillars of being a strategic learner. . Discuss and give examples of how learning is an active process. 4. Discuss and give examples of the three categories of knowledge acquisition strategies rehearsal, elaboration and organization. Be able to determine which category of strategies is best suited for a given situation. 5. Discuss how memory deeds according to the memory continuum. How can we make information meaningful and get it into long-term memory? 6. Explain the difference between fluency and flexibility in terms of knowledge acquisition strategies. How is being fluent and flexible important for strategic learning? . Discuss the difference between working hard and working smart. How do these terms relate to strategic learning? 8. Discuss how your goals are related to selecting information processing strategies. Topic Self-testing (SFT) 1. Identify which c omponent of the Model of Strategic Learning Self-Testing falls under and why. 2. Relate Self-testing to the pillars of being a strategic learner. 3. Describe and give an example of the comprehension monitoring process loop. 4. Discuss what is meant by the term triggering event in relation to comprehension monitoring. 5.Explain the difference between unacquainted with(predicate) information and unconfirmed expectations. 6. List and define the strategies used for dealing with unfamiliar information and unconfirmed expectations. 7. Discuss why the illusion of knowing can create problems for a student. Topic Systematic Approach to Learning 1. Identify which component of the Model of Strategic Learning the Systematic Approach falls under and why. 2. Relate the Systematic Approach to Learning to the pillars of being a strategic learner. 3. trace and discuss the 8 steps of the Systematic Approach to Learning. Give examples of each step and discuss why each step is important (i. . , what would the consequences be if some(prenominal) one step was omitted). 4. Discuss the difference between formative and summative evaluation. 5. Discuss what a strategic learner should do when he/she discovers a send off is not working. Topic 5 Types of Knowledge 1. Identify which component of the Model of Strategic Learning the 5 Types of Knowledge falls under and why. 2. Relate the 5 Types of Knowledge to the pillars of being a strategic learner. 3. List, describe, and give an example of each of the Five Types of Knowledge. 4. Explain how each of the 5 Types of Knowledge can be useful when using the Systematic Approach.Topic Motivation (MOT) 1. Identify which component of the Model of Strategic Learning Motivation falls under and why. 2. Relate Motivation to the pillars of being a strategic learner. 3. Describe and give an example of the two general categories of beliefs (self-sabotaging vs. enabling) one might experience and how these beliefs relate to motivation. 4. Describe and give an example of high and confused self-efficacy. 5. List and discuss the three factors that influence self-efficacy and give examples of each. 6. List and discuss the factors that self-efficacy influences and give examples of each. 7.Discuss the difference between a) internal vs. external, and b) controllable vs. uncontrollable attributions. 8. Describe and give examples of the four types of attributions and how each relates to motivation. 9. Discuss how attributions interact with self-efficacy. What kinds of attributions are likely to lead to higher self-efficacy? 10. Discuss and give examples of how affect toward learning can enhance or interfere with the learning process. 11. Discuss the difference between internal and external motivation. 12. Describe and give an example of the difference between a students attitude and motivation.

Market Structures: Tesco

This task for Business environs is split in two subroutines. For pull up stakes 1 I will be describing the 4 different mart structures that economist usu whole(a)y talk about argon perfect ambition, monopolistic rival, oligopoly and monopoly. utilise the 4 food market structures I will illustrate using real life case studies and good examples how a selected commerce of my choice has be losed/responded to its market structure and eventually describe how the frequently and other(a) regulatory bodies check against anti competitive behaviours.In the second part of the assignment I will describe the place of international and EU markets to UK firms. My description will include an evaluation of the pros and cons of UK joining the Euro along with that I will describe the impact of 2 EU policies on UK businesses. The business that I slang chosen for this assignment is Tesco this is beca procedure Tesco is a multibillion pound international business.Different types of market st ructuresMarket structures ar the business orientated characteristics of a market all businesses must focus on these characteristics of the market because these have an effect on the degree of competition in the industry and influence the business product or service pricing closes.Perfect competitionIn a perfect competition thither are few meekness and release barriers, in this type of competition the companies target the mass audience and they differentiate their product with minor changes in the product attributes (Homogenous).Homogenous products are i peterical products or business e.g. aviation all airlines prove one service which is to get their customers from one location to their destination and most customers have no preference or specific type of airline that they want to travel with, most customers will just look for the cheapest airline.In such type of competition most of the companies use Push strategy, i.e. huge efforts will be done through their sales team, the mai n focus is the product availability. In this type of competition the companies are pressure to follow the competitive pricing strategy in severalize to survive in the industry, i.e. the buyers have the power to influence the price of the product or services.Examples of a perfect competition to its closest definition are in the financial market like stock exchange, notes exchange market and the bonds/certificates market. As the companies are bound to follow market prices the only way the company shadower have advantage all over its competitors is by reducing its operating costs and workings at optimum level of efficiency.Monopolistic competitionUnder monopolistic competition, the market consists of galore(postnominal) buyers and sellers who stack over a range of prices earlier than a single market price. A range of prices occurs because sellers foundation differentiate their offers to buyers. Either the physical products feces be varied in lineament, features, style or th e accompanying services can be varied. Buyers chink different in sellers, products and will pay different prices for them. Sellers try to develop differentiate offers for different customer segments and, in addition to price, freely use branding advertising and personal selling to set their offers apart.In this sort of environment the businesses and trades people have moderately support over their prices because of the products differentiations. Most common examples of monopolistic competitions are restaurants as in the right area and right type of food they can have their own miserable portion of monopoly, professional solicitors, building and project managing firms and finally plumbers as there are less of them and more than required.OligopolyIn this type of competition the industry has a small numbers of large dominant firms that have a firm direct over the market. In oligopoly there are many entry and exit barriers such as huge investments etc. In this type of industry fir ms usually follows pull strategy and make huge efforts in marketing and advertising to attract its target customers, the products in the industry could be highly differentiated or even be similar but unstated of getting a hold and this is why businesses use branding or homogenous.Due to the low degree of competition theses big giants can ensconce on their own price which is most suitable for its target audience and these prices will be non-competition prices however there could be voltage for collusion and price altering so that to to each one one dominant business can enjoy their market share and have profits accordingly i.e. their profits margin will depart but still always high.Example of oligopolistic business industries are supermarkets such as Tesco which alone owns 30.4% which is nearly 1/3 of the UK supermarket retail share market share, banking industry, chemicals industry, oil and energy industry, medical drugs and likewise the juveniles and media broadcasting in dustry. http//www.retail-week.com/data/kantar- institutionpanel/tesco-market-share-up-as-it-piles-pressure-on-asda/5010942.article (Tesco market share)MonopolyA monopoly has high barriers to entry and firms have blind drunk chastens over their prices and they also control the supply of their product which can increase study of popular products, because a firm with a monopoly has majority of the market share it can decide to have low prices in order to destroy their competitors.A good and most current example of a monopoly is the Apple Company which has created the iPhone, because of the degree of the monopoly there is a high possibility of price discrimination where the customers and the consumers have their choices hold to what is available in the market.There are three different types of monopolies listed as on a lower floorPure monopoly in where the firm is the industry, for example Transport for London, the firm which owns all buses and underground tubes in and around London , this is where consumers have no or very(prenominal) limited choice.Actual monopoly is where the firm has somewhat majority of the market share in the industry, in this case Tesco is the most famous example, Tesco owns over 30.4% of the market share and is the loss leader in supermarket industry.Natural monopoly is where there are high fixed costs for example the energy industry like gas and electricity as substantially as water, telecommunications and the transportation industry like underground and rail.The disadvantages of a monopoly is that customer are exploited to high prices and potential supplies have limited choice for demand and this means that the consumers have less choice and again might have to pay higher prices than normal or the monopoly can even use very low price to push their competitors towards administration or bankruptcy.(http//66.102.9.132/search?q=cacheqGV5KxXiB80Jwww.bized.co.uk/educators/16-19/ frugals/firms/presentation/structure.ppt+market+structures& cd=2&hl=en&ct=clnk&gl=uk)What is Tescos market structure?Tescos market structure described by the media is believed to be a monopoly, Tesco has also been through the legal proceedings to prove their innocence, Tesco has accused of creation manipulative and gaining monopoly by building stores across towns and cities through the country and atomic number 63 but realistically Tesco is an oligopoly, although Tesco is the dominant supermarket it has fairly large competitors who also partly control the market.Tesco accused of Manipulative Monopoly (http//www.thisislondon.co.uk/standard/article-23658062-tesco-accused-of-manipulative-monopoly.do)A competition test to curb the power of the supermarkets was unveiled by the Competition Commission last family as part of a planning shake-up designed to boost competition in the multi-billion pound grocery market.But the tribunal agreed with Tesco that the commission did not to the full take account of the fact that the test, relating to planni ng decisions for larger stores, might have adverse effects for consumers, among other matters. (http//www.thisislondon.co.uk/standard/article-23658062-tesco-accused-of-manipulative-monopoly.do)How has Tesco responded to this structure?Monopoly Vs OligopolyTesco has over 4,000 stores across the world and out of those 4,000 Tesco has more than half of them in the UK around 2362 stores and this does not include all the Tesco metro and express stores. (http//www.tescoplc.com/plc/about_us/map/)Tesco themselves say that it is an oligopoly, this is because Tesco is not the only supermarket in the UK, Tesco is the dominant shareholder but cannot be called a monopoly as there are many other firms which are in competition with Tesco e.g. Sainsbury which owns 16.3% of the UK supermarket shares and Morrisons which owns 11.5%, this means the entry barriers to entry are very high because the industry is dominated by small number of large firms which control and own that share market.OFT (Office o f plumb Trading)The Office of Fair Trading is the UKs consumer and competition authority and their mission is to make markets work well for consumers. OFT is a non-ministerial establishment regulator that was established by government in 1973.Another organisation that does similar commerce to what Office of Fair Trading do, Ofcom is an independent regulator and competition authority, for the UK communications industries, with responsibilities across television, radio, telecommunications and wireless communications services. Competition regulators are important in business and are required to ensure equality and a fair deal for all,How does OFT checks anti-competition?OFT plays a lead role in promoting and protecting consumer interests throughout the UK, while ensuring that businesses are fair and competitive. This work is done using the powers granted to the OFT under consumer and competition legislation.OFT gathers intelligence about markets and trader behaviour from a replete(p ) range of sources and then they respond to complaints about markets from nominated consumer bodies, where the OFT is able to see potential problems, the OFT undertakes market studies and recommends to take action respectively.In a repenny investigation by the OFT has reviled that British Airways has been found guilty over the price of long-haul passenger fuel surcharges and has paid a penalty of 121.5m to be imposed by the OFT, therefore enabling the OFT to close its civil investigation and resolve this case. This penalty to the British Airways has been the highest ever imposed by the OFT for violation of competition law and this demonstrates the determination of the OFT to deal materially with anti-competitive behaviour.In another case, The Royal Bank of Scotland or RBS has also paid a fine of 28.59 million about 2 months ago in March 2010, after(prenominal) admitting breaches of competition law between October 2007 and February or March 2008, the fine for the bank was shortend from 33.6 million to 28.59 million and this was done to reflect RBSs admission and agreement to co-operate.The OFT has a 5 step method of watching a good eye on business and other organisations these 5 steps start with Analysis, Prioritisation, Prevention, league and Evaluation, the details of all the steps are on their website under What we do. (http//www.oft.gov.uk/ about/what/named2)How do other supervising bodies monitor anti-competition?As the OFT only supervises what happens in the linked Kingdom, there is the European compass north which is active in a colossal range of policy areas, from human rights to transport and trade, the European Union monitors all of the 27 countries that are part of the Federal, using similar techniques as the OFT but on a much larger scale, the policy to monitor and control competition is said as A fair deal for all and this policy is described asEffective competition to provide goods and services cuts prices, raises quality and expands cust omer choice. Competition allows technological innovation to flourish. The European Commission has wide powers to make sure businesses and governments stick to EU rules on fair competition. But in applying these rules, it can take account of the interests of innovation, unified standards, or small business development.(http//europa.eu/pol/comp/index_en.htm)United Kingdom supermarket shareFollowing are the 4 leading supermarket chains in the United Kingdom Tesco, Asda, Sainsburys and Morrisons, these fantastic four have a combined share of 75.6 perpenny of the UK grocery market accord to the research done in the 12 weeks ending 1 November 2009 (Source Kantar World pane) http//TNS_WorldpanelWhat is European Union?(http//europa.eu/abc/panorama/index_en.htm)European Union is a unique economic and political society which is in partnership between 27 democratic European countries.What are its aims?Some of the basic aims of the European Union are peace, successfulness and granting immunit y for its 498 million citizens in a fairer, safer world.What results so far?Under the European Union the members can travel and trade freely without any constraints as long as the members are trading in euro (the single European currency).European Union policies ensure safer food and a greener environment, better living standards in poorer regions, joint action on crime and terror, cheaper telecoms and communication, millions of opportunities to study abroad and moreHow does it work?To make these things happen, EU countries have set up bodies to run the European Union and adopt its legislation. The main ones are* The European Parliament (representing the people of Europe)* The Council of the European Union (representing national governments)* The European Commission (representing the common EU interest).How can the members have their say?The European Union is not a perfect society but it is an evolving project and constantly has to be improved. If a community or even an individual h as an important point to show to the union they must do some of the following starting with* Contacting their local MP European Union policies are part of national politics.* Contacting their MEP and cast vote at the European Parliament elections the European Parliament enacts EU laws (www.europarl.europa.eu)* Contacting their NGOs (consumer associations, environmental pressure groups, etc.) they work with the EU on shaping policies.The EU has developed a single market system of laws which apply to all member states, and ensures the free movement of people, goods, services, and capital, including the elimination of passport controls by the Schengen Agreement between 26 European Union states which I have listed below. European Union executes legislations in justice and home affairs, and maintains common policies on trade, agriculture, fisheries and regional development.Austria, Belgium, Czech, Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, La tvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland. (http//www.axa-schengen.com/en/schengen-countries)Value of International markets to UKNon EU Exports* In June 2010 the summate entertain of UKs trade-in-goods exported to countries outside the EU was 10.9 billion.* As a comparison the total judge of UKs trade-in-goods exported to countries outside the EU in May 2010 was 9.4 billion and for June 2009 was 8.2 billion.* June 2010 showed a 15.5 per cent increase in exports compared to May 2010 and a 33.0 per cent increase in exports compared to June 2009.* The total 2010 year to involvement value of UKs trade-in-goods exported excluding June 2010 was 45.5 billion, which has been downwardly revised by 6.9 million.* The final total value of UKs trade-in-goods exported for January 2009 to December 2009 was 101.5 billion.Non EU Imports* In June 2010 the total value of trade-in-goods import to the UK from countrie s outside the EU was 15.4 billion.* As a comparison the total value of UKs trade-in-goods merchandise to the UK from countries outside the EU in May 2010 was 14.0 billion and for June 2009 was 12.0 billion.* June 2010 showed a 9.6 per cent increase in imports compared to May 2010 and a 28.4 per cent increase compared to June 2009.* The total 2010 year to date value of UKs trade-in-goods imported excluding June 2010 was 67.5 billion.* The final total value of UKs trade-in-goods imported for January 2009 to December 2009 remains at 147.3 billion.(https//www.uktradeinfo.com/index.cfm?task=noneufullreport)It can be concluded that UK has less exports to the non EU order compared to the European market, in June 2010 total value of goods exported to Europe was 11.3Billion compared to the total value of goods exported to the international market which was 10.9Billion.International business traffic is an important feature of the UK parsimoniousnesss survival almost 50% of UKs export is in the Non European Union zone, there fore international market has a vital role to play in UKs economy.The imports of UK data shows that the import from the non European Union zone is increasing i.e. from 14.0 billion to 15.4 billion, hence the UK economy is dependent on the import of essential raw and prepared materials today the service sector is more and more important to the UK economy as a result of the weakening of the manufacturing sector now imports are crucial and that is why using the international market the UK economy is on the growth as the export data depicts that UKs export is increasing from 8.2 billion to 10.9 billion.Value of European markets to UKEU Exports* In May 2010 the total value of UKs trade-in-goods exported to Member States of the EU was 11.3 billion.* As a comparison the total value of UKs trade-in-goods exported to Member States of the EU in April 2010 was 11.6 billion and for May 2009 was 9.3 billion.* May 2010 showed a 2.9 per cent decrease in exports compared to April 2010 and a 21.3 per cent increase in exports compared to May 2009.* The total value of UKs trade-in-goods exported for January 2009 to December 2009 was 124.2 billion, which has been upwardly revised by 48.5 million.* The total 2010 year to date value of UKs trade-in-goods exported excluding May was 46.2 billion, which has been upwardly revised by 273.6 million.EU Imports* In May 2010 the total value of trade-in-goods imported to the UK from Member States of the EU was 14.7 billion.* As a comparison the total value of UKs trade-in-goods imported to the UK from Member States of the EU in April 2010 was 15.3 billion and for May 2009 was 12.2 billion.* May 2010 showed a 4.2 per cent decrease in imports compared to April 2010 and a 20.8 per cent increase in imports compared to May 2009.* The total value of UKs trade-in-goods imported for January 2009 to December 2009 was 162.7 billion, which has been upwardly revised by 238.0 million.* The total 2010 year to date value of UKs trade-in-goods imported excluding May was 59.2 billion, which has been upwardly revised by 96.7 million. (https//www.uktradeinfo.com/index.cfm?task=euearlypub)The single market benefits the firms, by making it easier & cheaper to do business in other EU countries. No customs tax is charged on goods that are sold or transported between member states. The EU also tries to make each market as similar as possible to ensure fair competition across national borders.Free Movement of CitizensEuropean citizens have the freedom to live, work, study, and travel in any other EU country. Since 1995 alone, about 100,000 young Britons have spent time studying in another European country. more(prenominal) JobsIt is estimated the 3.5 million British jobs are dependent on* Britains membership of the EU. (Source UK Jobs Dependent)UK joining the Euro (Pros & Cons)Below I have listed the advantages and disadvantages which were discussed by the chancellor Gordon Brown at the propagation of betwe en 1999 and the year 2002 when the waves of countries in Europe joined the European Union and the currencyAdvantages1. A single currency should end currency imbalance in the participating countries (by irrevocably fixing exchange rates) and reduce it outside them. Because the Euro would have the enhanced credibility of being used in a large currency zone, it would be more stable against speculation than individual currencies are now. An end to internal currency instability and a reduction of external currency instability would enable exporters to project future markets with greater certainty. This will unleash a greater potential for growth.2. Consumers would not have to change money when travelling and would figure less red tape when transferring large sums of money across borders. It was estimated that a traveller visiting all twelve member states of the (then) EC would lose 40% of the value of his money in transaction charges alone. Once in a lifetime a family might make one la rge purchase or transaction across a European border such as buying a holiday home or a piece of furniture. A single currency would help that transaction pass smoothly.3. Likewise, businesses would no longer have to pay hedging costs which they do today in order to insure themselves against the threat of currency fluctuations. Businesses, involved in commercial minutes in different member states, would no longer have to face administrative costs of accounting for the changes of currencies, plus the time involved. It is estimated that the currency cost of exports to small companies is 10 times the cost to the multi-nationals, who offset sales against purchases and can command the scoop up rates.4. A single currency should result in lower interest rates as all European countries would be locking into German pecuniary credibility. The stability pact (the main points of which were agreed at the Dublin summit of European heads of state or government in December 1996) will stuff EU cou ntries into a system of financial responsibility which will enhance the Euros international credibility. This should lead to more investment, more jobs and lower mortgages.Disadvantages1. Twenty seven sort out countries with widely differing economic performances and different languages have never before exertioned to form a monetary union. It works in the United States because the repel market is mobile, helped by the common language and portability of pensions etc. across a large geographical area. Language in Europe is a huge barrier to labour force mobility. This may lead to pockets of deeply depressed areas in which people cannot find work and areas where the economy flourishes and wages increase. While the cohesion funds attempt to address this, there are still great differences across the EU in economic performance.2. If governments were obliged through a stability pact to keep to the Maastricht criteria for perpetuity, no matter what their individual economic circumstanc es dictate, some countries may find that they are unable to combat recession by loosening their fiscal stance. They would be unable to devalue to boost exports, to borrow more to boost job creation or cut taxes when they see fit because of the public dearth criterion. In the United States, Texas could not avoid a recession in the wake of the 1986 oil price fall, whereas demand for Sterling changed in the light of the new oil price, adjusting the exchange rate downwards.3. All the EU countries have different cycles or are at different stages in their cycles. The UK is growing reasonably well, Germany is having problems. This is the turn back of the position in 1990. Since the war the UK economy has tended to have an economic cycle closer to the US than the EU. It has changed because interest rates are set in each country at the appropriate level for it. One central bank cannot set inflation at the appropriate level for each member state.4. firing of national sovereignty is the mos t ofttimes mentioned disadvantage of monetary union. The transfer of money and fiscal competencies from national to community level would mean economically strong and stable countries would have to co-operate in the field of economic policy with other, weaker, countries, which are more tolerant to higher inflation.(http//news.bbc.co.uk/1/hi/special_report/single_currency/25081.stm)One of the few reasons that the United Kingdom did not want to join the single European currency with the first wave of countries on 1 January 1999 is that according to the chancellor of the Exchequer at that time in 1999 who was Gordon Brown our current prime minister said that, although the government supported the principle of the single currency Britain would not be fast to join at least until the second wave of countries which occurred in 2002 and during that time he told the European Union that the country should begin to prepare for monetary union but up till now there have been no indications of t he United Kingdom joining the European Union currency, Euros.From my understanding there are many possible reasons that the government should consider while joining Euro, joining Euro would reduced exchange rate uncertainty for UK businesses and lower exchange rate transactions costs for both businesses and tourists. Eliminating exchange rates between European countries eliminates the risks of unforeseen exchange rate revaluations or devaluation, provided those businesses who involved in commercial transactions in different member states would no longer have to face administrative costs of accounting for the changes of currencies. The loss of national sovereignty is the most often mentioned reason for the UK not joining the monetary union is the transfer of money and financial proficiency from national to community level would mean that economically strong and stable countries would have to co-operate in the field of economic policy with other weaker countries.European policiesThe European Union is currently active in a wide variety of policies from human rights to transport and trade below is the list of some of the policy areas of the European Union.Agriculture Media Competition Consumers EducationEmployment Environment External trade Fight against fraud Human rightsTaxation Transport Justice, freedom Internal market Customs(http//europa.eu/pol/index_en.htm)Impact of European Unions Competition policy on TescoCompetition policyA fair deal for allEffective competition provides goods and services cuts prices, raises quality and expands customer choice, allows technological innovation. The European Commission has wide powers to make sure businesses and governments stick to EU rules on fair competition.Competition must be fairIt is illegal under EU rules for businesses to fix prices or carve up markets between them. A multinational company like Tesco cannot merge with another giant if that would put them in a position to control the market, though practice thi s rule only prevents a small numbers of mergers going ahead.If Tesco plans to merge with its competitor, Tesco needs approval from the European Commission, the EUC (European Union Commission) marks their decision depending on the amount of business that Tesco has within the European boundaries.The Commission may agree to a company having a monopoly in special circumstances for example where costly infrastructure is involved (natural monopolies) or where it is important to guarantee a public service.The large may not exploit the smallIn doing business with smaller firms, Tesco cannot use their bargaining power to impose conditions which would make it difficult for their supplier or customer to do business with its competitors. The Commission can, does and has fined companies for all these practices.No props for lame ducksThe Commission also monitors closely how much assistance EU governments make available to business (state aid). This aid can take many forms loans and grants, tax breaks, goods and services provided at preferential rates, or government guarantees which enhance the credit rating of a company compared to its competitors but in this case this does not apply to Tesco till today as Tesco is already on top of its game.Exceptions that prove the ruleSome exceptions to the general rules are possible. The European Union Commission can allow companies like Asda and Morisons to cooperate in developing a single technical standard for the market as a whole. It can allow smaller companies to cooperate if this strengthens their ability to compete with larger ones such as Sainsburys and Tesco.Aid for research and innovation, regional development or small and medium-sized enterprises is often allowable because these serve overall EU goals.Checks and balancesThe Commissions extensive powers to investigate and halt violations of European Union competition rules are subject to legal check into by the European Court of Justice. Businesses regularly have to make a ppeals against Commission decisions if it seems like a unfair deal.The competition policy stops the Tesco from growing further from their potential market share, something which Tesco has known to be done in the recent years. Effective competition provides goods and services, automatically raises quality and customer choices increase with competition. The policy also allows technological innovation and the European Commission makes sure that these innovations are in the European Unions fair competition policy.EnvironmentThe European Union has some of the highest environment standards in the world, developed over decades to address a wide range of issues. Today the main priorities are combating climate change, preserving biodiversity, and reducing health problems from pollution and crisscross sure that natural resources are being used more responsibly.Climate changeClimate change is one of the gravest challenges facing humanity. The European Union plans to reduce babys room gases a t least 20% by 2020 (compared with 1990 levels), raise in renewable energys share of the market to 20% and cut overall energy inlet by 20% (compared with projected trends).All businesses like Tescos are directly bear on by this policy as this aims to cut energy consumption and greenhouse gasses by 20%, meaning Tesco will have to recycle more, reuse materials more and reduce wastage and use of non-biodegradable equipment which will have a small dent on their profit.Emissions tradingEuropean Unions rewards businesses and organisations, which reduce their CO2 emissions and penalises those that exceed limits. Introduced in 2005, the scheme takes in about 12,000 factories and plants responsible for about half the EUs emissions of CO2.Under the system, European Union governments set limits on the amount of vitamin C dioxide emitted by energy-intensive industries and if they want to emit more CO2 than their quota, they have to buy spare permits but most supermarkets stores do not manufa cture and this means that they will have to use eco friendly methods of business and equipment. Tesco has already proven that they are committed towards being eco-friendly, Tesco Plc, the worlds No.4 retailer, plans to cast over 100 million pounds with British green technology companies over the coming year as it steps up its drive to halve carbon emissions by 2020.(http//uk.reuters.com/article/idUKTRE61203720100203)Environmental healthNoise, swimming water, rare species and emergency response -these are just some of the areas covered under the extensive organic structure of environmental legislation that the EU has established over the decades.EU has set binding limits on emissions of fine particles known as PM2.5. Released by cars and trucks, these microscopic particles can cause respiratory diseases. Under the new law, EU countries will have to reduce exposure to fine particles in urban areas by an average 20% by 2020. In 2007 Tesco received the Top online green award for their zero-emission delivery vans.Sustainable developmentSustainable development has long been one of the overarching objectives of EU policy. EU leaders launched the first EU sustainable development strategy in 2001 and updated it in 2006 to tackle shortcomings and take account of new challenges. Since then there have been significant efforts in terms of policy. Now the focus is on putting policy into practice in to UKs market.As Tesco manly sells general groceries they are affected by the European Unions environment policy, in a way that it has to source materials from the suppliers who obey and follow the European Unions environment policy, this means that Tesco has limited span of potential suppliers.

Fourier Transform Infrared Spectroscopy

Introduction The range of infrared radiation region Is 12800- 10 cm-l. It roll in the hay be divided into near-infrared region (12800 4000 crn-ll mid-infrared region (4000 200 crnl ) and far-infrared region (50 1000 cm-l). scientists cod established various ways to utilize infrared light. Infrared absorption spectroscopy is the method which scientists use to determine the structures of molecules with the molecules characteristic absorption of infrared radiation. Infrared spectrum is molecular vib dimensionnal spectrum.When exposed to Infrared radiation, smack molecules selectively absorb radiation of pecific wavelengths which causes the change of dipole moment of sample molecules. Consequently, the vibrational energy levels of sample molecules transfer from ground state to excited state. The frequency of the absorption peak is determined by the vibrational energy gap. The crook of absorption peaks is related to the number of vibrational freedom of the molecule. The intensity of absorption peaks is related to the change of dipole moment and the incident of the transition of energy levels.Therefore, by analyzing the infrared spectrum, one fanny readily fetch abundant structure information of a molecule. Most molecules are infrared active except for several homonuclear diatomic molecules such as 02, N2 and C12 due to the zero dipole change in the vibration and rotation of these molecules Concept Fourier transform spectroscopy Is a less Intuitive way to obtain the same Information. Rather than shining a monochromatic beam of light at the sample, this technique shines a beam containing many frequencies of light at once, and measures how practically of that beam Is absorbed by the sample.Next, the beam Is modified to contain a different combination of frequencies, giving a second data point. This process is recurrent many times. Afterwards, a computer takes all these data and works backwards to Infer what the absorption Is at each wavelength The beam desc ribed above is generated by starting with a broadband light source one containing the full spectrum of wavelengths to be measured. The light shines into a Michelson interferometera certain configuration of mirrors, one of which is move by a motor. As this mirror moves, each wavelength of light in the beam is periodically blocked. ransmitted, blocked, transmitted. by the Interferometer, due to wave interference. Different wavelengths are modulate at different rates, so that at each moment, the beam coming out of the interferometer has a different spectrum. Fourier Transform of Interferogram to Spectrum The interferogram is a function of time and the set outputted by this function of time are said to make up the time domain. The time domain Is Fourier transformed to get a frequency domain, which is deconvoluted to crossroad a spectrum Step 1 The starting signal step is sample preparation. The standard method to prepare solid sample for FTIR spectrometer is to use KBr.About 2 mg of sample and 200 mg KBr re dried and ground. The particle size should be unified and less than two micrometers. Then, the mixture is squeezed to form transparent pellets which can be measured directly. For liquids with high boiling point or viscous solution, it can be added in between two NaCl pellets. Then the sample is doctor in the prison cell by skews and measured. For volatile liquid sample, it is fade out in CS2 or CC14 to form 10% solution. Then the solution is injected into a liquid cell for measurement. Gas sample needs to be measured in a gas cell with two KBr windows on each side. The gas cell should first be vacuumed.Then the sample can be introduced to the gas cell for measurement. Step 2 The second step is getting a background spectrum by salt away an interferogram and its subsequent conversion to frequency data by inverse Fourier transform. We obtain the background spectrum because the solvent in which we place our sample will have traces of dissolved gases as well as solvent molecules that contribute information that are not our sample. The background spectrum will contain information about the species of gases and solvent molecules, which may then be subtracted away from our sample spectrum in order to gain nformation about Just the sample.Figure 6 shows an example of an FTIR background spectrum. Figure 6. Background IR spectrum The background spectrum also takes into account several other factors related to the instrument performance, which includes information about the source, interferometer, detector, and the contribution of ambient water (note the two irregular groups of lines at about 3600 cm-l and about 1600 cm-l in Figure 6) and carbon dioxide (note the doublet at 2360 cm-l and sharp spike at 667 cm-l in Figure 6) present in the visual bench.Step 3 Next, we collect a single-beam spectrum of he sample, which will contain absorption bands from the sample as well as the background (gaseous or solvent). Step 4 The ratio between the si ngle-beam sample spectrum and the single beam background spectrum gives the spectrum of the sample (Figure 7). Advantages Speed Because all of the frequencies are measured simultaneously, most measurements by FT-IR are made in a matter of seconds rather than several minutes.This is sometimes referred to as the Felgett Advantage. Sensitivity Sensitivity is dramatically improved with FT-IR for many reasons. The detectors employed are uch more sensitive, the optical throughput is much higher (referred to as the enable the coaddition of several scans in order to reduce the random measurement noise to any desired level (referred to as signal averaging). ? Mechanical Simplicity The moving mirror in the interferometer is the only continuously moving part in the instrument. Thus, there is very little possibility of mechanical breakdown. Internally Calibrated These instruments employ a HeNe laser as an internal wavelength calibration standard (referred to as the Connes Advantage). These inst ruments are self-calibratingand never need to be calibrated by the user.

Impact of divorce and remarriage on intergenerational relationships Essay

This summary is not available. Please click here to view the post.

Consequences of High Interest Rates in the Ghanaian Economy…..

rice beer estimates be among the closely watched variables in the frugality. The media on daily bases record their movement because they stir our e reallyday lives and have crucial consequences for the health of the economy. They affect personal decisions as whether to consume or salvage, whether to buy a house and whether to purchase coalitions or put pecuniary resource into a thriftinesss account. Interest ordains in addition affect the economic decisions of households or businesses such as whether to put their m integrityy in the banking concern or invest in rising equipments for factories.Before continuing, we must understand exactly what occupy come outs mean. By holding monetary instruments , such as loans or bonds. Savers and financial institutions ext complete credits to those individuals or firms that issue the instruments. The amount of credit extended is the principal amount of the loan or the bond. Those who hold financial instruments do so because the y receive payments from the issuers in the radiation diagram of involvement. The percentage return earned is the rice beer pasture or pace of return.Rate of return is the price of credit in financial mercenaryiseplaces and is usually expressed as a percentage (%) of the total amount take uped that is to be paid each year (over and preceding(prenominal) the repayment of the principal, or amount borrowed). Thus, it is the price of credit of the ordain of exchange between the present and the future. Rate of returns (r) vary given saki rate (i). It is the value of i that just equates the present value (PV) of the benefits of the extra gravid when discounted at i to its cost (Pk). That is, r is defined as r=MRP/Pk, where MRP=Marginal Revenue Product Pk= CostWe would however, fill up a look at how kindle rate is calculated, various theoretical analyses that seek to explain the determination of affaire grade, distinctions between nominal and real sideline rank. Finally, we shall relate it to the case of the gold coastian economy and look at the consequences of the noble invade rates in Ghana. CONCEPTS OF INTEREST YIELD/RATE Interest yields on financial instruments are thought of in assorted ways. The close important of these are Nominal Yield actual Yield Yield to Maturity NOMINAL YIELD Assuming that a bond is issued in an amount of 100,000 with an agreement to pay 6000 in hobby every year.The annual payment of 6000 is the bonds annual coupon return. This is simply the meliorate amount of lodge in that the bond yields each year. The nominal yield on a bond is equal to rN= C/F, where rN is the nominal yield, C is the coupon return and F is the face amount of the bond. The annual yield of the 100,000bond with the 6000 coupon yield or return is equal to 6000 / 1000,000=0. 06 or 6 percent. Current Yield The rate of flow secondary market price of the bond typically is not the face value of the bond. Bonds often sell in the secondary market at prices that are different from their face value.For this reason, those contemplating on bond purchase often are saki grouped in the stream yield of a bond. This equals to r i =C/P Where ri denotes the current market yield, C is the coupon return and P is the current market price of a bond. For instance, the current market price of a bond with a face value of 100,000 might be 90,000. If the coupon return on the bond is 6,000 per year, then annual current yield on this bond is equal to 6,000/90,000=0. 667 or 6. 7 percent. Yield on Maturity A bonds yield on adulthood is the rate of return if the bond is held until maturity.Calculating this yield can be complicated, however, because the bonds normally differ. Typically, bonds are sold at a discount, downstairs its face value. Hence, other things existence equal, the bond holder receives an automatic metropolis gain if the bond is held to maturity. A capital gain occurs when the value of a financial as mystify at the cardinalth d imension it is redeemed or sold is higher than its market value when it was purchased. Consequently, the bond pays a coupon return. The yield to maturity must account for both the capital gain and the coupon returns that a bond yields to its owner. MEASURING INTEREST RATESThe financial credit market instrument can be classified under four types ?Simple Loan This provides the borrower with an amount of cash (principal) which at the maturity date must be repaid to the lender along with an additional amount k flatn as an interest payment. Supposing, a bank made you a simple loan of 100,000 for oneness year, you would have to pay the principal of 100,000 in one years cadence along with an additional interest payment of say 10,000 given interest rate to be 10%. Most often, commercial bank loans to businesses are often of this type. ?Fixed payment loanThis provides the borrower with an amount of funds that he is to repay by making the same payment every month, which comprises part of the principal and interest for a given number of geezerhood. For example, if you borrowed 100,000, a fixed payment loan might require you to pay 12,600 every year for 25 years. ? verifier Bond A coupon bond pays the owner of the bond a fixed interest payment every year until the maturity date, when a condition final amount is repaid. For example, a coupon bond with 100,000 face values might pay you a coupon payment of 10,000 per year for 10 years and at the maturity date repays you the face value amount of 100,000. Discount Bond A discount bond is bought at a price below its face value (at a discount) and the face value is repaid at the maturity date. However, unlike the coupon bond, the discount bond relieve oneselfs no interest payment. It just pays run into the face value. For example, a discount bond with a face value of 100,000 might be bought for ? 90000 and in a years time the owner would be repaid a face value of 100,000. These four types of instruments require payments at different times. Simple loan and discount bonds make payment and at their maturity dates, while fixed payment loans and coupon bonds have payments time periodically until maturity.The decision as to which of the instruments provides you with more income is difficult since they all make payments at different times. To solve this problem, the concept of present value was invented to provide us with a procedure for measuring interest rate on these different types of instruments, Present jimmy (PV) approach shows the present value Ao of a known amount An, to be received in n years assuming compound interest is at the rate ( i) . The present value (PV) formula is Ao=An/(1+i)n NORMINAL VERSUS REAL RATES OF INTEREST So far we have discussed interest rates only in current cedi harm.There is, however, a problem with this. Inflation can erode the value of interest received when a financial instrument matures. Any individual must take this into account when evaluating how often to save . For instance, supposing that a saver can earn a stated current cedi interest rate or nominal interest rate of r=0. 06(6%) on each cedi that he allocates to a one year bond. Supposing also that the saver expects that prices of goods and services would rise by a factor, ? e=0. 03(3%) Where ? e is pass judgment rate of inflation. This is the rate of inflation that he expects to face.Such inflation would reduce the amount of goods and services that his interest would permit him to purchase. Thus, although the saver earns post interest on the bonds he anticipates the inflation leave behind eat away at that interest and the rate ? e. Hence, the real interest rate that this saver anticipated or his evaluate inflation-adjusted interest rate is approximately equal r = r-? e r = 0. 06-0. 03=0. 03, Where r = real interest and r = nominal interest rate. In toll of what his nest egg can buy this saver actually anticipates earnings only 3% on his one year bond.A rate of return in current-c edi terms that does not reflect anticipated inflation is known as Nominal Interest Rate. The anticipated rate of return from holding a financial instrument after taking into account the extent to which inflation is evaluate to reduce to the amount of goods and services that this return could be used to buy is termed as trustworthy Interest Rate. The real interest rate is crucial for determining how much the individual desires to save. The reason is that savings is foregone consumption. This individual is likely to give up more consumption if the real rate of return on savings is large.This means that the real interest rate is a crucial determinant of the saving in the nation where this saver is a citizen. Countries with high nominal interest rates often experience very low saving rates because expected inflation is so high. THEORIES OF INTEREST RATES Various theories have been propounded by various economists to explain the determination of interest rates. However we would focus o n cardinal main theories namely Classical possibleness Neo-classical/Loanable funds Theory Keynesian/Liquidity Preference Theory CLASSICAL /REAL THEORY OF INTEREST RATESThis conjecture by Marshall and Pigou uses savings and investment in determining interest rates. The conjecture equates investment to demand for capital or supply of bonds (i. e. , sales of bonds). and savings to supply of Capital or Demand for bonds (i. e. purchases of bonds). Hence interest rate is determined when investment equals savings as illustrated below Figure 1. INVESTMENTS SAVINGS conspiracy IN THE BONDS MARKET Where B (supply of bonds) = I( investment ) B (demand for bonds )= S (savings) r is the equilibrium rate of interest at where S=IAccording to the classicals, there are only two groups of people in the market to provide bonds investors and presidential term. Firms sell bonds in order to have capital or funds for investments. The sale of bonds however, depends on the expected rate of returns an d the cost in selling the bonds. Hence bond price is expressed as PB=Y/r where PB=Bond impairment , Y=rate of returns and r= interest rate, implying an inverse relationship between Bond prices and interest rates, Expected rate of returns is assumed fixed, and when interest rate rises above the rate of returns, it affects the relationship between investment and interest rate.Assumptions The classicals assume that, Income is constant The saving-investment schedules are independent of one another Criticisms Keynes asserts that income is variable and not constant and that the par between savings and investment is brought about by changes in income and not by variations in the rate of interest. Keynes also states that the saving-investment schedules are not independent of one another THE NEO-CLASSICAL/LOANABLE FUNDS THEORY This theory explains the determination of interest in terms of demand and supply of loanable funds or credit.The theory defines rate of interest as the price of cred it which is determined by the demand and supply for loanable funds. According to Prof. Lerner, it is the price which equates the supply of credit or saving plus the net income increase in the amount of money in a period to the demand for credit or investment plus net hoarding in the period Demand for Loanable Funds. Three main entities of demand for loanable funds governments, business men and consumers need them for purposes of investment, hoarding and consumption. Government borrows funds for constructing public works.Business men borrow for the purchase of capital goods and for investment projects. Such espousals are interest elastic and depend mostly on the expected rate of profit. Individual consumers however may demand loanable funds for the purchase of durable consumer goods like houses. These borrowings are also interest elastic. At lower rates of interest, people borrow more than at higher rates of interest in order to enjoy their consumption now. Supply of loanable funds The supply of loanable funds comes from savings, dishoardings and bank credit.The main sources of supply of loanable funds are private, individual and corporate savings. Savings depend on the level of income. For a given level of income savings will depend on interest rate, and the higher the interest rate the greater will be the crapment to save and vice versa. This saving is referred to as Personal Savings. Corporate savings are the undistributed profits of firms and it also depends on current rate of interest to some(prenominal) extent. gamey interest rate deters borrowing and thence encourages savings. Dishoarding may also occur when interest rate is high or increases.Thus, one dishoards (ie, releasing hoarded money or idle money holdings), if the cost of holding that money increases as a pass of high interest rate. Hence, there is a positive relationship between interest rate and dishoarding. believes also give credit when the borrowing rate is high. That is when interes t rate on credit payable by borrowers is high, hence a positive relationship between interest rate and bank credit. Criticisms Savings not interest elastic. The theory over emphasis the influence of the rate of interest on savings as interest elastic.Thus, people save not only to earn rate of interest but also for other purposes like precautionary motive, hence savings are interest inelastic. The theory is also criticized for combining monetary factors with real factors making it unrealistic. Equilibrium rate reflects unstable equilibrium. The demand and supply schedules for loanable funds determine the equilibrium rate of interest OR which does not equate each component on the supply side with the tally components on the demand side. KEYNESIAN/ LIQUIDITY PREFERENCE THEORYKeynes defines interest rate as the price which equilibrates the desire to hold wealth in the form of cash that is the demand and supply of money determines interest rates. The supply of money is considered fixed and exogenously determined (that is inelastic). Demand for money is also called liquidity preference which is the desire to hold money. In this case, interest rate is the premium which has to be offered to induce people to hold their wealth in some form other than hoarded money. According to Keynes, speculative demand for money is determined by interest rate and bond prices.He considered the current interest (i) as that which determines the speculative demand for money. The higher the rate of interest, the lower the speculative demand for money. At very low rate of interest people will rather prefer to keep their money in cash than investing in bonds because purchasing of bonds will mean a loss. Determination of interest rates The equilibrium interest rate is determined at a compass point where the supply and demand for money equilibrates. At the point of liquidity trap, there is the belief that interest rate will not fall but will at a point in time rise hence investors hold money against future rise in interest rate.Criticisms The theory is considered as indeterminate by Prof. Handson. Keynes asserts the liquidity preference determines the interest rates. The problem is that a new liquidity preference curve would have to be drawn at each level of income. This indicates that income levels will have to be known before otherwise, the supply and demand for money curves cannot tell us what the interest rates will be. Hicks and others were of the view that interest rate is determined by the following i. Investment demand function ii. Savings function iii. Liquidity preference function iv. Quantity of money function.They are present in Keynes theory but not all are the interest rate analysis. Keynes ignores investment and savings, hence his theory is considered as incomplete. TRENDS IN SAVINGS AND LENDING RATES IN THE Ghanian ECONOMY (1994-2004). YEAR19941995199619971998199920002001200220032004 LENDING RATE31. 2440. 5641. 7143. 5838. 536. 54743. 7536. 3632. 7528. 8 DEPOSITE RATE21. 3726. 7532. 2432. 320. 215. 3925. 817. 4312. 4911. 969. 87 INTEREST SPREAD9. 8713. 819. 4711. 2818. 321. 1121. 226. 3223. 8720. 7918. 9 The interest spread was calculated as a difference in the averages of the modify and the deposit rates covering the said period.Between 1997 and 2001, the interest spread increased and subsequently started falling at a some varying decreasing rate. This was the period when the contribute rates were high 43. 75% in 2001, down from 47% in 2000 because of the high inflation rate and the general turbulence within the economy. The corresponding deposit rate was 17. 43%. Between the years 2001 and 2004, the average interest spread was 23. 66%. This rate of profits of the commercial banks, heralded the spiral inflow of foreign banks especially from neighbour Nigeria. It has been taunted that the banking sector is doing very well.In reality there has not been much competition between the existing banks, hence the high lending rate as well as their profits. They tended to act as collusive oligopolies. Recent out emersions and trends in the banking sector has been that, competition at long last has set in. For instance the Zenith Bank has unilaterally decided to reduce its lending rate 14. 1% with respect to the general rate. This will gist in much more innovation in the sector resulting in better banking services and a general reduction in the interest rate as pertained in competitive markets.From the existing trends, especially as indicated in the graph above, other sectors of the economy will take advantages of the low interest rate to boost up investments and hence output with a resultant increase in the GDP. This is the miracle of interest rates. HIGH VERSUS LOW INTEREST RATES IN THE GHANAIAN ECONOMY. In most economies including Ghana, interest rates are largely influenced by the anchor rate which is the rate at which the primeval bank gives over-night loans to the commercial banks. Thus, when Bank of Gha na ( slow) fixes its prime rate, interest rates are adjusted depending on the direction of the prime rate.There is however a positive relationship between prime rate and interest rates. When prime rate is set high or low interest rates are also fixed relatively high or low. For instance, interest rates followed a declining pattern in 2003. The monetary policy committee of BOG revised the prime rate downwards from 21. 5% in 2003 to 18. 5% in 2004. In line with this downward revision, the commercial banks base rates dropped from an average of 29. 0% to 25. 4%. Interest rates for the 91-day treasury bill dropped from 18. 71% at the beginning of the year to 17. 8% at the close of December 2004. The inter-bank interest rate also dropped from 17. 12% in January to 16. 23% at the end of December. Interest rates, however, low or high have both favourable and adverse effects on the economy of a country. During periods of high interest rates investment falls and savings increase and vice vers a in the case of low interest rates. The table and graph below shows interest rates, 1998-2004 and interest rate margins respectively. YEAR1998199920002001200220032004 SAVINGS22262929. 2525. 232319. 25 TIME DEPOSITS914. 7513. 520. 520. 1418. 515. 5Holders of stocks lose during periods of high interest rates and holders of money (cash) gain though money earns zero interest. In periods of economic boom, high interest rates might be needed to check inflation, while low interest rates will be needed to stimulate investments and create use of goods and services in recessions. In between these two extremes, interest rates are adjusted up or down depending on prevailing economic conditions. High interest rates will slow down the economy and cripple the private sector. Investors cannot assenting funds from financial institutions, thus creating low level of investments.It will also be tempting to invest available funds in high yielding bonds than in infrastructural business investments. Th is will reduce spending, shrink interior(a) output and bring down inflation. Low level of investments will therefore create unemployment. The central bank reacts by lowering interest rates utilize the sight deposit rate (inter-bank transaction rate with commercial banks also referred to as the key rate). Low interest rates stimulate the economy. Investors can access low-cost capital for investment. Employment increases, and the national output increases.Low interest rates therefore allow for borrowing and spending, but then, inflation will also overcharge up. As inflation picks up, companies can increase employment, since real wages decrease. Successive increase in interest rate leads to inflation. Inflation however bad for an economy also leads to reducing unemployment rates since there is a negative relationship between inflation rate and unemployment rate. CONSEQUENCES OF HIGH INTEREST RATES IN THE GHANAIAN ECONOMY. High interest rates have certain repercussions in the Ghanaia n economy. Prior to 1987, there was a decline in economic growth and development in Ghana due to high interest rates.Current high interest rates on bank loans (over 25%) and treasury bills (17%) have been a life-threatening impediment to raising capital in the local market. private sector growth in Ghana has been constrained by limited financing prospect for private investments. High interest rates lead to crowding out of the private sector in the money market it makes available loanable funds to the government. Thus, lenders of loanable funds shift lending to only the government with the surety that there is 100% safety in retrieving their money since they believe that governments do not die.Studies done in the past show that the growth process in Ghana has been driven mostly by public investments. As a result, some have attributed the lose of accelerated growth to a combination of weak investment and low productivity from the private sector. Hence the current government in its manifesto promised to make the private sector the engine of growth by providing the right socio-economic framework. For example, the government through the monetary policy committee of the bank of Ghana (BOG) managed to reduce the Banks Prime Rate from 21. % in 2003 to 18. 5% in 2004 and currently down from 15. 5% at the beginning of 2006 to 14. 5%. When the prime rate degenerate, the BOG was expecting a corresponding decrease in commercial bank lending rates but its evident that the private sector is not responding to such developments commercial bank lending rates have ranged between 18. 5% and 33. 5% as indicated by the Governor of the BOG. This has been a major concern for small and strength scale enterprises that cannot access loans at these exorbitant rates to expand their activities High interest rate may lead to increase in debt ratio that is, when interest rate is set high, cost of governments borrowing increases, interest payments increases and total debt increases. When government wants to pay its debt, it either prints out or borrows money to finance its debt. However if the government wants to avoid the former which usually leads to inflation, it falls on borrowing to finance its debt. These borrowings also attract interest payment which increases the total debt payment in economy.For instance, visibleness of interest rates in Ghana reveals the real rates ranging from 10% to 21. 7% in 1996 to 1999. The high rates which are more than 100% between 1996 and 1999 worsen the debt burden. It is clear that since1997, borrowing from house servant sources was not even enough to finance the deficit as a result of high interest payments, thus for the last half of the 1990sthe country had to borrow externally and/or print money to finance the deficit. For instance, in 1995 change in domestic debt was 200. 9 meg cedis but interest payment was 232. billion cedis which is over and above the change in domestic debt. As in year 2000 change in domestic debt w as just 855. 5 billion cedis but interest payment was1446. 2 billion cedis over and above the change in debt. Consequently, as a result of the borrowing (i. e. domestic and external) it contributed to a high rate of growth of our debt that led to a state of bankruptcy in which the government failed to honour its debt obligation. As a result, in 2001 the Ghanaian economy was declared H. I. P. C. ?The need for the government to make interest payments on large debt may contribute to inflation.For example ,inflation may result if the government decides to finance interest payment, not by collecting taxes, instead by borrowing. For instance, prior to year 2000, the government of Ghana depended on borrowing to finance its debt as a result inflation recorded at that period was very high ( i. e. 41%). ?At very high rate of interest people hold bonds or save money rather than investing. Inflation occurs as a result of higher prices of goods and services, cost of living become very high, the poor and low income earners suffer economic hardships.Between 1980 and 1983 in Ghana, inflation was very high not forgetting interest rate as well. This led to economic hardships in 1983. ?High interest rate deprives both local and foreign investors from investing in the economy. This disturbs economic growth and development. In Ghana, when interest rates are high foreign investors invest in capital goods rather than in productive ventures. In spite of the consequences of high interest rate, there are also some benefits. The truism that high interest rate contributes to high inflation rate reduces unemployment ratio in the economy.In Ghana for instance, the economy has achieved respectable rate of GDP growth averaging over 4% in the 1990s as compared to the negative average growth rate over the period 1970 -1983. However, the average inflation rate fell to about 19% in 1998 relative to 122% in 1983 due to increase in employment levels or a reduction in unemployment levels as one of the factors responsible for this trend. ?High interest rate serves as a tool for monetary control in the economy. Through the use of the open market outgrowth (OMO), where the economy is operating beyond its full employment level.That is when it is considered as being hot the rate of interest can be increased by the central bank in the purchases of previously issued governments bonds. This mops up excess liquidity thereby reducing the money supply in the economy. The result is that demand for money now exceeds money supply thereby bidding up interest rate. This slows down the growth rate to an acceptable level enabling the economy to operate at full employment level. ?During periods of high interest rate, financial institutions records very high turn-overs. Governments tend to earn high tax revenue through taxes charged on banks turnovers.The bank of Ghanas annual report (1997), recorded a high turn-over as a result of high interest rates as shown in the table below . The Central B ank maintained its rediscount rate at 45. 00per cent throughout the year under review. Money market rates were also fairly stable in the year. The 91-day Treasury Bill discount rate for example remained at 42. 80 per cent through November before declining to 42. 48 per cent at the end of the year. The commercial banks borrowing rates were also generally stable throughout the year. Rates for savings deposits moved up slightly from 22. 50-31. 0% to 22. 50-32. 00% and the range for call money from 25. 00-31. 00% to 24. 00-34. 00% per annum. The banks lending rates however, showed some upward trends. Rates for the Agricultural sector (usually the lowest) moved up from 30. 00 47. 00% to 35. 00 49. 00% per annum while that for the miscellaneous (usually the highest) rose from 41. 50 48. 00% per cent to 41. 50 51. 00% per annum. INTEREST RATES (Percent Per Annum) 1994199519961997 DecemberDecemberDecemberDecember 1. CENTRAL BANK a. Rediscount Rate (Bank Rate)33. 0045. 0045. 0045. 00 b. T reasury Bill Discount Rate(91days)29. 040. 5042. 8042. 48 2. DEPOSIT MONEY BANKS A. Borrowing Rates. (%) i. Demand deposits4. 00-13. 445. 00-10. 005. 00-10. 005. 00-15. 00 ii. Savings Deposits13. 75-22. 5021. 50-31. 0022. 50-31. 5022. 50-32. 00 iii. Time Deposits 1 month22. 00-26. 5026. 00-32. 5029. 00-37. 0029. 00-37. 00 3 months14. 50-31. 0025. 00-36. 0025. 00-40. 5025. 00-39. 00 6 months14. 75-31. 0022. 75-37. 0032. 00-39. 2532. 00-39. 50 12 months14. 00-31. 0023. 50-36. 0027. 75-39. 5027. 75-39. 75 24 months22. 00-29. 2524. 00-35. 0027. 50-35. 0024. 00-35. 00 36 months26. 50-29. 0035. 0035. 0030. 00-38. 00 iv.Certificate of Deposits13. 75-24. 5023. 50-37. 0025. 00-37. 0025. 00-37. 00 v. shoot the breeze Money25. 00-33. 5024. 00-34. 00 vi. Any other20. 00-24. 0022. 50-25. 0022. 50-33. 0022. 50-33. 00 B. Lending Rates. (%) i. Agriculture, Forestry & Fishing22. 50-35. 5028. 00-47. 0030. 00-47. 0035. 00-49. 00 ii. Export Trade20. 38-35. 5034. 25-47. 0030. 00-47. 0035. 00-49. 00 iii . Manufacturing26. 00-35. 5033. 00-47. 0039. 00-47. 0039. 00-49. 00 iv. excavation & Quarrying29. 00-37. 5030. 00-47. 5035. 00-47. 5035. 00-49. 00 v. Construction29. 00-37. 5039. 00-47. 5041. 00-47. 5041. 50-49. 00 vi. Other Sector29. 00-37. 039. 00-47. 5041. 50-48. 0041. 50-51. 00 Source Bank of Ghana During the year under review, total outstanding credit granted by commercial banks to public institutions and the private sector increased by ? 474. 8 billion or 64. 8 per cent to ? 1,207. 2 billion. This compares with an increase of ? 299. 8 billion or 69. 3 per cent in the previous year. The Commerce and Finance sector recorded the highest increase of ? 84. 5 billion followed by Cocoa market sector which registered an increase of ? 78. 2 billion. Significant increases were also recorded in outstanding credit to Manufacturing (? 1. 5 Billion), Construction (? 53. 2 billion), Services (? 49. 7 billion), Mining and Quarrying (? 36. 7 billion) and Import Trade (? 18. 8 billion). Credi t for Cocoa financing showed an unusually large increase as a result of financial accommodation given to COCOBOD in the face of a larger than expected crop size. In conclusion, the various levels of interest rate (that is high or low) affect the economy in diverse ways (i. e. positively and negatively). However the optimum benefits derived from those varying levels of interest rates depends on prudent economic management.The interest rate problem does not rest with Government and the Bank of Ghana only but also the commercial banks. The rising rates of interest are acts perpetuated by the banks for more profit and these rates charged by the commercial banks are just too high and that is what hurt investors. In addition, the banks impose charges and commissions which are whole inexplicable. REFERENCES ?Business and Financial times issue number 689 ?Bank of Ghana Annual report (1997) ?The state of the Ghanaian economy (2004) ?The internet (Nii K. Sowa, CEPA, Inflation and interest ra te fixation in Ghana) ?Article by Ampong Owusu Kwabena -Bsc engineering KNUST, Masters in international business (NORWAY), and Masters in Financial Economics (NORWAY). ?Managing Ghanas Dept. Nii K. Sowa, CEPA, Accra ?Henderson and Poole Principles of Economics ?David C. Colander Economics ?Miller, R. L and D. D. Van Hoose Money, Banking and Financial Market ? Miskkin F. S The Economics of Money and Banking and Financial Markets ? Dr. Henry D. capital of Mississippi An Introduction to Macroeconomics 1999 ? Dr. Henry D. Jackson- McConnell Brue Economics, 5th Edition.