Business, a Practical Introduction Essay Example for Free

Business, a Practical Introduction Essay 1. Scarcity increases the demand for a product, and increases the price that consumers are willing to pay for it. Scarcity of an item allows a seller to raise prices, while a surplus of an item means prices will decrease. 2. Macroeconomists would be concerned with issues such as job growth and unemployment, growth in industrial production, and the consumer price index. 3. Under a socialist economic system, businesses and industries can be state-owned or privately owned, depending on the country. 4. A downside to capitalism is the issue of income inequality. There is a considerable difference between the highest and lowest incomes, as indicated by the 2010 income information reported in the textbook for this course. Median pay for a chief executive of a company whose stock was listed on Standard and Poor’s index was $9 million. Median pay for private sector workers was $40,500. 5. The model of perfect competition was created by Adam Smith. According to Smith, in perfect competition, the market has many small sellers who sell interchangeable products to many informed buyers, and no seller is large enough to dictate the price of the product. 6. The term consumer sovereignty is the idea that consumers influence the marketplace through the decisions of which products they choose to buy or not to buy. 7. The business cycle runs through a pattern of expansion, peak, contraction, and trough. Expansion, when economic activity speeds up, is triggered by a rise in investment spending, government spending, or exports. 8. Deflation is defined as a general decline in the prices of most goods and services. 9. An economic bubble is a situation in which prices for securities, especially stocks, rise far above their actual value. 10. TARP is the Troubled Assets Relief Program, signed into law in October 2008. This $700 billion program was created to purchase bank assets in order to strengthen the financial sector. This was outgoing President Bush’s last â€Å"screw you† to the people of America. It might have worked to stabilize the banks if the amount was double, and if it offered relief to businesses as well.

Responsibility for Eva Smiths Death :: An Inspector Calls J.B. Priestly Essays

Responsibility for Eva Smith's Death An Inspector Calls by J.B Priestly, a play, which was first, performed in 1945. The play was set in 1912 before World War I. The play centres’ around the wealthy Birling family. A visit from a mysterious Inspector Goole becomes a horrifying experience for the Birlings’, as they learn that they have all played a part in the suicide of a young girl called Eva Smith. She died by swallowing some strong disinfected in an infirmary. Priestley’s main aim was to encourage people to take responsibility for their actions, not to shift the blame on to others. Although each member of the Birling family and Gerald Croft have had contact with Eva Smith, none of them were aware of the others ´ involvement in the tragedy until the day of the inspector’s visit. He makes each of them aware of the part they had played that lead to her tragic end. The characters each reacted differently to the news and the degree of responsibility contributing to the death varied between them. They all through their selfishness had shown to contribute to Eva Smiths’ decision to kill herself. We must remember it wasn’t a crime. No one should be held responsible. It’s a moral issue. It was not only people that contributed to Eva Smith’s death but her position in the world and the way in which her life worked out. Mr Birling, a wealthy capitalist man, and a ‘rather portentious man,’ was the first person to be investigated. Mr.Birling didn't care about any of his workers, and didn't know them at all, as he says proudly, 'I have a couple of hundred workers under me, who keep changing.’ This clearly showed that there was no personal or business relationship with Eva Smith. Mr. Birling told the Inspector that all the workers had just returned from holiday and had become very restless. They demanded for a pay rise or would go on strike. She was making trouble as Mr Birling said, ‘She had a lot to say, far too much so she had to go.’ Personally, I don’t believe that Mr Birling did anything wrong towards Eva Smith. He only had sacked her from his factory because she had started to cause trouble by demanding higher wages. Anyone in his position would have done the same. Though Mr Birling may sound innocent there is much to judge of his character. He seems to be a very hard man, and shows no regret for dismissing Eva Smith, despite knowing, that if he had sacked her she may still have been alive. The effect of dismissing Eva Smith from her

Footlocker

Rakann Ammari Fin 431, Exam #1 February 17, 2010 Foot Locker Incorporated: Risk Prevention Methods Foot Locker Incorporated (ticker symbol: FL) is a U. S. based company that operates worldwide. Their services include the sale of various athletic equipment, sports apparel and products. According to their company background, as of the beginning of 2009 Foot Locker operates roughly 3,600 retail stores in 21 countries worldwide (â€Å"About Us†).Although Foot Locker provides their goods through both local retail stores and an online based â€Å"direct-to- customers† program, my risk management tactics will primarily focus on local retailers and warehouses and their risks. The five risks I have chosen are employee theft within the local branches and through bank accounts, customer theft within the store, physical injuries to customers and employees on Foot Locker property, property damage to Foot Locker property due to obscene weather conditions and the risk of fluctuating p rices of necessary inputs that are used in the production of various Foot Locker goods including footwear.One of the most essential inputs in the production of footwear is rubber. As a risk manager, I must take into account the possibility of the cost of rubber increasing. According to the commodities index ran by indexmundi. com, the price of rubber has increased every month for the past 6 months. In January 2010, the price of rubber increased to $139. 73 from $92. 86 merely 6 months ago in August of 2009 (â€Å"Rubber Monthly Prices†). This nearly 34% increase in the commodity price of rubber could have devastating effects on Foot Lockers cost of production.This increase will potentially increase the cost of producing foot and athletic wear, which in turn will increase retail prices. The need for consumers to purchase high end Foot Locker products will then decrease as retail prices increase. Rubber remains the main input in producing footwear; however the leather used in e veryday footwear is prevalent enough to be looked at. Due to the fluctuating productivity and efficiency during the current economic downturn, buyers tend to be less predictable. â€Å"Earlier, the buyers anticipated sales trend and placed orders well ahead of time.But now they wait to ensure retail off-take before placing orders. Improving speed of operations even as one keeps cost down is important (â€Å"Business Line†). † This efficiency has brought down leather prices. â€Å"Leather prices are also dropping and this contributed to leather costs coming down to 50-60 per cent from 70 per cent (â€Å"Business Line†). † Although this decrease in leather costs could potentially help the cost of footwear production, the main input in footwear production is rubber. As the price of the main input of my product increases, I must be ready to counteract this risk.In doing so, I am also performing another risk by hedging the cost of my inputs. I must be willing to set a pre-determined price of rubber to be purchased from my wholesaler for a set amount time. Although I take the risk of the price falling below my set price, since the prices have increased at a constant rate for the past 6 months my current risk is dramatically lower. By setting the price 6 months ahead of time I, as a risk manager, potentially prevent the 34% loss that could have occurred over the past 6 months. Along with the speculative risk of price fluctuation, there are many pure risks that come when providing goods to consumers.Employee theft is one of the most common risks an employer or company takes on when doing business. â€Å"Every year billions of dollars are lost by businesses nationwide to employee fraud and theft and the number of incidents are rising. † (Schaefer 1). Employees could steal cash, merchandise, and illegally redirect customer account information to a private account. â€Å"A former Foot Locker employee was sentenced to five years probati on and ordered to pay nearly $26,000 in restitution for taking the company’s money to cover his Internet gambling debts (The Maui News). Although a prison sentence and or a large fine may be the consequences of such employee theft, the $385,000,000 of cash and cash equivalents (2009) available for theft seems to lure in potential thieves (â€Å"Balance Sheet†). The $1,120,000,000 in merchandise inventory available for possible theft is a savoring number to employees and even Foot Locker customers. Shoplifting is a prevalent crime within the United States that must be controlled by risk managers.During December of 2009, a Foot Locker in Atlanta, Georgia was robbed when â€Å"police arrested two adults and four juveniles in a smash and grab job. † (CBS Atlanta 1) Unlike employee theft, customer theft is limited to the $1,120,000,000 in merchandise inventory (â€Å"Balance Sheet†). Although the inventory and cash could potentially be recovered from the emplo yee(s) or customer(s) through a lawsuit, as a risk manager I would need to take preventative action. I would create loss control by having surveillance cameras both watching customer and employee actions.This includes surveillance on all cash registers and credit card machines. Also, I would inform both the customer and employee they are being watched and remind them of the potential prison punishment for any crime committed by posting signs throughout the store. For employees I would conduct thorough background checks to prevent the hiring of former high profile convicts. I would also spread the finances among various managers; I would not allow a single manager to keep track of or control the finances of any single retail store or warehouse.Finally, as a risk manager I would follow up on any customer complaints with any banking issues and take into account any reported suspicions by employees about other employee or customer theft. In order to further prevent loss, I would purchas e an insurance policy to insure any outsized amount of fraud or crime committed. Another risk held by business owners is the possibility of a lawsuit by customers and or employees for sustaining bodily injuries. Customers or employees may slip on an unmarked wet spot causing a concussion or other bodily harm.Also, a tall person might hit an unmarked metal shutter or sign. Injuries may range from a â€Å"no problem† scrap or bump to a serious lawsuit involving several injuries. An employee may sever his or her spine after falling off a 20 foot latter while trying to stock merchandise; or be severely harmed while operating footwear machinery within a company warehouse. The potential loss and costs can be irreparable depending on the lawsuit. Several precautions should be set in place. Prior to employment, I would mandate all employees to sign a contract indicating that a lawsuit against Foot Locker cannot be conducted.The contract would include bodily injuries. However, a sever ance package under workers compensation will be rewarded to all deserving employees pending a full investigation. As of 2009, company severance packages totaled $13,000,000 (â€Å"Balance Sheet†). I would also provide training on how to stock merchandise within a retail store; warn customers of a wet floor or potential harmful area; and teach employees how to operate equipment within a warehouse. For customer lawsuit prevention, I would have managers post clear signs where potential harm may occur.Also, I would post a sign right outside of every retail store transferring injury risk to all customers that step foot into a Foot Locker location. Furthermore, I would purchase several insurance packages against high stakes lawsuits from employees or customers that obtained bodily injuries on Foot Locker property. Using these measures reduces Foot Locker’s liability to customers and employees. However, the risk to Foot Locker’s property is always rampant due to prospe ctive weather disasters. The potential cost during a weather disaster such as a flood or a hurricane can be enormous.Although the idea of all of Foot Locker’s stores and warehouses being affected at the same time is highly improbable, the potential can be exceedingly high. The net value (purchase price subtracted by accumulated depreciation) of Foot Locker’s buildings, furniture, fixtures & equipment reached $223,000,000 in 2009 (â€Å"Balance Sheet†). This amount of loss could potentially bankrupt Foot Locker without the possibility of coming back into business. To prevent such a loss, Foot Locker could place their warehouses in locations with a lower potential for harmful weather conditions.Locations that tend to have a hotter climate with low wind gusts are ideal due to the low probability of property damage. Also, I would purchase insurance on all property, furniture and equipment that would covered a loss due to catastrophic weather. A precautionary mea sure to minor damage could be using flood bags during a flood and making sure exposed sections of property are sufficiently covered to prevent wind from damaging interior assets. To add on, in order to protect employees from harm a risk manager should make sure all emergency equipment is working roperly and all employees understand emergency procedures. As a risk manager, assessing risks and developing the appropriate amount of precautionary methods to prevent potential risks is essential. Keeping track of these risks while evaluating the possible loss is just as essential; and a well developed report will help subordinate these risks.ReferencePage Footlocker. com. â€Å"About Us. † 2010.   http://www. footlocker-inc. com/company. cfm? page=aboutâ€Å"Gambling Debts Over Internet Tied to Thefts. † Former Footlocker Theft Case. 2010. The Maui News. 7 February 2008. http://www. aproundtable. org/gamblingsruinedlives/im. htmlIndex Mundi. â€Å"Rubber Monthly Prices. â €  2010. http://www. indexmundi. com/commodities/? commodity=rubber&months=300Schaefer, Patricia. â€Å"Employee Theft a Big Problem. † Business Know-How. 2006. Attard Communications. http://www. businessknowhow. com/manage/employee-theft. htm

Is Niagara Falls A Place - 817 Words

Almost every family has their own family vacations. Some better than others, some worse. You could go to Universal Studios Orlando or just a random hotel just to get away from the stress at home. But when I went on this one vacation, I knew the first day that it was going to be the best vacation that I have ever been on. The trip in general, and the falls in particular were awe inspiring! So, let me take you on a little journey to where two countries, United States and Canada, meet where millions of gallons of water spill away. Niagara Falls†¦a place that the majority of people in North America have heard of if not have been there. If you don’t know what Niagara Falls is, get out of that hole you’ve been living in for several years! I†¦show more content†¦My dad refused to go on that. So did my sister. As it went through the canyon, it turned into a whirlpool at one point. It looked like a hurricane being shown by the radar during the weather on the news. It actually looked really cool. I could not believe that something as simple as a waterfall can be so cool. But one of the coolest things there was when nightfall came. They would shine lights on the falls to make them look red or purple or blue. It looked amazing took so many pictures that my sim card was full. It was the best vacation I could imagine going to. Never would I ever thought my parents would take me to the Niagara Falls. We stood at a hotel for the weekend and my parents thought that it would be ugly or regular hotel. But it was amazing! Mirrors all around the room, two King Beds and a Jacuzzi ugh it was like heaven. The beds were so soft and cozy and warm. All I was thinking about its taking the best nap ever. But I was just so excited that I wanted to keep exploring Niagara Falls. My sister and I had left and enjoyed our night together, just the two of us. Every morning, we would go eat at a little place that was so close to the falls that mist would blow on us. For the whole week that we were there I ate breakfast every morning at the place. If I remember right the place was called â€Å"Waterfalls†Ã¢â‚¬ ¦very original! One morning in particular my sister and I ate just the two of us. That was really special because we do not get to have a lot ofShow MoreRelatedNiagara River Meets Lake Ontario1514 Words   |  7 PagesNiagara-on-the-Lake, Ontario is a charming town situated at the point where the Niagara River meets Lake Ontario. Its nickname, â€Å"Loveliest Town in Canada†, is well-deserved. It’s a town rich in both natural and cultural beauty. One of the highlights of its events calendar is the Shaw Festival, which celebrates the works of George Bernard Shaw and his contemporaries from April to November each year with live performances. Due to its mild climate and number of natural lakes, Niagara-on-the-Lake hasRead MoreThe Niagara Escarpment : World s Natural Wonders Preserved By The Unesco World Biosphere Reserve Since 19901168 Words   |  5 PagesThe Niagara Escarpment is one of the world’s natural wonders preserved by the UNESCO World Biosphere Reserve since 1990. It is a forested landscape made up of rocks ranging several hundred meters in height and consists with rich biodiversity and a habitat to many types of wildlife. The ridge extends 725 km in length from Queenston on Niagara River through densely populated areas like Hamilton, Milton to Tobermory at the tip of Bruce peninsula (CanadianEncyclopedia). The escarpment exists in a horseshoeRead MoreProfile Of The Conference And Event Center1114 Words   |  5 Pagesconveniently nestled along the dynamic Old Falls Street, USA. 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The Love Canal is located in Niagara Falls, New York; it is so close to Canada thatRead MoreThe Greek Cosmobob Essay1375 Words   |  6 PagesExecutive Summary The Greek Cosmobob People from all over the world immigrate to places like Canada, not for a change of scenery but for the opportunity of a better life. Cosmo Panetta did just that in 1958, leaving his homeland of Greece. Since his move to Canada, Panetta has opened two successful businesses, a variety store and a drive-in/take-out restaurant. Panetta now has several business opportunities to take a popular menu item, the Cosmobob, to the mass-market. Panetta has some importantRead MoreHistory of the Battle of Queenston Heights1834 Words   |  7 PagesOnce Brock returned to Niagara, he learned that his superior, Lieutenant General Sir George Prevost had given an order for the British forces in Canada to stand down and assume a defensive strategy, Hickman writes (p. 1). Prevost made that decision because he had hopes that the tensions could be resolved without bloodshed in fact Prevost believed there might be a diplomatic solution to the crisis. This defensive tactic in essence, authorizing an arm istice along the Niagara River gave the U.S. MajorRead MoreGothic Cinema And The Movie The Conjuring 1611 Words   |  7 Pagescomplementary to one another. In the two movies, The Conjuring and The Skeleton Key, gothic cinema proves to go hand in hand with the style of textual gothic and they both show to have a strong aesthetic force. In the pieces of gothic literature, â€Å"The Falls,† â€Å"The Book of Blood,† and â€Å"Amityville Horror,† they are all very strong gothic pieces which all have a strong aesthetic force. In the movie, â€Å"The Conjuring,† gothic cinema proves to go hand in hand with the style of textual gothic and it has a strong