Banking internarnal analysisl and exte Essay Example for Free

Banking internarnal analysisl and exte Essay Australia’s banking history can be described in four eras, the private banks, the commonwealth banks, the reserve bank and deregulation. Australian’s first bank was founded in 1817, the Bank of New of New South Wales. The main purpose of this bank is to take deposits and re-loaned the money by providing discounts of exchanged. Since there is no central bank, each private bank are taking their own risk and a lot of private banks stood and fall from its credit. As long as the bank’s assets were believed to be credible, its notes were freely accepted until the alarming incident happened. Two Thirds of the total banking Assets in Australia closed because of the failure of fraudulent land banks in Victoria triggered a wholesale run on banks. On the Commonwealth Bank Era, the crisis increased for the formation of central bank which will provide support to other banks backed by the resources from the people. Banking became more controlled with the central bank providing the overdraft rates. The Reserved Bank Era came and the influence of central bank was transferred to the reserved bank. In this time finance companies were growing quickly, the bank can lend on anything from appliances to cars, houses and companies. The investors generated huge profit on interest and fees but this became unsound when they realized that these profits are only papers since most loans were not collected. A lot of banks closed and other banks were taken by their mother company. Between 1982 and 1985 a deregulated system was established, these encourages more competition and banks reduced their rates to establish a market share because of these a number of banks collapsed and a new wave of managers took over the banks and created a system that by charging high rates to their good customers to make out for the losses. Australia’s big banks today have learned their lessons. Two of which are Hsbc bank a bank well known for its strategy to know where the growth is, connect customers, businesses and economies to be successful which will eventually encourage people to realize their ambitions and goals in life and Westpac which is a customer centric bank that provides assurance and confidence to their retails and investment business. Content: Macro environment Factors: PEST Analysis Political and Legal factors The Australian Government policies and the reserved bank of Australia greatly influence the banking sector with its reforms. Australia’s banking system is changed to a variety of measures to promote competition (Treasury, 2013). Reforms such as prohibition of mortgaged fees for home loans; this will encourage the people to avail bank loans. Credit card reforms were also made by the Australian Government to make it easier to credit cardholders to move their financial account to other financial institution. The impact of such is to will stimulate the people to invest. Depending on the situation of the country other policies such regulation of interest rates, prime lending rate and bank market operations are also influenced by the government. Having a control on this financial institution will put the Government in a better position to improve Australia’s economy. Economic factor The Government is aware that being a full time student is challenging enough to worry about money, since it has a control over the bank fees and operation all student account were free of service fees. This will encourage students to open bank accounts and use the facility of the bank without any additional fees. If economical banking is encourage then more deposits will be attracted towards the bank and in return the bank can invest to other financial sector making the economy to rise. Social Factors To adopt a social progress in the banking sector it is important to understand what stimulate people to bank such as economic development, reliable social justice and independent political system. Basically, banks were put up to provide support to those who are economically weaker section of the society and also provide financial assistance to all sectors of the economy with flexible payment terms. Nowadays, the bank provides various types of loans to professionals, working women, traders and students. Banks also have elite clients or huge companies that require a more personalized service. There are additional expenses in doing so but the bank still earns revenue because of the kind of business they bring to the bank. Technology Since the banking sectors are serviced based business, technology plays a vital role in its operation. Today, the banks are aggressively adapting to new technologies in creating new products and services. Because of innovation bankers were encouraged to change the concept of branch banking to anywhere banking. System applications were created for bankers to transact and access their account through their mobile phone. Banks also started to issue debit cards and these cards can be used to pay bills. With all of these innovations, the bank heavily devotes a huge amount of money on security to protect and continue to build confidence to its customers for them to invest more on the banking industry. Firm Level Analysis Porter’s 5 Forces in Bank Industry To help us analyze the banking industry where Westpac and Hsbc belong, an application of Porter’s five forces will be useful. According to these five forces act together to determine whether a business is attractive and profitable enough to enter. The Five forces are: 1) Threat of new forces to the market, 2) The power of suppliers, 3)The rivalry among firms, 4)The power of the customers, 5) Substitutes. An analysis before deciding to enter in an industry is vital because it will determine the success and failure of the business. By identifying if the forces are high and low we can determine if it’s favorable for the firm to enter (Dhillon, 2009) (allan, 2008). Force 1: Threats from new forces to market We can say that this force will be a low associated profit business because putting up a bank requires a huge amount of capital. The owner or every member of the top management or shareholders needs to be checked and verified. Approval of the request to put up the business requires long time (allan, 2008). Force 2: The rivalry among the firms The competition in this industry is high because most of the banks or financial institution are influence by the Government such as exchange rates and inflation rates. If the government passes a law for example an exit fees for home load to be ban. Another example is there are banks who offer free annual fee waivers and no service fees while other banks will not be able to compete because of the size of their business (allan, 2008). Force 3: The power of the suppliers These factors can also be considered under high associated profit industry because in Australia there is only one supplier and that is the Reserved Bank of Australia. These shows how controlled the banking system is. Force 4: The power of the customers The power of the customer is high in this industry because if the customer is not satisfied with the rates or service provided by the, the customer can always request to closed his/her bank account and open an account to other bank that will meet her needs. This is the reason why most of the bank now a days have 24/7 customer service to attend to their customer needs (allan, 2008). Force 5: Substitute products Customers can always invest their money to other financial institution that will suit their needs such as stocks, bonds and mutual funds. Although this institution will not be able to replace the process of cheque clearing that most of the bankers has (allan, 2008). Applying the Porters 5 Forces Model analysis provides us an idea that banking industry is unfavorable to enter since most of the forces scored high. I believe Hsbc will implement a broad based differentiation because for the past two years Hsbcs image was affected with the issues on money laundering and illegal behavior of its employees . The said incidents involved a huge amount of money and a lot of its customers lost their confidence with the world’s local bank. Currently, Hsbc is being cooperative but the impact continues to hurt Hsbcs business. The company have to cut 14000 jobs and sell some of its business that was cost by the lost of trust. With A broad based differentiation approach, Hsbc would be able to provide more attributes that is valued by the customer which is good for long term goals and a disadvantage of this is that it will take time and consistency to gain the confidence of its customers (Telegraph, 2013). One of the strengths of Westpac, is it Leads in terms of number of branches and ATMs in Australia. Applying a cost leadership strategy will be most effective because of the size and structure of the industry. In this way, it will attract more potential customers because of the convenience that it can offer to its customers by having a lot of branches. If Westpac can capitalize its competitive advantage and offer a lower rate other banks will not be able to compete. The downside of this approach is if the government will influence the bank in having fix rates, because the customer would not transfer to Westpac for the same rates (MBASKOOL, 2013). Conclusion: In conclusion, having a better understanding on the external environment and the industry level of the business can give us a clearer picture if it is attractive and favorable enough to enter in a certain industry. The theories are important as these will serve as a guide in our decision making process and what strategic choice would a company or banking industry chooses. It is vital that the strategy that the industry chooses is compatible with its capabilities and resources to increase the chances of the business to be successful. References allan. (2008, March 26). Applying Porters 5 Forces Model to Banking Inudstry . Retrieved October 10, 2013, from Wow Zone: http://awowzone.blogspot.com.au/2008/03/applying-porters-5-forces-model-to.html Dhillon, M. (2009, Aigust 15). Scribd. Retrieved October 10, 2013, from Industry Analysis: http://www.scribd.com/doc/82800029/4/PEST-Analysis-of-Banking-Industry hsbc. (2013). http://www.hsbc.com.au/1/2/. Retrieved October 10, 2013, from http://www.hsbc.com.au: http://www.hsbc.com.au/1/2/ MBASKOOL. (2013). Westpac Bankinng Group. Retrieved October 10, 2013, from MBA.skool.com:

Sources Of Finance And Working Capital Management Finance Essay

Sources Of Finance And Working Capital Management Finance Essay In the financial context, the working capital management would include the management of debtors, creditors, stock, cash and bank account. This is a kind of short term financing as working capital management will cover current assets and current liability. It is one of the most important and time-consuming activities of the financial manager to ensure the solvency of the firm while attempting to maximize the firms value, there is a constant need to balance profitability and risk. Proper cash management plays an important part to meet permanent financing needs (pay creditors, pay taxes etc). few methods to ease the shortage of cash, such as postpone capital expenditure, negotiation with suppliers about the postpone or reduction of payment with extra caution as any in appropriate negotiation might hurt trading relationship. Furthermore, business can pay the creditor within the discount period so as to pay less to the vendor to enjoy discount, this is a kind of short term financing as it lower down the working capital. No any cost is carried with such kind of financing; business can enjoy higher profit but bear lesser risk. There are 3 basic financing strategies for working capital management to determine the appropriate mix of short-term and long term financing, which would consist of: the aggressive strategy, the conservative strategy and the moderate strategy. The aggressive strategy uses short-term funds to finance all of the firms seasonal and perhaps, a portion of its permanent needs, however, the cost and risk should be taken for consideration. Lower cost since short term financing cost is cheaper but higher risk as the net working capital is lowest. This may have difficulty in obtaining long term fund in an emergency when more financing is required. The conservative strategy uses long term fund to finance all of a firms projected needs and uses short terms funds only in emergencies. Higher cost is incurred since long term financing is more expensive and not needed all year long but low risk since net working capital is high, in addition, short term financing may be readily available in emergency. The moderate financing strategy is a compromise between the aggressive and conservative financing strategies. This result in a level of net working capital somewhat higher than that in aggressive strategy but lower than that of a conservative strategy. Question 2 There are different kind of financing sources which business can gather for its needs. There are four major types of financing such as government aid, business owners, borrowing from the bank and other way of borrowing. For short term financing, all kinds of business would like to borrow loan from the bank, industrial and financial institutions as HSBC (UK) help in promoting new companies, expanding and development of existing companies, providing underwriting facility, provision of local and foreign currency for the purchase of machinery. Commercial paper can be another type of financing which is an unsecured promissory notes issued by very large firms such as HSBC,GM as commercial paper is usually sold at a discount from its face value. Factoring and invoice discounting are the other 2 kinds of short term financing, which simply means that organisation get the advance cash by assign its debt or invoice to the factor, which normally can up to 80% of the value of debts or the amount of selected invoices. Business can through various forms to obtain the medium and long term financing such as debt financing, equity financing and others various forms. Debt financing is ideal for business as it is cheaper to use debt than other forms of financing because lender take lower risk than other long term contributors of capital, long term debts can be obtained through 2 ways: a term loan made by a financial institution such as HSBC which provides flexible business loan, repay over periods of 12 month to 15 years (10 years for fixed rate). The sale of bonds to institutional and individual investors, normally corporate bond are usually issued with maturities of between 5 to 30 years for raising large sum of money to meet its financing needs. Medium and long term financing are obtained through equity financing such as capital market and Initial public offering (IPO), through borrowing and selling shares, company can get much more cash which can be used for further development and other business opportunities. In addition, Listed company can also raise capital through issue right share which is relatively cheap and normally large amount of capital often be raised. Commercial mortgages offered by financial institutes would finance the business to buy freehold or long leasehold premise, for example: bank of Ireland offers flexible payment terms of up to 20 years with optimal repayments throughout the period of the loan. This would ease the tense of businesss medium and long term financing needs. Finally, a debenture is a long-term debt instrument which companies to obtain funds. A debenture is usually unsecured in the sense that there are no liens or pledges on specific assets. It is however, secured by all properties not otherwise pledged. This would satisfy corporate medium and long term financing needs. Question 3 Please refer to the appendix. (Excel format) Question 4 There is different tax liability applied for sole traders, partners and limited companies. For the sole traders, if he/she has any income from self-employment, then he/she should pay any Income Tax and National Insurance contributions due. This will depend on how much you earn from self-employment as he may have to pay Class 2 and Class 4 National Insurance contributions. Class 2 National Insurance contributions were charged at a flat rate, either by monthly Direct Debit or by quarterly bill. However, income Tax and Class 4 National Insurance contributions are based on sole traders profits from self-employment. There is several allowances for personal to claim, such as personal allowance, blind persons allowance, married couples allowance, maintenance payment relief, tax allowances and reliefs. Similar to sole trader, partners have to file an individual Self Assessment tax return. Moreover, partners have to fill in the partnership supplementary pages SA104. In addition, the nominated partner must also file a Partnership Return SA800 showing each partners share of the profits or losses. Supplementary pages might be included too, depending on what types of income the partnership has. The nominated partner is responsible for filing the partnership return but all partners will be jointly liable for any penalties, surcharges and interest if the return is late or inaccurate. Each partner is personally responsible for paying the tax and Class 4 National Insurance contributions due on their share of the partnership profits. Now comes to companies. From 1 April 2010, the corporate tax will be 28%, the taxation changes can be found in the appendix such as small companies tax rate is 21%. A non-resident company carrying on a trade in the UK through a permanent establishment located in the UK is liable to corporation tax on all income and gains attributable to that establishment. Corporation tax rates are fixed for each financial year ended 31 March. If the companys accounting period does not coincide with the financial year, its profits must be time-apportioned and the corporation tax rate is applied accordingly. Marginal relief applies to companies with profits between  £300,000 and  £1,500,000. The tax thresholds may be reduced where the UK Company has associated companies worldwide or an accounting period of less than 12 months. Large companies (broadly, those with profits taxed at 28%) are required to pay their tax to HM Revenue (HMRC) in instalments (generally in four equal instalments). The first payment is due six months and 14 days from the first day of the accounting period. There is a minimum limit which enables companies with an annual corporation tax liability of  £10,000 or less to avoid making such payments. For companies not required to pay their tax in instalments to HMRC, corporation tax is due for payment nine months and one day after the end of the companys accounting period Question 5 In the new tax incentive scheme, all business are eligible for the PIC( Productivity and Innovation Credit) for the year of assessment 2011 to 2015 if company invest in any one of following: Enhanced capital allowance or deduction for acquisition or leasing of prescribed automation equipment; Enhanced deduction of qualifying training expenditure; Enhanced writing-down allowance for acquisition of Intellectual Property Rights; Enhanced deduction of costs for registering certain Intellectual Property Rights; Enhanced deduction of qualifying research and development expenditure; and Enhanced deduction of qualifying design expenditure. Business can deduct up to 250% of their expenditure which incurred during these 5 years on each of these actitivities. Form the YA 2011 to 2012, a combined of 600,000 dollars of expenditure of each activity and 300,000 dollars of expenditure for YA 2013 to 2015 can be deducted from their income. In addition, businesses are eligible to convert up to $300,000 (but not less than $1,500) of the qualifying deductions for all six qualifying activities under the PIC   at a rate of 7% into a cash payout of up to $21,000 each year. This new scheme will promote business to invest most on machinery and train their employees to meet one national goal- more productive and innovative for the nation, for the worldwide competitiveness. For the new start up company, company can claim full tax exemption on the first 100,000 dollars of normal chargeable income and 50% for the next 200,000 dollars. This scheme will support local entrepreneurs and help local business grow as the starting of business is always difficult. Other common expenses or tax incentive companies can enjoy are: business expense, capital allowance, industrial building allowances, land intensification allowance, loss carry-back relief and unutilised losses, capital allowances and donations. Question 6 Problem 2 500,000=100,000+150,000+250,000 The payback period is 3 years. Year Cash Flow PV of Cash Flow Cumulative 0 -500,000 -500,000 -500,000 1 100,000 100,0000.9009=90090 -409910 2 150,000 150,0000.8116=121,740 -288170 3 250,000 250,0000.7312=182,800 -105,370 4 300,000 300,0000.6587=197,610 PV=FVx(PVIFn,11%) The discounted payback period=3+ 105,370/197610=3.53years Since 3 Problem 4 a) Year Cash Flow PV of Cash Flow 0 -225,000 -225000 1 75,000 75,0000.8547=64,102.5 2 125,000 125,0000.7305=91,312.5 3 200,000 200,0000.6244=124,880 (total)=280,295 PV=FVx(PVIFn,17%) NPV=280,295-225,000=55,295 b) PI= 280,295/225,000=1.26 c) The project should be accepted as a profitability index greater than 1 and there is consistent with a positive net present value, 1.26 indicates that company can earn the 17% of required rate of return, plus provide a net present value of $ 0.26 per $1.00 of net investment. Problem 6 Year Cash Flow PV of Cash Flow 0 -875,000 -875,000 1 400,000 400,0000.8850=354,000 2 500,000 500,0000.7831=391,550 3 600,000 600,0000.6931=415,860 Total=1,161,410 NPV= -875,000+400,000/(1+r)+500,000/(1+r)2+600,000/(1+r)3=0 IRR=30% Beginning Value=875,000 Terminal Value=354,000+391,550+600,000=1,345,550 So: MIRR=24% 24%>13% and 30%>13%, so we should accept the project. Question 7 There are several technique of financial appraisal, such as NPV, IRR,payback period, discounted payback period etc. Both NPV and IRR generate same accept/reject decision at given cost of capital but may rank project differently due to underlying assumptions such as NPV assumes cash flow are reinvested at the cost of capital( k is from funding), IRR assumes cash flow are reinvested at the internal rate of return itself( k is for project), thus the magnitude and timing of cash flows will affect the ranking of the projects. Theoretically, NPV is superiors than IRR as it assumes cash flow s are reinvested at the cost of capital which is more realistic than being able to reinvest at a higher rate( usually) in the IRR. Thus, NPV will be more effective to measure project prospect. There are a number of projects for which using IRR is not as effective as using NPV to discount cash flows. IRRs major limitation is also its greatest strength: it uses one single  discount rate to evaluate every investment. Practically, IRR is superior, as it is easier to understand, though more difficult to calculate as trial and error approach is used to find the IRR. The NPV method is inherently complex and requires assumptions at each stage discount rate, likelihood of receiving the cash payment, etc. The IRR method simplifies projects to a single number that management can use to determine whether or not a project is economically viable. The result is simple, but for any project that is long-term,  that has multiple cash flows at different discount rates, or that has uncertain cash flows in fact, for almost any project at all simple IRR isnt good for much more than  presentation value, therefore, IRR is less effective than the NPV. For payback period method, there are two main problems associated with it: It ignores any benefits that occur after the payback period and, therefore, does not measure profitability and ignores the time value of money. Whereas for discounted payback period method, it considers the time value of money and the riskiness of the projects cash flows (through the cost of capital) but no concrete decision criteria that indicate whether the investment increases the firms value and it requires an estimate of the cost of capital in order to calculate the payback and ignores cash flows beyond the discounted payback period. In general, each method has the certain extent of effectiveness on project prospect measurement. Question 8 a)Current ratio = Current Assets/Current Liabilities = 146,438,269/220,500,307 = 0.664 A ratio of 0.664 means that for every $1 owned by the firm, it has $0.664 of current assets that can be converted into cash to meet these debt obligation, so company can not cover its debt now. b) Quick ratio = (CurrentAssets-Inventory-Prepaid Expenses)/Current Liabilities = (146,438,269-59,716,920)/ 220,500,307 = 0.393 A ratio of 0.393 means that each dollars of short-term debt is backed by $0.393 of cash or near-cash assets. c) Inventory Turnover= Cost of Goods sold/Ending Inventory =333,027,693/59,716,920 =5.577 A ratio of 5.577 times means that during the year, on the average, the company sell its inventory 5.577 times. Number of days it takes to sell its stock are 365/5.577=65.4. d) Profit Margin =Gross Profit/Net Sales =65,423,180/1,254,805,671 =0.052 $1 net sales generate $0.052 towards covering operating expenses and the excess contribute to net profit. e) Return on assets =Net operating profit before interest/ending total assets = (44,815,036+41,737,790)/1,612,578,813 =0.054 Every $1 asset generates a profit of $0.054. f) Return on common stockholders equity = net profit after tax/ending ordinary stockholders equity = 44,815,036/516,770,461 =0.087 It means that every $1 invested by the ordinary stockholder earns a net profit of $0.087 g) Debt to total asset ratio =total liabilities/total asset =1,095,808,352/1,612,578,813 =0.680 It means that 68% of the total asset are finance by borrowing as the percentage of assets financed by creditors increases, the riskiness of the company increases. h) Times interest earned = (Net profit before deducting interesttax/interest expense = (44,815,036+41,737,790)/ 41,737,790 =2.074 It means that recurring income is 2.074 times of interest payment. i) Asset Turnover =revenue/total asset =1,254,805,671/1,612,578,813 =0.778 This means that companies with low profit margins tend to have high asset turnover, it indicates pricing strategy. This ratio is more useful for growth companies to check if in fact they are growing revenue in proportion to sales by 0.778 times. ( 2497 words)

Leadership and Groups: FMC Green River Essay -- Business Leading Essay

Leadership and Groups: FMC Green River Background FMC is and has been a successful company for the last fifty-six years. First originated in 1948 and produced 1.3 million tons of various grades of soda ash a year. The success of the first business brought about a second refining plant in 1953, which was completed in 1970. FMC Aberdeen, located in South Dakota with a population of 30,000 is also a successful subsidy of FMC. FMC Aberdeen employs one hundred people, produces one product, which is a missile canister for the U.S. Navy. FMC Green River managed by Mr. Dailey, produces various chemicals, has over 100 domestic and international customers, 1,150 employees, creates several products and works closely at times with the United Steel Workers of America. Situational Awareness Aberdeen has a great structure for the ability to create quickly various small work teams such as informal groups or self managed work teams that allow the group to focus on improving a specific process. At Aberdeen the small groups gather, choose their own leader, poll together ideas and come up with a solution to specific problem. Once a solution is found the team disbands. Since Aberdeen’s company is smaller and its employees create a family atmosphere, the role relationships between the people in the groups have a strong personal bond. This basic idea will also work at FMC Green River but will require some modifications. At Green River, if they follow the same concept, then the small groups that gather to solve a specific problem must also remember that what effects one decision in the process they are improving may have a devastating impact on another division of the same company since the company produces different products. Quickly creating teams on the spot for resolut ions to specific problems as done at Aberdeen is much easier when only dealing with one product for one customer. At FMC Green River, where there are several products being produced and over 1,150 employees, trying to incorporate small teams when the need arises will work but some restrictions may have to be applied. I would suspect more division of labor and command groups would be better suited due to the possible impact of a decision by one team, which may significantly influence another part of the organization. The culture created at Aberdeen in terms of the small groups gathering ... ...llow up on the new process on the results and make a final report or provide information on additional improvements. I’m not sure if this is done at Aberdeen. Since the number of managers should be limited, it would be advisable to allow the leaders of groups (if the leaders rotate) to counsel in a positive or negative way the group members performance. This will better and more accurately document performance to be used for yearly reviews for pay increases or promotions. Also by allowing the leaders to counsel it will build on their management skill and confidence. But, all members of the teams should have this opportunity by rotating the leaders as done at Aberdeen. Green River could use the advances of technology to create virtual teams to support the overall mission of Green River. I think the managers of the different areas and not for the small work teams should use it. Works Cited: J. M. George and G. R. Jones, â€Å"Organizational Behavior,† 3rd ed. (Upper Saddle River, NJ: Prentice Hall, 2001) J. G. Clawson, â€Å"FMC Aberdeen from Practical Problems in Organizations: Cases in Leadership, Organizational Behavior and Human Resources,† Custom ed (Prentice Hall, 2003)

The Bluest Eye Essay -- essays research papers

Beauty is something that a lot of people in life strive for , because everyone has fitted in their mind what exactly beauty is. People know that it can help you out in life. But what most people don’t know is that, beauty is in the eye of the beholder. Meaning that beauty should not be characterized by what people are told it is, beauty is different for everyone, what is beautiful for you may be ugly to someone else. The characters in Toni Morrison’s The Bluest Eye are confronted with the ideal of beauty and strive for it whether they know it or not. The two characters that I think were followed the ideal of beauty in Toni Morrison’s story are Pauline and Pecola. In Toni Morrison’s story and in real life, beauty is described by people as having blond hair, blue eyes , perfect figure, etc. It’s been said that if you have good looks, you can make it in life with just looks alone. People only strive for becoming beautiful because they want attention. As is the case in Toni Morrison’s story. The characters in her story think that they are ugly , by others opinions of them , and want to become beautiful so they will be recognized and be the center of attention. But the harder both characters try, the worse things get. Pauline strived for beauty because she wanted to attention and wanted to be beautiful. Pauline seemed to have just worse case of bad luck, when she was a child she stepped on a nail and she was left with a limp forever. "The wound lef...

“Crossing The Swamp” by Mary Oliver Essay

The poem, Crossing the Swamp is a well organized work of literature, which uses many techniques to develop the relationship between the speaker and the swamp. Some of these techniques include diction, narrative structure, repetition, imagery, personification, tonal shift, as well as many interesting sound devices. Before the scrutinizing search for the figurative language begins, the first thing that is noticeable is the narrative structure. The speaker provides us with the image of the characters footsteps itself through the structure of the poem, which indicates the struggle that he is going through by the gaps and indents throughout. Because of the thoughtful syntax of the poem, we cannot refer the body as stanzas or paragraphs; thus, the poem itself is one broken stanza which includes the characters adventurous journey and appalled misery. At the beginning of the poem, (line 5), the cacophonic sounds like branching, burred, belching bogs are used to describe the ugly sounds of the swamp as the character takes a step forward. The repetition of Here is also very unique because it is emphasizing the location of where the character is being tortured by having to walk into this ruthless swamp. The sound devices include consonance and rhythm with the repetition of the end sounds of pathless, seamless, and peerless. The foothold, fingerhold, mindhold can be consonance as well as alliteration, as foothold and fingerhold both begin with the same sound. Alliteration also presents itself in lines 18 and 19 with such slick and hipholes, hummocks. There is another cacophonic sound in lines 21 and 22 as the speaker describes the image of the swamp with hatred, calling it a black, slack earthsoup. This diction will also be considered as imagery as it compares the swamp with earthsoup. The tonal shift in the poem begins on line 22, with the sentence I feel not wet so much as painted and glittered From this point on, the speaker doesnt sound as frustrated and desperate as he was in the beginning of the poem. He finally feels hopeful and thankful to have another chance to live. The narrator also provides us with the description of the speaker, a poor dry  stick, which tells the reader that the character is an old, fragile being, trying to cross this swamp that he gets angry at in the beginning but now is finally appreciative. In conclusion, the relationship between the speaker and the swamp is of struggle. It seems like they both are fighting with each other to belittle the other and consume victory, but finally they give in to each others needs. The swamp lets the old man go, and he thanks the swamp heartily. The connection between them is of stubbornness and struggle, as well as understanding at the end.

Microeconomics and the Laws of Supply and Demand Simulation Essay

Based on Webpedia (2014), microeconomics is the interaction and behavior of individual components within an economic system. About the flip side, yet, he claims that macroeconomics examines the market as an aggregate. While microeconomics has a slim viewpoint of the market, macroeconomics examines the market from a wide standpoint. In the University of Phoenix simulation (n.d), for instance, Atlantis metropolis is a little and pleasant town with sufficient infrastructure, rendering it acceptable to custom. This is often considered as the macroeconomic view of the town because the investigation covers a wide spectrum. The simulation more signifies that there exists a low-traffic and hardly any pollution and low-crime rate. This confirms a more narrow outlook of the metropolis, looking at individual elements of the city which makes it conducive living environment. Acceptable infrastructure can be a generalized notion making it a macroeconomic view of the town. The reference of the parks and home narrows down the area into two sublets of infrastructure, in other words, home and recreational services. A change to the right of the supply curve would suggest that there’s been a subsequent rise in the offer of 2-bedroom flats. This was due to a growth in demand impacted by the truth that a brand new firm, Lintech, moved to the town, and there was consequently a population increase along with a subsequent boost in demand of 2-bedroom flats. The entry of new residents had an in earnings, which produced them favor detached houses. Goodlife went farther and converted 400 flats from their 3200 into condos. Equilibrium is the level where the demand and provide curve fulfill in the center. The equilibrium value was initially at $1050 , along with the amount provided was 2000 flat units. A change to the proper in the demand curve, occasioned by means of a growth in populace from Lintech, raises the cost of the models supply staying persistent. W hen it comes to decision making, it’ll be wise for the provider to raise the supply. Yet, change in the tastes of the customers occasioned by means of a rise in income amounts meant demand would fall. A  reduction in need of the 2-bedroom flats on account of modify in tastes lead into a drop in supply, and thus, the demand and also the offer curves would switch to the left. The shift in provide were more compared to the shift in-demand, for instance, it might imply that there will be a deficit in the equilibrium rental fee significance that supply is going to be lower than what’s needed. Meaning, the business will need to offer fewer flat units compared to the potential client is prepared to invest to them. The rental rate would need to increase therefore the amount needed reduces until there exists a decrease in deficit. This technique goes on until a brand new equilibrium point is achieved. These forces are at the mercy of different variables to the side of both consumer and provider. For instance, a growth in demand will likely be at the mercy of not only cost, but additionally taste and tastes, the income degree of the customer marketplace and also the size of the marketplace. Growth of supply can be impacted by several other variables for example cost of associated items, dimension of populace and others. In the telephone sector, for instance, the desire is principally geared by pricing, but other variables should be placed into play. Why really would one consider purchasing an iPhone when it’s deemed really pricey? It really is just since the Apple telephone organization has arch out a market in supplying outstanding quality telephones which are user-friendly. Hence it is imperative to think about the marketplace tendencies to ensure one’s merchandises are almost always useful. Microeconomics, as mentioned before, deals and intermingles together with the individual models of the market. In the real-estate business, microeconomics will take a look in the many living conditions of distinct portions of the town and ascertain who dwells there. Microeconomics might assess the person facets which could change an industry, for instance, growth in income, populace designs and client preferences in real-estate. An rich place may have fewer lodging components directly proportionate to the few who make high wages, and not as wealthy places could have more folks because of the exceptionally affordable housing components. Equilibrium in essence will be a culmination of cost and amount ascertained in the micro-level. Price elasticity of demand stems from customer’s responsiveness or sensitivity to changes in price (Colander, n.d, ). In the simulation, a rise in cost caused a reduction in the need of flats. The simulation  advocated the purchase price ought to be optimized to attain maximum gains, while in exactly the same time making sure the pricing would be advantageous to the client. That is the stage of equilibrium. Costs above this level would result in excess and costs beneath would cause a deficit. The simulation continues to be powerful in establishing the potency of the powers of demand and supply. In the simulation, a rise in cost caused a reduction in the need of flats. The simulation advocated the purchase price ought to be optimized to attain maximum gains, while in exactly the same time making sure the pricing would be advantageous to the client. That is the stage of equilibrium. Costs above this level would result in excess and costs beneath would cause a deficit. The simulation continues to be powerful in establishing the potency of the powers of demand and supply. References Colander, D. C. (n.d). Microeconomics ninth edition (9th ed.). Retrieved from The University of Phoenix eBook Collection database PRICE ELASTICITY OF DEMAND. (2014). In Webpedia. Retrieved from http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=price+elasticity+of+demand University of Phoenix. (n.d). Applying Supply and Demand Concepts [Multimedia]. Retrieved from University of Phoenix, ECO365 website.

COMPARISON OF TWO PSYCHOTHERAPEUTIC APPROACHES Free Essay Example, 3750 words

Case studies also give students a deeper way to approach their learning and they help students understand how to approach clients in a variety of ways. PSYCHOTHERAPY AS A LEARNING EXPERIENCE Corsini and Wedding (2005) state that psychotherapy is a learning experience. When an individual engages in psychotherapy they are entering it in order to think differently, to feel differently, or to act differently (p. 6). It is the counselors responsibility to assist the individual in the learning process and the counselor will also learn within the process of helping. There are many ways that counselors work with different psychotherapies and how they relate them to their clients. As an example, some therapists work by giving clients information and others work more actively. Some therapist use behavioral approaches and others will work through an emotional foundation. Whatever method that an individual uses they must understand the appropriate methods to use that fit their own personality. What an individual learns in their counseling courses will be a small part of what they will have to use when they get into their first counseling job; they will need to use everything they know from their own personality to "tools" they have picked up along the way. We will write a custom essay sample on COMPARISON OF TWO PSYCHOTHERAPEUTIC APPROACHES or any topic specifically for you Only $17.96 $11.86/pageorder now Corsini and Wedding also state that best therapists are "eclectic" which means that they develop an integrated style that pulls together many different theories and therapeutic methods so they can remain flexible (Corsini and Wedding, p. 10). CASE STUDY 1: THE CASE OF RON (Corsini and Wedding, 2005, p. 114) Ron is a 24 year old male who presented with obsessive compulsive behavior. He was sent to counseling through a social worker because Ron was having problems with anger management. His fiancà © told him that she had an abortion at age 16 and his anger escalated with outbursts and sometimes excessive drinking. He appeared at the first counseling session dressed in a business suit and carrying an attachà © case. Ron moved to an industrialized Southern New Hampshire town from a rural New England town when he was younger and at that time he was only diagnosed with dyslexia. He was also sickly as a child and his childhood illnesses prevented him from playing sports. He described his father as a successful business man although he was not able to talk to him easily. Ron complained that his mother was okay but her world was "too small. " Ron reports that he was not close to his siblings and that he had "ambivalent" and "turbulent" feelings for his parents (Wedding and Corsini, p.

Essay Summer and Smoke - 1467 Words

Summer and Smoke Mr. Thomas Williams (Tennessee,) was born in Columbus, Mississippi to Cornelius Coffin and Edwina Dankin Williams, March 26 1911. Thomas family moves to Missouri in 1918, and between the years of 1929 and 1939 Tennessee attends three different universities. After having written his first Blanche DuBois scene, from A Streetcar named Desire, in December of 1944, he took a few months break and wrote his first draft of Summer and Smoke. As a result, the character Alma is seen having a parallel to Blanche. Also in the year 1937, Tennessees sister Rose is institutionalized for schizophrenia. Typically patients with schizophrenia are at times progressive, at times intermediate and can regress at anytime. They also†¦show more content†¦Eventually, October 6, 1948, interestingly enough, the play opened before it was eventually published by New Directions on November 17, 1948. Also, Summer and Smoke was re-written and published in 1965 under the new title: The Eccentricities of a Nightingale, which was eventually, by Dramatic Publishings changed back to Summer and Smoke. Original scenic design was created by Jo Meizner, who had created a Skeletonized view of Johns office, and an equally Victorian view on the right, and, in between the town square, presided over by the statue of a kneeling Angel (Bordman.) Original stars of the show included Todd Andrews, as John, and Katherine Balfour, as Alma. The production ran for only 100 performances, after being constantly compared to and eventually replaced by A Streetcar named Desire. Part of the reason why critics believe this show was so unsuccessful is because Margo Jones went about this blind eyed, and only had the guide of Tennessee when she went to visit him, they blame the poor outcome of this show on its poor staging and directing. 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