Influence of Brand Name on Consumer Decision Essay Example for Free

Influence of Brand Name on Consumer Decision Essay In the present developing and modern day world, consumerism has dominated all the aspects of life. The life in the society follows the pattern of the capitalist culture where the human values have a different measure, ‘you are known by what you have not by what you are’. This naturally leads to the life in a society where everyone wants to have a unique place in the society, by possessing the things which sets them apart from the rest of people in the society. In present society and living way, the Brands not only represent the symbol of the company or product but to a larger extent define the general life of a person. What the person uses can reflect his taste of life, his status in the society, his economic background and many other things. This makes a deep connection between the company and its brand, with the consumer. In this two way relation both are dependent on each other for various different reasons. In today’s time customers are very deeply connected to the brands. When they purchase any product like a car, mobile, items of daily need, brand name influence the consumer’s choice. Some customers purchase the specific branded things just due to the brand name. Customers believe that brand name is a symbol of quality. I found this interesting and wanted to find out whether brand name influences the consumer choice when they go for purchasing any product. I chose to for the specific product because  this is one of the products which got my attention because of many reasons. Initially the car production was dominated by few companies and one or two countries. With the time, the market started to grow and once considered to be luxurious commodity, cars became a need  rather than a choice. This increased the demand and with that many more  companies entered the arena to have their share of profit and exploit the growing market. This made the companies to put more efforts and money to creating brand awareness of their product. With the Huge sum of money and effort invested by the companies to create the awareness of their brand in the market, many questions arise; does this really affect the purchasing decision  of the customer? Does the brand awareness somehow influence the sale of the product? Etc. On the basis of these questions, I formulated my problem as follows: The purpose of this thesis is to create deeper consideration of what influence a brand name can have, when people go for purchasing, choose the products between different brands in automobile industry. Further I want to identify, if there is a connection between brands and the consumer decision making process. I conducted this study based on theories and surveys. I analyzed the result of the survey in order to be able to draw conclusions and find answers to my problem. I came to the conclusion that when consumer purchases a car, brand names influence his choice. Customers choose the well known branded car among other brands which are new or not so known. The study shows that branded cars have a great place in consumer mind, when customers go for purchasing a car, they prefer to purchase a well known branded car. Customers do not want to try new or unknown branded cars because they have no much information about the  lesser known brand. Usually, people purchase well known branded cars because they might have heard before about brands or they have some information about them from other sources. This makes customer feel more comfortable during the time of decision making as they are not so confident about the knowledge they have gathered about the other brands. The consumers are very conscious about branded and unbranded cars because they have the view that branded cars are more reliable than unbranded car. This study also explains that customers trust the branded cars’ quality. Before purchasing a car people do not consider the lesser known brand car, as people are very attached to some specific brands. Some people are loyal to specific brands, over time they want to purchase the same branded car because the specific brand has satisfied the customer’s needs and in turn has gained the trust in the brand name. I feel that the purpose of this study has been fulfilled to some extant. The theory describe that brand name has a power, which attracts the customers towards branded products. The reason  is that customer gets special connection with specific brands product and become the loyal with brand.

Miltons Passage :: Milton History Essays

Milton's Passage Works Cited Missing In this passage Milton surveys the battlefield after the inconclusive first day of fighting between the rebellious third of the angels and the equally-sized contingent God has sent to face them. The purpose is to portray the disarray and destruction caused by the battle, especially on the side of the fallen, and to contrast that chaos and baseness with the dignity and honor of the champions who defeat them. Little has been accomplished by the fighting, except to demonstrate the difference between the warriors on the two sides. Neither side is defeated, but the side of good has displayed its superiority in valor and glory, and the evil have shown themselves to be the lesser precisely because of their moral inferiority. Though they have fought to a draw, only the angels do so honorably, holding their ground as we watch the Satanic Host fly in a state of fear and panic. Milton seems to evoke a parallel with two of the most famous battles in history, as presented by the father of his tory, Herodotus: the Spartan duels with the vast Persian force of the Great King Xerxes. In the first battle, at Thermopylae, the Spartans stood their ground faithfully, and through obedience and discipline shamed their (in Herodotus' portrayal) morally inferior foe by forcing them to pay an outrageous price for victory. In the second, at Plataea, the Spartans this time defeat their more numerous foe, again due to their inherent superiority, which is ascribed, ultimately, to their virtue. If Milton's scene is imagined cinematically, the view begins low, looking down to see "all the ground" where the detritus lay "strown," "in "heap[s]," and "overturn'd" (388-90), and generally tipped over and fallen down in a catalogue of ways. The rebel angels' fallen condition is made literal by the work of the loyal warriors, whom we see in exactly the opposite condition, in spite of having fought just as hard and taken the same beating. We look up from the jumbled mass to see the angels in their state of "high advantages" (401), seeming to fly in formation unbroken by the onslaught, unperturbed by their wounds. Milton presents a dual image of battle lines shifting and being wrenched out of shape in parallel with the picture of bodies being crushed and mangled. Following his announcement that the devils' "Mightiest quell'd", we are shown that the "battle swerv'd" and we see "inroad[s] gor'd" into the broken battle formations and the broken bodies of the fighters (386-87). Milton's Passage :: Milton History Essays Milton's Passage Works Cited Missing In this passage Milton surveys the battlefield after the inconclusive first day of fighting between the rebellious third of the angels and the equally-sized contingent God has sent to face them. The purpose is to portray the disarray and destruction caused by the battle, especially on the side of the fallen, and to contrast that chaos and baseness with the dignity and honor of the champions who defeat them. Little has been accomplished by the fighting, except to demonstrate the difference between the warriors on the two sides. Neither side is defeated, but the side of good has displayed its superiority in valor and glory, and the evil have shown themselves to be the lesser precisely because of their moral inferiority. Though they have fought to a draw, only the angels do so honorably, holding their ground as we watch the Satanic Host fly in a state of fear and panic. Milton seems to evoke a parallel with two of the most famous battles in history, as presented by the father of his tory, Herodotus: the Spartan duels with the vast Persian force of the Great King Xerxes. In the first battle, at Thermopylae, the Spartans stood their ground faithfully, and through obedience and discipline shamed their (in Herodotus' portrayal) morally inferior foe by forcing them to pay an outrageous price for victory. In the second, at Plataea, the Spartans this time defeat their more numerous foe, again due to their inherent superiority, which is ascribed, ultimately, to their virtue. If Milton's scene is imagined cinematically, the view begins low, looking down to see "all the ground" where the detritus lay "strown," "in "heap[s]," and "overturn'd" (388-90), and generally tipped over and fallen down in a catalogue of ways. The rebel angels' fallen condition is made literal by the work of the loyal warriors, whom we see in exactly the opposite condition, in spite of having fought just as hard and taken the same beating. We look up from the jumbled mass to see the angels in their state of "high advantages" (401), seeming to fly in formation unbroken by the onslaught, unperturbed by their wounds. Milton presents a dual image of battle lines shifting and being wrenched out of shape in parallel with the picture of bodies being crushed and mangled. Following his announcement that the devils' "Mightiest quell'd", we are shown that the "battle swerv'd" and we see "inroad[s] gor'd" into the broken battle formations and the broken bodies of the fighters (386-87).

Singapore Company Law

SAMPLE ONLY MID-SEMESTER TEST COURSE:LAW2464 COMPANY LAW DATE:17/03/2012 TIME ALLOWED:1 hour 40 minutes (including 10mins reading time) QUESTION (Prospectus Topic) In July 2011, Ah Beng was at his accountant’s office to talk about taxation matters. Whilst there, his accountant gave him a prospectus issued by Ionic Ltd. , a company listed on the Singapore Stock Exchange, to take home to read and if interested, to follow the instructions about investing in new shares in the company which were to be quoted on the Exchange.After reading the prospectus, Ah Beng was convinced that he was going to make a lot of money investing in the company which had stated that it had discovered a huge gold deposit in Western Australia. The prospectus contained a report by a geologist which stated that the gold was near the surface and therefore, easily mined. The prospectus also contained estimations of the amount of profits which it could make based on the current high price of gold. (False and/o r Misleading Statements) Criminal Lability Under S253(Jail and/or fine company is liable if it is an entity. Directions are liable.Statements are materially adverse from viewpoint of investors including Ah Beng. Who else is liable? The Accountant? No advice or false or misleaeding statement. Did he act intentionally or recklessly? No. No Lability. Could Geologist be liable? Yes, as his a conman. Actions were intentional. S254 Civil Lability Directors liable any defences under s255 SFA? Any defences under s255 SFA? Reasonable reliance on geologist, reports is reliance here reasonable. He is a conman. Not reasonable. Inquries Defence, May fail. Geologist liable to compensate no defence. Accountant assuming he made statements.Yes, if not. No. Ah beng will receive compensation for his loss. ALTERNATIVE Misrepresentaton. False Statement Made during negotiation that induces one into contract Geologist is dishonest and fraudulent misrepresentation. Recession of contract of sale of shares a nd damages for the tort of deceit. After applying for the shares, Ah Beng was issued 50,000 shares at the price of $1. 00 per share in September 2011. In January 2012, the local newspaper published an article about the arrest of a geologist in Western Australia who was claiming discovery of mines which turned out to be non-existent.A week later, news broke out that the arrested conman was the geologist whose report was contained in the Ionic Ltd’s prospectus and there was actually a very small deposit of gold very deep in the ground which would make any mining a loss-making venture. The price of the shares in Ionic Ltd immediately plunged and trading in the shares had to be halted. Ah Beng has now come to you for advise as he has been informed that Ioninc Ltd shares are now worthless and that the company will soon be wound-up. REQUIRED:Can Ah Beng take action against any one or more persons with regard to his loss? Explain. (8 marks) QUESTION TWO Dinosaur Rocks Pte Ltd (Dinos aur Rocks) is a family company whose two shareholders and directors are Fred and his wife, Betty. They live in a house in Pasir Panjang owned by the company. The company owns a business of supplying rocks and sand to construction companies. In August 2011, Fred borrowed $1 million from U-O-Me Bank. The loan was secured by a mortgage charge over the Pasir Panjang property owned by Dinosaur Rocks.The loan was to be used by Fred for personal expenses. According to the articles of association, the mortgage/charge document was to be executed by way of affixing the common seal in the presence of two directors as witnesses. Fred signed the document as witness but he also forged Betty’s signature. By early January 2012, Fred had defaulted on his last two loan repayments. It has since emerged that Fred had skipped the country with the $1 million in October 2011 and is now purportedly living the high life in the Maldives.U-O-Me Bank has started proceedings to enforce the mortgage/charg e against the Pasir Panjang property owned by Dinosaur Rocks. Betty comes to you for advice. She is more distressed about losing the Pasir Panjang property than losing Fred and does not want to vacate the house which she will have to when the Bank sells the property. REQUIRED: Advise Betty as to whether the mortgage/charge is valid and enforceable against the company. (8 marks) QUESTION THREE (Separating of legal entity concept, Lifting of corporate veil and evasion of legal obligations, case GM v Horne, Jones V Lipman fraud.Re Darby. Solution is to lift the veil and consider Athena and Grecian as one. Each is liable for the acts of debts of the other. Athena is a hair-dresser. Two months ago, she agreed to sell all the hair-dressing machines and supplies in her salon in Bukit Timah to Hera as she was moving to a new business location in Orchard Road. The purchase price was to be paid three months later whereupon Athena would deliver all the goods to Hera. Athena was intending to bu y new machines and supplies for her new salon but a month ago, her application to obtain a bank loan was not approved.Needing equipment and supplies at the Orchard Road location, Athena registered a company called Grecian Pte Ltd (Grecian) with herself as the sole director and member last week. She immediately moved all the machines and supplies from her Bukit Timah salon to the new Orchard Road location of Grecian. Athena then told Hera the deal was off as she no longer owned the machines and supplies. Hera wants the machines and supplies as agreed under the contract as the machines are identical to the ones in her own salon. REQUIRED: Advise Hera. (6 marks) QUESTION FOURWhen incorporated in January 2010, the memorandum and articles of association of Coffee Addict Pte Ltd (Coffee Addict) contained the following clauses:- 1. The objects of the company is the import and supply coffee beans to retail outletsin Singapore; 2. 3. Gloria is to be employed as the sales manager of the compa ny for a period of five years at an annual salary of $100,000. In January 2012, Coffee Addict entered into a joint-venture agreement with Jean Ltd to build a row of ten shops in Clementi Road. Both parties are to inject $2 million each into the project.Also in January 2012, the Board of Directors of Coffee Addict resolved to terminate Gloria’s appointment as the sales manager. REQUIRED: a) Is the contract with Jeans Ltd a valid contract since it is contravenes the objects clause. Explain. (4 marks) b) Can Gloria prevent her removal as sales manager? Would it make any difference if she is also a shareholder? Explain. (4 marks) Total: 4 + 4 = 8 marks QUESTION FIVE Potterfied Ltd ( Potterfied) has its own set of articles which entitles preference shareholders to an annual dividend of ten cents per share.The Board of Directors of Potterfield wanted the articles amended so that the dividends are to be reduced to four cents per share and last week, persuaded more than half of the m embers to pass a resolution at a members’ meeting to the effect. The members were also told that there was nothing they could do as long as the majority of all shareholders agreed to the change. Harriet is a preference-shareholder who voted against the amendment to the articles at the members’ meeting last week. REQUIRED: Advise Harriet. Assupmtion that this variation of class rights affects all preferences shareholders rights to receive dividentds of 10cent per share, S74(1) applies. If 5% or more of shareholders dissent then can apply to court to stay the resolution to change the article until and unless the court confirms it, the change is ineffective. ) (6 marks) QUESTION SIX REQUIRED: Discuss the validity of the following statement: ’ The Privy Council in the case of Lee v Lee’s Air Farming Ltd did not apply the principle set out in Salomon v Salomon & Co Ltd. ’ (4 marks) *Separating entity was applied Singapore Company Law SAMPLE ONLY MID-SEMESTER TEST COURSE:LAW2464 COMPANY LAW DATE:17/03/2012 TIME ALLOWED:1 hour 40 minutes (including 10mins reading time) QUESTION (Prospectus Topic) In July 2011, Ah Beng was at his accountant’s office to talk about taxation matters. Whilst there, his accountant gave him a prospectus issued by Ionic Ltd. , a company listed on the Singapore Stock Exchange, to take home to read and if interested, to follow the instructions about investing in new shares in the company which were to be quoted on the Exchange.After reading the prospectus, Ah Beng was convinced that he was going to make a lot of money investing in the company which had stated that it had discovered a huge gold deposit in Western Australia. The prospectus contained a report by a geologist which stated that the gold was near the surface and therefore, easily mined. The prospectus also contained estimations of the amount of profits which it could make based on the current high price of gold. (False and/o r Misleading Statements) Criminal Lability Under S253(Jail and/or fine company is liable if it is an entity. Directions are liable.Statements are materially adverse from viewpoint of investors including Ah Beng. Who else is liable? The Accountant? No advice or false or misleaeding statement. Did he act intentionally or recklessly? No. No Lability. Could Geologist be liable? Yes, as his a conman. Actions were intentional. S254 Civil Lability Directors liable any defences under s255 SFA? Any defences under s255 SFA? Reasonable reliance on geologist, reports is reliance here reasonable. He is a conman. Not reasonable. Inquries Defence, May fail. Geologist liable to compensate no defence. Accountant assuming he made statements.Yes, if not. No. Ah beng will receive compensation for his loss. ALTERNATIVE Misrepresentaton. False Statement Made during negotiation that induces one into contract Geologist is dishonest and fraudulent misrepresentation. Recession of contract of sale of shares a nd damages for the tort of deceit. After applying for the shares, Ah Beng was issued 50,000 shares at the price of $1. 00 per share in September 2011. In January 2012, the local newspaper published an article about the arrest of a geologist in Western Australia who was claiming discovery of mines which turned out to be non-existent.A week later, news broke out that the arrested conman was the geologist whose report was contained in the Ionic Ltd’s prospectus and there was actually a very small deposit of gold very deep in the ground which would make any mining a loss-making venture. The price of the shares in Ionic Ltd immediately plunged and trading in the shares had to be halted. Ah Beng has now come to you for advise as he has been informed that Ioninc Ltd shares are now worthless and that the company will soon be wound-up. REQUIRED:Can Ah Beng take action against any one or more persons with regard to his loss? Explain. (8 marks) QUESTION TWO Dinosaur Rocks Pte Ltd (Dinos aur Rocks) is a family company whose two shareholders and directors are Fred and his wife, Betty. They live in a house in Pasir Panjang owned by the company. The company owns a business of supplying rocks and sand to construction companies. In August 2011, Fred borrowed $1 million from U-O-Me Bank. The loan was secured by a mortgage charge over the Pasir Panjang property owned by Dinosaur Rocks.The loan was to be used by Fred for personal expenses. According to the articles of association, the mortgage/charge document was to be executed by way of affixing the common seal in the presence of two directors as witnesses. Fred signed the document as witness but he also forged Betty’s signature. By early January 2012, Fred had defaulted on his last two loan repayments. It has since emerged that Fred had skipped the country with the $1 million in October 2011 and is now purportedly living the high life in the Maldives.U-O-Me Bank has started proceedings to enforce the mortgage/charg e against the Pasir Panjang property owned by Dinosaur Rocks. Betty comes to you for advice. She is more distressed about losing the Pasir Panjang property than losing Fred and does not want to vacate the house which she will have to when the Bank sells the property. REQUIRED: Advise Betty as to whether the mortgage/charge is valid and enforceable against the company. (8 marks) QUESTION THREE (Separating of legal entity concept, Lifting of corporate veil and evasion of legal obligations, case GM v Horne, Jones V Lipman fraud.Re Darby. Solution is to lift the veil and consider Athena and Grecian as one. Each is liable for the acts of debts of the other. Athena is a hair-dresser. Two months ago, she agreed to sell all the hair-dressing machines and supplies in her salon in Bukit Timah to Hera as she was moving to a new business location in Orchard Road. The purchase price was to be paid three months later whereupon Athena would deliver all the goods to Hera. Athena was intending to bu y new machines and supplies for her new salon but a month ago, her application to obtain a bank loan was not approved.Needing equipment and supplies at the Orchard Road location, Athena registered a company called Grecian Pte Ltd (Grecian) with herself as the sole director and member last week. She immediately moved all the machines and supplies from her Bukit Timah salon to the new Orchard Road location of Grecian. Athena then told Hera the deal was off as she no longer owned the machines and supplies. Hera wants the machines and supplies as agreed under the contract as the machines are identical to the ones in her own salon. REQUIRED: Advise Hera. (6 marks) QUESTION FOURWhen incorporated in January 2010, the memorandum and articles of association of Coffee Addict Pte Ltd (Coffee Addict) contained the following clauses:- 1. The objects of the company is the import and supply coffee beans to retail outletsin Singapore; 2. 3. Gloria is to be employed as the sales manager of the compa ny for a period of five years at an annual salary of $100,000. In January 2012, Coffee Addict entered into a joint-venture agreement with Jean Ltd to build a row of ten shops in Clementi Road. Both parties are to inject $2 million each into the project.Also in January 2012, the Board of Directors of Coffee Addict resolved to terminate Gloria’s appointment as the sales manager. REQUIRED: a) Is the contract with Jeans Ltd a valid contract since it is contravenes the objects clause. Explain. (4 marks) b) Can Gloria prevent her removal as sales manager? Would it make any difference if she is also a shareholder? Explain. (4 marks) Total: 4 + 4 = 8 marks QUESTION FIVE Potterfied Ltd ( Potterfied) has its own set of articles which entitles preference shareholders to an annual dividend of ten cents per share.The Board of Directors of Potterfield wanted the articles amended so that the dividends are to be reduced to four cents per share and last week, persuaded more than half of the m embers to pass a resolution at a members’ meeting to the effect. The members were also told that there was nothing they could do as long as the majority of all shareholders agreed to the change. Harriet is a preference-shareholder who voted against the amendment to the articles at the members’ meeting last week. REQUIRED: Advise Harriet. Assupmtion that this variation of class rights affects all preferences shareholders rights to receive dividentds of 10cent per share, S74(1) applies. If 5% or more of shareholders dissent then can apply to court to stay the resolution to change the article until and unless the court confirms it, the change is ineffective. ) (6 marks) QUESTION SIX REQUIRED: Discuss the validity of the following statement: ’ The Privy Council in the case of Lee v Lee’s Air Farming Ltd did not apply the principle set out in Salomon v Salomon & Co Ltd. ’ (4 marks) *Separating entity was applied

Is Love An Unattainable Ideal Essay - 1388 Words

Is true love an unattainable ideal? Do we all have a soul mate? Is love just an exchange of lies for the purpose of flattery? These questions, and countless others, regarding love have been pondered by philosophers and pop music stars alike for hundreds of years. William Shakespeare examines these questions from two vantage points in â€Å"Sonnet 116† and â€Å"Sonnet 138.† Firstly, in â€Å"Sonnet 116†, Shakespeare analyzes love in a rhetorical manner, meaning that he is not discussing a specific relationship of his, but theorizing on the concept of love as a whole, in abstract terms. Conversely, in â€Å"Sonnet 138†, Shakespeare analyzes love in a specific manner. He looks inward to inspect a relationship between him and a woman, also known as The Dark Lady, and paints a much different picture of love than in â€Å"Sonnet 116†, in specific terms. In William Shakespeare’s â€Å"Sonnet 116† and â€Å"Sonnet 138†, Shakespeare ana lyzes love in abstract and specific terms; concluding that abstract love relies on affection, does not change or age, and is built upon a solid foundation of truth, while specific love, on the other hand, relies on lust, actively ignores change and aging, and revolves around deception. These two sonnets paint entirely adverse portraits of love in order to emphasize the dichotomy between the poet’s expectations of love, and the reality which does not live up to the poet’s expectations. Firstly, how time and age affect love is one of the most obvious points of contention betweenShow MoreRelatedHow The Ideal Love Is Unattainable1373 Words   |  6 Pagespoet from 1785 until 1830, when the Romantic Movement ended. Many of his poems published as satires and root back to his ability to express his thoughts about things going on in his life, specifically his childhood. 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Perhaps one of the greatest and most intriguing human emotions is love and this theme is present in literature from its beginning to the present day. However, as people and societies changed and evolved, so did the attitudes toward love change with the times. In Medieval French Literature, love is often portrayed as an unreachable emotionRead MoreNormality In The Curious Incident Of The Dog In The Night-Time941 Words   |  4 PagesFirst, Haddon unveils the reality of the idealistic thoughts of normality in society through Christopher and his interpretation of certain aspects of life. The ideals of humans, conform society into making how Christopher views the world not normal. No one perceives certain aspects of life through the same lenses. Haddon connects with the ideals of normality in his novel, The Curious Incident of a Dog in the Night-Time. He uses Christopher and the fact that he only wants to get a degree and a job, earnRead MoreWhat is Beauty? 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However, in the end, Gatsby’s pursuit is impossible because it is the money he wishes to gain that corrupts the purity of his ideal. Similar to the flaw in Gatsby’s dream, the process of gaining wealth to

History of the Artificial Heart

The first artificial heart for humans was invented and patented in the 1950s, but it wasnt until 1982 that a working artificial heart, the Jarvik-7, was successfully implanted in a human patient.   Early Milestones As with many medical innovations, the first artificial heart was implanted in an animal -- in this case, a dog. Soviet scientist Vladimir Demikhov, a pioneer in the field of organ transplantation, implanted an artificial heart into a dog in 1937. (It wasnt Demikhovs most famous work, however — today he is mostly remembered for performing head transplants on dogs.) Interestingly, the first patented artificial heart was invented by American Paul Winchell, whose primary occupation was as a ventriloquist and comedian. Winchell also had some medical training and was assisted in his endeavor by Henry Heimlich, who is remembered for the emergency choking treatment that bears his name. His creation was never actually put into use. The Liotta-Cooley artificial heart was implanted into a patient in 1969 as a stopgap measure; it was replaced with a donors heart a few days later, but the patient died soon thereafter.   The Jarvik 7   The Jarvik-7 heart was developed by American scientist Robert Jarvik and his mentor, Willem Kolff.   In 1982, Seattle dentist Dr. Barney Clark was the first person implanted with the Jarvik-7, the first artificial heart intended to last a lifetime. William DeVries, an American cardiothoracic surgeon, performed the surgery. The patient survived 112 days. It has been hard, but the heart itself has pumped right along, Clark said in the months following his history-making surgery. Subsequent iterations of the artificial heart have seen further success; the second patient to receive the Jarvik-7, for instance, lived for 620 days after implantation. People want a normal life, and just being alive is not good enough, Jarvik has said.   Despite these advances, less than two thousand artificial hearts have been implanted, and the procedure is generally used as a bridge until a donor heart can be secured. Today, the most common artificial heart is the SynCardia temporary Total Artificial Heart, accounting for 96% of all artificial heart transplants. And it doesnt come cheap, with a price tag of around $125,000.

The Gift of Fear - 1375 Words

â€Å"The Gift Of Fear,† a psychology book written by Gavin De Becker, is an extremely useful and informative read. It gives valuable advice about how to act upon human intuition, how to recognize threats, and defines what real fear is and it’s purpose. I found the book to be extremely interesting. This book provided me with a sense of understanding on violence and fear and I feel much better prepared when it comes to recognizing dangerous situations. My favorite part of the book was the warning signs to know when a stranger is a potential threat. This was fascinating to me because I’ve been told since I was just a little boy to beware of strangers. But with all these warnings about strangers I had never been told how to recognize when a†¦show more content†¦When a person gets that â€Å"gut feeling† that something just isn’t right, it should never be ignored. Our natural human intuition is giving us that â€Å"gut feeling† for a reason. And that sensation of danger can save lives. One example of how human intuition works was given in the book; a man walked into a convenience store, had a gut feeling he needed to get out of there, left, and found out later that day the convenience store had been robbed and the cashier had been shot and killed. This seemingly random feeling of danger that spared this mans life was not random at all. His intuition let him know to have fear because the cashier loo ked as if he was fearful when the man walked into the store and also there was a second nervous looking customer wearing a long concealing jacket while it was hot outside. His intuition let him know that there was a potentially dangerous situation even if he wasn’t looking for the signs that were there. This applies to my life because everybody can experience these â€Å"gut feelings† from human intuition; I know now to act upon them and to never ignore them because they have the capability to save your life. One thing I learned about fear is that it can basically act for us. With fear humans can make critical decisions that they wouldn’t dare make without fear edging them on. A story that particularly shocked me was the story of a young woman named Kelly. She followed herShow MoreRelatedAnalysis Of Prometheus, Pandora, And Io1400 Words   |  6 Pagesonly the mortal will be punished. This hardship and suffering of humans in Greek mythology were caused by the g ods and goddesses. The god’s fear of competition in Greek Mythology cause human suffering. (Topic sentence) In the story of Prometheus, his brother and him are in charge of creating human kind. His brother Epimetheus gives the animal kingdom the gift of fur, wings, shells, and so forth. Once there is nothing left for the humans, Epimetheus looks to Prometheus for help. Prometheus gives theRead MoreMy Spiritual And Discipleship Condition Essay1600 Words   |  7 Pagesmyself, my biggest weakness would be my fear and anxiety. 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Impact of il Price on AS curve of Oil Importing Countries

Question: Discuss the impact of oil price on AS curve of oil importing countries? Answer: Introduction: Todays world economy is facing a critical problem of falling oil prices that significantly increases the aggregate supply of oil importing nations. The price of oil had been stable from 2010, but it has decreased enormously since June 2014 due to the weaker demand for the oil in the market. This demand shock automatically declines the price of oil in the market. Besides the factor of weaker demand for oil, there are many factors responsible for the drop in the oil price in the market. The rise of the US economy as a producer of shale oil has affected the total demand for oil in the market. The Organization of the Petroleum Countries, an intergovernmental organization, aimed to secure oil prices in the world market since 1960. They have substantial oil resources, so they produce oil at a low cost of production which is a main raw material of any large scale industry. They export oil to those countries that have an insufficient amount of natural resources. With the help of imported oil, these oil importing nations (like UK) can build industries where oil is used as a main raw material. So the cost of production of industries in UK depends on the price of oil, transportation cost, etc. The cost structure of UK totally depends on the price of oil in the world market (Asian Development Bank, 2015). Now the price of oil has decreased by more than 35% since June and now the price of the oil is $70 per barrel which was $115 per barrel during mid-2014. The price of crude oil is set up in the market depending on the positions of demand and supply of the oil. It is found that UK inflation has fallen to 1.2% due to this falling oil price (Breunig and Chia, 2014). Reasons behind the falling oil prices: The main reason for the shortfall in the oil price is the growing demand for the alternative fuel sources. Investment in the renewable energy is increasing rapidly than the fossil fuel sources as these energy resources are more eco-friendly and less expensive. So the demand for the petroleum oil decreases. Another important reason behind the falling prices is the rise of the US economy as the major oil producer though they are not the exporter of oil, but they reduce the demand for the oil drastically. So it is argued by some economists that Saudi Arabia, worlds greatest oil producer, ride out decreased prices to avoid losing consumers to their competitor. It is a strategy to maintain the market share in the world. Saudi Arabia, the largest oil supplier, is expected to absorb the negative impacts of the declined oil price as it has a huge amount of resources. It has accumulated more than US $ 650 billion as foreign reserves, so its production cost is low (iMFdirect - The IMF Blog, 20 14). The production cost of shale oil is comparatively expensive, so if the price of oil is low, then it will affect the profit of the US oil producers. Some of the OPEC countries like Venezuela do not support this strategy followed by Saudi Arabia, and they cut down their production of oil in the market (Li et al. 2014). Some of the Asian countries are facing economic downturn due to the recession, so their lower demand has a negative effect on the production of the oil. Demand for oil is also affected by the impact of strong US dollar as oil is exported and imported in US dollars across the world. It makes the oil more expensive for the other countries. This pulls the demand down and a price of oil decreases (Stlouisfed.org, 2015). The supply of the substitutes of the oil increases because of the rising importance of the renewable resources. This affects the price of the oil in the market as oil is produced from non-renewable resources. The Impact on the AS curve of Importing countries: Falling energy price has effects on the productivity of both labour and capital of an economy. So the factor productivity increases for this reason that has posivitive effects on an economy. The total production increases with increase in income. As a result, aggregate supply of that economy increases as a result people of that country now have more products to consume (Husain et al. 2015). Again oil importing countries import more oil at a lower price and so the cost of production of some industries where oil is used as a major input, falls. So these industries are now ready to supply more output in the market. As a result, he aggregates supply of oil importing country increases with the fall in the production cost (Allen, 2015). As total supply in the market increases there is an excess supply in that economy at the existing price level p1. So to meet the excess supply price level has to be decreased in the market (Creti, Ftiti and Guesmi, 2014). As a result inflation also decreases in that economy. Figure 2: An impact on the aggregate supply curve of an Economy In the above figure AD1 is the aggregate demand of an oil-importing economy (UK) and AS1 is the aggregate supply of an economy that increases to AS2 after falling in oil price. So the price level decreases to p2 from p1 and real output increases from q1 to q2. This causes lower inflation and higher cost of living in the economy. So oil importers gets benefits from this falling price as the value of imports declined and this eventually decreases the current account deficits of these nations. UK is now a small importer of petroleum oil so this has low effects on the current account of UK. GDP of UK economy is growing ate a rate of 2.9% that is more than expected on last November.In oil importing countries, falling oil price can reduce the expected inflation rate below the targeted level.Before 1980, it is found that there is a positive correlation between inflation and price fluctuations but this impact of oil price fluctuation on inflation has declined over the years (Ozdemir and Akgul, 2015). Impact on other macroeconomic factors of the oil importing countries: Oil importing countries get benefits from this shock in the market as now it is profitable to import more at a lower price. This has the significant impact on the reduction of business costs and transport costs (Worldbank.org, 2015). Reduction in oil price has macroeconomic impacts on the oil price importing nations as it reduces the cost of living of UK. So transport cost of oil and directly has fallen and leads to lower inflation rate in the economy. It affects the demand and supply of oil in the market, and lower price of oil reduces the cost of production of energy-intensive goods that are produced with the help of oil. This lower cost of production also leads to higher investment in the production (Geise and Piłatowska, 2015). So with stagnant monetary wages, the fall in oil price has the positive impact on the real wage (it is the monetary wage divided by price). So consumers of UK have more income to spend on other goods, and it is like a tax cut to them. So economists can say that a fall in the oil price effectively increase the spending and so as the real gross domestic product of the economy. Long Term Effects: The long-term picture is totally different from this present scenario of UK as well as oil importing countries. Inflation at a certain rate is healthy for an economy but if it decreases at a large pace, then productivity performance of an economy will decrease (Deflation, 2014). This deflation has serious effects on the future of the economy.This will raise the domestic risk of UK's economy. So low oil price may have positive effects in the short run, but it can not radically change the UK economy (Cashin et al. 2014). Conclusion: OPEC countries have the aim to stable the oil prices in the market since 1960. Since mid-2014, it is found that price of oil reduces more than 35% that increases the aggregate demand of oil importing countries. This situation brings more income, lower inflation and higher growth to some oil exporting countries. The main reasons behind the shortfall in the price are the rise of US economy as a producer of oil and the weaker demand for oil in the world market. So falling price has the a positive impact on the UK ( oil importing country)economy in the short run. Current account deficits of UK economy decreases and consumers enjoys increasing in real income, but this picture is different after some years. In the long run, there will be an increase in the domestic risk in the UK economy. So it can be concluded that falling oil price has both positive and negative effects on an economy. References Allen, K. (2015). Oil price fall will boost Britain's economic growth, says thinktank. [online] the Guardian. Available at: https://www.theguardian.com/business/2015/feb/10/oil-price-fall-boost-britain-economic-growth-niesr-gdp [Accessed 27 Jul. 2015]. Asian Development Bank, (2015). Falling Oil Prices in Asia and the Pacific: Potential Gains for Importers, Opportunities for Exporters. [online] Available at: https://www.adb.org/news/features/falling-oil-prices-asia-and-pacific-potential-gains-importers-opportunities-exporters [Accessed 27 Jul. 2015]. Breunig, R. and Chia, T. (2014). Sovereign Ratings and Oil-Exporting Countries: The Effect of High Oil Prices on Ratings. International Review of Finance, 15(1), pp.113-138. Cashin, P., Mohaddes, K., Raissi, M., and Raissi, M. (2014). The differential effects of oil demand and supply shocks on the global economy.Energy Economics,44, 113-134. Creti, A., Ftiti, Z., and Guesmi, K. (2014). Oil price and financial markets in the main OPEC countries.Energy Studies Review,20(3). Deflation, T. (2014). The Economic Consequences of Global Oil Deflation. [online] www.counterpunch.org. Available at: https://www.counterpunch.org/2014/12/08/the-economic-consequences-of-global-oil-deflation/ [Accessed 27 Jul. 2015]. Geise, A. and Piatowska, M. (2015). Oil Prices, Production and Inflation in the Selected EU Countries: Threshold Cointegration Approach. DEM, 14, p.71. Husain, M. A. M., Arezki, M. R., Breuer, M. P., Haksar, M. V., Helbling, M. T., Medas, P. A., Sommer, M. (2015).Global Implications of Lower Oil Prices(No. 15). International Monetary Fund. iMFdirect - The IMF Blog, (2014). Seven Questions About The Recent Oil Price Slump. [online] Available at: https://blog-imfdirect.imf.org/2014/12/22/seven-questions-about-the-recent-oil-price-slump/ [Accessed 27 Jul. 2015]. Li, J., Tang, L., Sun, X., and Wu, D. (2014). Oil-importing optimal decision considering country risk with extreme events: A multi-objective programming approach.Computers Operations Research,42, 108-115. Ozdemir, S. and Akgul, I. (2015). Inflationary effects of oil prices and domestic gasoline prices: Markov-switching-VAR analysis. Petroleum Science, 12(2), pp.355-365. Stlouisfed.org, (2015). How Much Do Oil Prices Affect Inflation?. [online] Available at: https://www.stlouisfed.org/on-the-economy/2015/may/how-much-do-oil-prices-affect-inflation [Accessed 27 Jul. 2015]. Worldbank.org, (2015). Most Developing Countries Will Benefit from Oil Price Slump, Says World Bank Group. [online] Available at: https://www.worldbank.org/en/news/press-release/2015/01/07/most-developing-countries-benefit-oil-price-slump-world-bank-group [Accessed 27 Jul. 2015].