Thanksgiving Essay Example For Students

Thanksgiving Essay Thanksgiving Essay Day In todays meeting, the President of the United States of America, George W. Bush, officially announced he is having a Thanksgiving party at his ranch in Crawford, Texas this weekend. Throughout the day, invitations were sent out all over the White House. My body grew tremendously excited at the possibility that maybe this year I would be invited. My partner Bill walked in with his invitation in his hand, wagged it around as though it were merely nothing to him and then threw it aimlessly towards the trash can but missed. We will write a custom essay on Thanksgiving specifically for you for only $16.38 $13.9/page Order now My eyes grew large as I was extremely angered by the offense he had just committed in front of me. To my surprise, he caught my severe look and politely asked, Would you rather go instead of me? I could simply change the name without anyone knowing. The tension on my face began to ease as I looked up at him from my seat and to my amusement my lips formed a strong smile in answer to his question. The process took only a short moment but in that time I carefully observed the paper in Bills hand and couldnt help but notice its beauty. The thickness of the card clearly showed its expense and the soft colors of the shade blue played along the edges of the card, showing its artistic side for the affair. And now I was a member. Once I got to my apartment I called my family back home to tell them about the exciting news. Father wasnt home but the message was reassured to get through to him, making sure plans were still set. I packed everything I thought I would need and headed off to sleep. My legs trembled as they always did at times like these and before I knew it the sunlight crept into my bedroom, slowly covering it completely. Now, it was time to go. I arrived at the ranch on time with everybody else so that I would blend in. There stood President Bush, his lovely wife Laura and the adorable twins Barbara and Jenna. It was the twins 23rd birthday as well, so the celebration was going to be a big hit. On the left side of the President stood everybody else from his team like Vice President Richard B.Cheney, Defense Secretary Rumsfeld, Secretary of State Powell, and National Security Advisor Rice. The Vice President seemed happy and eager to eat as he kept rubbing his pot belly. Rice continued throughout the time keeping her firm, strict face as though she didnt quite understand the concept of what a vacation meant which was to relax. And finally the Presidents speech about the meaning and importance of Thanksgiving came along. This included special guests the King and Queen of Spain who would be attending the ball. Extra people I didnt know about but thrilled to know I would be in the presence of such royalty. Afternoon activities included horse back riding, swimming and other outdoor sports. The lunch was amazing. The menu consisted of free-range fresh turkey with giblet gravy, prairie chapel bass, mashed sweet potatoes with maple syrup and chipotle peppers, pan-roasted root vegetables, walnuts and apples, cornbread stuffing, pecan pie, pumpkin pie, and ice cream of all favors for desert. The President, his family and guests all ate inside for security reasons, so I was stuck sitting at the table with people from work. At the end after the food I knew what I needed, a nice cigarette so I went in search for a spot in which I would smoke. But before lighting up I realized I was at the far end of the villa in which I could clearly see into the Presidents office. There he was having a discussion with his advisor about some issue concerning the lack of security. He seemed very worried; by the way he was pacing rapidly back and forth with his hands folded. Before I could get caught I got myself out of there. .uc9612146caef83bb971ac0425dd04c20 , .uc9612146caef83bb971ac0425dd04c20 .postImageUrl , .uc9612146caef83bb971ac0425dd04c20 .centered-text-area { min-height: 80px; position: relative; } .uc9612146caef83bb971ac0425dd04c20 , .uc9612146caef83bb971ac0425dd04c20:hover , .uc9612146caef83bb971ac0425dd04c20:visited , .uc9612146caef83bb971ac0425dd04c20:active { border:0!important; } .uc9612146caef83bb971ac0425dd04c20 .clearfix:after { content: ""; display: table; clear: both; } .uc9612146caef83bb971ac0425dd04c20 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uc9612146caef83bb971ac0425dd04c20:active , .uc9612146caef83bb971ac0425dd04c20:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uc9612146caef83bb971ac0425dd04c20 .centered-text-area { width: 100%; position: relative ; } .uc9612146caef83bb971ac0425dd04c20 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uc9612146caef83bb971ac0425dd04c20 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uc9612146caef83bb971ac0425dd04c20 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uc9612146caef83bb971ac0425dd04c20:hover .ctaButton { background-color: #34495E!important; } .uc9612146caef83bb971ac0425dd04c20 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uc9612146caef83bb971ac0425dd04c20 .uc9612146caef83bb971ac0425dd04c20-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uc9612146caef83bb971ac0425dd04c20:after { content: ""; display: block; clear: both; } READ: Microsoft Windows Essay Time flew until it was time for the ballroom party. I wore my violet, long, stain dress and left my hair down. Simple, but I knew I looked good. Confident I walked in with . Thanksgiving Essay Example For Students Thanksgiving Essay Thanksgiving Essay The truth behind the tradition is surprising. Thanksgiving and the Pilgrims seem to go together, but the truth is, the Pilgrims never held an autumnal Thanksgiving feast. However the Pilgrims did have a feast in 1621, after their first harvest, and it is this feast, which people often refer to as The First Thanksgiving. This feast was never repeated, though, so it cant be called the beginning of a tradition, nor was it termed by the colonists or Pilgrims a Thanksgiving Feast. In fact, a day of thanksgiving was a day of prayer and fasting, and would have been held any time that they felt an extra day of thanks was called for. We will write a custom essay on Thanksgiving specifically for you for only $16.38 $13.9/page Order now Nevertheless, the 1621 feast has become a model that we think of for our own Thanksgiving. The Pilgrims were not the first people to have a celebration of this kind. Many other civilizations held festivals to celebrate the harvest. The ancient Greeks and Romans prayed to the gods and goddesses of the harvest, and also originated the idea of the cornucopiathe horn of plenty. The Jews celebrate the holiday Sukkot, which honors the awards of the harvest, and the Chinese enjoy the celebration of the Harvest Moon. Even native New Yorkers commemorate the harvest long before Thanksgiving arrives. Pumpkins, apples and corn are abundant in the open-air markets of the city beginning in late September. The autumn of 1621 yielded a plentiful harvest and the Pilgrims, gathered together with the Massasoit Indians to reap the awards of hard work. Celebrating Thanksgiving is like celebrating an even that includes the dead of over 11,000 Wampanoag Indians died due to illnesses that they contracted from white settlers. The truth of the matter is, when the Pilgrims arrived, they found an abandoned Wampanoag village and moved right in. In 1618, a massive epidemic of an unknown disease left by English explorers swept across Wampanoag country and decimated many of the villages. This epidemic caused the death of ten to thirty percent of the total population and all but a few of the 2,000 people of the village of Patuxet. When the Pilgrims arrived in 1620, they landed at Patuxet with no idea of what had occurred. At this point, there were only about 2,000 members left in the Wampanoag tribe, down from 12,000 in 1600. Despite the incredible losses to his people, Wampanoag leader Massasoit and 90 of his men sat down for a harvest celebration offered by the white men. For three days the Wampanoag and Pilgrims feasted on deer, wild turkey, fish, beans, squash, corn and other foods native to North America. Although the celebration was good-natured, this event truly signifies the beginning of a drastic decline of native culture and Thanksgiving would be more fittingly observed as a day of mourning rather than a celebration. In the years that followed, skirmishes occurred and more Native Americans were killed. In 1637, English soldiers massacred 700 Pequot men, women and children as an example of the English way of war, yet we still celebrate Thanksgiving as a joyful event. So, as we sit down for our Thanksgiving dinner, let us consider the words of Frank James in his 1970 speech: Today is a time of celebrating for you but it is not a time of celebrating for me. It is with a heavy heart that I look back upon what happened to my people. When the Pilgrims arrived, we, the Wampanoags, welcomed them with open arms, little knowing that it was the beginning of the end. . Thanksgiving Essay Example For Students Thanksgiving Essay Thanksgiving Essay Day, national holiday in the U.S. commemorating the harvest reaped by the Plymouth Colony in 1621. The first national Thanksgiving Day was proclaimed by Pres. Washington for Nov. 26, 1789. Pres. Lincoln revived the custom in 1863. In 1941 Congress decreed that Thanksgiving should fall on the fourth Thursday of November. The customary turkey dinner is a reminder of the four wild turkeys served at the PILGRIMS first thanksgiving feast. national holiday in the United States commemorating the harvest reaped by the Plymouth Colony in 1621, after a winter of great starvation and privation. In that year Gov. William Bradford proclaimed a day of thanksgiving, and the feast was shared by all the colonists and the neighboring Native Americans. Although similar observances were held locally, they were sporadic and at no set time. After the American Revolution the first national Thanksgiving Day, proclaimed by George Washington, was Nov. 26, 1789. Abraham Lincoln, urged by Sarah J. We will write a custom essay on Thanksgiving specifically for you for only $16.38 $13.9/page Order now Hale, revived the custom in 1863, appointing as the date the last Thursday of November. In 1939, 1940, and 1941 Franklin D. Roosevelt proclaimed Thanksgiving the third Thursday in November. When a contradiction arose between Roosevelts proclamation and some of those of state governors, Congress passed a joint resolution in 1941 decreeing that Thanksgiving should fall on the fourth Thursday of November. The day is observed by church services and family reunions; the customary turkey dinner is a reminder of the four wild turkeys served at the Pilgrims first thanksgiving feast. Bibliography: Student Referance Library . Thanksgiving Essay Example For Students Thanksgiving Essay Thanksgiving Essay Day, national holiday in the U.S. commemorating the harvest reaped by the Plymouth Colony in 1621. The first national Thanksgiving Day was proclaimed by Pres. Washington for Nov. 26, 1789. Pres. Lincoln revived the custom in 1863. In 1941 Congress decreed that Thanksgiving should fall on the fourth Thursday of November. The customary turkey dinner is a reminder of the four wild turkeys served at the PILGRIMS first thanksgiving feast. national holiday in the United States commemorating the harvest reaped by the Plymouth Colony in 1621, after a winter of great starvation and privation. In that year Gov. William Bradford proclaimed a day of thanksgiving, and the feast was shared by all the colonists and the neighboring Native Americans. Although similar observances were held locally, they were sporadic and at no set time. After the American Revolution the first national Thanksgiving Day, proclaimed by George Washington, was Nov. 26, 1789. Abraham Lincoln, urged by Sarah J. We will write a custom essay on Thanksgiving specifically for you for only $16.38 $13.9/page Order now Hale, revived the custom in 1863, appointing as the date the last Thursday of November. In 1939, 1940, and 1941 Franklin D. Roosevelt proclaimed Thanksgiving the third Thursday in November. When a contradiction arose between Roosevelts proclamation and some of those of state governors, Congress passed a joint resolution in 1941 decreeing that Thanksgiving should fall on the fourth Thursday of November. The day is observed by church services and family reunions; the customary turkey dinner is a reminder of the four wild turkeys served at the Pilgrims first thanksgiving feast. Bibliography Student Referance Library History Reports . Thanksgiving Essay Example For Students Thanksgiving Essay When the Mayflower landed at Plymouth Rock almost four centuries ago, settlers laid the foundations for a republic. Thanksgiving Essay is a traditional American holiday celebrated on the third Thursday in November. The roots of the holiday date back to the early 17th century when a group of settlers made a difficult voyage from Europe to start a colony. Their first winter in what is now Massachusetts was devastating, and more than half of them died. The harvest later that year was minimal. In thanks for Gods many miracles that enabled them to survive and prosper. Later, an Indian named Squanto found the hungry and ill Americans, then he ran to his tribe and told them that there were some sick people on the shore so the Indian tribe brought food from there farms and helped the settlers survive. They celebrated with a feast of thanksgiving, which Americans commemorate today. Bibliography: . 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Prevalence of Female Circumcision Essays

Prevalence of Female Circumcision Essays Prevalence of Female Circumcision Paper Prevalence of Female Circumcision Paper In the case of Nawal who faces the hard task of deciding whether to let her daughter circumcised or not, I would insist that adhering to cultural tradition does not denote putting the life of her dear daughter at stake. By all means I would make her see the consequences of the operation for it may fulfill tradition but her daughter’s life may only add to the statistics of unfortunate women who perished while undergoing the operation. I would advise Nawal that saving her daughter’s life and protecting her from probable harm do not violate any law and any tradition, and advise her to make the other family members see the extreme health hazards of the practice, not to mention the depravation of female sexual fulfillment and furthermore, I would show Nawal strong evidences of medical risks of female circumcision. Perhaps her other family members are not that insensitive to turn a blind eye on the thought of losing one of their relatives because of some ancient practice which possesses no benefit and all hazards. And also, I would make Nawal understand that the health, life, and well-being of her daughter come first and foremost than anything with regards to religion, tradition or culture. With all due respect, the culture or heritage of a person should be viewed with utmost value. Virtually all Americans possess an ancestry that is not American – of British, Italian, German, Asian, African, almost of all nationalities. But the case of female circumcision possesses no place in today’s society. Realistically speaking, it is the most hypocrite and disguised manner to degrade the female gender. FGM suppresses the rights of a woman to sexual fulfillment, to a better status in society, and shames her in the most unimaginable and inhumane way. By all means, FGM must be outlawed. No disrespect intended to those people practicing it and to those who already have undergone the operation, but the practice is simply barbaric, ancient and only fit for uncivilized, cannibalistic, and atheistic societies. Circumcision of women worldwide is a form of violence â€Å"against their quest for equality, justice and equity. † (Okume, 2007). References: Davidson, M. E. (2007). Female Circumcision: What Medical Students Should Know. Oxford Medical School Gazette, 2, Retrieved July 8, 2007, from medsci. ox. ac. uk/gazette/previousissues/54vol1/Part2 Kluge, E. (1993 January 15). Female circumcision: When Medical Ethics confronts cultural values. CANADIAN MEDICAL ASSOCIATION JOURNAL, 148, Retrieved July 8, 2007, From cirp. org/library/legal/Canada/kluge1/ Michael, M. (2007 June 29). Egypt Officials Ban Female Circumcision. Associated Press, Retrieved July 8, 2007, from http://0-www. sfgate. com. mill1. sjlibrary. org/cgi bin/article. cgi? f=/n/a/2007/06/29/international/i171552D82. DTL Mwangi, R. , Smith-Stoner, M. (2002). Caring for the Patient Who Has Undergone Female Circumcision. Home Healthcare Nurse, 1, Retrieved July 8, 2007, from homehealthcarenurseonline. com/pt/re/homehealthnurse/fulltext. Okin, S. (2007). Retrieved July 8, 2007, from What about female genital mutilation? And why\ understanding culture matters in the first place Web site: http://findarticles. com/p/articles/mi_qa3671/is_200010/ai_n8920226

Implications and Limitations of Economic Feasibility Statistics Project

Implications and Limitations of Economic Feasibility - Statistics Project Example Out of the variables, however, only Staffed beds, Medicare Days, Total Surgeries, and RN FTE were significant to the hospital's total operations cost. Â  One of the implications of the study is a target-specific approach to management of operations costs for greater profit margins. The identifying signs of only Staffed beds, Medicare Days, Total Surgeries, and RN FTE means that the other variables do not influence total operations costs and should therefore not utilize the managements’ time while planning for the optimal cost for operations. I would focus only on the four significant variables in managing costs and in using costs to determine the optimal level of service delivery that a hospital should ensure. I would use operations management strategies to determine the optimal level of a mix for Staffed beds, Medicare Days, Total Surgeries, and RN FTE that can optimize marginal returns through the coefficients suggest a greater focus on RN FTE_05 then Staffed beds_05 in the determination of costs and its derivative decisions. Reducing the costs through efficiency strategies would be a priority for ensuring sustainable pro fit margins (White and Wu, 2014). Â  This also implies that profitability of hospitals do not depend on type of locality and with consideration of competition due to concentration of facilities in urban areas, I would locate a hospital, especially for a new organization, in a rural area because while competition is lower in the locality, costs are the same, ceteris paribus.

Where do toll road fees go Essay Example | Topics and Well Written Essays - 250 words

Where do toll road fees go - Essay Example gh state law states that it is up to the county attorney to decide what to do with the funds collected, it is only common sense to suggest that the funds are put back into the local county transportation system. Stafford suggested that the law does not provide any provisions for having to use it all on the toll road. Yes, that is correct, but the fact remains that not a single cent is put back into the toll road. Where the money actually goes is to provide parties for county events and also to pay employees of the local county. I believe that there should be more accountability on the part of the county attorney. What he is currently doing is almost stealing because he is using taxpayer dollars to fund something that the taxpayers have not been consulted about. Not all of the toll road fines fund needs to be put back into the toll road, but a significant portion of it needs to be used so there is

Why is it so difficult to assess and evaluate the likelihood of Essay

Why is it so difficult to assess and evaluate the likelihood of terrorist attacks, both within the United States and throughout the world - Essay Example terrorist attacks in the United States made the government and counter-terrorist organizations realize the urgent and efficient need of counter-terrorist tactics and methodologies for the protection of their public, leadership and infrastructure. Governments of countries all across the world are emerging with modern and effectual strategies. However, certain hindrances are faced during the process of terrorist risk assessment and evaluation. The paper highlights such problems. Terrorists have used a variety of tactics over a period of time to bring about fear in the minds of general public or any particular group of people. Hence, it would be safe to say that terrorists aim to cause a psychological impact significantly. Common tactics employed by terrorists are bombings, biological and chemical attacks, environmental attacks such as hazardous waste disposal and other tactics such as hijacking, kidnapping, sabotage and arson (Duncan et al 313). International counterterrorism efforts include not only state-to-state co-operation but also multilateral co-ordination such as through Interpol. However, it has been observed that Interpol, international police agency, effectiveness has been restricted due to particular reasons. It is poorly funded and the quantity of staff is also not enough limiting its effectiveness. Moreover, Interpol is not allowed to involve in political issues (Duncan et al 315). The separation of Interpol from politics makes counterterroris m a difficult procedure as most of the terrorist attacks are related to political issues and circumstances. The European Union also developed a similarly acting agency called as Europol. Although Europol works effectively in controlling drugs and human trafficking, the counterterrorism efforts are still lagging behind. Europol requires political, technical and financial enhancement and development to tackle terrorist organizations or activities (Duncan et al 315). One of the major problems faced by the

You Cant Escape Death by William Golding Essay Example for Free

You Cant Escape Death by William Golding Essay There was once a man called Jack and he loved life so much he never wanted to die. He and his friends all lived in a little valley away from everybody. One day Jack decided to go see the lady of the cave to ask if there was any way in which he could live forever. When he got there the woman said, I know why you have come. Jack thought this woman was kind of scary but Jack didnt mind at all and she said, But there is nothing I can do for you. If you go and see the man of the forest he is much older than me and he may be able to help. The next day Jack got up and started his walk to the man of the forest, but when he got there Jack had to sit down because his legs ached so much as it had taken him half the day to get there. When he arrived the man of the forest looked very old and he said How are you? Jack asked, Are you the man of the forest? He said, Yes I am and what can I do for you? I want to know if you are going to live for ever. Yes I will live until all the trees in this forest die or fall down but that wasnt good enough for Jack he wanted to live forever. Jack went back home and went to bed. When he woke up next day he thought he would go and see the man of the river. He is very old and wise he will know! So he set on his way. It took him the whole day to walk there. He found the man lying drinking from the river and Jack introduced himself and asked the old man if he was going to live forever. The old man said, I will live until I drink this whole river dry. But that wasnt good enough for Jack. So he went back home to bed. The next day he got up and said, I know, I will go and see the man of the mountain. He set off. This was the longest journey of all, it took him two whole days to get there but he eventually made it and then he climbed the mountain, up to the mans castle. He knocked on the door and the very old man answered and said, Hi Jack I know why you are here and yes I will live until this mountain stands no more. Jack said, Yes can I live with you. So Jack moved in with the man and they lived for a very long time peacefully together. 200 years passed and they were both still lived happily together. Yet one day Jack decided he wanted to go back to see his old village and see how it had changed. The old man said, It will not be the same none of your friends will be there. Still if it pleases you that much you can take my horse. It will get you there and back in one day, but you must not get off this horse. If you do you will die. So Jack set off but when he arrived it had all changed. There were tall buildings and things on four wheels that Jack didnt like at all, so Jack went home and was very sad about his old village. On his way back he saw an old man sitting by the side of the road next to an over turned carriage and in the carriage were lots of worn out shoes. The old man asked Jack to help him. Please I cant lift my carriage back up can you help me? But Jack said, I am not allowed to get off my horse for any thing. But Jack felt sorry for the man and got off to help him. When the carriage was back on the road Jack asked, What are all the worn out shoes were for? The old man replied My name is Death and these are the shoes I have worn out running after you

Essay --

April Greiman is a contemporary designer who is recognized all across the world. Through her life she is known as the first designer to use computer technology. Her work is signature for her use of different materials, texture, and color. She has also inspired many people, and has been inspired by many professors and artist in her lifetime. She continues today to impress people with her knowledge of graphics, architecture, and environment. April Grieman was born in New York City in 1948. She studied art in Switzerland at Basel School of Design. She then studied at the Kansas City Art Institute. After graduating, she moved back to New York City to work as a freelance artist until 1976. This same year, she moved to Los Angeles, California, where she opened â€Å"Made in Space, Inc.† This became a well-known graphic design studio. In 1980, April Greiman was among the very first graphic designers to fully realize the design potential in the Macintosh Apple computer. She also picked up on Quantel Painbox digital technology. She is one of the most influential graphic designers using the digital media. In 1982, Greiman became the head of the design department at the California Institute of the Arts. In the 1990’s, she wrote and published a book called â€Å"Hybrid Imagery: The Fusion of Technology and Graphic Design.† April Greiman has worked as a designer for the MAK Center for Arts and Architecture in L os Angeles. Since then, April continues to work today for companies such as Espirit, Benetton, Sears, and AOL/ Time- Warner, Microsoft, the US Postal Services, and the architects Frank O. Gehry, RoTo Architects, and others. April Greiman has received numerous awards and distinctions for her work. April works at the border some of the discipli... ...itional photographic images and cutting- edge digital images, including a life-sized self-portrait. These images were various personal images with personal significance. She told her audience to â€Å"think with the heart† and reach her audience emotionally. This was one of the first major commissions that started her successful on going career. Another successful commission was the design for Cerritos Center for the Performing Arts as seen in Figure 2. This was commissioned in 1993 in Southern California. In this project, she worked closely with RoTo Architects. German had been sought- after for her expertise in color, surfaces and materials. She is known for this piece for the materials and color applied to the buildings interiors, exteriors, and campus. With this building she included the design of exterior tiles and other architectural elements and printed pieces.

Dangers of Bottled Water Informative Speech

Dangers of Bottled Water General Purpose: To Inform Specific Purpose: At the end of my speech my audience will able to describe the dangers of Bottled water. Central idea: Bottled water is not as safe as people believe it to be. Organization Style: Cause and Effect I. Introduction Attention getter: â€Å"Every five minutes in the U. S over 2 million plastic bottles are used (Arrey). † Americans drink about 7 billion gallons of bottled water a year that’s about $8 billion dollars in sales per year (Arrey). We all drink bottled mineral water these days.We all like to think it's a far healthier option than tap water. It's extremely handy to be able to carry around your own water supply in in this hectic and fast paced world we live in. As you all know in am a chemistry major so I spend a lot of time in a lab. I have noticed that the that the purified water we use isn’t as pure as we would like it to be. This water is purified the same way that most bottled water is. So this made me wonder what is in the water causing it to react with thing that is shouldn’t be reacting with.So I stared doing research and found report after report that are reveal the facts that the industry dosen’t want you to know the true face of the bottled mineral water industry. Preview points: As I progressed through research and found that the easiest way to divide the startling facts into to three categories the first the ture Sources of the water, then move on to Quality and the nasty hidden secrets, and finally Bottled Water vs. tap. II Body. A. The Source 1.We are all too easily fooled by fancy pictures a fancy language we really need to stop and read more carefully the labels of the food products we are consuming because often first appearances are misleading. a. Example Alaska Premium Glacier Drinking water claims to be the pure glacier water from the last unpolluted frontier, the actual source comes from a municipal water supply in Greenville, Tennes see (Layton). 2. One brand that claims to come from a mountain range actual comes out of the back of a car park. 3. The truth is that 40 per cent of mineral water you buy ctual come from the tap and they label it as â€Å"pure Spring Water† of â€Å"Natures water†. 4. As a matter of fact, you and I could start our own bottled water company tomorrow and the FDA would have very little authority over us and the brand. 5. Even if a manufacture is caught selling unsafe water the most they can be fined for is that they are false adverting there are no fines for any of the health hazards that it may have presented to the local population. Now that I have discuss the hidden secrets of the sources lets move on to the quality of the water.II. Quality 1. When we all think mineral water these days we think of it as far safer option. Research has proven otherwise. a. The Environmental Working Group conducted a comprehensive test on 10 of the top U. S. brands of bottled water and fo und an alarming amount of containments. Out of these brands tested and contaminated a total of 38 chemical pollutants there was an average of 8 contaminants in each brand. b. The list of the 10 brands tested is anonymous as part of market based research, except for 2 brands: Wal-Mart and Giant bottled water brands.These 2 were actually named in this study because the first tests and numerous follow-up tests confirmed that these 2 brands contained contaminants at levels that exceeded state standards or voluntary industry guidelines. 1. The most alarming contaminants were cancer causing byproducts of population, fertilizer residue, industrial solvents, caffeine, pharmaceutical and heavy metal mineral including arsenic and radioactive isotopes(Evolving). B. 1. Another study showed that nearly one third of the brands on the market have an illegal level of bacterial growth.This study also found high levels as high as 13 parts per billion of arsenic tap water is only allowed to have 5 par ts per billion. 2. They also found Phthalates which is a chemical compound that mimic estrogen. 3. This test went on to test this impurities on lab rates and found that the damaged the genitals, kidneys, liver and lungs, and know they are starting to find these same symptoms in humans. 3 Bottled water vs. Tap A. FDA regulations for bottled water are more lax than the that of the U. S. Environmental Protection Agency which regulations for municipal drinking water. 1.FDA regulations start with the most basic must have a sanitary container and sanitary environment. 2. According to â€Å"HowStuffWorks† The FDA states that it must come from approved sources. But the FDA but does not come out and make sure it is safe it just means it comes from either a protected natural source, such as a spring or artesian well in which measures have been taken to assure against contamination by surface water; or a municipal source of drinking water. 3. There are rules on what the bottle can say t hey do have to put if the water originally came from an untreated sources (Layton).B. In some areas FDA regulation on bottled whatever are stricter than the EPA rules C. Example- Tap water, which travels through lead pipes to get to your faucet, is allowed to have up to 15 parts per billion of lead by necessity, whereas bottled water can't have more than 5 parts per billion. D. This rules all sounds great in theory, but the harsh reality is that, about 70 percent of bottled water never crosses state lines for sale, making it exempt from FDA oversight(Baskin). E. However in most cases EPA rules are much stricter. 1.Tap water is not allowed to contain any Coli or fecal coliform bacteria at all (Coli can cause illness, and fecal coliform can indicate the presence of disease-causing agents), bottled water is allowed to have trace amounts of these contaminants. 2. Bottled water sources are typically tested for harmful contaminants once a week at most. They results are not disclosed to th e public or community whereas municipal water supplies are tested hundreds of times every month. As I conutiued to read on this subject I kept seing that bottled water had a 4,000 percent markup up value.Since I work at walmart that gives me the ability to scan the item and look up the mark up value so I did and I found this to be ture. III. Conclusion So to recap: – Bottled water has the main dangers 1-Source of the water in the bottle; with little regulation we could be drinking anything and we are not provided results or data for what the water contains 2- Quality. Even the bottled water from reliable sources is still not as purified sometimes as would a home water treatment do for probably at the same price, if not less. 3- Just because it is bottled ater dose not meant that it is any better than regular tap water. `Works Cited Arrey, Eliel. â€Å"3 Dangers YOU Ought To Know About Bottled Water. † EzineArticles. com. SparkNET, 5 Oct. 2010. Web. 6 Mar. 2013. Baskind , Chris. â€Å"MNN – Mother Nature Network. † MNN – Mother Nature Network. Http://www. glickinteractive. com/, 15 Mar. 2010. Web. 06 Mar. 2013. â€Å"Evolving Wellness. † Evolving Wellness RSS. Http://www. evitaochel. com, 18 Oct. 2008. Web. 06 Mar. 2013. Layton, Julia. â€Å"How Bottled Water Works† 29 August 2006. HowStuffWorks. com. 06 March 2013.

The Juice

chapter seven measuring domestic output and national income CHAPTER OVERVIEW News headlines frequently report the status of the nation’s economic conditions, but to many citizens the information is confusing or incomprehensible. This chapter acquaints students with the basic language of macroeconomics and national income accounting. GDP is defined and explained. Then, the differences between the expenditure and income approaches to determining GDP are discussed and analyzed in terms of their component parts. The income and expenditure approaches are developed gradually from the basic expenditure-income identity, through tables and figures.The importance of investment is given considerable emphasis, including the nature of investment, the distinction between gross and net investment, the role of inventory changes, and the impact of net investment on economic growth. On the income side, nonincome charges—depreciation and indirect business taxes—are covered in detai l because these usually give students the most trouble. Other measures of economic activity are defined and discussed, with special emphasis on using price indexes. The purpose and procedure of deflating and inflating nominal GDP are carefully explained and illustrated.Finally, the shortcomings of current GDP measurement techniques are examined. Global comparisons are made with respect to size of national GDP and size of the underground economy. The Last Word looks at the sources of data for the GDP accounts. INSTRUCTIONAL OBJECTIVES After completing this chapter, students should be able to 1. State the purposes of national income accounting. 2. List the components of GDP in the output (expenditures) approach and in the income approach. 3. Compute GDP using either the expenditure or income approach when given national income data. 4. Differentiate between gross and net investment. . Explain why changes in inventories are investments. 6. Discuss the relationship between net investmen t and economic growth. 7. Compute NDP, NI, PI, and DI when given relevant data. 8. Describe the system represented by the circular flow in this chapter when given a copy of the diagram. 9. Calculate a GDP price index using simple hypothetical data. 10. Find real GDP by adjusting nominal GDP with use of a price index. 11. List seven shortcomings of GDP as an index of social welfare. 12. Explain what is meant by the underground economy and state its approximate size in the U.S. and how that compares to other nations. 13. Give an estimate of actual 2002 (or later) U. S. GDP in trillions of dollars and be able to rank the U. S. relative to a few other countries. 14. Define and identify terms and concepts listed at the end of the chapter. LECTURE NOTES I. Assessing the Economy’s Performance A. National income accounting measures the economy’s performance by measuring the flows of income and expenditures over a period of time. B. National income accounts serve a purpose for the economy similar to income statements for business firms.C. Consistent definition of terms and measurement techniques allows us to use the national accounts in comparing conditions over time and across countries. D. The national income accounts provide a basis for appropriate public policies to improve economic performance. II. Gross Domestic Product A. GDP is the monetary measure of the total market value of all final goods and services produced within a country in one year. 1. Money valuation allows the summing of apples and oranges; money acts as the common denominator. (See Table 7. 1. ) 2.GDP includes only final products and services; it avoids double or multiple counting by eliminating any intermediate goods used in production of these final goods or services. (Table 7. 2 illustrates how including sales of intermediate goods would overstate GDP. ) 3. GDP is the value of what has been produced in the economy over the year, not what was actually sold. B. GDP Excludes Nonprodu ction Transactions 1. GDP is designed to measure what is produced or created over the current time period. Existing assets or property that was sold or transferred, including used items, are not counted. . Purely financial transactions are excluded. a. Public transfer payments, like social security or cash welfare benefits. b. Private transfer payments, like student allowances or alimony payments. c. The sale of stocks and bonds represent a transfer of existing assets. (However, the brokers’ fees are included for services rendered. ) 3. Secondhand sales are excluded; they do not represent current output. (However, any value added between purchase and resale is included, e. g. , used car dealers. ) C. Two Ways to Look at GDP: Spending and Income. 1.What is spent on a product is income to those who helped to produce and sell it. 2. This is an important identity and the foundation of the national accounting process. D. Expenditures Approach (See Figure 7. 1 and Table 7. 3. ) 1. GDP is divided into the categories of buyers in the market; household consumers, businesses, government, and foreign buyers. 2. Personal Consumption Expenditures—(C)—includes durable goods (goods lasting 3 years or more), nondurable goods, and services. 3. Gross Private Domestic Investment—(Ig) a. All final purchases of machinery, equipment, and tools by businesses. . All construction (including residential). c. Changes in business inventory. i. If total output exceeds current sales, inventories build up. ii. If businesses are able to sell more than they currently produce, this entry will be a negative number. d. Net Private Domestic Investment—(In). i. Each year as current output is being produced, existing capital equipment is wearing out and buildings are deteriorating; this is called depreciation or consumption of fixed capital. ii. Gross Investment minus depreciation (consumption of fixed capital) is called net investment. iii.If more new structures and capital equipment are produced in a given year than are used up, the productive capacity of the economy will expand. (Figure 7. 2) iv. When gross investment and depreciation are equal, a nation’s productive capacity is static. v. When gross investment is less than depreciation, an economy’s production capacity declines. vi. CONSIDER THIS †¦ Stock Answers about Flows 4. Government Purchases (of consumption goods and capital goods) – (G) a. Includes spending by all levels of government (federal, state, and local). b.Includes all direct purchases of resources (labor in particular). c. This entry excludes transfer payments since these outlays do not reflect current production. 5. Net Exports— (Xn) a. All spending on final goods produced in the U. S. must be included in GDP, whether the purchase is made here or abroad. b. Often goods purchased and measured in the U. S. are produced elsewhere (Imports). c. Therefore, net exports, (Xn) is the difference : (exports minus imports) and can be either a positive or negative number depending on which is the larger amount. 6. Summary: GDP = C + Ig + G + Xn E.Income Approach to GDP (See Table 7. 3): Demonstrates how the expenditures on final products are allocated to resource suppliers. 1. Compensation of employees includes wages, salaries, fringe benefits, salary and supplements, and payments made on behalf of workers like social security and other health and pension plans. 2. Rents: payments for supplying property resources (adjusted for depreciation it is net rent). 3. Interest: payments from private business to suppliers of money capital. 4. Proprietors’ income: income of incorporated businesses, sole proprietorships, partnerships, and cooperatives. . Corporate profits: After corporate income taxes are paid to government, dividends are distributed to the shareholders, and the remainder is left as undistributed corporate profits. 6. The sum of the above entries equals national in come: all income earned by American-supplied resources, whether here or abroad. 7. Adjustments required to balance both sides of the account: a. Indirect business taxes: general sales taxes, excise taxes, business property taxes, license fees and customs duties (the seller treats these taxes as a cost of production). . Depreciation/Consumption of Fixed Capital: The firm also regards the decline of its capital stock as a cost of production. The depreciation allowance is set aside to replace the machinery and equipment used up. In addition to the depreciation of private capital, public capital (government buildings, port facilities, etc. ), must be included in this entry. c. Net foreign factor income: National income measures the income of Americans both here and abroad. GDP measures the output of the geographical U. S. regardless of the nationality of the contributors.To make this final adjustment, the income of foreign nationals must be added and American income earned abroad must b e subtracted. Sometimes this entry is a negative number. (Without this adjustment you have GNP. ) III. Other National Accounts (see Table 7. 4) A. Net domestic product (NDP) is equal to GDP minus depreciation allowance (consumption of fixed capital). B. National income (NI) is income earned by American-owned resources here or abroad. Adjust NDP by subtracting indirect business taxes and adding net American income earned abroad. Note: This may be a negative number if foreigners earned more in U. S. than American resources earned abroad. ) C. Personal income (PI) is income received by households. To calculate, take NI minus payroll taxes (social security contributions), minus corporate profits taxes, minus undistributed corporate profits, and add transfer payments. D. Disposable income (DI) is personal income less personal taxes. IV. Circular Flow Revisited (see Figure 7. 3) A. Compare to the simpler model presented in earlier chapters. Now both government and foreign trade sectors ar e added.B. Note that the inside covers of the text contain a useful historical summary of national income accounts and related statistics. V. Nominal versus Real GDP A. Nominal GDP is the market value of all final goods and services produced in a year. 1. GDP is a (P x Q) figure including every item produced in the economy. Money is the common denominator that allows us to sum the total output. 2. To measure changes in the quantity of output, we need a yardstick that stays the same size. To make comparisons of length, a yard must remain 36 inches.To make comparisons of real output, a dollar must keep the same purchasing power. 3. Nominal GDP is calculated using the current prices prevailing when the output was produced, but real GDP is a figure that has been adjusted for price level changes. B. The adjustment process in a one-good economy (Table 7. 5). Valid comparisons cannot be made with nominal GDP alone, since both prices and quantities are subject to change. Some method to sepa rate the two effects must be devised. 1. One method is to first determine a price index, (see Equation 1) and then adjust the nominal GDP figures by dividing y the price index (in hundredths) (see Equation 2). 2. An alternative method is to gather separate data on the quantity of physical output and determine what it would sell for in the base year. The result is Real GDP. The price index is implied in the ratio: Nominal GDP/Real GDP. Multiply by 100 to put it in standard index form (see Equation 3). C. Real World Considerations and Data 1. The actual GDP price index in the U. S. is called the chain-type annual-weights price index, and is more complex than can be illustrated here. 2.Once nominal GDP and the GDP price index are established, the relationship between them and real GDP is clear (see Table 7. 7). 3. The base year price index is always 100, since Nominal GDP and Real GDP use the same prices. Because the long-term trend has been for prices to rise, adjusting Nominal GDP to Real GDP involves inflating the lower prices before the base year and deflating the higher prices after the base year. 4. Real GDP values allow more direct comparison of physical output from one year to the next, because a â€Å"constant dollar† measuring device has been used. The purchasing power of the dollar has been standardized at the base-year level. ) VI. Shortcomings of GDP A. GDP doesn’t measure some very useful output because it is unpaid (homemakers’ services, parental child care, volunteer efforts, home improvement projects). B. GDP doesn’t measure improvements in product quality or make allowances for increased leisure time. C. GDP doesn’t measure improved living conditions as a result of more leisure. D. GDP makes no value adjustments for changes in the composition of output or the distribution of income. . Nominal GDP simply adds the dollar value of what is produced; it makes no difference if the product is a semiautomatic rifle or a jar of baby food. 2. Per capita GDP may give some hint as to the relative standard of living in the economy; but GDP figures do not provide information about how the income is distributed. E. The Underground Economy 1. Illegal activities are not counted in GDP (estimated to be around 8% of U. S. GDP). 2. Legal economic activity may also be part of the â€Å"underground,† usually in an effort to avoid taxation. F.GDP and the environment 1. The harmful effects of pollution are not deducted from GDP (oil spills, increased incidence of cancer, destruction of habitat for wildlife, the loss of a clear unobstructed view). 2. GDP does include payments made for cleaning up oil spills and the cost of health care for cancer victims. G. Noneconomic Sources of well-being like courtesy, crime reduction, etc. , are not covered in GDP. VII. LAST WORD: Feeding the GDP Accounts A. GDP is compiled by the Bureau of Economic Analysis (BEA) in the U. S. Commerce Department.Where does it get its data? Explanation follows. B. Consumption data comes from 1. Census Bureau’s â€Å"Retain Trade Survey† from a sample of 22,000 firms. 2. Census Bureau’s â€Å"Survey of Manufacturers,† which gets information on consumer goods shipments from 50,000 firms. 3. Census Bureau’s â€Å"Service Survey† of 30,000 service businesses. 4. Industry trade sources like auto and aircraft sales. C. Investment data comes from 1. All the consumption sources listed above. 2. Census construction surveys. D. Government purchase data is obtained from 1. U. S.Office of Personnel Management, which collects data on wages and benefits. 2. Census construction surveys of public projects. 3. Census Bureau’s â€Å"Survey of Government Finance. † E. Net export information comes from 1. U. S. Customs Service data on exports and imports. 2. BEA surveys on service exports and imports. ANSWERS TO END-OF-CHAPTER QUESTIONS 7-1In what ways are national income stati stics useful? National income accounting does for the economy as a whole what private accounting does for businesses. Firms measure income and expenditures to assess their economic health.The national income accounting system measures the level of production in the economy at some particular time and helps explain the significance at that level. By comparing national accounts over a number of years, we can track the long-run course of the economy. Information supplied by national accounts provide a basis for designing and applying public policies to improve the performance of the economy. Without national accounts, economic policy would be guesswork. National income accounting allows us to assess the health of an economy and formulate policies to maintain and improve that health. -2Explain why an economy’s output is also its income? Everything that is produced is sold, even if the â€Å"selling,† in the case of inventory, is to the producing firm itself. Since the same amount of money paid out by the buyers of the economy’s output is received by the sellers as income (looking only at a private-sector economy at this point), â€Å"an economy’s output is also its income. † 3. (Key Question) Why do national income accountants include only final goods in measuring GDP for a particular year? Why don’t they include the value of stocks and bonds sold?Why don’t they include the value of used furniture bought and sold? The dollar value of final goods includes the dollar value of intermediate goods. If intermediate goods were counted, then multiple counting would occur. The value of steel (an intermediate good) used in autos is included in the price of the auto (a final product). This value is not included in GDP because such sales and purchases simply transfer the ownership of existing assets; such sales and purchases are not themselves (economic) investment and thus should not be counted as production of final goods and services.Used furniture was produced in some previous year; it was counted as GDP then. Its resale does not measure new production. 7-4What is the difference between gross private domestic investment and net private domestic investment? If you were to determine net domestic product (NDP) through the expenditures approach, which of these two measures of investment spending would be appropriate? Explain. Gross private domestic investment less depreciation is net private domestic investment. Depreciation is the value of all the physical capital—machines, quipment, buildings—used up in producing the year’s output. Since net domestic product is gross domestic product less depreciation, in determining net domestic product through the expenditures approach it would be appropriate to use the net investment measure that excludes depreciation, that is, net private domestic investment. 7-5Why are changes in inventories included as part of investment spending? Suppose inve ntories declined by $1 billion during 2003. How would this affect the size of gross private domestic investment and gross domestic product in 2003? Explain.Anything produced by business that has not been sold during the accounting period is something in which business has invested—even if the â€Å"investment† is involuntary, as often is the case with inventories. But all inventories in the hands of business are expected eventually to be used by business—for instance, a pile of bricks for extending a factory building—or to be sold—for instance, a can of beans on the supermarket shelf. In the hands of business both the bricks and the beans are equally assets to the business, something in which the business has invested.If inventories declined by $1 billion in 2003, $1 billion would be subtracted from both gross private domestic investment and gross domestic product. A decline in inventories indicates that goods produced in a previous year have been used up in this year’s production. If $1 billion is not subtracted as stated, then $1 billion of goods produced in a previous year would be counted as having been produced in 2003, leading to an overstatement of 2003’s production. 7-6Use the concepts of gross and net investment to distinguish between an economy that has a rising stock of capital and one that has a falling stock of capital. In 1933 net private domestic investment was minus $6 billion. This means in that particular year the economy produced no capital goods at all. † Do you agree? Why or why not? Explain: â€Å"Though net investment can be positive, negative, or zero, it is quite impossible for gross investment to be less than zero. † When gross investment exceeds depreciation, net investment is positive and production capacity expands; the economy ends the year with more physical capital than it started with.When gross investment equals depreciation, net investment is zero and production ca pacity is said to be static; the economy ends the year with the same amount of physical capital. When depreciation exceeds gross investment, net investment is negative and production capacity declines; the economy ends the year with less physical capital. The first statement in wrong. Just because net investment was a minus $6 billion in 1933 does not mean the economy produced no new capital goods in that year. It simply means depreciation exceeded gross investment by $6 billion.So the economy ended the year with $6 billion less capital. The second statement is correct. If only one $20 spade is bought by a construction firm in the entire economy in a year and no other physical capital is bought, then gross investment is $20—a positive amount. This is true even if net investment is highly negative because depreciation is well above $20. If not even this $20 spade has been bought, then gross investment would have been zero. But gross investment can never be less than zero. 7-7D efine net exports.Explain how the United States’ exports and imports each affect domestic production. Suppose foreigners spend $7 billion on American exports in a given year and Americans spend $5 billion on imports from abroad in the same year. What is the amount of America’s net exports? Explain how net exports might be a negative amount. Net exports are a country’s exports of goods and services less its imports of goods and services. The United States’ exports are as much a part of the nation’s production as are the expenditures of its own consumers on goods and services made in the United States.Therefore, the United States’ exports must be counted as part of GDP. On the other hand, imports, being produced in foreign countries, are part of those countries’ GDPs. When Americans buy imports, these expenditures must be subtracted from the United States’ GDP, for these expenditures are not made on the United States’ prod uction. If American exports are $7 billion and imports are $5 billion, then American net exports are +$2 billion. If the figures are reversed, so that Americans export $5 billion and import $7 billion, then net exports are -$2 billion—a negative amount.For this to come about, Americans must either decrease their holdings of foreign currencies by $2 billion, or borrow $2 billion from foreigners—or do a bit of both. (Another option is to sell back to foreigners some of the previous American investments abroad. ) 7-8(Key Question) Below is a list of domestic output and national income figures for a given year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditure and income methods. The results you obtain with the different methods should be the same. | | |Personal consumption expenditures |$245 | |Net foreign factor income earned |4 | |Transfer payments |12 | |Rents |14 | |Consumption of fixed capital (depreciation) |27 | |Social security contributions |20 | |Interest |13 | |Proprietors’ income |33 | |Net exports |11 | |Dividends |16 | |Compensation of employees |223 | |Indirect business taxes |18 | |Undistributed corporate profits |21 | |Personal taxes |26 | |Corporate income taxes |19 | |Corporate profits |56 | |Government purchases |72 | |Net private domestic investment 33 | |Personal saving |20 | | | | a. Using the above data, determine GDP by both the expenditure and the income approaches. Then determine NDP. b. Now determine NI: first, by making the required additions and subtractions from GDP; and second, by adding up the types of income that make up NI. c. Adjust NI (from part b) as required to obtain PI. d. Adjust PI (from part c) as required to obtain DI. (a)GDP = $388, NDP = $361 (b)NI = $339 (c)PI = $291 (d)DI = $265 7-9Using the following national income accounting data, compute (a) GDP, (b) NDP, (c) NI. All figures are in billions. | | | Compensation of employees |$194. 2 | |U. S. exports of goods and services |17. 8 | |Consumption of fixed capital (depreciation) |11. 8 | |Government purchases |59. 4 | |Indirect business taxes |14. | |Net private domestic investment |52. 1 | |Transfer payments |13. 9 | |U. S. imports of goods and services |16. 5 | |Personal taxes |40. 5 | |Net foreign factor income earned in U. S. |2. 2 | |Personal consumption expenditures |219. | | | | |(a) Personal consumption expenditures (C) |$219. 1 | | Government purchases (G) |59. 4 | | Gross private domestic investment (Ig) |63. 9 | | (52. 1 + 11. 8) | | | Net exports (Xn) (17. 8 – 16. 5) | 1. 3 | | Gross domestic product (GDP) |$343. | | | | |(b) Consumption of fixed capital | -11. 8 | | Net domestic product (NDP) |$331. 9 | | | | |(c) Net foreign factor income earned in U. S. |-2. 2 | | Indirect business taxes | -14. 4 | | National income (NI) |$315. 3 | -10Why do national income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production? What problem is posed by any comparison over time of the market values of various total outputs? How is this problem resolved? If it is impossible to summarize oranges and apples as one statistic, as the saying goes, it is surely even more impossible to add oranges and, say, computers. If the production of oranges increases by 100 percent and that of computers by 10 percent, it does not make any sense to add the 100 percent to the 10 percent, then divide by 2 to get the average and say total production has increased by 55 percent.Since oranges and computers have different values, the quantities of each commodity are multiplied by their values or prices. Adding together all the results of the price times quantity figures leads to the aggregate figure showing the total value of all the final goods and services produced in the economy. Thus, to return to oranges and computers, if the value of orange prod uction increases by 100 percent from $100 million to $200 million, while that of computers increases 10 percent from $2 billion to $2. 2 billion, we can see that total production has increased from $2. 1 billion (= $100 million + $2 billion) to $2. 4 billion (= $200 million + $2. 2 billion).This is an increase of 14. 29 percent [= ($2. 4 billion – $2. 1 billion)/$2. 1 billion)]—and not the 55 percent incorrectly derived earlier. Comparing market values over time has the disadvantage that prices change. If the market value in year 2 is 10 percent greater than in year 1, we cannot say the economy’s production has increased 10 percent. It depends on what has been happening to prices; on whether the economy has been experiencing inflation or deflation. To resolve this problem, statisticians deflate (in the case of inflation) or inflate (in the case of deflation) the value figures for the total output so that only â€Å"real† changes in production are recorded .To do this, each item is assigned a â€Å"weight† corresponding to its relative importance in the economy. Housing, for example, is given a high weight because of its importance in the average budget. A book of matches would be given a very low weight. Thus, the price of housing increasing by 5 percent has a much greater effect on the price index used to compare prices from one year to the next, than would the price of a book of matches increasing by 100 percent. 7-11(Key Question) Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 1996 the price per bucket of chicken was $16 and that 22,000 buckets were purchased.Determine the GDP price index for 1984, using 1996 as the base year. By what percentage did the price level, as measured by this index, rise between 1984 and 1996? Use the two methods listed in Table 7-6 to determine real GDP for 198 4 and 1996. X/100 = $10/$16 = . 625 or 62. 5 when put in percentage or index form (. 625 x 100) [pic] or 60%(Easily calculated [pic]) Method 1:1996 = (22,000 x $16) ? 1. 0 = $352,000 1984 = (7,000 x $10) ? .625 = $112,000 Method 2:1996 = 22,000 x $16 = $352,000 1984 = 7,000 x $16 = $112,000 12. (Key Question) The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP.Indicate in each calculation whether you are inflating or deflating the nominal GDP data. | | | | | | |Nominal GDP, |Price index |Real GDP, | |Year |Billions |(1996 = 100) |Billions | | | | | | | | | | | |1960 |$527. 4 | |22. 9 | |$ ______ | |1968 |911. 5 | |26. 29 | |$ ______ | |1978 |2295. 9 | |48. 22 | |$ ______ | |1988 |4742. 5 | |80. 22 | |$ ______ | |1998 |8790. 2 | |103. 22 | |$ ______ | | | | | | Values for real GDP, top to bottom of the column: $2,376. 7 (inflating); $3,467. (inflating); $4,761. 3 (inflating); $5,911. 9 (inflating); $8,516 (deflating). 7 -13Which of the following are actually included in this year’s GDP? Explain your answer in each case. a. Interest on an AT&T bond. b. Social security payments received by a retired factory worker. c. The services of a family member in painting the family home. d. The income of a dentist. e. The money received by Smith when she sells her economics textbook to a book buyer. f. The monthly allowance a college student receives from home. g. Rent received on a two-bedroom apartment. h. The money received by Josh when he resells his current-year-model Honda automobile to Kim. i.Interest received on corporate bonds. j. A 2-hour decrease in the length of the workweek. k. The purchase of an AT&T corporate bond. l. A $2 billion increase in business inventories. m. The purchase of 100 shares of GM common stock. n. The purchase of an insurance policy. (a)Included. Income received by the bondholder for the services derived by the corporation for the loan of money. (b)Excluded. A transfer payment from taxpayers for which no service is rendered (in this year). (c)Excluded. Not a market transaction. If any payment is made, it will be within the family. (d)Included. Payment for a final service. You cannot pass on a tooth extraction! (e)Excluded.Secondhand sales are not counted; the textbook is counted only when sold for the first time. (f)Excluded. A private transfer payment; simply a transfer of income from one private individual to another for which no transaction in the market occurs. (g)Included. Payment for the final service of housing. (h)Excluded. The production of the car had already been counted at the time of the initial sale. (i)Included. The income received by the bondholders is paid by the corporations for the current use of the â€Å"money capital† (the loan). (j)Excluded. The effect of the decline will be counted, but the change in the workweek itself is not the production of a final good or service or a payment for work done. (k) Excluded.A noninv estment transaction; it is merely the transfer of ownership of financial assets. (If AT&T uses the money from the sale of a new bond to carry out an investment in real physical assets that will be counted. ) (l)Included. The increase in inventories could only occur as a result of increased production. (m)Excluded. Merely the transfer of ownership of existing financial assets. (n)Included. Insurance is a final service. If bought by a household, it will be shown as consumption; if bought by a business, as investment—as a cost added to its real investment in physical capital. 7-14(Last Word) What government agency compiles the U. S. NIPA tables? In what U. S. epartment is it located? Of the several specific sources of information, name one source for each of the four components of GDP: consumption, investment, government purchases, and net exports. The Bureau of Economic Analysis (BEA) in the Department of Commerce compiles GDP statistics. The Census Bureau provides survey data for consumption, investment, and government purchases. Consumption figures also come from industry trade sources as does some investment data. The U. S. Office of Personnel Management also provides data on government spending on services. Net export figures come from the U. S. Customs Service and BEA surveys on service exports and imports.

Currencies of Spanish-Speaking Countries

Currencies of Spanish-Speaking Countries Here are the currencies used in countries where Spanish is the official language. In Latin American countries where the dollar symbol ($) is used, it is common to use the abbreviation M.N. (moneda nacional) to distinguish the national currency from the U.S. dollar in situations where the context doesnt make clear which currency is meant, as in tourist areas. Spanish-Speaking Countries Currencies Argentina: The main unit of currency is the Argentine peso, divided into 100 centavos. Symbol: $. Bolivia: The main unit of currency in Bolivia is the boliviano, divided into 100 centavos. Symbol: Bs. Chile: The main unit of currency is the Chilean peso, divided into 100 centavos. Symbol: $. Colombia: The main unit of currency is the Colombian peso, divided into 100 centavos. Symbol: $. Costa Rica: The main unit of currency is the colà ³n, divided into 100 cà ©ntimos. Symbol: â‚ ¡. (This symbol may not display properly on all devices. It looks similar to the U.S. cent symbol,  ¢, except with two diagonal slashes instead of one.) Cuba: Cuba uses two currencies, the peso cubano and the peso cubano convertible. The first is primarily for everyday use by Cubans; the other, worth considerably more (fixed for many years at $1 U.S.), is used primarily for luxury and imported items and by tourists. Both types of pesos are divided into 100 centavos. Both also are symbolized by the $ symbol; when necessary to distinguish between the currencies, the symbol CUC$ is often used for the convertible peso, while the peso used by ordinary Cubans is CUP$. Dominican Republic (la Repà ºblica Dominicana): The main unit of currency is the Dominican peso, divided into 100 centavos. Symbol: $. Ecuador: Ecuador uses U.S. dollars as its official currency, referring to them as dà ³lares, divided into 100 centavos. Symbol: $. Ecuatorial Guinea (Guinea Ecuatorial): The main unit of currency is the Central African franco (franc), divided into 100 cà ©ntimos. Symbol: CFAfr. El Salvador: El Salvador uses U.S. dollars as its official currency, referring to them as dà ³lares, divided into 100 centavos. Symbol: $. Guatemala: The main unit of currency in Guatemala is the quetzal, divided into 100 centavos. Foreign currencies, particularly the U.S. dollar, are also recognized as legal tender. Symbol: Q. Honduras: The main unit of currency in Honduras is the lempira, divided into 100 centavos. Symbol: L. Mexico (Mà ©xico): The main unit of currency is the Mexican peso, divided into 100 centavos. Symbol: $. Nicaragua: The main unit of currency is the cà ³rdoba, divided into 100 centavos. Symbol: C$. Panama (Panam): Panama uses U.S. dollars as official currency, referring to them as balboas, divided into 100 centà ©simos. Symbol: B/. Paraguay: The main unit of currency in Paraguay is the guaranà ­ (plural guaranà ­es), divided into 100 cà ©ntimos. Symbol: G. Peru (Perà º): The main unit of currency is the nuevo sol (meaning new sun), usually referred to simply as the sol. It is divided into 100 cà ©ntimos. Symbol: S/. Spain (Espaà ±a): Spain, as a member of the European Union, uses the euro, divided into 100 cents or cà ©ntimos. It can be freely be used in most of Europe other than the United Kingdom.  Symbol: â‚ ¬. Uruguay: The main unit of currency is Uruguayan peso, divided into 100 centà ©simos. Symbol: $. Venezuela: The main unit of currency in Venezuela is the bolà ­var, divided into 100 cà ©ntimos. Symbol: Bs or BsF (for bolà ­var fuerte). Common Spanish Words Related to Money Paper money is known in general as papel moneda, while paper bills are called billetes. Coins are known as monedas. Credit and debit cards are known as tarjetas de crà ©dito and tarjetas de dà ©bito, respectively. A sign that says sà ³lo en efectivo indicates that the establishment accepts only physical money, not debit or credit cards. There are several uses for cambio, which refers to change (not just the monetary kind).  Cambio  by itself is used to refer to the change from a transaction. The exchange rate is either the tasa de cambio or tipo de cambio. A place where money is exchanged can be called a casa de cambio. Counterfeit money is known as dinero falso  or dinero falsificado.   There are numerous slang or colloquial terms for money, many of the specific to a country or region. Among the more widespread slang terms (and their literal meanings) are plata (silver), lana (wool), guita (twine), pasta (pasta), and pisto (vegetable hash). A check (as from a checking account) is a cheque, while a money order is a giro postal. An account (as in a bank) is a cuenta, a word that  also can be used for the bill given to a restaurant customer after a meal is served.

Accident Victim Interview Report Essay Example | Topics and Well Written Essays - 500 words - 1

Accident Victim Interview Report - Essay Example As soon as he lifted his second foot to take a further step backwards, there was no floor beneath. Next moment, Paul was on the first floor. He had fallen head down and the back of his head struck against the corner of the first stair. The stair was made in concrete and had not yet been plastered or tiled. Paul was not wearing helmet while plastering, so he received scars on the back of his head. He started to bleed heavily. The foreman noticed him and immediately reported the case to the engineer. The engineer called for the safety officer and called the first aid. The safety officer took notes and escorted Paul to the nearest hospital. Paul received five stitches in the head. Surprisingly, he did not have any fracture. He was lucky enough to remain safe and sound. After taking his X-ray, the doctor said that the scars were not deep and had not penetrated into the skull. Paul had only had his skin cut. The doctor proposed that Paul should take a bed rest for at least two weeks befor e going to work. The construction company he was employed in paid for his medical expenses. After two weeks, the scars had sufficiently healed. The doctor undid the bandage. Paul was feeling ok then and would be at work the following day. The incident was reported to OSHA. OSHA team visited the construction site and instructed the General Manager (GM) to bring certain changes in the workplace within a specified duration. Following the incident, the safety officer ensured that every worker wore the helmet. To achieve this, he announced with due approval of the GM that any worker found without a helmet on the site would be fined along with his foreman. Every worker would receive three fines before getting terminated from work, and the successive fines would be larger. The safety officer also got scaffolding fixed aside every staircase in every house on the construction site. In addition to that, all workers were called in a

Journal Entry #3 Essay Example | Topics and Well Written Essays - 500 words

Journal Entry #3 - Essay Example That is the reason why we have the law, a set of principles, duties and obligations articulated by the peoples’ representatives. Because people are essentially different, not everybody agrees with the law; but for the law to work, everybody must abide by it. Yes, it is true that in this great country of ours, each person is free to abide by the dictates of his conscience; but this has a limit, and the limit is fixed by law. If people were excused from following the law because they did not believe in it, then the law would be useless, and anarchy would result. The latin maxim, Dura lex sed lex, is thus highly appropriate in this regard; it means, â€Å"The law may be harsh; but it is the law.† When a country is made up of people of the same race, religion, cultural background, and other such attributes, then the conflict among them would fall along personal traits. But where differences in race, religion, cultural background, and other such attributes exist, then there is added basis by which to perceive imagined injustices. The affirmative action law, however, is different in that it makes the differences in racial, cultural, or even gender attributes the basis for making a favourable decision on employment. No longer is it just to state that â€Å"no distinction must be made,† bit that a distinction should be made precisely on that basis, except where the distinction used to be negative because of prejudice, it is now mandated to be positive by force of law. This is where injustice is alleged. In the bigger picture, however, it appears that at least for now, we do need affirmative action. Even today, our managers in multinational corporations still harbor, sometimes unintentionally, stereotypical images of people who differ in race, creed or nationality (Egan & Benedick, 2008, p. 388). The hardwiring of centuries of cultural programming have ingrained in the privileged