Market Society - 1668 Words

Xiaoxi Chen Chen 1 Professor Cameron Johnston AP/SOSC1140 12 February 2015 The Great Transformation to Market Society We are living in market society, which is so different from previous societies. In market society, the whole of society is a system of self-regulating market (Polanyi 43). In order to make the market society function, people need to think and act in certain ways(Polanyi 68). For example, people in market society think that economic relations are much more important than interpersonal relations (Polanyi 44). Polanyi calls the emergence of market society â€Å"the great transformation†. My thesis statement is that the shift to market society is a†¦show more content†¦In contrast, the economy within societies based on tradition lies on procedures designed in the past and maintained by shared customs and beliefs which are extremely powerful (Helibroner 8). For a society based on commands, there is always an imposed authority or an economic command. The economic problems are solved according to the commanderâ€⠄¢s decisions (Helibroner 10). This is the very first time in human beings’ history that economy is run by markets, making the transformation to market society appear to be unprecedented (Polanyi 43). What also characterizes market society is the emergence of the concept of â€Å"fictitious commodities†. Fictitious commodities refer to labor, land, and money (Polanyi 72). â€Å"fictitious† implies that they are actually not commodities (Polanyi 72). They are turned into commodities for the effective operation of market society (Polanyi 72). In market society, everything is provided as a commodity. As the major elements of industry, labor, land , and money need to be provided for maintaining productivity and they can only be provided when they are on the market for sale (Polanyi 72). Differently, â€Å"Under the feudalism and the gild system land and labor formed part of the social organization itself † (Polanyi 69). Land were crucial for feudal order, sta tus and function of which â€Å"were determined by legal and customary Chen 3 rules† (Polanyi 69).Show MoreRelated Markets and Society Essay2077 Words   |  9 PagesMarkets and Society In his famous book, The Wealth of Nations, Adam Smith descried the free market system as a self-regulating mechanism, which maximizes society’s wealth and well-being. Indeed, since the time of Adam Smith, the free market has been an incredibly successful system for improving society. This can be attributed to an increase in overall wealth, innovation, and efficient resource allocation. Unfortunately, the market system also suffered numerous drawbacks, the most important beingRead MoreThe Shift from Traditional Societies to a Market Society1012 Words   |  5 Pagesconditions are integral components of a market society, which interacted and changed the ways we view market society today. I will discuss the shift from traditional societies to a market society to explain what Polanyi refers to as â€Å"the great transformation†. I will then talk about the changes that have occurred in the workplace, the impact on these workers, and the worldview of those in a market societ y. According to Polanyi, a market economy becomes a market society when all land, labour and capitalRead MoreThe Emergence Of Market Society1573 Words   |  7 PagesThe whole society has become a market. Societies used to consist of people that were governed by certain ideologies, laws, and practices. Being driven by capitalism, society has developed everything into a commodity, in which we now call a market society. Other socio-economic communities historically had concepts that were different from what is predominated in our present society. The emergence of market society establishes the great transformation from a traditional society to a market economy thatRead MoreThe Great Transformation Of The Market Society1486 Words   |  6 PagesThe market society has changed and transformed into a set of ideas only based on commodities. The market society is a human invention that took place with the ideas of capitalism. The great transformation started with the modern state. It is cruc ial to understand the great transformation because prior, in the past, the market had little say on the society. Currently the market is what shapes our society and culture. The role of the market has drastically and dramatically changed and is somethingRead MoreMarket Failure And Its Effect On Society Essay1543 Words   |  7 PagesMarket Failure is due to an imbalance or a change in supply and demand of certain goods and services this, consequently, can lead to a shortage of products or an unnecessarily large inventory. Market failure can be caused by many different factors such as positive and negative externalities, imbalance of the price and quality of goods and services and also unrealistic projections for demand along with a plethora of other factors. The perfect market, is an efficient organisation that meets all theRead MoreA Globalized Society Brings People, Cultures, Markets, and Beliefs Together2643 Words   |  11 PagesA globalized society creates an increasingly com plicated set of forces and factors that bring people, cultures, markets, and beliefs together. The improvement of technology, transportation, and communication means that in the last century businesses, governments, and people are being drawn into greater proximity with one another. As a result, the notion of civil society is slowly being challenged because state borders are no longer ‘containers of society’, meaning that the state is no longer a ‘fixedRead MoreThe Farmers Market At The Larger Food Systems Society Essay1460 Words   |  6 Pagesthis report is to explore the Farmers market at Farm to Fork in comparison to the larger food systems society contains. Food is an important aspect in our everyday lives, however, individuals often do not take into consideration the different social relations to food. The Farm to Fork was an interactive public event promoting non- GMO and organic food in order to achieve sustainability within Ontario. In order to describe the importance of this farmers market, Smithers et al (2008), provide a definitionRead MoreWhole Foods Markets : Business And Society3257 Words   |  14 PagesWhole Foods Markets Business and Society Mohammed Abujabal, Audrey Bingaman, Michael Fassl, Alyssa Marshall, Sarah McCaw, Courtney Reiley April 20, 2015 Company History The origin of Whole Foods Market began as a small natural food store under the name Safer Way Natural Foods in Austin, Texas, in 1980. As interest in the natural food movement quickly grew, Safer Way soon merged with another local natural grocer. This union was called Whole Foods Market (â€Å"Newsroom,†Read MoreMarket Society1582 Words   |  7 Pagesconsisting of various job titles from health care, transportation to real-estate. However, this array of options was not always the case. The world we know of today has transitioned into a market economy. Polayni’s definition of market economy is â€Å"a self-regulating system of markets. It is an economy directed by market prices† (Polayni, 43). To elaborate, this means every product is controlled by supply and demand, and the price is not determined by the government. Differing from today, in the past theRead MoreA Free Market Is Governed By Ethan Watters s Rent Seeking And The Making Of An Unequal Society845 Wor ds   |  4 PagesA free market allows businesses to compete among themselves without restrictions in hopes of encouraging competitive pricing and earning honest success. In this sense, a free market is governed almost entirely by ethics. But without restrictions, businesses can choose to collectively participate in unethical actions which would make the market corrupt and faulty. As evident in Ethan Watters The Mega-Marketing of Depression in Japan, Michael Moss The Extraordinary Science of Addictive Junk

The Medieval period started at the fifth century and end...

The Medieval period started at the fifth century and end around the fourteenth century. Many historical events took place during this era such as the collapse of the roman empire, deaths of millions from the bubonic plague, a shift in paradigm for european’s world view, trade routes through europe, and the Norman’s conquest. The Roman church became very powerful and dictated peoples live through religion. During this time period, Kings and Queens while working alongside Christianity, gave society the worldview of feudalism. Due to feudalism and fear of sinning against the church, human civilization had hit a roadblock and made no new discoveries in scientific advancements and technology. Humanism broke most of the chains from the medieval†¦show more content†¦Men began to go to college to become lawyers, doctors, and fan out into other great and intellectual fields. Artists and writers began to have other worldly themes then past artists who were mostly all re ligious base. Individualism began to also emerge and gave the human civilization an another world view. People began to improve themselves and strive for more than what they were born with or into. Feudalism began to become a thing of the past. Society believed that education was need to give a individual creativity and well-roundedness. Their education was based primarily on the study of language, grammar, history, music, astronomy, literature, and mathematics. The renaissance didn’t really began to make a strong foundation for itself until the Henry VIII became king. Due to the increasing acceptance to the renaissance era, humanism, and the noticeability of the corruption of the church. The church decided to enter a phase of reformation. In the past, people came to the church to challenge its role in society but each and every challenge was turned down. Until Martin Luther nailed a paper to the church door called the ninety five theses. The ninety five theses was composed of the many different things and ideas that were wrong with church such as the corruption within its walls. Royalty defiance was also another one of the many pushers for the reformation. Many oaths were suggested between the church and royalty regarding who would have what final say inShow MoreRelatedHuman Primates, Humans, And Humans1679 Words   |  7 PagesHumans evolve from apelike ancestors approximately five million years ago. Most closely related to us are our non-human primates such as African great apes, chimpanzees and gorillas. Scientific studies reveal that more si milar traits are being share by human and our non-human primates compared to other animals. As human evolve from our apelike ancestors, changes in our DNA differentiate ourselves from our non-human primate. Even though we evolve from our non-human ancestors and share similar anatomicalRead MoreHuman Nature : Humans And Humans1801 Words   |  8 PagesOn the Subject of Being Human Anything on this earth that falls under the scientific classification of homo sapiens is a human being. From the time of introduction to this earth to present day, we as a species have advanced socially, physically, cognitively, and technologically. With the introduction of religion and philosophical movements we’ve pondered our existence as human beings and emphasized our superiority over other beings, and other human beings. Humans distinguish themselves from otherRead MoreThe Human Of Human Cloning1100 Words   |  5 PagesHuman Cloning 1. INTRODUCTION Human  cloning  is the creation of a genetically identical copy of a human. However, this term not only refers to the entire artificial human, but also the reproduction of human cells and tissues. There are two types of theoretical human cloning: reproductive cloning which would involve making an entire cloned human and the other, therapeutic cloning, which would involve cloning cells from a human for use in medicine and transplants by somatic-cell nuclear transfer orRead MoreThe Human Of Human Beings1142 Words   |  5 Pages Humans view themselves as unique and special organisms whom have managed to adapt to all manner of habitats, subsistence pathways and social structures in spite of evolutionary heritage. Humans have been successful in every habitat on the planet, and this is due to technology and the adaptation to form it to the needs and desires of the human species. Author Michael Bess writes a provocative article about how human beings are already cyborgs, due to the enculturation, enskilment and adaptation ofRead MoreThe Human Of Human Cloning1098 Words   |  5 Pages1. INTRODUCTION Human  cloning  is the creation of a genetically identical copy of a human. However, this term not only refers to the entire artificial human, but also the reproduction of human cells and tissues. There are two types of theoretical human cloning: reproductive cloning which would involve making an entire cloned human and the other, therapeutic cloning, which would involve cloning cells from a human for use in medicine and transplants by somatic-cell nuclear transfer or pluripotent stemRead MorePrimates, Humans, And Humans1956 Words   |  8 PagesPrimates, unlike humans are found only in tropical or subtropical regions of the Americas, African, and Asian continent. Primates come in different sizes and shapes. They range from Lemurs as small as, Madame Berthes Mouse Lemur to the largest primate living known as the Eastern Gorilla. Primates, similar to humans are species that play an important role in maintaining and influencing our ecological system. They maintain the forest syste m between animals and its resources by taking on various rolesRead MoreHuman Primates And Human Primate1661 Words   |  7 Pagesgoing over and portraying the behavior of non-human primate and human primate in the literature and movies we went over, compared to the evolutionary understandings of primate behavior. Throughout this class we studied and compared the different primates, including human and non-humans. According to the Wikipedia, â€Å"The primate lineage is thought to go back at least 65 million years ago.† with that one could say that research on non-human and human primate can somehow explain the theory behind evolutionRead MoreHuman Neutering And Its Effects On Humans1224 Words   |  5 Pagestwenty-five. All humans being unable to reproduce at a certain age could save the Earth. The Earth is in a very fragile state; Earth is losing its ability to be a habitat for the human race due to the volume of people living on its surface. There could be a way to slow down this process though, through human neutering. Human neutering would decrease overpopulation, allow the earth to reproduce its natural resources, and stop deforestation from rapidly occurring. A form of human neutering does existRead MoreBiological Traits Of Humans And Humans Essay1529 Words   |  7 Pagesseparates us in greater or lesser degree of species that are genetically closer to us as humans. However, science through observations, experiments and studies has shown that humans and primates share many similarities; both from the physical point of view and from an emotional perspective. Many biological traits, as well as emotions and some communicative behaviors are common and particularly relevant between humans and great apes, which, of all the members of the animal Kingdom, are our closest relativesRead MoreHuman And Non Human Primates847 Words   |  4 Pagesdistinguish humans from others (Zuberbà ¼hler, 2014). Human communication has formally derived from past primate communication systems (Ghazanfar Eliades, 2014). Humans express themselves in verbal, gestural, and written forms (Zuberbà ¼hler, 2014). Human and non-human primates have totally diverse form s of communication systems (Ghazanfar Eliades, 2014). Speech has evolved from non-human primates to its current compound state that humans utilize present day (Zuberbà ¼hler, 2014) Non-human primates

Summary Great Depression - 1445 Words

Phillip Durgin March 10th, 2016 G Block History Great Depression DBQ As â€Å"prosperity s decade† came to a symbolically harsh and sudden end on Thursday, October 24, 1929, the United States government, led by President Herbert Hoover, was thrown into the unknown. No such downturn had ever presented itself before, which compounded itself with the lack of economic understanding present at the time. Yet it had seemed that the economy was healthy before the crash. Employment was high and inflation was low. Yet these conditions only served as a mirage for many Americans. As industrialists became wealthy using new age technology and selfish business methods, 70 million people lived below the poverty line. Many of these men and women lived in†¦show more content†¦Unemployment would skyrocket, coinciding with a massive decrease in industrial production. The country was in shambles, unable to find a way out of its economic woes. The newly elected Franklin D. Roosevelt saw his contemporary Hoover fail to stop the recessio n with his conservative policies. Believing in voluntary organization and community service, Hoover feared that federal relief programs would create a culture of dependency. What he did not recognize was that the vast size of the nation s problems had made the idea of rugged individualism inadequate. Roosevelt did not want to repeat the mistakes of the former president, instead believing that he alone must expand executive power while carrying out a policy of experimentation. He would directly lend a hand to the forgotten man, implementing bold and controversial acts in order to spur the economy. Roosevelt, although not quelling the Depression completely, effectively expanded the role of government in order to address his nation’s struggles and provide relief, recovery, and reform for the millions affected by the downturn. One such example of his efforts to relieve the burdens of the Depressions in rural America was the creation of the Tennessee Valley Authority. Even before this program, The New Deal attacked problems facing those affected by failing industry head on. Rural electrification programs were created, changing life in the country forever, as for theShow MoreRelatedPresident Fdr : A Nation s Economic Status Is A Great Responsibility That Its Government Has1259 Words   |  6 Pages2016 Resident President Keeping a country’s economic status is a great responsibility that its government has. In America during the 1930’s, the Great Depression spreads its economic disease to Americans, and as a result, many citizens become jobless and homeless. While Americans are under economic depression, little has been done by the government to ameliorate the situation. However, President FDR is the MVP during the Great Depression as he brings economic prosperity and well-being to America byRead MoreThe Consequences Of The Great Depression875 Words   |  4 Pagesthe consequences of the great depression in France. For this paper, to identify the consequences of the great depression in France I will have to obtain a variety of sources that explain how they got involved. Using these sources I will be able to figure out who was mainly damaged and how they try to resolve issues. I will also be able to identify who else was involved that may have caused things get worse. Information of France before and after the great depression will also be helpful to analyzeRead MoreThe Grapes Of Wrath By John Steinbeck1190 Words   |  5 Pagesseller, with selling over 428,900 copies. Steinbeck, who lived through both the Great Depression and the Dust Bowl, sought to bring attention to how families of Oklahoma outdid these disasters. Steinbeck focuses on families of Oklahoma, including the Joads family, who reside on a farm. The Joad family is tested with hardship when life for them on their farm takes a corrupt turn. Steinbeck symbolizes the Great Depression and Dust Bowl, as the monster, by focusing on bringing attention to how the familiesRead MoreAnalysis Of O Brother, Where Art Thou1743 Words   |  7 PagesIntroduction â€Å"Recession is when a neighbor loses his job, depression is when you lose your job† Ronald Reagan. Recession is only a temporary decline and depression is a long and extended period of economic failure. There was a crisis in America during the time period the movie O Brother, Where Art Thou? was based on. The Great Depression was occurring at that time and the characters in this movie reflected and showed was it was like to live in a time like that. Each character in the movie symbolizedRead MoreKeynesian Theory And Aggregate Demand1499 Words   |  6 Pages THE KEYNESIAN THEORY AND AGGREGATE DEMAND By Riley Lennon The great depression in the 1930’s devastated the economic market, but also produced two of the greatest economists to ever live, John Maynard Keynes and Friedrich August Hayek. Why did the economist John Maynard Keynes advocate for the government to have an active role with influencing the level of economic activity. This is because Keynes believes that this will stimulate the economic activity and bring the country outRead MoreGermany s Depressed Economy Affected The Rise Of Hitler763 Words   |  4 PagesDuring the 1920s, most of these countries went into an economic depression. Germany was affected more than most due to sanctions and post-war agreements. Adolf Hitler began his rise to power and began making promises to the citizens that were struggling. The deep crisis in Germany allowed Hitler to seize power in 1933. This investigation will examine how Germany’s depressed economy affected the rise of Hitler in the early 1930s. Summary of Evidence After WWI ended, there were many changes for the CentralRead MoreThe Hardships Of The Great Depression1345 Words   |  6 PagesGreat Depression ‘The hardships of the Great Depression in Australia were not shared equally.’ (Anderson et. al.,2012) The 1920s was considered a time of new technologies and the beginning of women’s rights, however as the decade came to an end it was followed by an immense economic crash. On Tuesday, 29th of October 1929, the Wall Street Stock market (New York, USA) collapsed. The prices of shares dropped dramatically causing panic selling. There were large sums of sellers, but not enough buyersRead MoreThe Great Depression By John Kenneth Galbraith829 Words   |  4 PagesIntroduction The Great Depression, as an unprecedented time of economic collapse and social disarray, cast a dark shadow over the U.S. and affected countries worldwide. The causes of it have always been a fascinating topic for historians and economists. There has been much debate, and no agreement has been reached. In the mid-20th century, John Kenneth Galbraith published one of his bestsellers, the Great Crash, 1929. In less than 200 pages, the book vividly recounts the history of the Wall StreetRead MoreHow did the New Deal Assist Recovery from the Great Depression?1638 Words   |  7 PagesUnited States economy recover from the world wide Great Depression ? Thesis: The New deals legislation has played a very integral part in helping recovery effort during the great depression because it led to a greater employment, and restored the security in the American economy. Although not perfect, the new deal success ultimately set the precedent for future progressive reform during times of economic depression and recession. B. Summary of Evidence: 1920s American Economy: †¢ TheRead MoreExploring Causes of The Great Depression Essay522 Words   |  3 PagesExploring Causes of The Great Depression Introduction The Wall Street crash of 29 Oct 1929 and the Great Depression that followed were such a shock to most Americans that some early attempts to explain their causes blamed sunspot activity or medieval prophecy. A few held it to be divine retribution on a people who had indulged themselves in a decade of hedonism after World War I and were due for a sobering experience. Others recognized that the 1920s had brought

The Importance Of The MLS Program - 866 Words

Briefly state the reason for your request. Attach additional pages if necessary: (Continued) I am requesting a reconsideration because I believe that I’ve had an extenuating circumstance. A series of events have happened to cause me to be in my current situation which will be explained in the next section. After spending a year in the MLS program, I learned the importance of the position and its importance to the health care field causing me to reaffirm my belief that I chose the right major. Later recently visiting Somalia during the famine and visiting countless hospitals it has shown me how much the skills this program teaches could help my people out. Whether it’s the array of misdiagnosing or lack of capable staff or constant†¦show more content†¦Many of my relatives have called accusing that most of the relief aid sent by people, families and governments never reach the people because the money and food would be given to the middle man (organization and businesses) and in most cases never to be seen. They told us if we cared enough to help then o ur only option was being direct helping on the ground. With the situation of my grandfather dying and the possible outcome of never being able to see him again, coupled with my relatives virtually starving to death since their main source of income was live stocks. In my opinion, I was basically given the chose of ignoring their cries for help and staying put or doing what the MLS program advocates and help people. *Death certificate and flight tickets attached to the email I have reread the handbook countless times and completely understood that once year four begins all year three courses and prerequisites must be passed with a C and above. I also know that I failed to complete the prerequisites of Organic Chemistry 1 because I received a C-. After doing some research I found some options that are possible moving forward if you choose to reconsider me. Option 1: Since the reason that the prerequisites are required is because these are classes that are needed to make sure that you can handle the coursework in the MLS program. A proficient grade in the course will show that you are able to handle theShow MoreRelatedVitamin D And Calcium.vitamin D Essay781 Words   |  4 Pagesconsequences, and the importance of early prevention and treatment which are essential in the appropriate management of osteoporosis. On the other hand the exaggerated increase in the administration of vitamin D has the opposite effect than expected, so Dr Bischoff-Ferrari told Medscape Medical News that there may be a therapeutic range for vitamin D with respect to fall prevention among seniors who had a prior fall, noting, In fact, our study points to the range between 21 to 30 ng/mL as optimal becauseRead MoreImportance Of Food Labelling As A Vehicle For Dietary Messages1252 Words   |  6 PagesAdetutu Okupe Bio 2107k Lab Report Hieu Nguyen Importance of food Labelling Abstract: The Food and Drug Administration recognizes the importance of food labelling as a vehicle for dietary messages and, thus, enforces stringent guidelines to maintain the integrity of the food label. As food labels await another upgrade to make them more effective and easier to understand, the Food and Drug Administration considers what information will be most useful for consumers to make healthy choices. 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This includes HRSA and its HAB (2015) under which the RWHAP Part C falls, the Centers for Disease Control and Prevention, and CMS through â€Å"Medicaid, Medicare Physician Quality Reporting System, Physician Feedback/Quality and Resource Use Reports, [and a] Physician Value-Based Payment Modifier† (National QualityRead MoreThe Houston Dynamo : An American Professional Soccer Clu b1719 Words   |  7 Pagesthe past few years through an increased interest in soccer on a national level. The explanation of the team’s name derives from the meaning of the word Dynamo- â€Å"someone who never fatigues, never gives up.† In 2006 and 2007 the Houston Dynamo were the MLS Cup winners. Five years later during their 2011 season, the Houston Dynamo moved from the Eastern Conference to the Western Conference. They ended their season standing at second place in the Eastern Conference. Recently the Dynamo have tried to makeRead MoreThe Effects Of Long Term Industrial Pollution1378 Words   |  6 Pagessmall reptiles, birds, and small mammals [17], and therefore their absence or declining abundance may disturb the trophic structure of an ecosystem. They are also important bioindicators because of their specific microhabitat preferences, functional importance in ecosystems, sensitivity to changes in their habitats, and ease of sampling [18, 19]. Because of the increased potential for soil contamination by heavy metals in the Al-Tebbin region, and the important role acridids play in nutrient cycling andRead MoreColgate Max Fresh ( 1 )1536 Words   |  7 Pagesoptimistic that the proposed marketing launch plans for CMF in China and Mexico would maximize the business potential in the local markets. Both launch plans are departures from the CMF program for the U.S.A. launch six months prior. Burton needs to assess if the plans and costs to adapt the CMF marketing programs in each country would generate sufficient incremental sales and profits to justify the added complexity. US Launch The US toothpaste market - $2,438 million – with a growth rate of 8% sinceRead MoreInformation Technology And Information Systems Essay1450 Words   |  6 Pagesmanaging our guest’s information, and even preferences. The use of centralized systems for room reservations, for one example, allowed for the creation of customer relations management (CRM), which grew exponentially across decades, as the loyalty program and company continued to grow. Even though my example reaches back into the past, the vast difference between then and now is simply innovation. 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Analysis Of Frank And Juliette s Music - 1836 Words

Frank and Juliette, both discussed their own spiritual experiences, or version of as being related to music. This presents the idea that music,in some ways, could be a secular alternative to religious practices and understandings or simply a way of experiencing spirituality in secular spheres. Frank:†¦ listen to songs where I’ve felt emotions and feelings that run past the specific context of the song †¦ this applies to more of my life than it should†¦ a lot of people have had that with music†¦ Ideas of transcendence and deep personal connection are apparent here. Juliette: Concert, not a gig †¦ a concert where you’ve been a fan for ages. There’s all these people, you’re all in the same vibe†¦ this person that you like, idolised. . . Florence and The Machine, her music is very spiritual†¦ it’s really deep...and relatable. . . . I don’t know if I’d call myself spiritual because I go to concerts and feel deep about it. . . . I guess [I listen to music] pretty much every day . . . If you compare it to religion, is like praying every day and then going to Church. So like, listening to music every day and then going to the concert. Initiation into a subculture, reflects initiation into religious rituals, thus, similar themes of spirituality emerge. Participants can accept or reject concepts of spirituality upon attending a subcultural gig. This is the space where individuals are most likely to engage with meaning in the music, captivate feelings and create memories and connectionsShow MoreRelatedMetz Film Language a Semiotics of the Cinema PDF100902 Words   |  316 PagesOxford University Press, 1974. Includes bibliographical references. ISBN 0-226-52130-3 (pbk.) 1. Motion pictures—Semiotics. 2. Motion pictures— Philosophy. I. Title. PN1995.M4513 1991 791.43 014—dc20 90-46965 C1P The French edition of Christian Metz s Essais sur la signification au cinema, volume 1, was published by Editions Klincksieck in 1971,  © Editions Klincksieck, 1968. ÃŽËœThe paper used in this publication meets the minimum requirements of the American National Standard for Information Sciences-Permanence

Business Statistics Report Prevelance and Alternatives

Question: Describe about the Business Statistics Report for Prevelance and Alternatives. Answer: Introduction This report presents the statistics from the data supplied by the Ordinary Peoples Bank. This report presents a number of key findings apart from presenting the summary statistics of all the key 6 variables. It is important to point out that random sample of 50 observation were selected and all the calculation was based on this sample observations. Analysis Descriptive Statistics The first variable for which we present the descriptive statistics is transaction (in whole dollars). The mean of the observation is 7,700 dollars. The median is 8,000 dollars. The mode is 10,000 dollars. The graphical representation has been presented in Appendix 1. The next variable for which the summary account is presented is Open Account. Essentially, in my sample there were 5 individuals with accounts not opened whereas the remaining individuals totaling 45 had accounts opened. The graphical representation has been presented in Appendix 2. The mean of balance in the dollars of the sample is 606.14. The median of the balance is 390. The mode of balance is 0. The graph of the Account balance in dollars has been presented in Appendix 3. The mean age of the sample is 60 years. The median age of the sample is 61 years. The mode age of the sample is 51 years. The graph of the age has been presented in Appendix 4. The sex of the sample has been categorized as 1 for males and 0 for females. The associated graph has been shown in the Appendix 5. The type of account is characterized as 1 for Visa and 0 for both savings and cheque. The associated graph has been shown in Appendix 6 (Isotolo, n.d). Confidence Interval The average age of account holders for the open accounts only is 60 years. The lower bound of the age for 95% confidence interval is 56.33. The upper bound of the age for 95% confidence interval is 63.17. In other words, it can be said with 95% confidence that the average age of the true sample (which includes 1000 observation, in our case) lies between 56.33 and 63.17. The relevant calculation has been shown in Appendix 6 (Thompson, 2011). The true mean of age from the full data is 58 years. Hence, the fact that the true mean falls within the confidence interval bounds is verified. The average total transaction dollars for all accounts is 7,770. The lower bound of the total transaction dollars for 95% confidence interval is 6975.95. The upper bound of the total transaction dollar for 95% confidence interval is 8564. The relevant calculation has been shown in Appendix 7. The true mean of total transaction from the full data is 8022 dollars. Hence, the fact that the true mean falls within the confidence interval bounds is verified (Reyna, 2010). Hypothesis Testing Difference of Mean for Account Balance between Male and Female A hypothesis test was performed in order to test if there is a difference in mean value of accounts between male and female. The hypothesis clearly indicates that the mean value of account balance for both males and females is the same. More details are given in Appendix 8. Difference of Mean for Average Transaction Dollar for Visa and Non-Visa A hypothesis test was performed in order to test if there is a difference in mean value of average transaction dollar between Visa and Non-Visa. The hypothesis clearly indicates that the mean value of account balance for both Visa and Non-Visa is the same. More details are given in Appendix 9 (Paiva, n.d). Correlation and Regression The scatterplot of the diagram has been displayed below. The x axis represents the age and Y axis represents the transaction. The linear regression model will take the form given below The coefficient of determination of this regression model is 47.20%. In other words, 47% of the variation in transaction is explained by age. Age has negative relationship with transaction (in dollars). In other word, an increase in age by one unit decreases the transaction by 114.91 dollars. Essentially, decrease in age leads to an increase in transaction (in dollars). See Appendix 10 for the Output Table. The coefficient of correlation is -0.47 between these two variables. See Appendix 11 for the Output Table. The hypothesis that was conducted revealed that the coefficient is statistically different from zero. Check Appendix 12 for the Output Table (Anderson, 2000). Conclusion A number of key findings has been derived from the report. The most important finding was that age has negative relationship with transaction. The bank should make an attempt at finding out the reasons that leads to this negative relationship. In fact, the transaction of individuals should increase with age but in this case it does not. References Anderson, D., 2000. Null Hypothesis Testing. Problems, Prevalence and Alternatives. Journal of Wildlife Management, 64(4), pp. 912-923. Isotolo, J., n.d. Basic Statistics. University of Helsinki, [online]. Available at: https://www.mv.helsinki.fi/home/jmisotal/BoS.pdf [Accessed 25 October 2016]. Paiva, A., n.d. Hyothesis Testing. University of Utah, [online]. Available at: https://www.sci.utah.edu/~arpaiva/classes/UT_ece3530/hypothesis_testing.pdf [Accessed 25 October 2016]. Reyna, O., 2010. Data Preparation and Descriptive Statistics. Princeton University, [online]. Available at: https://www.princeton.edu/~otorres/DataPrep101.pdf [Accessed 25 October 2016]. Thompson, G., 2011. Hypothesis Testing for Difference of Population Parameters. Hypothesis Test Difference, [online]. Available at: https://wiki.stat.ucla.edu/socr/uploads/3/32/thomson_socr_econ261_hypothesisdifferencemeans_viii.pdf [Accessed 25 October 2016].

Financial Accounting Quality and the Adoption

Question: Describe about the Financial Accounting for Quality and the Adoption. Answer: Introduction Woolworths Limited is retail company of Australia with extension in interest overall the Australia and New Zealand. It is second largest organization in the list of revenue. It was founded in 1924 and has its headquarters in Bella Vista, New South Wales, Australia. Percy Christmas, Stanley, Cecil, George and Ernest founded it. Woolworths has a division in petrol sector, hotel industries, general merchandise, home improvements and groceries. Woolworths opened its first shop as in the name of Woolworths Stupendous at the Bargain Basement in the Pitt Street of Sydney. Woolworths has been listed on the Australian Securities Exchange in the year 1996. Woolworth has made expansion in the business of the Liquor. In the year 2006 Woolworths had been rolled as new Retail point for selling of the system which will be running on the IBM POS Hardware as well as LCD touch screens all over the stores. In Australia there was hospitality group and leisure period was 75% which was owned by the Woolwo rths (Woolworths Online.2016). BHP Billiton Limited is a mining, metal and petroleum industry with headquarters in Melbourne, Australia. This was founded in the year 1860. Products of the industry are iron ore, petrol, coal, copper, nickel, uranium and natural gas. BHP is listed in the as dual company. In the UK, the BHP Billiton Plc had been listed on the London stock exchange with constituent in FTSE 100 Index. The Australian group of BHP Billiton Limited and British BHP Billiton Plc is listed as separate entity with the different holders of the bodies. Instead of that, it was operating on one business in the identified boards of directors as well as a structure of single management. In the year 1998, for the reconstruction of the company, BHP had hired an American in the name of Paul Anderson. Anderson had achieved successful phase in the completion of the merger between BHP and London Based Billiton. BHP Billiton was operating in a wide range of mining and processing of oil and gas production which was operat ing over 25 countries with employment opportunity given to 41,000 (Bhpbilliton.com.2016). Part 1: Disclosure of leasing Woolworths Lease are divided as category of the Finance leases by the Woolworths, in which terms of the lease are getting transferred substantially to all the rewards and risk which is under the lessee ownership as done under Accounting Standard AASB 1008 Leases. All the other leases under Woolworths are categorized as operating leases. Payments of the operating leases are identified as a cost, which is based on the straight-line method over the term of lease (Deegan 2012). Payments of the rental lease are increased by fixed rate, but that will be excluding the contingents. Similarly, there is an increase in the rentals of the index based are identified over the straight-line method on and over the term of lease. Based on the straight-line method the differences in the amount asset and liability are paid as well as the amount of the lease. An incentive, which is received from the operating lease, is primarily identified as liability and then it is identified as lease expense by straight-line me thod over a certain lease term (Deegan 2016). Concerning Leasehold improvement every year, there has been increased improvement. For the leasehold property there was useful life of maximum 25 years that to in the retail property, whereas, 40 years in the case of hotels (Samkin and Deegan 2012). Amortization of the Leasehold improvements was comparatively shorter for the left over period of the leases of individual or the estimation of the useful life was done for the growth of the entire Woolworths. Leases are also available under the current and non current borrowings. The disclosure of the lease has been done by the Accounting Standards, i.e., AASB 117 (Weil et al., 2013). Under the Australian Financial Reporting Standard AASB 117 is related to the disclosure of leases is the setting of the paragraphs from 1 66. AASB 117 had commenced on July 15, 2004, and an application was made on January 1, 2005 (Horngren et al., 2012). BHP Billiton In case the of BHP Billiton there was decrease in the net finance cost which was reflecting the gains achieved from foreign exchange on the finance lease with redemption of Petrohawk Energy Corporation, this leads to resulting in profit for the redemption as well as expense for the lower interest (Wang 2014). Finance of lease included in the power generation and asset transmission. Payment of the lease is subjected to the escalation of inflation clauses on the rentals of the contingent to be evaluated. The lease of this will involve the extension and options of renewal. In case of the operating lease which is included in the division of the property, plant and equipment following the Accounting Standard AASB 1008 Leases. Rental payment of the company in fixed, whereas escalation of the inflation clause under which there is determination of the contingent rentals (Rahman 2013). There is option of renewal and extension of the specific leases. An asset which was under the system of leas e, which was arising from the receiving of the group and substantially all risk and rewards in the ownership of assets are being capitalized as lower fair value of all the property, plant and equipment. The estimation was presented on the payments of lease with minimum value. The correspondence in the obligation of the lease in finance and will be included inside the bearing of the interest in liabilities (Arnold 2012). Provision will be made on the present value of the operating lease payments, which will be in surplus to the space of the lease. Rights of the oil and gas will be initially taking the form of a lease. Similarly, it will also owe the onshore outright in fee. Operating on the lease of the rent payment is being decreased since 2013 (Adibah Wan Ismail et al., 2013). In Macedon and Stybarrow there was production of license, which was issued which, was issues by Australia Government after the expiration of the five years of the production process. Operating lease is identi fied as liability when subsequent and receiving on the allocation of the payments of lease, which will be between the expenses of the rental liability and reduction in it (Deegan 2013). The rules, standards and regulation of the policy related to disclosure of lease that will be done on the standards of accounting in Australia in relation with AASB 117. Australian Accounting Standard Board was made as AASB 117 under the Section 334, of the Corporation Act 2001 (Yu and Wahid 2014). The main aim of the AASB 117 Leases is for the prescribing for lessors and lessees should disclose accounting policy about the prescribed rules and standards should be appropriately applied. The leases should be according to the group purpose of the financial statement of every entity in reporting. Standard of the lease in the accounting period should be only applicable if the exploration of lease is granted in the field of mineral, oil, natural gas and other similar resources. Lessor will do licensing of the contract on the transfer of the right for utilization of the assets even it is of the services with substantiality, and he may call those as maintenance of the asset (Loyeung et al., 2016). Part 2: Disclosure of liabilities - Provisions and contingent liabilities Woolworths Provision of the Woolworths are identified under the group, which is presented as legal body on the obligation of constructive result on the events of the past, it will be obvious that economic conditions (Kraal et al., 2015). Provision is distinguishable from the other liability like accounts payable and accruals because of the uncertainty about the timing of the or for the expenditure of the future settlement is necessary it will be governed under AASB 112. Employee benefit is identified for the advantage of leave, which will be annual and service of long duration, which is as per AASB 119 Employee Benefits. Self Insurance risk will be initially estimated for the liability for compensation of the worker and liability of the public claim (Camfferman. and Zeff 2015). Provision of the restructuring is to be identified in the group, which will be developed for the detailing of expectation in validity. Borrowing in the liability section will be identified initially at fair value, which is less attributable to the cost of transaction. Subsequent in the borrowing are stating in the amortization cost (Carey et al.,2014). If there is any difference relation to cost and redemption which will be identified in the consolidated profit and loss statement of the period (Bond et al., 2016). Under the head of liability there are many other divisions with other major head as current liability and non- current liability. A current liability is included in trade and other payable, borrowing, other financial liability, provision and income tax payable. Non Current liability is following the content of both of them are followed by the standard of "AASB 1044". One more accounting standards are in the provision of the Australian Accounting Standards which has to deal with a specific kind of provision, and contingent liability and entity for the application of standard. The trade payable is the payment of the liability and other goods and services which in replied in the invoices f or getting agreed by the supplier (Guthrie and Pang 2013). Accruals in the division of the liability will be received and supplied, however not paid. It will be included in the due amounts of liability. Accruals are sometimes laid under the division of the trade and other payable, which can be the provision of separate reporting. The standard of the provision of this liability is certain to the timing in the context of depreciation, impairment of the assets which will be doubtful in carrying the assets. A contingent liability is not identified as liability because it may be resourcing the economic benefit of the outflow. Further is consideration of obligation in compliance with the above-given standards of AASB. A contingent liability is disclosing the identification in paragraph 86 (Laing and Perrin 2014). BHP Billiton BHP Billiton has followed the standard of the AASB 139 - Financial Instruments with Recognition and Measurement for the disclosure of liability with respect to inclusion of provision and contingent factor but excluding the considerations of lease in the category of the liabilities (AASB 2016). According to accounting standard AASB 137 this will be applicable only if there applicability of liabilities in the division of provision and contingent liability. There will be specific requirement, which will be applicable in case of material, according with AASB 1031 Materiality. The annual report of BHP Billiton has made the accordance which will be applicable in the superseded "AASB 1044" which is included in the point provision, contingent liabilities and contingent assets as notified in the Commonwealth of Australia with Gazette no S 450 in the October 2001. BHP Billiton has not adopted the standard of 139 because it is not applicable in a case of guarantees, which is under the scope of "AASB 139" in the financial instruments for the identification and measurements. Under AASB 112 there was disclosure of the provision which is categorized as the under various categories. Provision has the following division employee benefits, restructuring and post- retirement employee benefit all this heads are coming under the category of current. Further is classification of employee benefits and post- retirement employee benefit that comes under category on non-current provision. The total of the restructuring provisions are included in the provisions of business for the terminations and in the office closures (Ifrs.org.2016). Further, there will be provision regarding to post-retirement employee benefits, which will be included in the pension liabilities and medical benefit liabilities. All the standards related to the liability and provision is truly fulfilled by the BHP Billiton and that to true with its aspects. On the overall analysis of the provision and contingent it is because of relation to the uncertainty of the amount and time. Moreover, inside this standard the contingent is utilized for the liabilities which will not be identified because of the existence in the confirmation because of the occurrence and non occurrence because one and more future of uncertainties in the event but not wholly under the entity which will be controlled. In addition, it is said that liabilities are the identification, which is not matching the criteria (Aasb.gov.au.2016). Part 3: Disclosure of Intangible Assets Woolworths From the annual report of Woolworths Limited, it has been noticed that company has intangible assets has decreased. It mainly reflects upon the decreased intangible assets especially in the New Zealand Supermarkets business in acquiring purpose (Kober, Lee and Ng 2013). In accordance with AASB 138 Intangible assets, Woolworths Limited follows the accounting standard for the given years. This particular standard is applicable to intangible assets for defining active market, cost as well as fair values and useful life of an asset of Woolworths Limited (Kaplan and Atkinson 2015). Intangible assets involve the in process developing the research and development of Woolworths Limited. It acquires business combination from goodwill account resulting in legal rights from Woolworths Limited. Internal generated goodwill of Woolworths Limited recognized as intangible assets such as publishing titles as well as customer lists. Research costs are mainly incurred that are recognized by Woolworths Limited. Development costs recognizes as assets of Woolworths Limited for viewing at the technical feasibility for the intangible assets for usage of sale. It is the ability for using or sells of intangible asset of Woolworths Limited. Cost of internal generated intangible assets of Woolworths Limited involves start-up costs, relocation costs as well as training costs and advertising costs (Ifrs.org. 2016). Intangible assets with finite useful lives help in amortization for useful number of years. It is the residual values of Woolworths Limited for predicting intangible assets for purchase of assets. Amortization period as well as amortization method of Woolworths Limited is for the intangible assets at the end of the specified year. Disclosures is maintained in the paragraph 118 to 128 as it implies intangible assets for Woolworths Limited (Horngren et al. 2013). IAS 38 explains the intangible assets as issued by International Accounting Standards Board. In the tier 1, it explains regarding the for-profit entities in compliance with IAS 38. It widely depends on the application of non-for-profit entities for providing additional guidance as mentioned in IAS 38 (Hennes 2014). Woolworths evolves as bringing innovative approach for meeting the market challenges as well as finding new ways to delight customers in the most appropriate way. These particular retail companies try its best in delivering potential growth in the upcoming financial years. It enables approaching shareholders for consistent strong returns for future years. BHP Billiton Limited From the annual report of BHP Billiton, it has been noticed that the companies abide by the accounting standard IAS 38 intangibles. BHP Billiton is an Australian-listed company operating in mining sector. Key assumptions for oil and gas derive from forward price curves as well as long-term views from the potential external sources. These prices are majorly adjusted for arriving at consistent price assessment by the market commentators. Goodwill of BHP Billiton Limited arrives at huge range. It has been allocated from various reportable segments (Hausman 2012). IAS 38 Intangible assets identify the aggregate amount of research as well as development expenditure. It relates largely with potential information of intangible assets of BHP Billiton Limited. Description is the carrying amount as well as remaining amortization period in any of the material misstatement as acquired by government grants (Guthrie and Pang 2012). Information relating to any kind of restrictions depends upon the titles of intangible assets as well as pledge of securities for the company BHP Billiton Limited. It is the amount of contractual commitments regarding the acquisition of intangible assets for BHP Billiton Limited. AASB 136 states intangible assets with indefinite useful lives for amortizing purpose as well as tested impairment of assets for BHP Billiton Limited (Ifrs.org. 2016). It reveals the useful life of an intangible asset for reviewing each period for indefinite assessment in the most appropriate way. Intangible assets of BHP Billiton Limited contain physical substance as per the Accounting Standard. Underlying assets may be either tangible or intangible assets for finance lease obligations for BHP Billiton Limited. As far as non-current intangible assets are concerned, it is applicable for sale as per the Accounting Standard (Drury 2013). Goodwill acquisition is mentioned in the business combination under the AASB 3 Business Combination. Intangible assets define as the ident ifiable attributes that differentiates with goodwill. Recognition of goodwill for BHP Billiton Limited is the business combination as represented in the future economic benefits. It is individually identified as acquired in the asset allocation and is also stated in the financial statements of BHP Billiton Limited. Part 4: Disclosure of revenue Woolworths From the annual report of Woolworths Limited, it has been noted that the company follows the disclosures of revenues under Accounting Standard 9. Market position of Woolworths Limited comes under 25 global companies in case of revenues as well as market capitalization at the same time. Revenue expenses recognized as net GST as mentioned in the financial statement of Woolworths Limited (Armstrong and Ebell 2014). Implementation of new revenue standard for discussing on the stakeholder challenges as per the given accounting standards. In case of revenue from external customers, allocation has been done on evaluation of supply chain segments. It reveals the business entities for operating depending upon arm length basis. Accounting Standard 9 states that bases for recognition of revenue for Woolworths Limited taken from the profit and loss statement. It mainly focuses on the revenue recognition from ordinary activities of business enterprise for Woolworths Limited. It is the sale of goo ds, rendering of services as well as usage of enterprise resources in an effective way (Aasb.gov.au. 2016). Woolworths Limited follows the Accounting Standard for revenue recognition for removing inconsistencies as well as weakness in current revenue literature. International Accounting Standard Board as well as US Financial Accounting Standards Board jointly issued new revenue standard 15 with potential customers of Woolworths Limited. It virtually states the revenue requirements under the Accounting Standard IFRS and US GAAP. Board provides more robust framework in order to address revenue recognition issues for future analysis purpose. It improves comparability in case of revenue recognition practices in and across industries, capital markets as well as capital markets (AASB 2015). IFRS 15 specifies with the accounting treatment in case of revenue recognition arriving from contracts with customers (Kober, Lee and Ng 2013). It is applicable to business entities of entering contrac ts for providing goods as well as services. FASB requires more disclosures as mentioned in the interim financial statements of Woolworths Limited. IASB permits with impairment losses in comparison with FASB. Recognition serves as a business entity for satisfying the performance obligations for Woolworths Limited in the upcoming financial years (Kaplan and Atkinson 2015). Woolworths Limited adopts these accounting standards in measuring the cash flows for generation future revenues in the most appropriate way. It reflects the amount for a business entity in transferring goods as well as services to potential customers for Woolworths Limited. BHP Billiton Limited From the annual report of BHP Billiton, the company follows the revenue recognition based upon Accounting Standard 9 (Kaplan and Atkinson 2015). Future revenues from business operations for BHP Billiton Limited in project mines as mentioned in the annual report. In case for demand of products and production, it considers business operational results from existing reserves for depleting over specified time. Revenues and profits of BHP Billiton Limited derive from the oil as well as gas minerals for viewing at the financial condition. It requires generating reserves for meeting the future production requirements at the most affordable prices (Kober, Lee and Ng 2013). IAS 9 deals with revenue recognition for special considerations that arises from construction contracts as well as lease agreements for BHP Billiton Limited (Kober, Lee and Ng 2013). Further, revenue arising from hires purchase as well as other similar subsidies for future analysis purpose. BHP Billiton Limited checks over the revenue from insurance companies from the insurance contracts. It states the realized gains from the disposal as well as unrealized gains resulted from non-current assets of BHP Billiton Limited such as appreciation for fixed assets (Kaplan and Atkinson 2015). Addition to that, BHP Billiton Limited has unrealized holding gains resulted from change from financial statements. Revenue is the gross inflow of current asset figures like cash, accounts receivables as well as other business consideration from normal course of business (Ifrs.org. 2016). The above accounting standard explains the completed service contract method for accounting process in revenue recognition for statement of profit and loss (Ifrs.org. 2016). It helps in rendering of services in substantial attributes as charged by potential customers for BHP Billiton Limited. Revenue recognition concerns mainly with timing as stated in the financial statement of BHP Billiton Limited (Kober, Lee and Ng 2013). Amount of re venues arises from the business transactions as determined by agreement among the parties for future analysis purpose. It recognizes revenues like sale of goods in transferring well to the buyer in getting the access on timely manner. Conclusion and Recommendation Finally for making recommendation about the above analysis made in respect of BHP Billiton and Woolworths, regarding the accounting standard can be made on the following points: Accounting Standards in the financial reporting council is authorized for releasing the mapping of document and making provision for keeping up to date. For providing the consistency and going forward for avoidance of the more complexity. AASB has many accounting standards that will be exercised incompliance with information of the standard. The accounting standard will be an applicable short-term project, for the improvement in the clarity and consistency. The federal government should consider the present small and large thresholds given a determination of appropriation of the level at the following entity. The long is the project there is existence of the complexity in the accounting standards of AASB. The standard adopted by both the company in relation with AASB 137 is difficult for the maintenance because it is affecting the investors for the further investment in the company. The accounting standards of the BHP Billiton in respect to the revenue generation is not effective, for making improvement there has to be effectiveness in the implementation. In case of Woolworths, the intangible way of showing depreciation of the assets is not proper, for the generation of profit in respect of Gross profit; company needs to adopt policies relating to the exemption. 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