The Defination Of The Fiance Market Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3586 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Introduction Accounting ratio (finance ratio) is related to two numeric values which is taken from financial statement. This ratio is mainly use for accounting; it can be use in many ratios. With this, we can evaluate overall financial conditions. Don’t waste time! Our writers will create an original "The Defination Of The Fiance Market Finance Essay" essay for you Create order Accounting ratio is used by managers, current and potential shareholders and creditors. The strength and weakness of a company can be comparing by using accounting ratio through security analysts. If a company are transact in financial market, the market price of the share is used in some financial statement. Accounting ratio can be express in decimal value and also in value of percent. For an example, 0.10 and 0.1%.Accounting ratio can specify much kind of aspects of a business and it is the whole part of the financial statement. Accounting ratio have its own categories according to the financial aspect of a business which the ratio measure. Here are the five different categories for measuring five various aspect of business performance. First is the profitability of company, which is to measure by accounting ratio. There is various type of calculation in profitability of company. The seven types are Gross profit markup, Gross profit margin, and Operating profit margin on sales, Pro fit margin on sales, basic earning power, return on total assets and return on common equity. (a) Gross profit markup (%) = x100 Where cost of goods sold = opening stock + purchases closing stock (b) Gross profit margin (%) = x100 Where net sales = sales return inwards (c) Operating profit margin (%) = x100 (d) Profit margin on sales (%) = x100 (e) Basic earning power BEP) = x100 Where total assets = fixed assets + current assets (f) Return on total assets (ROA) = x 100 =ÃÆ'Æ’-100 (g) Return of common equity (ROE) = x100 ==ÃÆ'Æ’-100 Second aspect is the liquidity of company. There are two types in this aspect. Both types are current ratio/working capital ratio and liquid ratio/quick ratio/acid-test ratio. (a) Current ratio/ working capital ratio = (b) Liquid ratio/ quick ratio/ acid-test ratio = Third aspect is asset management of company, there is six types of calculation measurement. The six are Asset management of company, fixed assets turnover, total assets turnover, debtor ratio, debtor payment period and day sales outstanding. (a) Inventory turnover or stock turnover = or (b) Fixed assets turnover = _______Net sales________ Fixed assets net book value Where net sales = sales return inwards (c) Total assets turnover = Where net sales = sales return inwards And total assets = fixed assets + current assets (d) Debtor ratio = (e) Debtor payment period = Debtor ratio ÃÆ'Æ’- 365 days / 52 weeks / 12 weeks (f) Days sales outstanding (DSO) = Fourth is debts management and capital gearing company. The types are debts ratio, capital gearing ratio, debts equity ratio, times interest earned, creditor ratio and creditor payment period. (a) Debts ratio / total debts to total assets ratio = (b) Capital gearing ratio = Prior charge debts capital Total capital = preference share capital + debenture + loan stock + loan (Ordinary share capital + preference share capital + reserves + long-term liabilities) Or (fixed assets + current assets current liabilities) (c) Debts equity ratio = (d) Times interest earned / interest cover = (e) Creditor ratio =____Creditor___ Credit purchase (f) Creditor payment period = creditor ratio ÃÆ'Æ’- 365 days / 52 weeks / 12 months (in days / week / months) =(In days/weeks/months) =ÃÆ'Æ’- 365 days / 52 weeks/12 months The last aspect is market value of investment to ordinary shareholders. The types of these aspects are earning per share, earning ratio, dividend over, earning yield, dividend yield, cash flow ratio and book value ratio (a) Earning per share = = (b) Price / Earning ratio = Market price per ordinary share Earnings per share (c) Dividend cover = _______Earning per share______ Net ordinary dividend per share Or = Profit after interest, after taxation, after preference dividend after minority interest Net ordinary dividend (d) Earning yield = = (e) Dividend yield = (f) Price / cash flow ratio = (g) Market price / book value ratio = == Accounting ratio even allows comparing between companies and industries. Generally, ratio has no meaning but the ratio of the firm is different and dissimilar industries and which is also facing different risk and competitions. We can also compare accounting ratio for business measurement with using inter-temporal and inter-firm. Inter-temporal can show the changes of price which can make comparison difficult unless if the adjustments are made. Impacts of changes in technology on the amount of assets, like the return and the future market. Impacts of a changing environment base on result which refers in accounting information. Potential effects of differences in accounting policies on reported resulted. Problems come with establishing with a ordinary base to equate other years. Inter-firm can elaborate the selection of industry norms and the benefits. Various firms having various financial and business risk profile and of the analysis. Various firms utilize various accounting polic ies. Inter-firm shows the impacts the size of the business and its comparators is unsafe, structure and returns. Impact of various environments on result, such as various countries / home-based versus multination multinational firms. GAMUDA BERHAD Gamuda berhad is one of the Malaysias major investments holding group and company which related to civil engineerings construction. This company is operating of three kinds of sectors: 1) Engineering and constructions which is related of buildings and constructions, such as buildings, railways, dams, highways and other constructions which is engaged to constructions. 2) Property development and club operations- which is related to the development of commercial properties, residential and club operations. 3) Water and expressway concessions- which related to the management and tolling of the highway operations and of the management of water supply. Gamuda is operates mainly in Malaysia and also operates in other countries such as Vietnam, Bahrain, Taiwan, Qatar and more. Gamudas headquater is located at Selangor Darul Ehsan and its about 1232 are employed by the management to work. Gamudas milestone 1976- The company of named Gamuda Berhad was created. 1992- 10/8/1992 Gamuda Berhad was list into the main board of the Kuala Lumpur stock exchange 1993- Gamuda was having partnership with Kesas sdn bhd, with a signed of conssesion agreement to undertake the management, construction, maintenance and operations of the Shah Alam Expressway for the period of nine months and twenty eight years. 1994- Gamuda own its very first land bank by buying the land of Ladang Bukit Kemuning located in Shah Alam. This shows that Gamuda has made an entry into property development. 1996- Gamuda signed a new concessions agreement with the Federal government through Lingkaran Trans Kota Holdings Berhad to make Lebuhraya Damansara Puchong as a private ownership. 2000- Gamuda was voted as the Best Asian Construction Company by the Euromoney magazine 2001- During November, Gamuda signed with National Highways Authority of India a concessions agreement to undertake the highways projects i n West Bengal, India 2002- During October, gamuda has signed with New Asia Construction Development Corporation of Taiwan and Kaohsiung Rapit Transit Corporation a joint agreement to undertake Kaohsiung Rapit Transit project in Taiwan 2004- The government of Malaysia has sent a letter to MMC-Gamuda to inform that joint venture that the government of Malaysia has made a decision that to postpone the implementation of the 2T to a day to be informed. 2006- Gamuda has won the award for new Sitra Causeway Bridges project in the country of Bahrain. 2010- During march, Gamuda Berhad acquires 60% of stake in Sai Gon Thuong Tin Tan Tang to bring up Celadon city in the city of Ho Chi Minh, Vietnam. WCT WCT is one of the Malaysias companies which are famous and related to the provision of engineering services. This company is operating of three kinds of sectors: 1) Civil engineering work: its specialized in highway constructions, earthworks and also related infrastructure works. 2) Property development: Development of commercial properties and of residential 3) Property investments: Holding the assets for the rental income and capital appreciations. WCT Milestone 1981- This company was found and named as WCT Earthwork and Buildings Contractors Sdn Bhd 1993- WCT has completed the first successful project of infrastructure- Selangor Turf Club, Sungai Besi, Malaysia 1997- Launched of very first property sales- Integrate Township Bandar Bukit Tinggi, Klang, Malaysia 2001- Receive award of Malaysia Construction Industries Excellence Award for special projects categories- Sepang F1 Circuit 2002- Awarded for builder of the year 2005- WCT has achieved very good property sales for RM 2.0 Billion 2008- WCT Land Berhad had been privatized for 100% owned subsidiary All the information has gather via internet. Ratio with formula (Profitability of Company) WCT Berhad Gamuda Berhad Gross Profit markup (%) = ÃÆ'Æ’- 100 x100 =8.23% Gross profit = 2455143000 1580125000 363348000 8595000 19973000 19260000 40866000 =422976000 Cost of the good sales = 1580125000 + 363348000 + 8595000 + 19973000 + 19260000 + 40866000 =2032167000 ÃÆ'Æ’- 100 = 20.81% Gross profit margin (%) = ÃÆ'Æ’- 100 x100 = 7.60% Gross profit = 2455143000 1580125000 363348000 8595000 19973000 19260000 40866000 =422976000 Net sales value = 2455143000 0 =2455143000 ÃÆ'Æ’- 100 = 17.23% Operating profit margin on sales (%) = ÃÆ'Æ’-100 x100 =5.23% ÃÆ'Æ’- 100 = 10.58% Profit margin on sales (%) = ÃÆ'Æ’-100 x100 =3.15% ÃÆ'Æ’- 100 = 11.43% Basic earning power(BEP)= ÃÆ'Æ’- 100 1 925 297 000+2 553 187 000= 4 478 484 000 x100 =5.45% Total assets = 2347737000 + 4203173000 =6550910000 ÃÆ'Æ’- 100 = 3.97% Return on Total assets= ÃÆ'Ɔ™- 100 x100 =3.28% Total assets = 2347737000 + 4203173000 =6550910000 ÃÆ'Æ’- 100 = 4.28% Return on common equity= ÃÆ'Æ’-100 388,856+369,256+492,134=1,250,246 x100 =11.77% ÃÆ'Æ’- 100 = 8.62% Ratio with Formula (Liquidity of Company) WCT Berhad Gamuda Berhad Current Ratio= =1.41:1 = 2.18 : 1 Acid-test ratio= 2,553,187-113,709=2,439,478 =1.36:1 = 2.14 : 1 Ratio with Formula ( Assets Management of Company) WCT Berhad Gamuda Berhad Inventory Turnover = or =37.92times Cost of sales = 1580125000 + 363348000 + 8595000 + 19973000 + 19260000 + 40866000 =2032167000 = 25.49 times Total Assets Turnover= =1.04times = 0.37 times Debtor Ratio= x100 =0.32:1 = 0.65 : 1 Days sales outstanding= =116.8 OR 0.65365days =237.25days Ratio with Formula (Debts management of company) WCT Berhad Gamuda Berhad Debts ratio= 1,183,958+1,807,550=2,991,508 =0.67:1 Total assets = 2347737000 + 4203173000 =6550910000 Debts equity ratio= =2.39:1 =1:1 Times interest earned or Interest cover= 4.85times =5.93 times Ratio with Formula (Market value of investment to stockholder of company) WCT Berhad Gamuda Berhad Earnings per share= = 388856/0.5=777 712 =RM0.19pershare =RM0.14 Price earnings ratio= OR =13.68times =22.86 times Earnings yield= = x100 =9.74% =5.83% Market price per book value ratio= = x100 =1.61:1 = = 1.99 : 1 Profitability of company Gross profit markup and gross profit margin The highest Gross profit markup and gross profit margin has been earned by Gamuda company compare to WCT for Gamuda has earned more gross profit. Operating profit margin on sales and profit margin on sales Gamuda has earned more than WCT in the operating profit on sales but in profit margin on sales gamuda has more sales than WCT. Basic earning power return on total assets and return on common equity Gamuda has more earning power than WCT, but WCT has more return on total assets and of return on common equity than Gamuda. Liquidity of company Current Ratio Gamuda has more high current ratio than WCT, if the current ratio increase than the average of the industry, large amount of current asset can be used to finance its current liabilities. Acid test ratio Gamuda has the higher acid test ratio than WCT. Asset management of company Inventory turnover of company WCT has higher inventory turnover of company compare to Gamuda. The higher invertory turnover indicates a fast stock turnover whereas the the lower inventory turnover where the goods purchased keep in store are slowly take out. Total asset turnover WCT has higher total asset turnover compare to Gamuda. The higher asset turnover indicates higher sales generate from the asset. Whereas the lower asset turnover indicates lower sales generate from the asset. Debtor ratio day sales outstanding Gamuda has higher debtor ratio day sales outstanding compare to WCT. The higher debtor ratio indicate that company bringing to shortage of money for paying back liabilities and facing short-term finance problem. Whereas the lower debtor ratio that company fast to collect money from the debtors. Debtor ratio Gamuda has more debtor ratio compare to WCT. The higher debts ratio indicate that company has a heavy debts burden with a large amount of debts and bearing high interest cost. Debts equity ratio WCT has higher debts equity ratio than gamuda. Debts equity ratio is used to measure the proportion of company debts in relation to its common equity. Times interst earned Gamuda has higher time interest earned than WCT. High capital gearing ratio of ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ º 0.5:1, high debts ratio and high debts equity ratio. Market value of investment to ordinary shareholder Earnings per share WCT has higher market value of investment of ordinary shareholder then Gamuda. Higher earnings per share indicates high rate of growth to high profit. Price earnings ratio Gamuda has higher price earnings ratio than WCT. Higher earnings ratio indicates that earnings per share are very low in relation to the share market. Earning yield WCT has higher earning yield compare to gamuda. Indicating high net income return to common stockholders. Market price per book value Gamuda has higher market price per book value than WCT. Market price indicating the share market price rises too high above its real assets value. Conclusion Accounting ratio is used by managers, current and potential shareholders and creditors. The strength and weakness of a company can be comparing by using accounting ratio through security analysts. If a company are transact in financial market, the market price of the share is used in some financial statement. Accounting ratio can be express in decimal value and also in value of percent. For an example, 0.10 and 0.1%.Accounting ratio can specify much kind of aspects of a business and it is the whole part of the financial statement. Question 2 2.1 Definition Todays world it is full about economics. In this economic, especially, the name and term of market which is mean the aggregate of buyers and sellers of some service and transaction between them. There are various dissimilar financial markets. Every single financial market make out with a various types of financial instrument in conditions of its assets backing it. Various financial markets serve various kinds of clients and function in various parts of the country. Financial market also disagree or to say differ from physical assets markets. The reason is because physical asset markets are also called as real asset markets or can be also called as tangible assets to deal with real, tangible and physical asset, for example machinery, food, furniture, computer and other physical assets. Financial markets are set to deal with various kind of financial instrument such as mortgages, bonds, share, notes and other which can claim on real assets as well. Financial markets can also claim on derivative securities or commodities whose values are derived from the changes in the value of the assets. Both physical asset market and financial market can also be run as the future market and spot market. Future market sort to the deal which being purchase and trade for the future delivery at the future day such as three months or eight months into the future whereas spot markets sort to the deal which is being purchase and trade for a spot or immediate delivery within a few days. There are few major financial markets. Money markets Financial markets dealing short-term debt securities, such as certificate of deposits, commercial papers, treasury bills and others which funds are loaned or borrowed for a short period or short-term. Generally the securities of money markets are very safe and this can ensure that the investment is very safe. This also returns a relatively low interest rate that is, most appropriate for a short-term time. Capital markets This is the financial markets which is dealing with shares or stocks and long-term debts which the cash are loaned and borrowed for a very long periods of a year or more. Mortgage markets This is the financial markets which are deal with loans on commercial, farmland, residential and others. Consumer credit markets This financial marketing which is dealing with loan on educations and vacations as well as loans for autos and appliances. Primary markets Primary market is called as the new issue market for it is the market that issuing securities. Many company, have enter the primary market to raise funds and money from the public to expand their business. The securities can be buy from the shareholders directly. Secondary markets This financial markets in which already have outstanding securities or the financial assets and stocks are traded among the investors after the issued corporations. Initial public offering (IPO) markets This financial market which in firm or corporation on go public by some offering securities or to say share to the public for the earliest time. Private market This financial market which is privately working out on financial transaction and directly between the two parties without going to consumers and public which the transaction may structure in any manner which appeals between the two parties. 2.2 Three different ways for transferring capital or fund from savers to borrowers in the financial markets There are three types of ways which the capital or fund can be transact between savers and borrowers. a) Direct transfer from savers to borrowers: When a corporations issues and bonds directly to the savers without getting through of any financial institution so that the borrower delivers its securities to the saver who in return give back money. With this, capital is transferred from savers to borrowers. b) Indirect transfer from savers to borrowers through investment banking house: It happens when theres an investment bank notes the issuance of the securities of corporations where the investment bank will serve as a centre man to facilitate the issuance of the securities of corporations by buying the securities of corporation then later on resell it back to the savers so that the fund who paid by the savers for buying of corporation which took the role as borrowers. Then , the securities of the corporations and the money of the savers pass would pass through the investment banking house from savers to the corporations. As the diagram below. c) Indirect transfer from savers to borrowers through a financial intermediary: It would happen when financial intermediaries such as mutual fund have money from the saver by issuing of its own securities or savers get issued of certificate of deposit. Later, the financial intermediate utilizes the fund which is collected from the savers to buy and hold of the other corporations securities as investment. As in this case, the fund is transferred to financial intermediary from the savers when the saver settles his/her money to financial intermediary in exchange for securities issued by the financial intermediary. Later, financial intermediary will move on forward about transferring this fund to the other corporation by paying cash out of the fund to buy securities of other corporations. Most of the saver will like to hold the certificate of deposit and the financial intermediarys securities, the reason why is, the certificate of deposit are very safe and more liquid than loans and mortgages. With this, financial intermediaries will increase greatly of the effici ency of money and capital markets. This has shown in the diagram below. 2.3 Investment banking house and various financial intermediaries which pay role in the fund transfer from savers to borrowers: 2.3.1 Investment banking house This is an organization which is form to distribute the new and latest issues of business Corporations securities to help corporation have fund for financing. 2.3.2 Financial intermediaries These specialized financial facilitate the transaction of funds from the savers to borrowers. Generally the financial intermediaries are very large, they will gain economies of scale in analyzing the worthiness and value of potential borrowers, even in processing and collecting loans or even helping individual savers to alter their fund investments. Here are the following major financial intermediaries. a) Commercial banks Historically, commercial banks were the big institution that managed and handled checking accounts. Federal Reserve System is one which expanded or contracted the money supply, but for nowadays commercial banks are providing a more ever-widening range of service including insurance. Commercial bank are very dissimilar from investment bank, the reason is because commercial banks borrowed out money to lenders whereas investment banks helps Business Corporation to extend capitals. b) Savings and loan associations They have served the individual savers and commercial mortgage lenders where they receive money from the small savers and then borrowed it out to the house buyers and also to the other type of lenders. The most significant economic process of saving is to make liquidity in capital market. c) Mutual saving funds These all are same for saving and for the loan associations which receive savings from individuals and then borrowed out money for a long-term basis to house buyers and consumers. d) Credit unions These are very cooperative organizations whose member to be having a similar bond so that unions collect savings from members and then lend it to other members who really needs the fund to finance their purchase, house mortgage and others. Credit unions would be the cheapest source of funds available to individual lenders. e) Pension funds Pension funds are retirements plan which is funded by the corporations or government for their workers is rewarded by the trust department of commercial banks or it can be done by some life insurance companies. Pension funds invest in mortgages, real estate and others. f) Life insurance companies These companies collect savings through annual premiums and then invest all these funds in physical assets and make payments to the beneficiaries of the insured parties. Life insurance companies have offered various types of tax-deferred saving plans specially created to give benefits to participant when they come at the age of retirement. g) Mutual funds For these, the funds should collected from the savers and then utilities the funds to buy stocks, short-term debt instrument and other issued by the business units. They achieve economics of scale in analyzing of securities, buying and selling of securities. Various mutual funds are made to meet the objectives of various kinds of savers. Still, there are bond fund for who those desire of safety, stock funds for those who are really willing to accept the risk in the hope for large and higher returns and other funds to be used as interest bearing checking accounts. There are various mutual funds with various purposes.

Energy Resource Natural Gas and Solar Energy Essay

My two topics that I will be talking about are Natural Gas and Solar Energy. Natural gas is a nonrenewable resource and pretty soon we are going to have to learn how to do without it. Solar energy will always be around. It’s not very major now but in a few years I’m sure it will be. Natural gas is a mixture of Hydrocarbon gases that form with a petroleum deposit. A hydrocarbon is a compound that’s mostly made up of Hydrogen and Carbon. Natural gas is methane together with some of ethane, propane, butane, and other gases, Methane is a potent greenhouse gas, and Ethane is colorless and odorless. Natural gas is used as fuel and in the making of organic compounds. Natural gas is also highly flammable. (The American Heritage Dictionary, 2009)†¦show more content†¦There are so many ways that we use natural gas. (NaturalGas.org, 2011) Natural gas is made up of just the two elements, Carbon and Hydrogen. All of the natural gas we use today began as microscopic plants and animals living in the ocean. As they become buried ever deeper, heat and pressure begin to rise. Natural gas deposits migrated until they were caught under impermeable layers of rock or clay, where they were trapped. (â€Å"Natural gas and,† 2013) Natural gas is made into energy when CPS Energy operates 14 gas units to complement its energy generation efforts with coal, nuclear and renewable energy. The turbines suck in air, mix it with the fuel and ignite a fireball. The hot gases from the fireball impact the blades of the turbine to cause motion, creating mechanical energy. The generator converts the mechanical energy into electricity before it is transmitted for customer use. (CPS Energy, 2013) The importance of natural gas is to replace the role of oil in the economy. Natural gas is good for the US because it can produce natural gas domestically. It has plenty of energy for use in people’s homes and in industry. 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The Productivity of Canada Free Essays

Canada†s productivity is not in really good shape now. Among its G-7 partners (Britain, Japan, Germany, France, Italy and the U. S. We will write a custom essay sample on The Productivity of Canada or any similar topic only for you Order Now ) , it has the lowest rate of growth in economic productivity over the past 25 years while it ranked second in productivity only to the U. S. two decades ago. What was the problem? Why was the situation getting worse and worse? While the problem seems to be getting more serious as the new millennium approaches, Jean Chretien, the Prime Minister, and Paul Martin, the Finance Minster, have played down the productivity issue, saying there is no clear-cut evidence that it is a significant problem. In fact, the high income tax rate compared to the U. S. causes lower salary for those highly skilled workers, which leads to their departure for better pay and more opportunities in the U. S. Also, the Canadian federal government spends too much money on themselves such as building political empires and providing services that duplicate those delivered by other provincial or municipal governments. Besides, Canada has a poor performance particularly in areas related to technology and communication industries. We certainly need a lot more to be done to improve productivity from various sources. Before we can come up with effective solutions for this controversial issue, we need to know how does productivity affect our economy and the standard of living in our country. Productivity measures the capacity of the economy to increase its output while costs are controlled. As economic efficiency increases, the overall wealth produced by the economy also goes up. It also determines the purchasing power that Canadians have. The greater productivity, the greater the potential for economic growth. With the decrease in productivity, our standard of living may go down as well. Canadians† living standard grew by an average of 3. 1 percent a year from 1961 to 1980. Since then, growth has averaged only 1. 1 percent annually. The major reason for this shutdown can be criticized on slower productivity growth. Lower labour productivity has explained 96% on average of the Canada-U. S. standard of living gap over the last decade. The atrophy of Canada†s productivity causes damages to the country†s living standard. Stronger productivity growth is essential for higher living standards in a country. One possible solution is tax cut, particularly on income tax. High tax rates hurt Canada in many different ways. Most of the Canadian companies cannot afford to hire an American executive to come north because the U. S. wage rates are significantly higher and the tax rate is different. If they do so, they should expect to pay an American executive the double salary compare to the outgoing Canadian executive earned. In that case, it would be too expensive. Although larger companies can probably afford it, while some smaller companies can†t afford to bring in talent that they need to expand their business. Moreover, the growing tax gap makes the situation even worse. This is also one of the reasons why Canada†s poor economy performance during recent years. Also, the Canadian dollar is weaker than the U. S. dollar, therefore income tax rate turns out to be around 50% for top earners compared to Canada with about 35% in the U. S. The other problem with over taxation is, when governments have too much of our money by collecting tax, which is in the case of Canada, the federal government spend too much on themselves, on building political empires and providing services that duplicate those delivered by other provincial or municipal governments. If taxpayers have this money left over to spend, they will probably either spend it or invest which will have a positive impact on our economy. But one exceptional case is high-tech industries in Montreal. Tax credits those companies, which allure them to invest more money. Eventually, the government provides up to $15,000 for new jobs in tax credits for each employee†s annual salary in future ten years. Those subsidies convinced Illinois-based Motorola to locate a new software center in Montreal. However, the critics argued that the government is buying jobs by using other taxpayer†s money and causing higher taxes for others. But in general, higher tax rate in Canada is a non-questionable fact. Another improvement that should be made is to put more money on education and provide a stable and attractive working environment for highly trained graduates. The loss of these highly trained graduates, estimated in the thousands annually to the U. S. The more opportunities, higher salaries and lower taxes are the main reason to draw their attention. Besides, there are not enough well trained and highly educated people to teach at universities and specialized schools, skilled Canadians who leave because of better pay and more job opportunities elsewhere. Besides, numbers of Canadians are willing to study in the U. S every year. In 1997, 23,000 of them enrolled in American colleges and universities. But there were only 18,000 Canadians enrolled in U. S. universities about 10 years ago. This number has been increased over the past decade and it certainly is going to increase if we don†t do anything about it. Another thing is, the American companies spend large amounts of money on re-training and development on executives. The average company spent about $10 million on both internal and external executive development in 1998. Especially when technology is becoming more and more involving business, the ability to get up to date information and knowledge is the key to success. In a recent survey that is done by Business Week, the best in management education, ranked according to this survey. U. S. has 17 universities in the top 20 for non-degree study. Although this was not an official ranking, it still shows that the U. S has most of the top business schools in the world, such as Harvard, Michigan, and Pennsylvania. That†s also why many students around the world, not just Canadians, like to go to those universities, because they can have a better education and a brighter future. Technology is crucial for productivity too, since Canada has done a poor job in technology and to support those technological talents. Just like Anand Bahl and Kim Cameron, they decided to be part of high-tech talent to the U. S and they sold their privately owned software company, Zoomit Corp. of Toronto, to Microsoft. Anand Bahl and Kim Cameron actually didn†t look for a buyer; somewhat Microsoft approached them as they found their company has potential in market. Anand Bahl and Kim Cameron created a software program, which from the e-mail system called the â€Å"meta-directory† which allows companies to integrate and manage a variety of related computer files, images and applications from different suppliers. They couldn†t get any finance help in Canada and not many people could understand the technology and expected their company to get beaten by a bigger player and wiped out. In fact, their product works and even Microsoft hire them along with 11 of 30 Zoomit†s employees to work on integrating meta-directory software into Windows 2000. They were very happy to be accepted from the world†s largest and most powerful firm because they had such a struggle to try to prove their product. They criticized the attitude that they encountered in Canada which Canadian companies assumed the product wasn†t good enough and they forced to focus on the U. S. which right now about 90% of their sales revenue come from large American companies. The comment that they gave was Canada has world class programming talent, but they have to have a chance and somehow recognize by others, and talent is one of the few things Canada will have left if we let this situation gets worse. In the case of Ford Canada, they have increased the wages for the workers because they are doing great business. But some economists worry that the raise of wages will lead to an increase in the unit price of cars and trucks, which is unlikely the case. In fact, the increase in Ford†s hourly labour cost will certainly lag behind the ongoing growth of productivity. Productivity in auto assembly grew 80% between 1991 and the first quarter of 1999, almost 10 times as fast as the total economy. In general, productivity in car industry has been increased 20% since 1991 . The amazing thing is that auto assembly average productivity even exceeds the level in the U. S. According to the bible of automotive productivity studies, it takes about 25 hours of labour to assemble a vehicle in Canada, which is 10% less than in the U. S. Moreover, this superb productivity performance produced 34,000 new jobs in the industry since 1992. The key for their success is they put huge investment in fixed capital that have been made by the auto assemblers and their parts suppliers. They are investing more than $4 billion on new equipment every year. As a result so far, new equipment with new technology makes greater productivity and better quality. From what has been mentioned above, the fact that Canada†s productivity needs to be improved, and the government should put more effort on it. Canada must solve the productivity problem through massive tax cuts and increase budgets on both education and technology development or continue to lose talents to the U. S. while we†ll have poorer productivity and competition in the market. How to cite The Productivity of Canada, Essay examples

The natural resource base of a country is fundamental to any explanation of its level of national economic development Essay Example

The natural resource base of a country is fundamental to any explanation of its level of national economic development Essay In this essay I aim to show the true importance of natural resource to the economic growth of a country. I will be discussing Japans and Canadas economic situation as well as comparing it to Saudi Arabia in relation to the availability of natural resources. Indicators such as GNP per capita, Literacy rates, and the countries exports and imports will be studied to help suggest if a natural resource base is fundamental to national economic development of a county. Natural resources are a vital part in the development of the Worlds economy. There is lack of theory in terms of generalising about the relationship between resources and development. Japan is a good example. As explained Japan is a very rich economic country. Manufacturing is its strength but it has few natural resources. The countries successful economy is based on the export of high quality consumer goods developed with the latest technologies for example Toyota, Sony, Fujifilm and Panasonic are famous across the globe. One common pattern is for Japanese companies to import raw materials and then process them to make finished products, which are sold domestically or exported. In an often cited statement 1 (e.g. Cairns, 1994, p 782) Erich Zimmerman wrote resources are not; they become. Meaning that natural resources have no value until labour and capital is applied. Japan has one of the largest export based economies. Japan is 5th in the world for largest export of goods 2 $538.8 b illion (2004 est). In reference to table 1 it can be seen that machinery is Japans biggest export. We will write a custom essay sample on The natural resource base of a country is fundamental to any explanation of its level of national economic development specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The natural resource base of a country is fundamental to any explanation of its level of national economic development specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The natural resource base of a country is fundamental to any explanation of its level of national economic development specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Japan relies heavily on other countries for resources. Japans main agricultural product is rice, and most rice eaten in Japan is home-grown. Since Japan has little arable land compared to its population, it cannot grow enough wheat, soybeans, or other major crops to feed all its citizens. In fact, Japan has one of the lowest rates of food self-sufficiency of all industrialized countries. 5 Only 15% of Japans land is suitable for cultivation. This means it has to import a high percentage of its food from abroad. Japan is the largest market for US exports. Japan has had to build its enormous industrial output and high standard of living on a very low natural resource base. Industry, the most important sector of the economy, is heavily dependent on imported raw materials and fuels. Mostly in terms of fossil fuels, particularly oil. It imports 90% of its oil. Due to the fact that In Japan they supply less that 1% of countries demand. Japan has more oil refining than oil production, and more oil consumption than oil refining. Looking at Table 2 it is notable that Japan is also very short on metal and mineral resources. With Machinery and Mineral fuels being one of the major imports. Japans imports of goods is to the value of $401.8 billion. Meaning Japan is making money from developing the imported primary material then processing these resources to export the manufactured goods. Despite Japan having a very poor resource base it is the 3rd largest economy in the world after USA and China. It has huge amounts of economic power, and its average income levels and standard of living are among the highest in the world.6 Japan GNP per Capita is $29,400 (2004 est.) 99% of the population are literate. 7For 3 decades economic growth has been spectacular 10% average in 1960s, 5% in the 70s and in 1980 4% growth. It is world leading in high technology, industry and has a strong work ethic. Industry is the most important sector of economy. Only 6% of the labour force engage in agriculture while 70% of the labour force, are in the service sector. Japan is among worlds largest and technologically advanced producers of motor vehicles, electronic equipment, machine tools, steel and nonferrous metals, ships, chemicals, textiles, processed foods. Japan is a prime example of that a natural resource base is not fundamental to a countrys development. Its the ability to use and convert these natural resources for example iron ore into steal. 8Blessed with natural resources. From another perspective, the theory of development says that natural resource base is positive in the terms of the benefits for a country. For example Canada has a rich natural resource base. Its an extremely affluent, high tech industrial society with high standards of living. When looking at indicators Canada can be seen as a well developed country. GNP per capita is at an impressive $31,500. This ranks above Japan. The literacy rate for the population is 98%. 9 It has been said that the countrys high income and high standard of living is that its export of natural resource financed the growth and diversification of its national economy in a very beneficial way (Sheppard Barnes). Iron ore, nickel, and zinc, copper, gold, lead, molybdenum, potash, diamonds, silver, fish, timber, wildlife, coal, petroleum, natural gas and hydropower are the main resources. These natural resources along with skilled labour and capital help to secure solid economical prospects. However Canada does not just export these primary resources, it uses them to produce manufactured goods such as; motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment, chemicals and fertilizers along with its natural resources such as timber.10Canada has a large amount of exports $315.6 billion. It is Ranked 10th in the world.It imports $256.1 billion. Canada mainly imports machinery and equipment, motor vehicles, crude oil and chemicals.11 Canada gains more capita from exporting than importing this is why it is an economically developed country with a GDP of $31,500- exports counting approximately for one third of this. Its exporting of natural resources and manufactured goods, has created a high level of economic development within Canada. This helps show that a good natural resource base is important to economic growth. It has been assumed that possessing natural resources benefits a country. However, experience has shown that for most developing countries possessing natural resources has not made them economically strong. Nowhere, is this more obvious than in the oil industry.12 This trend has been identified the resource curse by Richard Auty (1995). For example Saudi Arabia is the largest exporter of oil in the world. It holds 25% of the worlds oil reserves. It makes more money from exporting petroleum and petroleum products than importing machinery, textiles, foodstuffs, motor vehicles and chemicals, 13its GDP is only $12 000- 40% of this and 90% of its oil earnings. 14Saudi Arabia holds a huge dependence on oil. In the past the demand for oil slowed and pulled oil prices down by more than a 1/3 causing Saudi Arabia economic uncertainty. In comparison although Saudi Arabia has this natural resource base, it fails to develop. Countries like the USA and Canada use technology and capital to exploit the natural resources to produce manufactured goods. Then use trade and exchange to create a profit. It does not use natural resources alone. As stated before this is shown from Canada GNP per capita of $31,500 which is relatively high in comparison to Saudi Arabia with a GNP per capita of $12,000 who just uses solely depends on its exports of oil. Japan a country with resource deficiency has GNP per capita of $29,400 because it gains access through trade and exchange. This shows that economic resource base is not always fundamental to a countries development. In conclusion it can be seen from the countries of Canada, Japan and Saudi Arabia that a natural resource base is not always fundamental to the countrys level of economic development. One of the key issues that have been identified is that it is the access to natural resources through trade and exchange that is important. The use of technology, labour and capital thereafter produces manufactured goods that can then be exported resulting in strong economic growth. Depending on a natural resource alone is not enough to sustain economic development. Sheppard and Barnes (2003) help to summarise to a certain degree that natural resource base is not always fundamental to a countrys level of economic growth 15 It appears that the location of resource deposits is almost irrelevant to where geographically those resources will be used. Not natural resources alone that facilitate growth its right technology, the right culture, and the right markets.

Learn About College Scholarships for Homeschoolers

Learn About College Scholarships for Homeschoolers The cost of attending college can be staggering. With current averages putting the cost of one year of public college for an in-state student at over $9,000 annually and one year of private college at over $32,000 per year, most students will need some type of financial aid to offset the economic  burden of a post-secondary education. The good news for homeschooling families is that homeschooled students qualify for most of the same college scholarships as their public- and private-schooled peers. What Is a College Scholarship? There are several types of financial aid available to help students pay for college. The  three main types are loans (federal, state, or private), grants, and scholarships. Loans are funds that are borrowed and must be repaid with interest. Some loans are based on demonstrated financial need while others are available to any student. Grants do not have to be repaid. These can be based on financial need, or they may be merit-based or student specific. For example, grants may be offered to minority students or those studying for a specific field, such as teaching. Scholarships are financial aid awards that do not have to be repaid. They are awarded based on a variety of criteria. Sometimes those criteria are based on academic or athletic performance, but they can also include military or community service, a student’s heritage, unique skills and hobbies, and musical or artistic talent. What Types of College Scholarships Are There? Scholarships may be awarded by colleges, private organizations, or employers. State scholarships are often available to in-state students who meet grade-point average (GPA) requirements. Homeschooled students may have to submit SAT or ACT scores or complete one year of college with a minimum GPA to qualify. (Once a student has qualified for a state scholarship, it often pays retroactively.) Need-based scholarships are awarded based on a student’s financial need. These are usually federally-  or state-funded scholarships that factor the cost of attendance minus the expected family contribution to determine the student’s need. The first step in qualifying for a need-based scholarship is completing the Free Application for Federal Student Aid (FAFSA). Merit-based scholarships are awarded based on student achievement in academics, athletics, or other areas such as art music or art. These may be awarded by the school, the state, private institutions, or organizations. Student-specific scholarships are those that are awarded based on criteria specific to individual students. There are scholarships for minority students, those with specific disabilities or religious affiliations, students of particular ethnicity, and those with a  military association through the student or his parents. Career-specific scholarships may be awarded to students pursuing a particular career field such as teaching, healthcare, engineering, or math. Where Can Homeschoolers Find Scholarships? To begin the search for potential college scholarships, try  specialized search engines such as the College Board’s BigFuture search or  FastWeb. If a scholarship description doesn’t specifically state homeschooled student eligibility, ask for clarification. Students may also wish to seek out scholarships through specific organizations. One of the best known academic scholarships may be the National Merit Scholarship, based on PSAT and NMSQT scores. Homeschooled students are eligible for this scholarship as long as they take the qualifying test at a local high school or another approved testing location. The National Collegiate Athletic Association (NCAA) offers scholarships to student athletes and offers eligibility guidelines for college-bound homeschooled athletes. The National Association of Intercollegiate Athletics (NCIA) also offers athletic scholarships for which homeschoolers are eligible. Female students pursuing a career in engineering, computer science or engineering technology can apply for scholarships from the Society of Women Engineers. Chick-Fil-A offers scholarships to its team members and homeschoolers are eligible. Homeschool curriculum publisher Sonlight offers scholarships to homeschooled students who use their curriculum. Homeschooled students (along  with public- and private-schooled students)  with a documented learning disability and ADD or ADHD are eligible to apply for  a scholarship through the  RiSE Scholarship Foundation. Homeschool Legal Defense Association (HSLDA) offers four annual scholarship contests for homeschooled students and maintains a list of scholarship opportunities that are open to homeschoolers.

How to Withdraw from a Class

How to Withdraw from a Class While you know how to register for classes, knowing how to withdraw from a class can be a little more challenging. After all, your school probably didnt go over how to drop a class during orientation week; everyone is too busy planning and preparing for the start of a new semester. Sometimes, however, your awesome start-of-the-semester plans dont work out and you need to drop one or more classes. So just where do you begin? Talk to Your Academic Adviser Talking with your academic adviser is an absolute necessity, so start there. Be prepared, however; your adviser will likely want to ask you a few questions about why youre dropping and, if applicable, talk about whether or not you should drop the class. If you both decide that dropping the course is the best option, however, your adviser will have to sign off on your forms and approve the decision. He or she can also help you plan out how youre going to make up the course content and/or units that youll need to graduate. Talk to Your Professor You likely cant just drop the class without talking to the professor (even if theyre a bad one) or at least the TA. They are accountable for your progress in the class and for turning in your final grade at the end of the semester. Make an appointment or stop in during office hours to let your professor and/or TA know that youre dropping the class. If youve already talked to your academic adviser, the conversation should go pretty smoothly- and quickly. And given that youll likely need your professors signature on a form or approval to drop, this step is a requirement as well as a courtesy. Head to the Registrar's Office Even if your academic adviser and your professor know that youre going to drop the class, you have to officially let your college know. Even if you can do everything online, check in with your registrar to make sure you have submitted everything they need and that youve submitted it on time. Additionally, follow-up to make sure everything goes through okay. While you may have submitted your materials, they may not have received them for whatever reason. You dont want your withdrawal to turn into a ​fail on your transcript, and its much easier to confirm now that your drop went through okay than it is to correct things in several months when you realize an error was made. Tie up Any Loose Ends Make sure to let any lab partners know that youve dropped the class, for example. Similarly, return any equipment you may have checked out and remove yourself from the list of students who have a music rehearsal space reserved on a rotation basis. You dont want to needlessly be using resources that other students need or, even worse, be charged for their use when you dont need them any longer.

Leadership Essay Example | Topics and Well Written Essays - 2500 words

Leadership - Essay Example "Nothing matters more in winning than getting the right people on the field. Differentiation helps you do that." (Welch Way, 29 March 2009). One of the biggest challenges faced by the leaders these days is getting the right people for the job, any job can be completed by anybody but the point is how efficiently a person can do a job Leadership is all about perfection and any wrong decisions taken can prove very fatal. For instance a leader hires a person, who he believes is the right man/woman for the organization but the work of that employee proves otherwise, the organization can suffer because of the same and the loss occurred because of that wrong decision of the leader will always remain irrecoverable. It is very difficult these days to find the right people, who can commit their future to the organization but leaders are expected to have the quality of differentiation, a leader who possesses this quality can never go wrong in the process of selecting the right people for the or ganization. ... This is one of the biggest challenges which the leaders these days face, if a leader is born with this quality then major pitfalls in leadership can be avoided without facing much difficulty. "To meet the many demands of performing their functions, managers assume multiple roles. A role is an organized set of behaviors. Henry Mintzberg has identified ten roles common to the work of all managers. The ten roles are divided into three groups: interpersonal, informational, and decisional. The informational roles link all managerial work together. The interpersonal roles ensure that information is provided. The decisional roles make significant use of the information. The performance of managerial roles and the requirements of these roles can be played at different times by the same manager and to different degrees depending on the level and function of management. The ten roles are described individually, but they form an integrated whole." (Henry Mintzberg, 29 March 2009). Another big challenge which the leaders of today face is the daunting task of decision making. Decision making is the most challenging task for any leader. One wrong decision can change many things around in an organization and those changes will surely be for the worse of the organization on the other hand one good decision can help the organization in more ways than one. Decision making is a very delicate process, numerous things have to be kept in mind, a leader just cannot go on making wrong decisions because that would result in disaster, even one wrong decision can be disastrous for any organization so considering all these things it becomes imperative that leaders analyze the