Difference Between Private and Independent Schools

Distinction Between Private and Independent Schools At the point when government funded school just isnt attempting to enable a youngster to succeed and meet their fullest potential, its normal forâ families to begin to think about elective alternatives for basic, center or secondary school instruction. At the point when this examination starts, doubtlessly non-public schools will fire springing up as one of those alternatives. Begin accomplishing more examination, and youll likely experience an assortment of data that remembers data and profiles for both non-public schools and autonomous schools, which may leave you scratching your head. Is it true that they are something very similar? Whats the distinction? Lets explore.â Similitudes Between Private and Independent Schools There is one major similitude among private and free schools, and that is the factâ that they are non-government funded schools. As it were, they are schools which are subsidized by their own assets, and don't get open financing from the state or bureaucratic government.â Contrasts Between Private and Independent Schools However, it appears as if the terms non-public school and free school are frequently utilized as if they mean something very similar. Actually, they are both the equivalent and extraordinary. Considerably increasingly befuddled? Lets separate it. In general,â independent schools are really viewed as tuition based schools, however not every single non-public school are autonomous. So an autonomous school can call itself private or free, however a non-public school can't generally allude to itself as autonomous. Why? All things considered, this inconspicuous differentiation between a tuition based school and a free school has to do with the legitimate structure of every, how they are represented, and how they are supported. An autonomous school has a really free leading group of trustees that directs the schools activity, while aâ private school can hypothetically be a piece of another substance, for example, a revenue driven enterprise or a not revenue driven association, for example, a congregation or place of worship. An autonomous leading group of trustees regularly meets a few times each year to talk about the schools by and large wellbeing, including accounts, notoriety, improvement, offices, and other significant parts of the schools achievement. The organization at a free school is answerable for doing a vital arrangement that guarantees the schools on-going achievement, and reports to the board normally on progress and how they will address or are tending to any difficulties the school may face.â Outer associations, for example, a strict gathering or other for-benefit or not-revenue driven organization,â that can give money related help to a non-public school, not an autonomous school, will make the school less subject to educational cost and magnanimous gifts for endurance. Be that as it may, these tuition based schools may bring about guidelines as well as limitations from the related association, for example, ordered enlistment limitations and curricular headways. Free schools, then again, commonly have a special statement of purpose, and are financed by educational cost installments and magnanimous gifts. Frequently, autonomous school educational costs are more costly than their non-public school partners, which is on the grounds that most free schools depend generally on educational cost to support its day by day operations.â Autonomous schools are authorize by the National Association of Independent Schools, or NAIS, and regularly have stricter standards for administration than some non-public schools. Through NAIS, singular states or areas have endorsed certifying bodies that work to guarantee all schools inside their particular districts meet thorough necessities so as to accomplish accreditation status, a procedure that happens at regular intervals. Free schools additionally normally have huge blessings and enormous offices, and incorporate both boarding and day schools. Free schools may have a strict association, and may incorporate strict investigations as a component of the schools theory, however they are represented by an autonomous leading body of trustees and not a bigger strict association. In the event that a free school wishes to change a part of its tasks, for example, disposing of strict examinations, they just need the endorsement of their leading body of trustees and not an overseeing st rict foundation. The State of Utah Office of Education offers a run of the mill meaning of a private school:A school that is constrained by an individual or organization other than an administrative substance, which is normally bolstered basically by other than open assets, and the activity of whose program rests with somebody other than freely chose or named authorities. McGraw-Hills Higher Education site characterizes a free school as nonpublic school unaffiliated with any congregation or other organization. Article altered by Stacy Jagodowski

Movie Analysis Girl Dragon Tattoo

The Heros venture is a great type of narrating that has been utilized for a huge number of years. All accounts share normal components in their structure. In todays current movies the portrayals of these components have been distorted and contorted yet stay generally unaltered. This paper follows the remote movie The Girl with the Dragon Tattoo coordinated by Niels Arden Oplev and dependent on the book by Stieg Larsson through the Heros Journey.There was something lost in watching the film with captions; by not knowing the language there is a component lost in the film. Å"however, with an end goal to have the captions coordinate the activity on screen, the nuance, figure of speech, and subtlety of a language are regularly and by need, ignored.  (Barsam a merciless and injurious man that assumes responsibility for her life.Mikales Call to Adventure is being reached by very rich person Henrik Vanger (Sven-Bertil Taube) to explore the vanishing of his niece Harriet, who evaporated 40 years back. The Refusal of the Call is a reluctance to change to address the difficulty or take care of the issue. This is found in the film by Lizbeth waling out of a gathering with her gatekeeper in the wake of declining to respond to inquiries concerning her life. With Mikale the Refusal is appeared by his hesitance to the examination for Henrik welcomed on by his destruction in court. The Meeting of the Mentor includes conquering this hesitance and beginning problem.In The Girl with the Dragon Tattoo the coach for either Lizbeth or Mikale is not quite the same as the standard for the most part connected with the job. For Lizbeth managing the oppressive watchman she is coached in managing this issue by drawing from herself and her past encounters, utilizing her own abilities to tackle her issues with him for all time. Mikales coach isn't one individual however two; he is energized by both Henrik and Harriet through the things and words she abandoned. In Crossing the Threshold the legend acknowledges the demand going into the unique world.Mikale enters the extraordinary world is connoted twice in the film; first when he consents to research Harriets vanishing and second when he shows up where she vanished a remote, miserable island with chilling climate and ice inhabitants. Lizbeth Crosses the Threshold in two distinct occasions in the film first when she is compelled to manage her gatekeeper when she needs cash for another PC and afterward when she messages Mikale including herself on the planet he is submersed in. The Tests, Allies, and Enemies segment is the area of the excursion where the legend experiences tests and meets partners and foes similarly as the title implies.In The Girl with the Dragon Tattoo the Tests, Allies, and Enemies is a somewhat significant lot of the film that notwithstanding its length keeps up intrigue and tension. This area of the excursion can be part down the middle. In the primary half Lizbeth and Mikale proceed with the own H eros Journey; in the second a large portion of their excursions have consolidated. In the primary half Lizbeth faces a few tests and goes up against her foe. Her tests show in her maltreatment on account of her watchman and her ensuing destruction of him finishing in a manner Lizbeths minor Heros Journey.Lizbeths next critical test is the place her excursion starts to work with Mikales. During Mikales first 50% of the Tests, Allies, and Enemies area he starts to figure out the hills of proof and data collected throughout the years. His first test starts with him reigniting his journalistic flash for him to genuinely examine this puzzle. During the start of his examination he is presented or recounted different individuals from the Vanger family where he appears to discover partners in Martin Vanger (Peter Haber) and his wife.With Henriks doubts and data the remainder of the Vanger family turns into his suspects and foes. Mikale discovers his partners in Henrik and head of police Mor ell (Bjorn Granath). In the second 50% of the area the excursions of Lizbeth and Mikale work. Å"She discovers her own enthusiastic needs supported by the idea of the case  (Ebert, 2010) convincing Lizbeth to send Mikale an email when she sees a theme while glancing through his documents. After introductory contact they become partners in unraveling the case.Working together as partners they find an upsetting disclosure about the idea of Harriets vanishing. Moving toward the Inmost Cave is where the legend gets ready for the coming encounter. This is the place Mikale takes what he and Lizbeth have assembled to refresh Henrik. This leads the film to the Ordeal where the Hero faces the emergency, dread, and passing. This shows in the film with the family on the island standing up to Mikale to communicate their interests over his examination, after which the island appears to be darker with doubt everywhere.The main issue of the Ordeal is that after the gathering while at the same time going through the forested areas somebody goes after Mikale, almost killing him. The Reward where the legend is remunerated for enduring the experience is spoken to in the film by Mikale and Lizbeth with assistance from Morell get the last sign that makes the various bits of the riddle fit together. This shows them the way to unraveling the secret. The Road Back Sequence is the point in the excursion where the saint commits once again to finishing the journey.This is spoken to by Mikale and Lizbeth utilizing the mystery they found to discover who they accept was liable for all that occurred. While Lizbeth researches records for confirmation of personality Mikale examines the speculates house where he is almost shot, till he is safeguarded by one of his partners. Lizbeth makes an alarming revelation in the records and races to caution Mikale, who has been caught by the one answerable. The Resurrection is the place the Hero faces the last test on the limit home.This is demonstrated w hen Mikale gains reality directly from the mouth and his life barely holds on. As he faces demise Lizbeth returns so as to spare him. The police show up and reality comes out to all. The last piece of the Heros Journey is the Return with the Elixir. This where has occurred in the extraordinary world has benefits in the customary world. In the conventional world Mikale resuscitates a blessing from Lizbeth while carrying out his punishment which assists with his restored motivation for reporting. Lizbeth takes from her excursion the mental fortitude to offer some kind of reparation with her past and to proceed onward with her future.

Learning To Learn At MIT

“Learning To Learn At MIT” Michael Plasmeier, aka The Plaz, is a junior at MIT studying Course 6 (or EECS). His website ThePlaz.com also has a wiki, and on this wiki, he shares a lot of wisdom about MIT. One of his posts which I read on the Class of 2015 Facebook Group and liked very much is called Learning to Learn at MIT. Its about surprise! learning to learn in the MIT environment, which, as Chris M 12 has posted before, is tough. And while the details may be specific to Plaz, the overarching message time management, the removal of distractions, and knowing when and how to ask for help are general to all those interested in enhancing their education. Current members of the Class of 2015, future members of the Class of 2015 and beyond take note! With the blessing of Plaz and his Creative Commons Attribution-NonCommercial-ShareAlike 2.5 license, Ive posted the text of Learning to Learn at MIT below: It was the end of my freshman year at MIT; well, almost the end. There was one obstacle left: finals. More specifically, there were three: 8.01, 3.091, and 18.01. Although the first semester at MIT was pass or no record, I was in real danger of failing. I had done ok in the semester, failing or barely passing most tests. I thought I had learned the material, but I was not able to solve the problems on the test. I had to step it up and give it my all in order to pass. I did not want to repeat a class â€" that would put me way behind; I would lose a semester of time here at MIT. In addition, because of the second semester credit limit, I could not easily repeat the class during the next semester while taking another class. I knew I had to pass. I did not really like the classes my first semester; I saw them as an unnecessary evil of attending MIT. I was not good at math or problem solving in physics. I would not have been able to do an engineering degree. I loved my UROP and all of the other experiences of MIT and I learned a great deal from them and grew personally. However, the GIRs were the price of admission. Once I got through them it would be much easier and more fun. I worked hard in elementary and middle schools, but high school started too easy for me. I then coasted through Math class without really learning the material. The assessments did not really force me to learn; I only had to memorize the process. This put me at a disadvantage at MIT; my old methods of learning, or appearing to learn, did not really work. In addition in high school, simple hard work, like putting the time in to do the reading and take notes put me at an advantage. This did not seem to be true at MIT. I started to study the week before finals. That week there are classes, but no homework. This allowed me to study during the evenings after class. I started studying for 18.01 by going through every test, and redoing each problem. I did not have access to a blank copy of the test, so I covered up the test and worked on a blank sheet of paper. In high school, I would sometimes just read through the answer key to study. At MIT this strategy was not effective. As I was reading the answer key, I thought that the answer sounded obvious and that I knew it. However, when the test came, I could not remember how to solve such problems. I had to not kid myself, and actually try to do the problem. Another study procedure which I did not try was to do one test for the listed time without looking at the answer key at all. On a real test, if I do not know a problem, I struggle and search for the answer, using up all of the time. Sometime I stumble across the answer, and I usually get some partial credit on a problem. I think this method takes up too much time and struggling for the answer does not help me learn the correct answer. But as I was redoing the 18.01 tests, I became very worried because I forgot at least one step in 40% of the problems, and had no clue about another 30% of the problems. For these, I had to peek at the answer key and to reconstruct how to solve the problem, as well as try to memorize the steps. After classes ended on Thursday, it was time to get serious about studying for finals. The 8.01 was first on Monday. I had to find the best place to study. My room is not a good place to do work. My computer fills my entire desk space, so there is nowhere to work on paper. In addition, my roommates are often there and I cannot get anything done when there are other people around. MIT has lots of little areas to study. My dorm, Baker House, has a row of tables down the hall from my room. This is where I did a lot of my math p-sets during the semester. This was moderately successful. If I forgot something, I had easy access to my room. The area was somewhat isolated, but it was in the hallway, so people were always passing. Other students find a classroom to work in. I always seem to have bad luck, someone always interrupts me because there is a class scheduled in there. However, the Media Lab recently moved to a new building, E14. The old building,E15, was now mostly vacant. I decided that my old lab would be the best place to study, so that night I found myself in E15-493. The area was desolated; no one was around in E15. There was a printer that I still had installed and a water fountain and bathroom nearby. Despite that there was no one around, I could close the door and just work. Time seemed to pass slowly, because I was doing a lot of work in that time. I could just sit there and hours would go by without anyone bothering me. I spent the weekend studying in E15-493. I got up around 10, walked to the Media Lab and studied all day. I only left for a stretch break about every hour. Around dinnertime, I ran back to Baker to buy dinner, and then ran back to E15 to study. I stayed most nights until 2AM. The most stressful was the night before the final. I wanted to be prepared as I could be. As 2Am was approaching the night before the final, I went into E14 and started re-reading what I had written. I was careful not to just look at the answers and tell myself that I knew it, but I covered up the answers and tried to think how to solve it. I was exhausted when I walked through the desolate and cold night back to Baker to sleep. I was also not distracted by my laptop. This was always a problem for me in high school and during the semester. I would always think of something unrelated to what I was doing and then I would look it up. Or I would be bored and I would open MSNBC.com to read something. By far the worst issue for my learning was that when I ran into difficulty with a problem; I would not struggle with the problem and focus; I would turn away from it to read something on the web. This was very bad for me. The pressure of needing to pass limited my web surfing, especially as the finals got closer. Another advantage was that I had nothing scheduled during that weekend. One of my problems during the semester was that scheduled sessions take up a lot of time, up to double the length of the session. It takes time to travel there and back, which does not feel like much, but can be up to 15 minutes each direction. By far the biggest problem is that I had to arrange my schedule around it. If I had less than an hour of time, I would not get started working. By the time I would have been set up, it would be time to go. I was very nervous on Monday when my 8.01 final finally arrived. I was unsure about a lot of the problems. But when I talked to others afterward, who seemed far more prepared than I was, they said that they had trouble as well. This made me feel somewhat better. I wrote in my journal immediately after the final that I probably did better than I thought I did at the time. After 8.01 there was not much time to rest. My 3.091 final was the next day. I only had about 20 hours to study for it. I thought that 3.091 was going to be the easiest of the finals, so I only left one afternoon and evening to study for it. That made studying that night very intense. The final ended up being more difficult that I thought it was going to be. I think I also made a mistake in what I was studying. Professor Sadoway feed us the information we need to know in the lectures. However, he tells us to read the textbook which has a lot more information. However, that material was not really relevant. I should have focused on simply studying the material from the lectures. After 3.091, I had two days to study for 18.01. In total, I wrote about 100 pages for 18.01, redoing problems until I was out of time. I did not remember much from that final since it was the last one. As soon as I was finished, I went home later that day. I was glad to be done with the first semester of MIT, I just hoped that I did well enough in each class to pass. At home, I kept refreshing Websis to see if the grades were posted. One by one they came online. I got a C in 3.091 and 18.01 and a B- in 8.01. I was very happy that I passed everything; that I did not have to redo any classes; that I could move ahead to the next semester. I was very surprised that I managed to get a B- in 8.01. I have no clue how that happened; I am guessing that it is due to homework. There is so much going on a MIT that I cannot really keep up from week to week. This semester I must try not to slip behind. I know that I am not the only one. It is important to be up for each class fully awake and prepared. There are only 30 classes in a typical course â€" and learning what they are teaching will save hours off studying or being frustrated on a P-set. I am proud of those two weeks I spent studying. It was where I learned to focus. I am now one week into the second semester and focusing and studying of the hard material feels better. It now feels like I can master anything if I dedicate myself to it. If I spend all my time on something, and ignore external influences, like the flow of time, I can master whatever MIT throws at me. I no longer dread it. It feels fun to learn something complicated which I did not know before. I now feel like an engineering major might not only be doable, but fun. Perhaps some of this will wear out as the second semester continues, or maybe I will actually enjoy the math and physics classes now, since I will not be struggling as much.

General Terms and Conditions for Customers - 1132 Words

Tele2 General Terms and Conditions for Customers Article 1 General provisions 1.1. These General Terms and Conditions, Tele2 doo (Terms) regulate the relations between Tele2 d.o.o from Zagreb, Vukovarska ulica 269/d (Tele2) as a provider of public communication services using radio frequency spectrum for public mobile communications network, for which Tele2 has been granted a concession or other authorization in accordance with applicable regulations (Tele2 network), and the applicant for the establishment of a post-paid and pre-paid user account (hereinafter referred to collectively as „Customersâ€Å"). All relations between Tele2 and the Customers which are not specifically regulated by these General Terms and Conditions will†¦show more content†¦2.3 Tele2 offers all Customers the option of restricting access to content that is not suitable for children, which will be introduced to the Customers by Tele2 appropriately. If the Customer chooses this option, they can start using it any time during the valid Customer Agreement, and it will remai n in effect until the Customer requests a cancellation. Details of the offer and the activation of restricted access to content that is not suitable for children will be offered to the Customer at the signing of the Customer Agreement. 2.4 Tele2 enables all Tele2 users to make free calls to the universal European emergency number 112 from any telephone device, as well as other emergency services phone numbers in the Republic of Croatia in accordance with the Numbering plan. 2.5. Tele2 provides its Customers free access to Customer Service. Article 3. Pre-paid 3.1. The amount in the Tele2 pre-paid account can be used within the expiration period of Tele2 pre-paid accounts, which is: 10 days for vouchers in the amount of 10.00 to 50.00 kuna; 90 days for vouchers in the amount of 50.00 to 100,00 kuna; 180 days for vouchers in the amount of 100.00 to 200.00 kuna; and 270 days for vouchers in the amount of 200.00 to 500.00 kuna, and until there is a sufficient amount in the Tele2 pre-paid account necessary for the use of Tele2 services. After the expirationShow MoreRelatedMarketing Strategy And Corporate Social Responsibility1012 Words   |  5 Pagesneed to be market driven businesses must set long term objectives that are able to stand the turbulent market conditions the role of marketing can be defined in the following ways: Identifying customer requirements Identifying the requirements of customers and communicating them effectively throughout the organisation. This involves conducting the required market research that will help identify customers and what satisfies. Identifying customers is not always obvious as buyers are not always theRead Morep3 unit 211132 Words   |  5 PagesP3: outline how consumers are protected in contracts for the sale of goods Using the phone contract selected in P1 and focusing on the customers this briefing sheet will provide an explanation of how a contract protects the customers and what happens if that contract is breached. Definition of Goods: Goods are any form of products that are supplied to consumers for their convenience. They are generally modelled as having diminishing marginal utility. Ultimately, whether an object is a good orRead MoreStrengths And Limitations Of Community Pharmacist959 Words   |  4 Pagesa high response rate from customers in the pharmacy. 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The Great War And World War I Essay - 1198 Words

Between 1914 and 1918, many of the worlds leading countries were neck to neck in a bloody and gruesome battle known as the Great War or World War I. The United States practiced its policy of isolationism, a policy of remaining apart from the affairs or interests of other countries. However, in April 1917 the United States officially entered the war. Although the United States only fought in two battles, at St. Mihiel and the Meuse-Argonne, the fighting took a heavy toll on American lives. In an attempt to restore public opinion, President Franklin D. Roosevelt decided to help the United States slip back into isolationism. In response to the overwhelming desire of Americans to keep their distance from foreign conflicts, the United States remained diplomatically and militarily isolated due to public sentiment, internal politics and lack of military preparedness, and economic repercussions of the Great Depression. With more than fifty thousand American boys killed in combat, many Ameri cans believed that the Great War was indeed a tragic and costly mistake that should never be repeated.1 According to historian David Kennedy, â€Å"Americans of both sexes, of all ages, religions, and political persuasions, from all ethnic groups and regions, shared in the postwar felling of apathy toward Europe, not to mention the rest of the quarrelsome world that bordered on disgust.†1 Americans had grown up with the luxury of being isolated from threats abroad. According to Kennedy, â€Å"AmericansShow MoreRelatedThe Great War : World War I894 Words   |  4 Pages The Great War: World War I World War I, otherwise known as the Great War, began as a small battle that eventually developed into a prodigious uproar between several countries. WWI’s beginnings are controversial and historians throughout the world have several theories about the destructive event. 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But a great portion of the cause dealt with past disputes between the Great Powers and such aggressive principles as Nationalism: the strong feeling of pride and devotion to one s country, Imperialism: the domination of one countryRead MoreWorld War I And The Great War1249 Words   |  5 PagesWhenever you come across World War I, don’t you ever deeply think about how it all started? Who would have known that just 2 pulls of a trigger could have triggered a demoralizing World War? World War I, also known as â€Å"The Great War,† was a war that primarily took place in Europe. It officially started on the 28th of July in 1914 and it unexpectedly lasted until the 11th of November in 1918 (about 4 years). The most predominant countries that fought in this war include Great Britain, France, RussiaRead MoreWorld War I And The Great War1147 Words   |  5 Pagesperspective of being the First World War, it truly lived to the name of â€Å"The Great War†. While no war is ever simple, this one was very complex for its time. It was a vast war with a revolutionary impact on military advances. The end result of the war, catastrophic. It was a conflict on a global scale that later involved over thirty nations. If anything it was a war on politics, and really illuminates what poor political stamina can result in. With all of this in mind the question stands, â€Å"What madeRead MoreThe World War I And The Great War1560 Words   |  7 PagesWorld War One , also know n as the Great War was a global war fought between the allied powers and the central powers from July 1914 to November 1918. The assassination of Franz Ferdinand led to the outbreak of world war one. Franz Ferdinand was the arch duke of Austrian-Hungarian Empire and was considered as the heir of the Empires monarchy throne. However there was many other factors that caused world war one. 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Due to the use of the machine gun and trench warfare, most of the war was a battle of attrition between the â€Å"Triple Alliance† and the â€Å"Triple Entente†. Millions of people fought and died in this war, among them thousands of Canadians. There have been many attempts to reconstruct experiences and battles of the First World War in proseRead MoreThe World War I And The Great War1684 Words   |  7 Pagestraveling the world to different places, being an amazing influence to many young people got him far in his career of big band swing music. Art and music is also known as formal music, serious music, erudite music, or legitimate music (sometimes shortened to legit music) —is an umbrella-term used to refer to musical traditions implying advanced structural and theoretical considerations and a written musical tradition. World War I, also known as the First World War or the Great War, was a global war centered

Telecommunications Law Free Essays

Telecom Law and Regulation Professor: David Olson September 14, 2012 Week 2 Case Study What is the natural monopoly ? Natural Monopoly is a monopoly that exists because the cost of producing the product (i. e. , a good or a service) is lower due to economies of scale if there is just a single producer than if there are several competing producers. We will write a custom essay sample on Telecommunications Law or any similar topic only for you Order Now (http://www. linfo. org/natural_monopoly. html) Today, telecommunications technology affects lives to a greater degree than ever before. Communication has evolved over many years from the earliest attempts at verbal communication to the use of sophisticated technology to enhance the ability to communicate effectively with others. A natural monopoly is said to exist in an market where the costs of production are such that it is less expensive for demand to be bet by one firm than it would be for that same demand to be met by more than one firm (Benjamin et al. , 2005). Every time a telephone call is made, a television is watched, or a personal computer is used, benefits of telecommunication technologies are being received. The American television industry is presently undergoing rapid change. Where once there was a limit on viewing options imposed by scarcity of electro-magnetic spectrum, confining most views to handful of channels that were dominated by three COM distribution systems, cable television is emerging now as â€Å" the television of abundance,† (Sloan Commission, New York 1981). A natural monopoly is said to exist in any market where the costs of production are such that it is less expensive for demand to be met by one firm than it would be for that same demand to be met by more than one firm (Benjamin et al. , 2005). Examples of natural monopolies are railway systems and telephones systems. All the phones should be connected and network together to attain the highest benefit. The monopoly is called natural because many competitors in these markets tend to die out leaving just one or a few providers for any given geographic area. But, the essence of the concept of a natural monopoly is there, that these are markets that end to have one or few providers. I believe that the government should treat telephones, cable and/or broadcasting companies has a natural monopoly. The technology industry has been a major problem in areas of the United States. Before wireless transmission really ever became a reality, cable was the ruler. After reading and viewing information about this topic customers live in around of the U. S. A that have limited cable service providers in their area and there is only one Cable Company to choose from which proves a natural monopoly. It has been verified time and time again about the lack of competition, the patrons are the ones who pay more for cable services. More over, the absences of superiority programming that the providers were not motivated to provide better service to consumers. The Commission is not the only regulatory authority showing interest in cable television over the years. Local government has also been quite active in the regulation of local cable providers. Indeed, local governments for a long time insisted that cable providers apply to them for permission to be a local â€Å"cable franchisee† and local governments would often extract costly concessions from cable providers in exchange for granting those franchise rights (Benjamin et al. , 2005) The notion of having competition may end up costing more doesn’t prove to be true in most cases, in general having the opportunity to choose the best providers with what is needed on service is far better than having dismal programming and choices. It is in the preferences and providers having all the choices for the consumers that are of benefit and one that is a win-win. Competition does not necessarily prove the notion that it costs more for hardware and software, that these are designed to be able to provide maximum number of customers. The concept of telecommunications may be defined as the transmission of information from one location to another by electronic means. Telecommunications is using electronic systems to communicate. Life is constantly changing and has been shifting faster since the rapid advancements in telecommunication. For the reason that ongoing attempts to find improved and supplementary efficient ways to communicate, the process of communication has gradually enhanced and I believe it will continue to do so. References: The Linux Information Project (2005). Natural Monopoly Definition. Retrieved 9/11/2012 from http:// (http://www. linfo. org/natural_monopoly. html) Benjamin, Douglas Gary Lichtman, Howard Shelanski, and Philip J. Weiser, (2006). Telecommunications Law and Policy Sloan Commission, (1981). On the Cable: The Television of Abundance How to cite Telecommunications Law, Essay examples

Humanism and Its Relation to the Art of Governing Essay Example For Students

Humanism and Its Relation to the Art of Governing Essay Humanism is a thought process or a system of beliefs in the significance of actual, real life human beings rather than divine, religious, or non-existing persons. During the Renaissance period, people began moving away from the teachings of the medieval period and began focusing more on the philosophies and teachings that were prevalent during Ancient Greek and Roman times. In Niccolo Machiavelli’s The Prince, he begins a story that demonstrates a particular style of governing that is a stark contrast from other humanists of that era. In his book, he believes that The Prince should be the one and only governing authority over his people, being the sole person responsible for assessing and concluding how the state should be run, and made sure that all policies and legislations created were written for his benefit. These benefits included a further assertion and domination of his power by gaining, maintaining, and expanding his political ambitions and power (Machiavelli, 5). In the story, his understanding of what he believed was human nature a direct contradiction to that of which all humanists understood and taught. Many followers and believers in the humanist philosophy of Machiavelli’s time felt that each person had the potential to contribute to the growth and overall well-being of the country. Humanists believed that An individual only grows to maturity- both intellectually and morally- through participation in the life of the state (Machiavelli, 6). In general, Machiavelli was not trusting of people, the citizens of a state in particular. He said, â€Å"in a time of adversity, when the state is in need of its citizens there are few to be found† (Machiavelli, 9). Taking it to another level, he further expresses his distrust of the citizens and begins to question their loyalty to the head of state. When meeting with the Prince, he proposes that â€Å" because men wretched creatures who would not keep their word to you, you need to keep your word to them† (Machiavelli, 18). Despite having said such strong words of his people, he did not condone that the Prince should in any way treat his citizens in a negative manner. This statement was further evidence of him keeping the best interests of the Prince at the forefront of his mind, In a monarchy style of government, a head of state can either be loved or feared; one cannot be both. As a result of this, Machiavelli proposes to the Prince that it would be better for him to be a person that instills fear in his people rather than to be loved. By doing so, he was ensured that he would be able to maintain law and order throughout the land. Again, another example of keeping the best interests of the Prince in mind. By creating a state of fear, people were less likely willing or able to commit acts that would go against the head of state, creating chaos and disorder. In Machiavelli’s The Prince, the ruler is a humanist figure because he exists in the physical world. In contrast to that, there are governing bodies that rely solely on divine authority, a spiritual person of interest that does not exist in the physical world. A common form of this type of governing is called Theocracy; a form of governing where a God (or a deity) is recognized as the King or immediate ruler of the governing body (or more commonly known as a church). This God is the person who dictates the laws; generally in the form of a book (i. e. The Holy Bible). These laws are carried out by Bishops, Priests, Ministers, or any other bodies within the church. Their aim is to please their God by carrying out his vision for his people and spreading his message. In modern day culture, there is no existing governing body that oversees a nation where God is the Supreme Leader. Not even the Vatican allows for God to be the ruling governing body. Although, most conservative governments make decisions and implement legislation with God’s law in mind. This is a common practice in places like The Vatican and in more progressive nations such as Great Britain and The United States. .u82d6b733757fd865ba5b681eb394d67a , .u82d6b733757fd865ba5b681eb394d67a .postImageUrl , .u82d6b733757fd865ba5b681eb394d67a .centered-text-area { min-height: 80px; position: relative; } .u82d6b733757fd865ba5b681eb394d67a , .u82d6b733757fd865ba5b681eb394d67a:hover , .u82d6b733757fd865ba5b681eb394d67a:visited , .u82d6b733757fd865ba5b681eb394d67a:active { border:0!important; } .u82d6b733757fd865ba5b681eb394d67a .clearfix:after { content: ""; display: table; clear: both; } .u82d6b733757fd865ba5b681eb394d67a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u82d6b733757fd865ba5b681eb394d67a:active , .u82d6b733757fd865ba5b681eb394d67a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u82d6b733757fd865ba5b681eb394d67a .centered-text-area { width: 100%; position: relative ; } .u82d6b733757fd865ba5b681eb394d67a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u82d6b733757fd865ba5b681eb394d67a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u82d6b733757fd865ba5b681eb394d67a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u82d6b733757fd865ba5b681eb394d67a:hover .ctaButton { background-color: #34495E!important; } .u82d6b733757fd865ba5b681eb394d67a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u82d6b733757fd865ba5b681eb394d67a .u82d6b733757fd865ba5b681eb394d67a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u82d6b733757fd865ba5b681eb394d67a:after { content: ""; display: block; clear: both; } READ: Fast Food Nation: Logos Appeal EssayIn conclusion, there is one major contrast between a humanist style of governing versus a government based on one single divine authority. A humanist government is a government ruled by a real-life person who institutes law and order through the creation of legislation that creates a society of law and order. A divine authority, or religious-based style of governing, is overseen by a being that is not visible to its people but exists in a series of books and teaching carried out by those who are representatives of the governing body, or church.

Why I Enrolled at MIT

MIT Class of 2021 decisions have been out for almost 2 weeks now. As you continue to receive results from other universities, heres some advice from current MIT students and why they decided to enroll. Ronayw Massachusetts Institute of Technology 20 I was so lucky and got into so many wonderful schools. When I was still deciding, someone at MIT told me that choosing which school to go to is really like choosing which version of yourself you most want to become. And I saw so many pathsat Harvard, I could become a leader, an activist, but I didnt like socializing with an agenda. At Stanford, I could become an entrepreneur, but the business-y side of start-up culture didnt attract me. I received a full-ride from USC, but the school was so big that I got overwhelmed. Ultimately, I chose MIT for its collaborative culture and educationto solving problems. Lagrassa Massachusetts Institute of Technology 18 I visited the University of Michigan and loved some people there. There were some nerds and very enthusiastic engineers that were crazy about their work. There were also people who left class part way and did not care at all about academics, only sports. However, I realized that the aspects I liked about the University of Michigan were a hundred times more prevalent at MIT. I also liked the cooperation between MIT students. Team based projects are the way of the future and MIT does not have competition in the same way I heard about at other schools. MIT students work together. Catheryn Massachusetts Institute of Technology 18 Good faculty-to-student ratios, research opportunities, etc. are equally fantastic at all prestigious colleges. Ultimately, you should find somewhere you feel you truly belong: the physical environment, location, and most importantly, the people. Meet other prefrosh, meet older studentsmake sure you can find friends and fit in well with the culture! Dorszy Massachusetts Institute of Technology 20 MITs engineering and science programs are consistently ranked number one; MIT had so much more to offer me. While Princeton might be ranked as number one overall, I noticed, by talking to various upperclassmen, that their coursework and other lab work was very theoretical while MIT really taught students how to use and apply all the knowledge the professors taught. While Princeton still is a great university, MIT remains miles ahead in engineering. Thats why I chose MIT - because I knew it wouldnt hold me back, that students there werent pretentious, and that their students come out soaring with flying colors. jmgreer23 Massachusetts Institute of Technology 17 Because I liked how excited everyone is on campus. Everyone does everything with a great sense of enthusiasm, and after visiting campus for the preview weekend and seeing how excited everyone was to get a new set of freshmen on campus, I couldnt pass it up. In the end, what sold me was the people on campus, not the great learning opportunities I have here. Don’t let your application essays and materials go to waste. Turn your success into insights for future applicants bycreating a profile. Plus, you get to earn some extra money!

buy custom Obesity in Children essay

buy custom Obesity in Children essay Indulging in fast foods choices by children while spending their time in front of the television or by playing video games has lead to obesity. According to researchers, the root cause of obesity in adults can be traced back to their childhood; an implication that obesity has both short and long term impacts, affecting both their physical and psychosocial health. A lot of children are now being diagnosed with adult conditions, such as hypertension, diabetes, high cholesterol levels etc, and there is a high likelihood that they will carry the obesity burden into adulthood, if the right measures won`t be taken early enough to avert the problem. Research shows that overweight children, who develop into obese adolescents and adults, have high chances of developing health complications. Abnormalities of cardiovascular consequences in adulthood are examples of problems that begin in childhood obesity. Childhood obesity is directly related to increased energy consumption of diet, sedentary lifestyle, and decrease in physical activity levels (Summerbell, et al., 2005). In many countries such as Australia with estimated 20%, and The United States with 60% of obese children, obesity is increased significantly by spending long hours in front of television (Lennan, 2004). Also, the impact of vast number of environmental and cultural factors such as increase in family breakdown may contribute to the increase in obesity among children (Summerbell, et al., 2005). There are recommendations by The National Health and Medical Research Council (NHMRC) to help families of obese children, by following the weight management guideline for young people that focuses on outcomes such as, healthy eating and physical activity in controlling levels of obesity and overweight in children (Lennan, 2004). Parents may manage their childrens weight, by encouraging the eating of low calories foods, and more casual activities such as walking or riding a bike to school. Parents are in a better position to understand how obesity in their children affects them, ranging from the high cost of medical bills in treating obesity-related health problems as a result of health complications. Therefore, families should take the responsibility to ensure that children follow these guidelines, in order to maintain a healthier lifestyle. The result will be lower risks of having health issues such as obesity in children and a better management of overall next generations health (L ennan, 2004). This paper discusses the contributing factors of obesity in children, the health implications, and how it can be prevented. Risk Factors The following factors have increased the prevalence of obesity among children; Behavioral Factors Obesity occurs, when one consumes more calories than can burn. In the United States, the changing environment has broadened food options and eating habits of people. Supermarkets shelves are stocked with a wide selection of foods, such as fast foods, pre-packaged foods. Numerous fast food restaurants have also thrived in the US, such as McDonalds, selling people high calorie-foods, in the name of convenience, thus contributing to the excess caloric intake, causing the weight gain (Dietz, 2004). Food portion servings have also been increased inrestaurants and homes. Physical Inactivity and Sedentary Lifestyles Research indicates that a decrease in the amount of energy one spends daily, without an associated decrease in the overall energy consumption, is a major contributor to increased childhood obesity. Children spend most of their leisure time in front of the television, or computer, playing video games, or watching cartoon programs. Children in the US, for example, spend about of 25% of their waking time in front of the television (Freedman, Khan Dietz, 2001). This, when coupled with the associated intake of high calorie snacks during that time, increases obesity in children. Research has also reported that schools have reduced the amount of time that children engage in physical activity, while in school. The insufficient or total lack of physical activity, in addition to taking too many calories, puts children at risk of being obese. Physical Environment Researchers have classified the physical environment, among the risk factors contributing to the rapid increase of obesity not only among children, but adults as well. For instance, the developed environments, in the urban areas have been a hindrance for children to engage in physical activity due to the limited space outdoors for children to play, insecurity in the neighborhoods, unattended dogs, as well as traffic jam that can prevent children from walking or biking to school, as a way of exercising. Genetics Studies have proved that genetic susceptibility is a risk factor that causes obesity; that people who are biologically related exhibit resemblance in maintenance of their body weights. About 5-40% of obesity cases in children are hereditary. In addition, a child whose both parents are obese, have 75% probability of being obese, while a child, with only one obese parent, has 25-50% of being obese (Freedman, Khan Dietz, 2001). Advertising and Marketing Advertising have adverse effects on children, in terms of their food consumption, preferences and behavior. One study revealed a significant correlation between the weekly viewing of the television among three-year old children, and their food requests, as well as the parental purchases of the particular foods that were advertised on the television (Ogden, Carroll, Curtin, 2010). While some foods are advertised as fat-free, low-fat, or healthy, they actually contain additional calories than the foods they are supposed to replace. Such misguided, notions, have lured children, to put pressure on their parents to buy for them the foods they have seen on TV. Parents, on the other hand, have yielded to the demands of their children, despite the fact that they know that such foods contain high calories. Effects of Childhood Obesity Obesity in children has been associated with health conditions such as diabetes, elevated cholesterol levels, hypertension, cancer, asthma, as well as sleep apnea (disrupted breathing during sleeping). Other than increasing the risk of health problems among the children, the effect of obesity is also being felt in terms of the amount various countries spend on healthcare cost. For instance, the United States used an estimated $102.2 billion on healthcare in 1999; in 2008, the amount increased to $117 billion. In addition, about 300,000 deaths from obesity-related health problems are being reported yearly in the US (Ogden, Carroll, Curtin, 2010). Treatment/ Prevention There is no treatment for obesity; therefore, emphasis should be placed on prevention. The weight management guidelines provided by The National Health and Medical Research Council (NHMRC) to families to help young people with obesity include, healthy eating through the reduction of dietary fat, taking foods with low calories, and reducing food portions, as well as, increasing physical activity. This involves lowering sedentary behaviors in children, such as watching the television for long hours. Parents should also encourage children to eat healthy snacks and fruits instead of the high-calorie snacks, as well as totally changing food menus to healthier foods (Ogden, Carroll, Curtin, 2010). If everyone in the family is eating healthy foods, children with obesity will also be encouraged to eat healthy. In addition, parents should encourage their children to engage in more physical activity, such as walking or cycling when going to school, as opposed to taking a bus, make it a routin e for children to engage in housework chores, to enable them burn some calories. Parents should understand that weight loss is a gradual process, and therefore, they should not put pressure on the children to lose weight fast; instead, they should support and motivate them. Obesity in children can be reduced only through a proper diet or exercise. Since children cannot take individual responsibility to take control of what they eat or do, it is up to the parents to encourage them to engage in more physical activity, while providing them with healthier meals. Conclusion Obesity is a condition that causes serious health problem among children. The condition cut across all ages, races, and sex. The alarming rate, at which the problem has increased among children, is worrying. The main risk factors that have been associated with childhood obesity include sedentary, inactive lifestyles, physical environment, genetics, behavioral factors, and television advertising. There is, however, no cure for children`s obesity, but a change of lifestyle, has been found to be effective in controlling the incidence of obesity among children. This involves more involvement in physical activity, and eating proper diet, with healthier foods. Since children are too young to know what is right or wrong, parents have to be responsible for encouraging eating and a healthy life style. However, the efforts of parents alone cannot fully control the problem. Teachers should also allocate an adequate time for children to exercise in school, as well as providing them with health education. Since prevention is the only way to control children`s obesity sustainably, prevention programs are, therefore, very important. Such programs should be very comprehensive encompassing behavioral, educational, and environmental components, and this requires the efforts of all stakeholders, especially children, parents, public health agencies, the media, education professionals and health care providers. In conclusion, we should all unite to help prevent childhood obesity. Buy custom Obesity in Children essay

Personal Statment Statement Example | Topics and Well Written Essays - 500 words - 1

Statment - Personal Statement Example This served as the turning point of my career path. After finishing my military services, I started working at Paldo advertisement firm with a view to learn fundamental company systems and organization. During my off-work hours, I did home trading in the stock market, and I rapidly became attracted to the stock market. This was primarily because the stock market showed me how people think, move and how the economy performs on a daily basis. The stock market has an intricate relationship with the sale of products and services, and this further appealed to me and sparked my interest (Arco 56). However, I encountered immense difficulties in chart reading exercises, which pushed me to study it in the US. My greatest strength lies in my ability to decipher information on the stock market reports, as well as think rationally in light of such information. I am also pleased with my academic achievements, as well as my professional work experiences. Between May and December 2006, I attended Samyook University in Seoul, South Korea where I studied leisure sports and physical education. This education proved worthwhile during my stint at the military. I served in the military service as an ai r force between January of 2007 and March 2009. During this time, I worked under the specialty Military Police and VIP escort security where I served dignitaries such as the Korean president, former US president George W. Bush and prime ministers from many countries. After completing my military services, I joined Paldo advertising firm where I obtained immense experience in business operations and behavior. My interest in business grew while working at Paldo advertising. In order to enhance by business understanding, I decided to travel to the US for further studies. Therefore, between March 2010 and November 2010, I studied English through the English as a

Wal-Mart. Workplace report Essay Example | Topics and Well Written Essays - 2500 words

Wal-Mart. Workplace report - Essay Example The company encouraged through its business policies the consumers to save money and also lead an enhanced lifestyle. In the current era, Wal-Mart has enhanced its customer servicing initiatives through the incorporation of applications via mediums like websites and mobile phones. These activities contributed to the development of concepts related to online shopping. The company operates internationally through its branches spread over 27 countries under different retail formats. Strategic leadership, innovation and commitment to the stakeholders are some of the right keywords that can be effectively related to Wal-Mart operating in the international retail paradigm (â€Å"Our Store†). The organisational structure of the company available in the Appendix shows that it has a hybrid form and operates based on the creation of specialised units that take care of corresponding and related operations based on a global scale. In each department, specific heads are deputed that take c are of the legal, merchandising, sourcing, and electronic and web commerce and also financial and corporate affairs of Wal-Mart. Pertaining to the regions, effective decentralisation is practiced by creating heads and deputy heads for international regions relating to Asia and European countries (â€Å"Walmart†). Analysis of the Management of Wal-Mart The analysis of the management of Wal-Mart will be done based on the different management models related to decision-making and team building activities. Decision-Making Models The Rational Model The Rational Model related to decision-making functions rests on four main steps identified as follows. Firstly, the implementation of the model starts from identifying a potential problem; secondly, the model endeavours to generate effective solutions to the problem identified; thirdly and fourthly, the model probes to select a solution from the list of generated ones and tends to evaluate its feasibility in meeting desired ends respec tively. Thus, the Rational Model is based on a series of logical steps that aim at finding an optimal solution to the problem identified. The Rational Model is also based on some assumptions according to which the manager takes decisions in a well informed environment (Kreitner and Knicki 337). Simon’s Normative Model The Normative Model, as rendered by Herbert Simon, stands in contrast with the Rational Model and tends to operate in an environment of uncertainty. This model, being non-rational in nature, tends to follow assumptions according to which the manager is does not work in an informative work environment. Further, Simon’s Normative Model also reflects that decision-making activities of managers are largely bounded by a set of constraints generated from the personal and work atmosphere levels of the individual. These constraints, generated from the personal and work atmospheres of the individuals, create hindrances for the manager in retrieving the right amoun t of information for optimal decision-making functions. The manager, owing to the inability to identify and evaluate different alternative solutions to the problem, happens to take resort to the satisficing approach that appears to be good enough in the light of the problem identified. Through the process of satisficing, the solutions that are satisfactory enough are gained, in contrast to being optimal in addressing the problem (Kreitner and Knicki 340). The Nominal Group Technique (NGT) The Nominal Group Technique (NGT) is a decision-making process where decisions are gained from involvement of people in groups rather than acting in an individual manner to come up with solutions. In this process, firstly, a group is convened in an organisational set up so that the problem is aptly discussed between the people in the group constructed.

Different Ways To Communicate Electronically Information Technology Essay

Different Ways To Communicate Electronically Information Technology Essay Electronic communication has become a very popular means to communicate worldwide. Electronic communication is used for the transfer of different types of data and images through wire, electromagnetic, photo electronic or photo-optical system and radio. Electronic communication is so popular that many businesses and people consider it to be essential tool in our daily lives. The Potomac Knowledge Project from the Marino Institute states Electronic communications is interactive. It engages audiences in active, two-way communications; a self-selected audience, engaged and actively participating in the communications process. There are many ways to communicate electronically, each with benefits and risks related to business or personal use. It is likely that in the future, advances in technology and computer programming will enable us to communicate in ways we can only dream about today. Different Ways to Communicate Electronically Email. There are many different types of electronic communication including but not limited to: email, social media newsgroups, chat rooms, video conferencing, instant messaging, phone and fax. Email via the widely used internet is popular because people are able to write short messages, receive quick responses and include photographs or reports with formatted data quickly and efficiently. Sending information through the conventional or snail mail can be costly and time consuming. Using email for personal or professional purposes is an efficient means of communication. Social Media. Many newsgroups and chat rooms now use Facebook, MySpace and Twitter, a type of social media for communication purposes which lets the user give an instant message and receive an instant response with supporting live video images. Users are able to post messages to a particular group of people or to members of a specific club and comment instantaneously. Miscellaneous. Workplace-communication.com lists over fifty-five different types of electronic communication currently used in the workplace! Some other types of electronic communication that may not fall clearly in one of the above categories above are listed below: Fax Short-wave Radio Radio Broadcast Video Conferencing Skype Satellite Phone Texting Telephony Wikis Electronic communication has gained wide recognition, has innumerable practical applications and provides benefits for the user including quick communication, is cost effective and has easy access. The Benefits Work Related Environment. Many different types of organizations are using electronic communication facilities. Electronic communication provides the opportunity for groups of people in different geographical locations to communicate interactively through text, sound and video. Team members can work on and make contributions to the same document at the same time, engage in meetings and share information on projects. The ability to communicate and problem solve as a team increases the likelihood of an increase in productivity and customer satisfaction. In addition, many businesses are sponsoring discussion groups concerning issues related to the business (products, strategies, etc.) as a resource to offer further communication and marketing prospects. Electronic communication also enables people to work from home, called telecommuting. Working from home provides employees flexibility and saves office space, money spent on paper, printing and postal delivery. The communicated informatio n may be stored on disks, on computer hard drive files and is easily retrievable when needed. For Individual Use. For individual use electronic communication has become a way for people around the world to share pictures, graphics, conversations, and play interactive software games. People are able to communicate more economically when compared to phone or mail and are able to communicate quickly to friends and family who live a distance away. This type of communication has become a very important means of social communication. Careers in Electronic Communication. With the boom in technology and the computer industry, software services, electronic communication, programming, and security issues will provide growing opportunities for employment in the United States and worldwide. The demand for individuals and employees who are knowledgeable in the field of electronic communication will continue to increase. Working in electronic communications is a great option for those with marketable skills interested in securing employment in a fast growing field. The Risks Personal Mail is Insecure. Sending someone a personal electronic message can become a permanent record. It is easy to compromise your reputation by messaging something negative or offensive. Electronic messages are hard to stop once they have been sent and unlike paper messages they can be delivered instantaneously. Electronic messages are not secure and can be easily copied, resent or forwarded to others so you can never know for sure who will read it and form a negative opinion of you. It is also easy for someone to search all posted messages for your name as it travels through the internet; potential employers are now using this as a means to evaluate personality strengths and character when considering a potential hire. When sending a message you really have to think about whether or not you would like the public to read your message in the future. Tom Van Vleck , The Risks of Electronic Communication lists common examples of not using good judgment when sending electronic commun ication: broadcasting or posting a funny message sending or posting an angry message using sarcasm or irony criticizing others in public posting a message or sending mail late at night sending a message about a person that you wouldnt want them to see Business Mail. When communicating with a business or company using electronic mail it is important to look for a guarantee that the company will keep your information for its use only and will not sell your name or address to other companies. Users also need to be guarded when receiving emails from businesses inquiring about personal account information, credit card or billing information as business scams or identity theft have become a significant concern in electronic communication. Computer Hacking or Virus. Secondly, a big concern with electronic communication is security. Your computer can be hacked and/or infected with a computer virus. Most often when hacking a hacker is trying to access personal information for illegal purposes. A computer virus can impact the computer system and network, can erase data on the C-drive, cause the user to be unable to open files, delete files, slow down transmission speed, may replicate information and share it with others, and can alter the structure of messages which can be misunderstood. Electronic viruses can be challenging to detect and to clean off of your computer. For a business, cleaning up viruses can be costly. Conclusion In conclusion, electronic communication does present challenges in security and more recently in fraudulent actions using users personal information for illegal purposes. The use of the Internet, computer and electronic communication has become widely used for business and personal use. With the advances in computer technology and the rapid increase in different types of electronic communication, this form of interaction will continue to grow in popularity for professional and private use. ELECTRONIC COMMUNICATION INTRODUCTION DIFFERENT WAYS TO COMMUNCATE ELECTRONICALLY Email Social Media Miscellaneous THE BENEFITS Work Related For Individual Use Careers in Electronic Communication THE RISKS Personal Mail is Insecure Business Mail Computer Hacking or Virus CONCLUSION

Einstein- A Life in Science

This critical account, addresses the life of Albert Einstein, surrounding his remarkable scientific discoveries, unwrapped by the authors Michael White and John Gribbin in a book published in 1993. The book has evoked and attracted great interest from magazines and newspapers. If you have ever wondered what `E=mcà ¯Ã‚ ¿Ã‚ ½` means, this is definitely the book for you. The book elaborates one of Einstein's most renowned theories, that of Quantum physics for which he received the infamous Nobel Prize. Einstein used to be a Patent Officer, which he enjoyed because he had a great deal of spare time to accomplish his scientific work. He died on the eighteenth of April 1955. His brain was removed for medical research, which you would find astonishing as it makes one think, would Einstein have really wanted his brain removed? The book explains the theory of relativity (E=mc2), extremely well. The theory was based on two subsequent variables: Firstly, `echoing` which as explained by Newton, was that the speed of light is the same for all observers, irrespective of what their relative speed is. If an American rocket, for example, had a physics lab on board and was launched in one direction, and the same was done with a Japanese rocket, sent off in the opposite direction, any experiments carried out on either rocket would be exactly the same. The second postulate uses Maxwell's equations, which conclude that light is constant so it is written as `c`. This led to Einstein's predictions, which were not `commonsensical.` He predicted that a moving ruler and everything around it shrinks and gets heavier, while a moving clock runs slow. If an observer sees a spaceship going past him at three-quarters of the speed of light, and another one flies in the opposite direction at the same speed, observers in either spaceship will measure the relative speed of the other spaceship as 0.96c, not 1.5c as the time slows down. This shows that the closer a person travels to the speed of light, the slower the time will get. If someone travels at the speed of light, time will stop. `E=mcà ¯Ã‚ ¿Ã‚ ½` means that energy is equal to mass at rest. When mass disappears, for example in a nuclear fission process, this amount of energy must appear in some other form. This also tells us the total energy of a particle of mass, `m`, sitting at rest. Einstein formed part of the team working on the atomic bomb. It was calculated that a vast amount of energy released in a fission reaction would be used in an atomic bomb. Einstein agreed to be the spokesman for the scientific community and sign a letter persuading Roosevelt to take action. He was later known as the father of the atomic bomb because of this. The result was devastating. This was against Einstein's pacifist views but he had no choice as the Nazis could build the bomb if the allies did not. Since then, the Americans and Russians have been racing in warfare. The atomic bomb was built by the USA. The Russians followed. It was an arms race between the Democratic and Communist world. The USA made the hydrogen bomb, Russia eventually caught up. Then the USA built the nuclear bomb. Several other countries built the nuclear bomb too. His strong pacifist views and political views also made him a marvellous person with the public. Einstein A Life in Science is an excellent book and is worth recommending to those who are curious about what `E=mcà ¯Ã‚ ¿Ã‚ ½` means. It is fascinating to learn that Einstein based his work on the remarkable achievements made by other scientists such as Newton and Maxwell. I would recommend this book to the older audience, particularly to those who have an interest in relativity and quantum physics. This is a very interesting book, which I enjoyed reading because there is a lot to learn about Einstein's life and his incredible work. One should not get put off by looking at the thickness of the book and the small print writing. Once you get into this book, you will not want to stop reading. Overall, I do not think this book explains the science very clearly. I had to read through the special theory of relativity twice before I understood the concept clearly. This book needs to be more concise so the reader can understand the concept more easily because it can be confusing at times. The language used in this book is at a high level, so the younger audience will find it hard to understand the concept. On the other hand, the variety of sentence structures stops the reader from getting bored. This book is a great example to people as the message is that if one works to their utmost potential, they can achieve a lot.

Learning process in behaviour Essay

Learning is a permanent change in behaviour caused by experience. The learner does not need to have the experience directly; we can also learn by observing others . It is an ongoing process. Our knowledge of the world is continually being revised as we are exposed to new stimuli and receiving ongoing feedback that allows us to modify our behaviour when we find ourselves in a similar position again Psychologists who have studied learning have developed advanced therories on the process of learning. Here we will discuss the two major approaches to learning; instrumental and classical conditioning. Classical Conditioning It occurs when a stimulus that elicits a response is paired with another stimulus that initially does not elicit a response on its own. A Russian physiologist , Pavlov introduced classically conditioned learning by pairing a neutral stimulus ( a bell ) with a stimulus known to cause a salivation to dogs ( he squirted dry meat powder). The powder was an unconditioned stimulus because it was capable of causing the response. Over time, the dog has learned to associate the bell with its meat powder and begin to salivate at the sound of the bell only. The drooling of these canine consumers because of a sound now has a linked to feeding time, was a conditioned response ( CR ). This basic of classical conditioning applies to responses controlled by the autonomic and nervous systems. When these cues are consistently paired with a conditioned stimuli such as brand names, we as consumers may feel hungry, thirsty or aroused when later exposed to brand cues. Conditioning effects are more likely to occur after the (CS) conditioned and  unconditioned ( UCS ) stimuli have been paired a number of times. Repeated exposures increases the strength of stimulus-response associations and prevent the decay of these associations in memory. Many marketing strategies focus on the establishment of associations between stimuli and responses. Behavioural learning principal applies to many consumer phenomena, ranging from the creation of a distinctive brand image to the perceived linkage between a product and an underlying need. The transfer of meaning from an unconditioned stiulus to a conditioned stimulus explains why made-up brands like Marlboro, Coca-Cola or IBM can exert such powerful effects on consumers. Operant conditioning Over the years behaviourist have carried out operant principals out of the narrow world of the skinner box and into the wider room of society. The use of the operant techniques to help people change unwanted, dangerous, or self-defeating habits in real world settings is called behaviour modification ( applied behaviour analysis ) Behaviour modification has had enormous success, behaviorist have taught parents to toilet train their children in only a few sessions etc. as you can see from everyday world behaviour modificaton is not a science but an art. Operant Conditioning : process of applying the law of effect to control behaviour by manipulating its consequences. Law of effect: behaviour followed by pleasant consequences is likely to be repeated; behaviour followed by unpleasant consequences is not 4 basic reinforcement strategies is use in operant conditioning; – positive reinforcement -negative reinforcement -punishment -extinction Positive reinforcement : the process by which people learn to perform acts leading to such desirable outcomes. Whatever behaviour led to the positive outcome is likely to occur again, thereby strengthening that behaviour by making a pleasant consequences contingent onto its occurrence. Negative reinforcement: Negative reinforcement is the process by which people learn to perform acts that lead to removal of undesired events or unpleasant consequence contingent onto its occurrence. Punishment: administrating of negative consequences or withdrawal of positive consequences that tend to reduce the likelihood of repeating the behaviour in similar settings Extinction: ceasation of previously established reinforcer that is maintaining a behaviour by removal of a pleasant consequence of its occurrence. Positive reinforcement can take many forms. One of the strongest is praise and recognition for the good work. It is good rewards management. It shifts the emphasis and energy of the manger towards a larger number of employees, rather than focus all the attention and time on poorer employees. If done correctly it can make all but the worst employees feel that the organization recognizes and appreciates their effort and contributions. If the desired behaviour is specific in nature and is difficult to achieve , a pattern if positive reinforcement called shaping can be used. Shaping is the creation of a new behaviour by the positive reinforcement of successive approximations leading to the desired behaviour. Negative reinforcement governs a good deal of our behaviour. Some people do  think that it is a reasonable way to manage people at work that is, employees who engage in undesirable behaviour should expect something to happen to them. But there are some difficulties with this approach. First it creates a tens environment ( difficult to work everyday where the main motivation is to prevent unpleasant outcomes ) secondly, relationships often deteriorates when superiors represent a constant threat to be avoided. There can be adverse side effects in using punishment. – An action intended to punish may instead be reinforcing because it brings attention -the recepient of punishment often responds with anxiety ,fear or rage -the effectiveness of punishment is often temporay, depending heavily on the presense of the punishing person or circumstances -most misbehaviours is hard to punish immediately thus resutingin the reinforcement of the undesired behaviour -punishment conveys little info Extinction is important and quite commonly used. This strategy decreases the frequency of or weakens the behaviour . The behaviour is not â€Å"unlearned†; it simply is not exhibited. Since the behaviour is no longer reinforced, it will reappear when it is reinforced again. Whereas positive reinforcement seeks to establish and maintain desirable work behaviour, extinction on the other hand is intended to weaken and eliminate the undesirable behaviour Law of contingent reinforcement states for reward to have the maximum reinforcing value ; it must be delivered only if the desired behaviour is exhibited . Secondly, the law of immediate reinforcement states , the more immediate the delivery of a reward after the occurence of a desirable behaviour, the greater the reinforcing value of the reward. Timing of postiove reinforcement; a) the continuous reiforcemnt schedule administers a reqrd each tie a desired behaviour occurs b) b) an intermittent or patila reinforcement schedule rewars a behaviour only periodically. – 4 varieties of partial reinforcement schedule – a) Fixed interval schedules b)Variable interval schedules c)Fixed ratio schedules c) Variable ratio schedules In general , a mange can expect that the continuous reinforcement will draw a desired behaviour more quickly than will intermittent reinforcement Steps in positive reinforcement program; @identify specific behaviour that are to be changed; must be accurate and reliably observed and then recorded. Behaviour should be measurable and observable. @ determine the links between the target behaviour, its consequences and stimulus condition leading to the beaviour) @develop and set specific behaviour goals for each person and target behaviours @recording process toward the goal @apply appropriate consequences; rewards, punsihmnets,extinction

How Islamic Banking Has Gained Momentum - Free Essay Example

Sample details Pages: 18 Words: 5419 Downloads: 5 Date added: 2017/06/26 Category Statistics Essay Did you like this example? In the last quarter a century, Islamic banking become as hot issue in both Muslim and non-Muslim World and gained momentum. Many studies have been conducted on commercial Islamic banking but nothing up to date has been done on integrating Islamic banking system with its conventional counterpart. Islamic banking is steadily moving into an increasing number of conventional financial systems. It is expanding not only in nations with majority Muslim populations, but also in other countries where Muslims are a minority, such as the United Kingdom or Japan. Similarly, countries like India, the Kyrgyz Republic, and Syria have recently granted, or are considering granting, licenses for Islamic banking activities. In fact, there are currently more than 300 Islamic financial institutions spread over 51 countries, plus well over 250 mutual funds that comply with Islamic principles. Over the last decade, this industry has experienced growth rates of 10-15 percent per annum -a trend that is expected to continue. Don’t waste time! Our writers will create an original "How Islamic Banking Has Gained Momentum" essay for you Create order Despite this rapid expansion, in most conventional banking systems, Islamic finance is still uncharted territory for most practitioners and policy-makers. Since current trends indicate that Islamic banking will continue to increase its penetration of conventional systems, policy-makers and practitioners need to become acquainted with this process and its implications for financial supervision. CHAPTER 1 INTRODUCTION 1.1 Overview The Islamic financial system has a century-old history (Chapra and Khan, 2000). From the very early stage in Islamic history, Muslims were able to mobilize resources and facilitate productive activities and consumer needs without interest. The system worked well during the early days of Islamic civilization. However, as the forces of economic gravity shifted activities over to the western world, western financial institutions became dominant and the Islamic tradition took the back stage and remained dormant. In recent years, there has been a significant revival of interest in developing a modern version of the historic Islamic financial system, in the wake of Muslims cry to stay away from interest, which is prohibited according to the Islamic sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah. Some countries are however trying a complete elimination of interest in the financial system while others have allowed the establishment of interest-free banking along side the conventional banks. The Islamic financial system is based on a number of principles found in the Islamic law (Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah) as well as other jurisprudence or rulings known as fatwa. The central distinguishing feature of the Islamic financial system is the absolute prohibition of interest charges. Although, Islamic finance relies on the equitable risk-sharing, it rejects the concept of pre-determined interest rate but permits an uncertain rate of return based on trade and profits. The financial sector of the economy encompasses financial instruments, financial institutions, and financial markets. Financial instruments are traded on financial markets by financial institutions. However, over the time, some participant will find it necessary or profitable to acquire more worth of goods and services than they currently produce and give in exchange. Under the modern financial system, interest and enterprises based on interest occupy a prominent position, the whole banking system rest on interest, but the Islamic financial system differs from its conventional counterpart. Islamic banking is steadily moving into an increasing number of conventional banking set-ups. It is expanding not only in Muslim majority countries but also where Muslims are minority such as United Kingdom and Japan. An important principle of Islamic finance is the desire to maintain the moral purity of all transactions. The funds intended for sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah compatible investments should not be mixed with those of non-Islamic investments. In this sense, when a conventional bank opens an Islamic window, it is only establishing a separate entity from the rest of the bank. The aim of this chapter is to lay down the objective, aims, importance, methodology, and hypotheses of the research. An overview of evolution of financial systems and a survey of chapters covered in this research will follow. 1.2 Research Objective This study will attempt to explore the concepts of Islamic financial principles which relate to the integration of Islamic banking with the conventional financial system at the present time. So much, however, has been written on the theoretical side that it might be asked whether a further study can contribute to our understanding of the subject or not. Nevertheless, this research is using HSBC Amanah as a case study with an evaluation of its operations and performance in order to try and answer the following questions to reach this objective: Can conventional banks legitimately offer Islamic financing facilities given their involvement with interest-based finance? Are both conventional and Islamic banks converging or becoming increasing distinctive? How can conventional banks offer Islamic financing facilities? Do the functions of the Islamic banks differ significantly to that of the conventional banks? 1.3 Significance of the Study Islamic finance is emerging as a rapidly growing part of financial sector in the world. It is growing at such a rapid pace that Islamic financial institutions are present today in over 51 countries (Sole 2009) Despite this consistent growth, many supervisory authorities and finance practitioners remain unfamiliar with the process by which Islamic banks are introduced into a conventional system. This work attempts to shed some light in this area by describing the main steps in the integration process, and by flagging some of the main challenges that countries could face as Islamic banking is integrated into conventional institutions. 1.4 Methodology This research work was carried out using a deductive reasoning approach. To ensure validity and reliability of the research, HSBC Amanah was used as the case study. Data was collected from HSBC Amanah head office in Dubai, UAE, Islamic Bank of Britain in Birmingham to act as the control data as well as libraries across London such as The British Library in Kings Cross and London School of Economics and Political Science Library. In more details, the methodology of the research is as follows: 1) A literature review of the western financial system is completed to enable comparisons between the western and the Islamic financial system to be undertaken. 2) The operations of conventional banks are reviewed. 3) Having established acceptable Islamic financial principles, the operations of an Islamic bank are examined in the context of conventional banks. 4) To evaluate the performance of the HSBC Amanah, historical data available in the annual reports was studied and analysed. The Islamic Bank of Britain is taken as a model for comparison. 5) To provide a more comprehensive evaluation of HSBC Amanahà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance questionnaires were distributed to collect more information to confirm or otherwise the findings of the financial analysis under 4 above. 1.5 Main Hypotheses The main hypothesis of the research is that the Islamic financial system model differs from that of conventional financial system. This hypothesis will be examined in the light of 1) The theory of Islamic finance as perceived in the Islamic economic and financial literature. 2) A case study of HSBC Amanah. 3) The opinions of those operating or Governing HSBC Amanah and Islamic Bank of Britain CHAPTER TWO LITERATURE REVIEW 2.0 Introduction The importance of the financial system cannot be overemphasized. Before the introduction of the money based economy, the barter system of trade prevailed; this involves the direct exchange of goods for goods in a simple market transaction without the intermediation of money as a medium of exchange. The main problem with the barter economy is that it is considered primitive and if there is no financial system based on money, there would be no reason to hold money but rather to accumulate physical assets. This chapter discusses the literature that provides the foundation for the research. It explores the theoretical concepts used in the later analysis and identifies the gaps in the literature that led to the study. 2.1 The Financial System The financial system consists of financial markets, instruments, institutions, business firms and government in financing the acquisition of goods and services, capital investments and in transferring ownership of securities (Schall and Haley, 1991). Financial systems are never static but changes over the time as new products and instruments are developed. The influence of the financial system is not limited to investments or borrowing but rather changes in the value of financial assets or the rate set for other financial variables can affects the whole level of activity in an economy. Financial system is important in any economy for the following reasons: 1- It provides an efficient means of bringing the surplus units and the deficit units together in order to make transactions quicker and cheaper. 2- The financial system includes the secondary markets which facilitates the buying and selling of outstanding securities. This makes it easy for a firm to raise external debt or equity capital. 3- The value of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock can be easily determined through the market forces of demand and supply. 2.2 Roles of the financial system The key roles of the financial system are not specific to conventional or Islamic based system. Financial systems perform most of their everyday operations so quickly and smoothly that their importance is not always well readily recognized. A well functioning financial system performs its principal roles of effecting payments, facilitating the investment of accumulated wealth, making funds available to finance viable new projects and providing risk management facilities. Parts of the financial system operate to make the system for payments in the economy as smooth as possible. It thus helps money to perform its function as a medium of exchange. The financial institutions predominantly involved in the monetary system are the à ¢Ã¢â€š ¬Ã…“clearing banksà ¢Ã¢â€š ¬?. They assist with the payment mechanism by offering current accounts against which the account holder can write cheques or use debit cards to pay for goods. In the absence of such facilities, people would need to carry sufficient cash in order to make payments. The role of financial intermediation requires providing mechanisms for saving and borrowing so that agents in the economy can alleviate budget constraints. This involves creating a variety of financial assets and liabilities with different characteristics that appeal to different savers and borrowers. Financial assets (equity and debt) are the basic products of the financial system (Schall and Haley, 1991). The role of financial intermediation requires providing mechanism for savings and borrowing so that agents in the economy can alleviate budget constraints. This involves creating a variety of financial assets and liabilities with different characteristics that appeal to different savers and borrowers. The conventional banks provide the mechanism for savings and borrowings on the basis of rate of interest on both the assets and liabilities side. In any particular period, some people in an economy will wish to spend more on goods and services than their income earned in the period allows, and at the same time, other people will have income more than they wish to spend and will want to save the surplus for spend in the future periods. The role of the financial system is to create a wide variety of instruments and incentives for an efficient allocation of scare financial real resources between competing ends. An efficient allocation of resources requires an accurate assessment and efficient pricing of risk. The price of finance needs to include an allowance for the risk involved. The role of financial system as provider of risk management facilities is often regarded as having emerged in the 1970s and 1980s (Neave, 1998). That view stems primarily from observations of the very rapid growth of risk trading during those decades. Risk management became more popular as the financial environment became more turbulent. Market trading of such risk management instruments as derivative securities is based on the same considerations that led insurance companies to write liabilities and commodities traders to purchase futures. 2.3 Financial system organisation This describes how a typical financial system is organised. It was mentioned earlier that the principal role of the financial system is to channel funds from surplus units to deficit units. The financial system is composed of a collection of financial institutions, financial instruments, and market trading. 2.3.1 Financial institutions Some financial institutions are involved in direct lending and borrowing of funds. Example includes banks and building societies in the UK. The other category of financial institutions is the à ¢Ã¢â€š ¬Ã…“investing institutionsà ¢Ã¢â€š ¬?. These institutions channel funds to deficit units in the economy by acquiring financial securities. Investment trusts are institutions which attract money from individuals and then invest it in larger amounts in securities issued by companies or public bodies requiring funds. Although there is a split between lending and investing institutions, there are increasing overlaps between the two. Banks have traditionally been involved in taking deposits from people who wish to save and lending to those wish to borrow. But of recent, banks are also actively trading financial securities which make it difficult to distinguish between banks and investing institutions. 2.3.2 Financial Markets A financial market is considered to be a forum for the exchange of financial products, represented in some cases by a physical location. But in others by a common information system sharing data on prices, and volumes transacted, and where a number of professional take an active part in the process of the market (Fell, 2000). Financial markets exists in most capitalist markets economies for the trade of company shares and short or long-term borrowing securities. The two major components of financial markets can be termed the money and capital markets. The difference between the two lies in that in the money market, money is exchanged for other financial assets having a maturity of one year or less while the capital markets exchange, involves claims with a maturity greater than one year. Financial Institutions Deficit Units Financial Markets Surplus Units Figure 2.1: Financial System 2.4 Functions of the Financial System There are three broad functions performed by the financial system. First, it should provide a smooth and efficient transfer of funds from surplus units to deficit units. This transfer of funds can occur either directly through money and capital markets or indirectly through the Intermediation market via financial institutions. Efficient transfer and flow of funds mean it Should be accomplished at the lowest possible cost Secondly, it should maintain a reasonable degree of soundness between financial institutions and markets in case of adverse economic conditions. Soundness of the financial system here means that institutions and markets maintain an efficient-transfer and flow of funds between SUs and DUs even in cases of adverse economic events such as inflationary and recessionary periods or avoidance of inflation and a lack of confidence in the financial system. Thirdly, it should be flexible and adaptable to the continuously changing needs of the economy resulting from economic growth and to any new conditions facing the financial system either externally or internally. If all of these functions (efficiency, soundness and adaptability) have been attained, then it will have a stable financial framework to support a rate of growth consistent with the resource base and technology of the economy, (Cargill, 1986). This stable financial framework must be accompanied by a stable monetary framework which means there must exist methods to allow money and credit to grow at sufficient rates to support economic growth at non inflationary levels, 2.5 Principles of Transferring Funds in the Financial System There are two methods for transferring the funds from SUs to the DUs which constitute the basic nature of the financial system. The two methods are through direct and indirect finance. 2.5.1. Direct Finance A direct transfer of money occurs when the DU which wants to acquire money, issues a financial asset (debt or stock) and sells it to the SU which has money available. The financial asset which is issued in this process is a piece of paper to indicate the nature of the asset which meets the legal requirements for establishing the claims (debt or stock). In this method of finance the SUs and DUs deal either directly face to face or indirectly through the services of specialized brokers, dealers, or agents. Those brokers, Dealers or agents match the SUs and DUs; they do not actually own the financial assets, rather, they only charge a commission for their services. Here the consumption units must sell their factor services to the production units for which they will receive income payments as wages and salaries. At the same time the consumption units or the households will purchase the goods and services produced by the production units or the non-financial business firms and will receive the household current expenditure payment as a price for these goods and services. The consumption units usually save part of their income and they are considered SUs and at the same time the production units usually need funds for investment and are as a result DUs. Production units do not have sufficient income to cover their current expenditures and purchase of new capital equipment and building. Since the SUs have income left over after all their spending has been completed, the DUs can use that income under the condition and willingness to pay interest to the SUs for the use of their savings. Thus, the DUs will issue IOUs to the SUs for their borrowed funds which will be used for the DUs investment and they will pay back to the SUs both the principal and the interest cost. In the direct financing method the needs of the SUs and DUs must coincide before direct financial relationships can occur. Both the SUs and DUs have to be satisfied simultaneously for the transfer of funds to occur. Hence, there are several conditions necessary fore direct finance between SUs and DUs can occur, they are as follows: a) The amount of the transfer of funds from the SU must be consistent with the spending plans of the DU. b) The time horizon (the length of the time period) the SU wants to lend must equal the time horizon of the DU who wants to borrow. C) The degree of risk the SU has to carry may be high, while the DU carries no risk, the SU must be willing to assume the risk of lending to the DU. These conditions create limitations for direct finance to take place and this provides the opportunity for indirect finance to emerge. 2.5.2 Indirect Finance The indirect finance method overcomes the limitations of the direct finance method. This method separate the SUs and DUs to such an extent that neither one is aware of the others existence (Cargill, 1986). The indirect finance method involves the introduction of a financial intermediary between the SUs and DUs. The flow of funds will be advanced from the SUs to the financial intermediaries and in turn will flow to the DUs when demanded. Also, as the figure shows, exchange involves the surplus funds being transferred for an IOU drawn on the financial institution. This financial institution deals with many SUs and will accumulate a large volume of funds which in turn can lend too, many DUs spreading not through the diversification of assets. The DUs will issue in turn IOUs to the financial intermediaries where they received loans. The financial intermediary will assume the risk of the DUs and the SUs only assumes the risk of the lending certificate (IOU) issued by the financial institution. The transfer of funds, therefore, between SUs and DUs will reallocate the burden of risk. A financial intermediary acts as a middleman between those who have funds which they do not wish to exchange for goods, and those who do not have funds, but do wish to purchase goods. They provide an indirect means of transferring funds from savers to borrowers. The process of intermediation combines two basic and vital functions-First, it provides an opportunity for savers to deposit their savings, and earn a return on them, thereby mobilizing funds which otherwise may be hoarded. Second, it transfers risk from the lender to the intermediary and/or to the borrower. Individuals with available savings may be reluctant to invest themselves, or lend directly or to take equity in a borrowers project. Those individuals may not want to take the risk, they may not be able to asses the risk, and they may not know how to protect themselves legally and financially if things go wrong. An intermediary takes these risks away from individuals and in many cases transfers them to the borrower by taking security, (Kitchen, 1986). Savers must have confidence in the intermediary; otherwise they would not place funds with them. This means intermediaries cannot mobilize funds unless savers have confidence in them. In the case of indirect finance, the excess lending over borrowing of the SUs will be represented by increases in the certificates owed by financial institutions. At the same time, the excess of borrowing over lending of the DUs will be represented by an increase in outstanding certificates held by the financial institutions. Indirect financing methods have several significant advantages for the SUs, DUs and the intermediary. Advantages to the surplus unit 1. The surplus unit can purchase any kind of investment (short or long term) and any amount (small or large) of IOUs from financial institutions. 2. Financial institutions can diversify their financial assets to a greater extent than can any single SU does by itself 3. The IOU of a financial institution which pays the same interest return will involve a smaller degree of risk for the SU than IOU drawn directly on a DU, (Cargill, 1986). Advantages to the deficit unit 1. The DU can borrow large amounts from the financial institution which has a large accumulation of funds from several small SUs. 2. The search costs of the DU in finding a suitable lender will be reduced with the existence of the financial institutions when compared with direct finance. 3. The financial institutions can offer other services to the DU such as market analysis and investment opportunities, (Cargill, 1986). The financial intermediary, it receives compensation for the services it is providing to the lenders and the borrowers which are achieved through profits generated by the difference between what the financial intermediary pays its depositors and what it charges its borrowers, (Thygerson, 1993). The following section discusses and examines the role and functions of financial institutions and their importance to the economy. 2.8 Financial Institutions The financial system consists of markets trading, financial instruments and financial institutions. These two aspects of the system are very hard to separate and in many cases it is financial institutions which create the market. In this section, the role and functions of financial institutions are examined. All financial institutions serves intermediaries to facilitate the transfer of funds from the surplus unit to the deficit units, financial institutions differ among themselves primarily in the magnitude of their operations and the services they handle to the SUs and the DUs concerning the sources and uses of funds. The financial institutions (financial intermediaries) come between SUs or suppliers of funds and DUs or demanders of funds. Financial intermediaries or institutions accept savings from SUs and in return these suppliers of funds acquire claims against the intermediaries. Intermediaries make loans or investments to the DUs or demanders of funds. The suppliers of funds expect some return in the form of interest or cash dividends as a reward for entrusting saving to the financial intermediaries, (Pinches, 1987). Financial institutions are divided into two groups- depository financial institutions and Non-depository financial institutions. 2.9 Depository Financial Institutions The depository financial institutions have a unique role in the financial system. First, they deal with every type of surplus and deficit unit in the economy. Second, they have a very important role in the money supply process. The liabilities of depository institutions classified as transaction deposits represent the major part of the money supply measured as M1 (Cargill, 1986). These depository institutions have the ability to destroy and create Money because their transaction deposits are subject to a fractional reserve requirement. This means that for every unit of reserve, depository institutions can support several units of transaction deposits. Transaction deposits are created or destroyed during the lending investment activities of depository institutions, (Cargill, 1986). Any loan made by the depository financial institutions represents a creation of that amount in transaction deposit. According to the multiplier function each unit of reserve will support several units of loans and hence transaction deposits. The same outcome occurs if the bank purchases a security. The securities purchase of the bank involves a payment which will be a transaction deposit under the name of the seller, and so on. The whole operation will be repeated and more transaction deposits will be created and more money supply will be created. The reverse process of destroying transaction deposits during the lending and investment process can also take place by paying off the loan which means drawing down the transaction deposit. In this case if the bank does not make a new loan to replace the paid-off loan this means transaction deposits will be lowered. In the case of the financial investment activity, if the bank sells a security and holds on to funds then it means transaction deposits are destroyed. From the previous discussion it can be seen that the ability of depository institutions to expand or contract transaction deposits depends on the level of reserve requirements. Any changes in the monetary base will lead to multiple changes in transaction deposits and, hence, the money supply, (Cargill, 1986). When reserve requirements decrease then the depository institutions will be able to increase lending and investment activities. Transaction deposits and the money supply; and vice versa. Depository Financial Institutions are divided into two types: banks and non-bank financial institutions. The primary difference between these two typesà ¢Ã¢â€š ¬Ã¢â€ž ¢ institutions is that: the banks dominate the issuance of demand deposits and demand deposits are considered the largest single component of the money supply. For this reason any changes in demand deposits represent significant changes in the money supply. The non-bank financial institutions do not have that impact on the level of money supply and they do not have the check-clearing mechanism for payments like banks do. In general banks are considered the first to be affected by any change in monetary policy which in turn will affect the entire financial system. The non-bank financial institutions are only indirectly affected. 3.1 Islamic Financial System It must be understood from onset that Islam is a comprehensive way of life that has its own broad and flexible economic policies which allows its followers their choice of economy irrespective of time and place (Siddiqi, 1970). Islamic finance can however be described as the operating financial system which is based on the financial teachings and practices of Islam. It can also be described as a means through which money flow from one unit to another in return for either equity or rights to share in future business profits. It could also be in form of delivery of goods and services in return for the repayment of the value I a later date. DeLorenzo (2005) described it as actually part of a Muslimà ¢Ã¢â€š ¬Ã¢â€ž ¢s practice of his or her religion. To understand the theories and ideas of Islamic financial system we need to understand the rules of Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah from which the idea of the Islamic financial system had been drawn. 3.2 What is Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah? Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah is an Arabic word meaning the path to be followed (Kettel, 2008). Literally it means a way to a watering place. It is believed by Muslims that the path to Aljanah has been ordained by Allah through his messenger, Prophet Muhammad (PBUH) for whoever wishes to follow the path. Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2:4; à ¢Ã¢â€š ¬Ã…“And who believe in that which is revealed to you (Muhammad) and that Which was revealed before you, and are certain of the hereafterà ¢Ã¢â€š ¬? The fundamental principles governing the Islamic faith are firmly based upon sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah and are in the interest of the people. The sources of the sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah law are categorized into four; The holy Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an The sunnah or the doings and practices of the Prophet Muhammad The ijma, consensus of opinion of the Ulama-learned in the society. The Qiyas, analogical reasoning or deductions. 3.3 Tenets of Islamic Finance: i) Prohibition of Interest: The central tenet of Islamic finance is the prohibition of interest. This was mentioned in four different revelations in the Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an, the first revelation emphasizes that interest deprives wealth, of Godà ¢Ã¢â€š ¬Ã¢â€ž ¢s blessing, Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2:275 à ¢Ã¢â€š ¬Ã…“Those who swallow usury cannot rise up except as he arises whom the devil has prostrated by (his) touchà ¢Ã¢â€š ¬?. The second revelation condemns it, Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2:276 à ¢Ã¢â€š ¬Ã…“Allah has destroyed usury and made almsgiving fruitful. Allah loves not the impious and guiltyà ¢Ã¢â€š ¬? The third revelation enjoins Muslims to stay clear of it Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2:278 à ¢Ã¢â€š ¬Ã…“O you who believe! Observe your duty to Allah, and give up what remains (due to you) from usury if you are (in truth) believersà ¢Ã¢â€š ¬? and finally a clear distinction is made between interest and trade and also enjoined Muslims to take principal and forgo debt if the debtor is unable to pa y. Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2: 280 à ¢Ã¢â€š ¬Ã…“And if the debtor is in straitened circumstances, then (let there be) postponement to (the time of) ease; and that you remit the debt as almsgiving would be better for you if you did but knowà ¢Ã¢â€š ¬? Although there have been discussion among Muslim scholars on the reason for the prohibition of interest, it is obvious from the above quotations that it is considerations of equity and protection of the poor that lie behind the strong condemnation. There have been arguments that a system in which interest is not allowed is unlikely to work efficiently in the short run and in the long run, this will result in the eventual dry-up of savings and investments. These views tend to reflect a basic confusion between the terms à ¢Ã¢â€š ¬Ã…“rate of interestà ¢Ã¢â€š ¬? and à ¢Ã¢â€š ¬Ã…“rate of returnà ¢Ã¢â€š ¬?. Islam clearly forbids the rate of interest but rather encourages trade and profit (Khan, 1986). ii) Profit and Loss sharing: The principle here is that the lender must share in the profit or loss arising out of the business enterprise that the money was lent. It is thought that one needs to invest its money and become partner in order to share profits and risks in a business rather than become creditors. In order to ensure investments are made into productive enterprises, Islamic financial system encourages investment in which the society at large benefits. It does not give room for people who are not willing to take risk but intend to hoard their money or deposit it in a bank and earn interest for no risk. It encourages the notion of higher risk and higher returns. The whole objective is to encourage investment and production to provide a stimulus for the economic growth. Under Mudarabah for example, the provider of fund suffers the loss in a business enterprise where as the entrepreneur suffers his loss by not receiving wages for his endeavors. Due to the nascent experience with economy-wide profit and loss sharing system in the Muslim states, it is not possible to state with confidence that such a system will function as well or better than the conventional interest-based system. iii) All financial transactions are asset backed: The idea of making money out of money is not acceptable in Islam. Money itself has no value and is only a medium of exchange, and should not be allowed to generate more money. Money only become capital when it is put into a productive venture, that is, invested in business. iv) Acceptance of only sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah compliant products: In Islamic financial system, everyone needs to work within the moral value system of Islam. All financial products and services developed needs to be approved by the international sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah board for the high end of the market. This gives it a wider market acceptance and the mitigation of sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah risk for similar products or services. v) Sanctity of contracts: Islam places all economic relations on the firm footing of contracts. The freedom to enter into contracts, designed within the framework of the sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah and the obligation to remain faithful to their stipulation has been deeply emphasized in Islam. vi) Role of the State: The stateà ¢Ã¢â€š ¬Ã¢â€ž ¢s role in the Islamic economy relates to ensuring that, firstly, everyone has equal access to natural resources and means of livelihood. Secondly, each individual has equal opportunity including education, skills and technology to use these resources. Third, that market is supervised to ensure justice in exchange, and finally, the distributive justice is assured for the next generation through the implementation of the laws of inheritance. The state is empowered within the framework of sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah to design any economic policy that is required to guarantee the attainment of these objectives and to meet the necessary expenditure associated with the performance of its duties through taxation and utilization of natural resources.