The Trials of Odysseus of Homers Odyssey Essays -- Odyssey essays

The Trials of Odysseus   Homer's epic poem The Odyssey was written after his Iliad which told the tales of the Trojan War. This Odyssey told of the wanderings of a prominent warrior and ruler, Odysseus. Odysseus fought in the Trojan War and, after the Greeks claimed their victory at Troy, began his prolonged journey home. During his travels Odysseus faced many obstacles which he had to overcome. Through his wanderings, Odysseus had to prove his valor, intellect, and determination. Incorporated into The Odyssey are many current-day characteristics of man including a constant dependence on others, the presence of a greater vision, or lack there of, and the essence of a sensitive side behind courage and pride. At times throughout The Odyssey Odysseus didn't think about the consequences of his actions and depended on guidance from the gods to help lead him in the right direction. Odysseus was quick to take action and occasionally made poor decisions that were bound to harm him. Odysseus was eager to fight, even if he had little chance of survival. His impulsiveness resulted in Athena coming down from Mount Olympus to warn him saying "Foolhardy man! Still bent on war and struggle! Will you not even yield to immortal gods? This is no mortal being, but an immortal woe, -dire, hard, and fierce, and not to be fought down. Courage is nothing; flight is best" (116). Odysseus didn't know when to run and leave a situation and when to face and fight. He believed that his courage would pull him through to victory, even against a goddess. Without Athena's wisdom, Odysseus was sure to meet his doom because there was no way that he could defeat the goddess Charybdis. Odysseus not only depended on immortals to get him out of a mess, b... .... He felt comfortable showing this side because he knew that she wouldn't laugh at him, but would be understanding because she felt the same as he did; they both longed for each other. The Odyssey involved many current-day characteristics of man including a dependence on others, the existence of a greater vision, or lack of it, and asensitive side found behind courage and pride. Today people still face these problems and must work to overcome them. Man must learn to survive on his own determination and strengths instead of others. Man must also learn to see a greater vision and look at the big picture rather than the moment. Lastly, man must decide with whom he wants to share his feelings of fear, love, and despair so he can experience a greater fulfillment in life. Works Cited: Homer. The Odyssey. Trans. Robert Fitzgerald. New York: Vintage Books, 1962.

Critically Evaluate the Management Model of Baumol

Under the traditional economic understanding, it is always assumed that profit maximization is treated as the main goal or objective for businesses, subject to perfect knowledge, single entity and rational logic. However, as illustrated by the principal-agency problem, managers do not usually make rational decision entirely like owners who take company interest as their sole basis for their decisions. Past examples have shown that managers do take their own personal goals and satisfactions as consideration in their decision-making. In addition, information gathering is not always perfect as managers do make decision by relying solely on the implicit knowledge gained from past experiences, without referencing to the macro-economic environment and the current market changes. Combining all these factors, it is therefore understandable that businesses do not always work toward profit maximization, at least in the short term, and other objectives like financial objective, market share, executive power, etc. do involve in business decision making. However, as pointed out by various academics (Baumol, 1962; Marris, 1964; Williamson, 1963), profit maximization does not always serve as the only correct objective for a firm, especially at various phrases of the business on a timeline scale. A point-in-hand is Baumol model. As an alternative to profit maximization model, Baumol model works on the correlation between price and output decision with the objective of maximizing sales revenue, subjected to minimum profit constraint by shareholders. In profit maximization model, profit is maximized at the output where Marginal Revenue (MR) is equaled to Marginal Cost (MC) whereas Baumol Model emphasizes on maximizing sales revenue (TR) and may miss the MC = MR point to achieve its goal. This model argues that businesses try to maximize sales revenues rather than profits with the possible motives such as growing or sustaining market share, to fill up spare capacity, discourage new entrants, management performance and etc. In addition, Baumol model provides a platform to understand some of the pricing strategies adopted by certain industries, which usually share common characteristics of having huge sunk cost and low variable cost. In such industries where fixed cost or sunk cost takes up a huge part of the total cost, producing a single unit and its maximum allowable output (without expanding its capacity in the short term) does not have any significant impact to the total cost. In such instances, profit maximization model is neither practical nor feasible as a focus of the model relies on seeking the output point where MC=MR. In the case of Walt Disney, the operational cost does not differ much whether there is one patronage or maximum allowable patronages as a theme park has to be fully functional during its operation hours, which render the MC at zero or near zero level. The objective of the company to seek sales revenue maximization for the day rather than focusing its effort to achieve the output point where MC=MR to maximize its profit does make sense. This explains the two-part pricing strategy adopted by Walt Disney where a fix initialization fee per entry is charged and allows the patronage to have as many free rides as they wish. Another example is the telecommunication industry, where the initial investment/fixed cost (for example launching the satellite and setting up the infrastructure) is huge, and the variable cost per call is insignificant to the total cost. In such industry, firms will focus on maximizing sales revenue (with constraints to maximum capacity/output) by using strategies like price discrimination strategy. In this strategy, the firms charge a different unit price to peak and off-peak hours, as there is plenty of spare capacity at off-peak hours. Since MC of output is low, any additional revenue that can be generated from this surplus capacity will be profit to the firms. As such instance, it is rational for telecommunication industrial to adopt sales maximization model like Baumol. In addition, as short term capacity is always constraint and limited, telecommunication industries would not want to experience loss sales due to their inability to meet customer demand, especially during peak hour usage. As service providers, consistent and frequent service failure could prove to be fatal in term of their survival and their long-term brand reputation. Therefore it would make sense for telecommunication firms to divert the peak-hours traffic into non-peak hours by using a price discrimination strategy which segments the users based upon their willingness and abilities to pay. For instance, business-users are willing to pay higher price for peak-hours usage due to their inelastic demand whereas in contrast, leisure-users’ demand is elastic and are willing to make call during off-peak hours in return for lower price. By adopting the price discrimination strategy, telecommunication firms are able to maximize sales revenue during peak and off-peak hours by balancing the air-time traffic based upon different market segment of users. At this point, it is also noticeable that one of the characteristics of Baumol firms lies in the perishable products/services offered which cannot be inventoried. The loss sale of the day on the unutilized capacity/outputs is an opportunity cost to the firms. Baumol model is not only applicable to huge/large corporations, but also to small retailers like bakery shop or wet market, which explains the reason why some bakery shops offer a special discount one hour before the shop closed to maximize the revenue. The rationales applied similarly to the low cost carriers (LCC) where price discrimination is used as a strategy to maximize revenue. LCCs sell a cheaper price to early booking passengers and a higher price for last minute passengers to increase the revenue. LCCs used the existence of multiple segments to serve and the opportunity to utilize surplus capacities to generate additional revenue. The adoption of sales revenue maximization model is also used as an effective way of securing additional market share within a regulated market with limited players where market dominance is vital. In related to pricing, add-on product/services like travel insurance, priority boarding and choosing-a-seat are used as bundled offering to the customer to gain extra profit. Firms are willing to earn a smaller profit if it means that they are able to gain a competitive advantage from their rival firms. As an illustration, Fitness club is a good example to elaborate how Baumol model is applied through adopting different pricing strategies. The reasons behind Fitness Club in adopting Baumol model include penetration to new market segments, retaining existing customer and to fill up spare capacity. True Fitness, which is a chained fitness centre, is effectively using Baumol model by offering different pricing strategies to capture different market egments, for instance, offering monthly fees to uncertain-customer and yearly/lifetime membership to certain-customer. Two types of pricing strategies are used by True Fitness to maximum its sales revenue, which are:- i)Two part pricing ( lifetime membership) The company offers a lifetime membership at ? 1. 5K as one-off payment and charges a minimal price of ? 20 yearly as administration/subscription fee. By payi ng a lifetime membership fees as fixed price, the customers are able to enjoy the facilities for life for as low as ? . 67 per month, which no other rivals is able to compete with this low price. As per other industries discussed above, fitness clubs have the similar characteristic like high initial set up cost and low marginal cost to adopt the Baumol model. The company charges an upfront fee to gain maximum consumer surplus and utilizes the yearly subscription fees, which is equaled to the marginal cost/average variable cost, to cover its yearly running costs. In addition, in order to adopt the two-part pricing strategy to maximize sales revenue, the company needs to have a minimum output (also known as critical mass), so that the full consumer surplus can be derived from the fixed fees. For example, if the yearly running cost (without considering the depreciation cost of the initial set up) is ? 200,000, in order to offer a yearly subscription fee of ? 20, the company needs to have a minimum membership of 10,000 in order to reduce the average variable cost/marginal cost to this level. By adopting Baumol model, which gives a higher output with lower price, this is achievable. This pricing strategy is also applicable to other chained-companies where the firms can derive the maximum profit from the fixed fee and use it as capital/investment to set up a new chain store. At the same time, individual chain store is able to run by itself from the revenue derived from the minimal pricing. ii)Price discrimination ( monthly membership vs. lifetime membership) True Fitness segments their customers into certain and uncertain customer by ffering different pricing to monthly and lifetime membership. The club is willing to offer a lower price to customers who are willing to commit, in comparison to uncertain customers. As illustrated in earlier examples, fitness clubs need to fill up spare capacities as any unutilized capacity carried an opportunity cost. With customers’ commitment, they are able to secure their stability in term of both volume and sales revenue. For thos e uncertain customers, the company charges a higher price, which customer willing to pay due to the flexibility and short-term commitment. From the above illustrations, it is apparent that a key characteristic of the Baumol model hinges on the elasticity of demand. As shown, Baumol model uses pricing strategies as a mean to achieve revenue maximization, and is therefore heavily dependent on the price elasticity to achieve the objective of the model If the demand is inelastic, Baumol model will not work as the demand of the product/services will not increase proportionately and therefore the sales revenue will not maximize from the reduction in price. In addition, advertising effect has not been considered in the above examples, which is a common tactic used to increase the inelasticity of demand. The psychological effect of advertising has been proven effective in occupying the mindset of consumers through brand image building, which increase the affiliation of the consumers to certain products/services, thus the inelasticity of the demand. The pointers from the last paragraph are well-illustrated by the Memo 1 example in Baye text book. In this example, it is shown that the price change does not correlate with the demand. By reducing the price from the current, $10. 50 to $10, the subscribers drops from 881 subscribers to 842, causing the revenue to drop from $9251 to $8240 and therefore a profit drop of $614. 5. (Appendix 1). In reverse, the firm should increase the price to $11. 5 to maximize the revenue at $11282 and a price of $12. 5 to maximize the profit at $4734. One of the reasons is due to the advertising and promotional effort from the company which increases the inelasticity of the demand. Secondly, since a loyal group of subscribers has already been amassed, STARZ network functions more as an add-on product to the existing subscribers. The combination of these two factors explained the reason why sales revenues and profit actually increases with price increases. In addition, from the data on STARZ network (Appendix 1), it is apparent that STARZ network does not share the same characteristics of high fixed cost or excess capacity to apply Baumol model. Instead, it seems like advertising or bundled pricing works better for STARZ network rather then price reduction. Further to the points above, Baumol model players are highly susceptible to the price reaction from their rivals, which could easily result in a price-war especially in an oligopolistic market. The existence of a floor triggering price in Baumol model constrained the players from lowering the price too much which will defeat the purpose of revenue maximization. Thus, it is highly unfavorable for Baumol model players to induce a price-cutting reaction from their rivals when they attempt to lower the price. This explained why certain Baumol model players used â€Å"noise† as disguise to their rivals when lowering the price to achieve revenue maximization. To summarize, long-term profit pursuance remains as the ultimate objective for any business. However, due to dissimilar characteristics of different industries, there are various models that can be used to achieve this long-term objective, which explains why certain firms are willing to sacrifice profit today in exchange for profit tomorrow. As illustrated through various examples in this assignment, the application of the correct model for the right industries and at the correct phrase of the company life-cycle becomes an even more important decision for managers to make. With the understanding and knowledge gained through the detailed analysis and critique of Baumol model, an useful insight to the economic rationale adopted by various industries, like Walt Disney, LCC and telecommunication firms is achieved. Bibliography Mercuro, N. , Haralambos, S. Gerald, W. , 1992. Ownership Structure, Value of the Firm and the Bargaining Power of the Manager. Southern Economic Journal, 59(2), pp. 273-83. Baumol, W. J. , 1996. Prediction and the logic of the Averages Variable Cost Test. Journal of Law and Economics, 39(1), pp. 49 – 72. McNutt, P. A. , 2008, â€Å"Signalling, Strategy & Management Type†, Available at: http://www. patrickmcnutt. com/docs/PatrickMcNutt. com_ebook [Accesses 20 Jan 2009]. Baye, M. R. , 2009 . Managerial Economics and Business Strategy. International ed. New York: McGraw-Hill. Conway, L. L. & Craycraft, J. L. , 1974. Sales Maximisation and Oligopoly: A Case Study. Journal of Industrial Economics, 23(2), pp. 81-95. Armstrong, M. & Vickers, J. , 2001. Competitive Price Discrimination. The Rand Journal of Economics, 32(4), pp. 579-605. Oi, W. Y. , 1971. A Disneyland Dilemma: Two-Part Tariffs for a Mickey Mouse Monopoly. The Journal of Economics, 85(1), pp. 77-96. McNutt, P. A.. Management Objectives and Stakeholder Value (Study Guide Unit 1).

Essay on Booker T. Washington - 508 Words

During the progressive era in the late 1800amp;#8217;s, white people were in control of society. The blacks had been freed under the Emancipation Proclamation, but were not being treated equal. Mainly because they were black. But that was not the only reason. Blacks were also not treated equally because they did not possess the intelligence and skills of whites. A great man decided to fight for equality between blacks and whites. His name was Booker Taliaferro Washington. nbsp;nbsp;nbsp;nbsp;nbsp;Booker T. Washington was born into slavery on James Burroughamp;#8217;s Virginia Plantation in 1856. When he was 9 he was gathered with the other slaves and was told he could go freely due to the Emancipation Proclamation. After he was†¦show more content†¦Whites did not enroll, but they did not object to blacks learning trades. Money poured into the institution and Washington was considered the spokesperson for the black people. So much so that he was asked important questions by presidents William Taft and Teddy Roosevelt concerning blacks. He was even invited to dinner at the White House by Teddy Roosevelt. nbsp;nbsp;nbsp;nbsp;nbsp;Perhaps the most important event in Washingtonamp;#8217;s life came on September 18, 1895 in Atlanta. Political leaders had invited Washington to speak at a convention that celebrated the Southamp;#8217;s resurgence in business. Never before had a black spoken at such a prestigious exposition. In his address, Washington spoke of a compromise between whites and blacks. Washington urged blacks to accept their inferior social position and raise their status by learning vocational skills. Many whites were pleased with this speech and most blacks, awed by his prestige, accepted his statements. However, Washington faced strong opposition from militant blacks who strongly opposed his statements. The NAACP and American writer W. E. B. Du Bois were the strongest opposers. nbsp;nbsp;nbsp;nbsp;nbsp;Washington continued his idea of incorporating blacks into society by finding several organizations, including the National Negro Business League, which was to further black advancement. Washington also remained principal of Tuskegee Institute tillShow MoreRelatedBooker T. Washington Essay1249 Words   |  5 Pagesposition that one has reached in life as by the obstacles which he has overcome† –Booker T. Washing. Booker Taliaferro Washington was born in Hale’s Ford, Virginia on April 5th, 1856 to Jane Burroughs and an unknown White man. Washington was married three times. His first wife was Fannie N. Smith from Malden, West Virginia. Booker and Fannie were married in the summer of 1882 and had one child together named Portia M. Washington. Fannie died two years later in May 1884. The second wife was Olivia A. DavidsonRead MoreBiography of Booker T. Washington1869 Words   |  7 PagesBooker T. Washington is a famous African American educ ator, author, civil rights activist, and philanthropist who is from Virginia (Wells). He is the man that promoted African American to rise above their status of trying to be equal with Caucasians by promoting education and economic self-determination. Washington’s life serves as an example of his philosophy or belief due to his experience of knowing where African Americans started after the Civil War, where they were headed, and resulted in changingRead More Booker T Washington Essay1260 Words   |  6 Pages Booker T.Washington: Fighter for the Black Man Booker T. Washington was a man beyond words. His perseverance and will to work were well known throughout the United States. He rose from slavery, delivering speech after speech expressing his views on how to uplift Americas view of the Negro. He felt that knowledge was power, not just knowledge of quot;booksquot;, but knowledge of agricultural and industrial trades. He felt that the Negro would rise to be an equal in American society throughRead MoreEssay on Booker T. Washington1133 Words   |  5 Pages Booker T. Washington amp;#8220;Up From Slavery; inspired readers across the nation. People of this time had realized that they could no longer expect support from the federal government, in their struggle for dignity and opportunity in the south, so many blacks concluded that self-reliance, self-help, and racial solidarity were their last best hopes. So, people saw Booker T. Washington as their champion and adopted his autobiography, up from slavery. nbsp;nbsp;nbsp;nbsp;nbsp;In FranklinRead MoreBooker T. Washington Essay493 Words   |  2 PagesBooker T. Washington Booker T. Washington was born on April 5, 1865. He was born into slavery at the James Burrough’s family plantation in Virginia. Nothing is known about Booker T. Washington’s father beyond the fact that he was a white man. After the Civil War Booker T. Washington worked in a salt furnace and attended school 3 months out of the year. At the age of 17, he was accepted into Hampton Institute in Virginia. When Booker T. Washington graduated from the institute, he thenRead More Booker T Washington Essay693 Words   |  3 Pages Booker T Washington was one of the best advocates in his time. Growing up in slavery and out coming the horrifying struggles of the 1870’s was a great effort. Born in the era were black people were like flies he found a determination to succeed and discovered many powers in life. Washington childhood was one of privation, poverty, slavery, and backbreaking work. Born in 1856, he was from birth the property of James Burroughs of Virginia. He didn’t know his father but his mother Jane raised himRead MoreEssay on Booker T. Washington629 Words   |  3 PagesBooker T. Washington 1856-1915, Educator Booker Taliaferro Washington was the foremost black educator of the late 19th and early 20th centuries. He also had a major influence on southern race relations and was the dominant figure in black public affairs from 1895 until his death in 1915. Born a slave on a small farm in the Virginia backcountry, he moved with his family after emancipation to work in the salt furnaces and coal mines of West Virginia. After a secondary education at Hampton InstituteRead MoreEssay on Booker T. Washington2149 Words   |  9 PagesBooker T. Washington Booker Taliaferro Washington was the foremost black educators of the 19th and 20th centuries. He also had a major influence on southern race relations and was a dominant figure in black affairs from 1895 until his death in 1915. Booker T. Washington was born into slavery in 1858. As a slave Booker did not have a last name and chose Washington, his stepfathers name. After the Civil War Booker, his brother, and his mother moved to Malden, West Virginia were they wentRead MoreBooker Du Bois And Booker T. Washington715 Words   |  3 Pagesproved to be the worse decision that black America could ever make. The writing Of Booker T. Washington and Others highlighted the views W. E. B. Du Bois and Booker T. Washington had for Black America. Both men had the interest of blacks at heart but yet their positions were on opposite ends of the spectrum. Both men were highly educated, Mr. Du Bois being the first Black to earn a Ph.D. at Harvard and Mr. Washington being the first leader of the Tuskegee Institute. Both men wanted blacks to succeedRead MoreBooker T. Washington ( 1856-1915 )1856 Words   |  8 PagesBooker T. Washington (1856-1915) was a standout amongst the most persuasive (and questionable) African Americans ever. Brought up the child of a slave mother, Washington was self-propelled and focused on his own training from a youthful age. The tumultuous time in America s history amid which he lived managed him new opportunities that originated from Abraham Lincoln s Emancipation Proclamation of 1863 and the inevitable achievement of the North in the Civil War. He took the first c hance to go

Alexandra Giambruno. Mrs.Schroder. English Iv Honors. 23

Alexandra Giambruno Mrs.Schroder English IV Honors 23 November 2016 Frankenstein Frankenstein is considered a gothic novel that has different elements that combine to create what the story is. The story of Frankenstein has mysterious aspects that help the main character Victor create the monster. In a gothic novel, there are a ton of abstract thoughts that can be in play pertaining to the type of story that the author creates. Power and Constraint is one point that plays a lot in the novel itself, it all started with the main creator. Victor Frankenstein had the idea to create a monster; he collected body parts and used modern technologies to make an unnatural creature. The novel itself is easy to identify as a gothic from the†¦show more content†¦Victor being excited about seeing his friend, invites him back to his apartment. Henry and Victor enter the apartment to find out that the monster had left, during this time the monster is going to learn things on his own. This by no means was going to be easy in ways of learning heat,cold,searching for food and much more. As the monster was learning on his own, he started stealing food from a old man. One day the old man had saw him searching for food, so the old man had panicked and ran away. This one scene connects to th e characteristics by the town’s people are some what entitled to be scared of the monster. The monster now knowing how to do things, is on a warpath searching for Victor. Out from afar he had spotted a young girl, he sees her slips into a stream and it appears that she is on the verge of drowning. When the monster goes to rescue the young girl, the man accompanying her suspects he is attacking her. The man accompanying her shows that he feared the monster and it is in him to do something about it. Another great showing of this characteristic is when they are on the mountain. A young man and his child were standing on the mountain and from afar they could see a tall dark shadow. Not knowing what it could be entitled him to see fear and feel it. There s only one character in the novel that doesn’t show fear or horror is De Lacey. He said â€Å"It will afford me true pleasure to be in any way serviceable to

Structure Of The Local Economy - 1193 Words

Seattle Washington Research Paper: Structure of the Local Economy Seattle Washington has been one of the fastest growing economic states in the country with a current estimated population of roughly 668,342 according to the United States Census Bureau. Part of the Seattle-Tacoma-Bellevue metropolitan statistical with a total population of 3,733,580, Seattle is the 15th largest metropolitan area in the United States. Located within the Puget Sound region of the Northwest coast, Seattle has thrived in various industries that has made it a key state to the economy. Population job growth has led Seattle into an economic boom. Seattle is a fortunate city, home to a total eight fortune 500 companies, grossing millions in revenue each year†¦show more content†¦A multifaceted transportation network of freeways, railroads, airport, ferry system, and port facilities, Seattle is the main trade, distribution, financial, and services center for the Northwest. Another major contributor to the trade transportation networ k is The Alaskan Way Viaduct. The Viaduct is one of the state s most important transportation corridors, carrying 110,000 vehicles a day the Viaduct is a reliable resource that has contributed to the suburbanization of Seattle. This infrastructure provides a large travel route to and from the city with ease, for those living in Seattle greater metropolitan area they can now live outside the downtown district but can still commute to purchase the vast amounts of goods services located in the city. One of the most profitable businesses in the world calls Seattle their home. Founded in 1975 by Bill Gates, Microsoft has been atop Seattle’s tech industry since entering the market. Microsoft is the leading software company in the United States. IN the Puget Sound region alone, Microsoft employs 42,618 people (Microsoft 2016). With an average income of $113,000 according to the 2016 pay scale, this leave a large amount of discretionary income to trickle down to other service sectors in the city. Microsoft mission statement states; â€Å"Our mission is to empower every person and every organization on the planet to achieve more†. I believe Microsoft is fully committed to this mission and it has progressively made Seattle a

Costs Of Building A Zero Carbon Dwelling Environmental Sciences Essay Free Essays

string(232) " purpose of this survey is to find the existent cost of constructing a nothing C home, how successful the authorities has been on promoting the alterations necessary to be deemed zero C, the alterations that occur as a consequence\." To province that a house is zero C the C dioxide emanations ensuing from all the energy used in the home have to be zero or better. Put merely, a zero C place uses less energy than it generates over a fit period of clip. This will include all contraptions and takes into history the onsite renewable energy installings. We will write a custom essay sample on Costs Of Building A Zero Carbon Dwelling Environmental Sciences Essay or any similar topic only for you Order Now Presently the building industry is responsible for the ingestion of over 400 million metric tons of natural stuffs every twelvemonth ( DTI, 2006 ) . This has helped consume our natural resources, destroy home grounds and make a important sum of pollution. Many professionals have begun to defend the usage of green edifice merchandises so as to cut down the industry ‘s impact on the environment. It is recommended that the authorities should promote the building industry to follow these alterations. Surveies have shown that place proprietors are witting of the of all time altering clime alteration and are willing to alter the hereafter and their places if they can practicably make it. Through the usage of questionnaires every bit good as a series of interviews information was gathered from householders sing their ideas on the usage of green edifice merchandises, obstructions forestalling the alteration to zero C place, the value of Government policy, effectivity of Government act ion, and thoughts for the hereafter. Consequences indicated the chief obstruction to constructing a nothing C emanation home was a deficiency of environmental information, interviewees commented on how hard it was to happen out the environmental friendliness of edifice merchandises. When it came to Government policy, many indicated that their cognition of this was excessively unclear to be of usage. It was reported that on the whole the action by the Government was deficient and that it could make significantly more. Recommendations included the debut of statute law and a simpler usher to follow and understand. Keywords: Green Materials, Zero Carbon, Government Policy, Environment 1. Introduction 1.1. Background The actions of the building industry have important long-run impacts upon the environment. In recent old ages at that place has been a mounting consensus within the building industry and within authorities on the demand for more and pressing action to undertake clime alteration. In the United Kingdom entirely, the building industry uses over 400 million metric tons of natural stuffs per annum and produces over 90 million metric tons of destruction and building waste per annum which is about three times every bit much as family waste ( DTI, 2006 ) . Approximately 40 % of the nursery emanations within the UK are produced by the building, activity and care of edifices ( Jones, 2008 ) . Even though the industry is damaging to the well being of the environment the industry has an tremendous part to do in bettering the quality of life for everyone and in add-on it excessively is of import to the stableness of the UK economic system as it employs around 3 million people, has an end product worth in surplus of ?100 billion and histories for at least 8 % of the GDP ( HM Government, 2008 ) . Encouragement for more sustainable building has been a cardinal purpose of assorted stakeholders including the authorities. Undertaking clime alteration is about more than merely turning away of environmental ruin. It can bring forth a better category of society and a stronger, more sustainable economic system. There are touchable, immediate benefits for concern. It can guarantee that our economic system emerges from the planetary diminution at the head of the technological and societal displacement that will specify the hereafter. With procuring these benefits it means recognizing the necessity of action. The full universe is engaged in a race to take down C emanations, and moving early will merely profit us in the hereafter as we will be positioned good for the new industries that are being created. Presently the planetary market for low C services and goods is already deserving over ?3 trillion per annum, and will most likely grow by half that once more by 2015. By now, about 900, 000 people work within the low C sector or its supply concatenation in the UK, non merely limited to green fabrication but in green services for illustration consultancy or low C venture capital. The usage of green edifice merchandises can accordingly play an of import portion in diminishing the overall impact of the building industry on the environment. Green edifice merchandises can take many signifiers, to province that a edifice stuff or merchandise is green merely it has to hold at least one of the undermentioned features atoxic, recycled content, resource efficient, long life rhythm, or, environmentally witting. Some stuffs and merchandises have more of these features than others and are, hence, considered â€Å" greener † . In recent old ages at that place has been an increasing consensus within the scientific community and within authorities on the demand for farther and pressing action to cover with clime alteration. With this in head the Committee on Climate Change was asked to reevaluate the Government ‘s long-run mark, to cut down C dioxide emanations to 60 % below 1990 degrees by 2050. The Government has acknowledged the Committee ‘s recommendation that the mark should be to diminish nursery gas emanations to 80 % below basal twelvemonth degrees by 2050. Planing clime alteration intercessions to be as cost effectual and efficient as possible has become of all time more of import in the current economic clime. Gaining the extenuation potency at the least cost to the economic system requires an effectual, believable and good considered policy model to present the needed emanations decreases. ( DEFRA A ; Department of Energy and Climate Change, 2009 ) At a glimpse the Government appears to be dedicated to promoting the usage of green edifice merchandises, but it is truly excessively early to cognize whether this degree of committedness is in fact holding any influence on the attitudes and behavior of those charged with stipulating stuffs. The purpose of this survey is to find the existent cost of constructing a nothing C home, how successful the authorities has been on promoting the alterations necessary to be deemed zero C, the alterations that occur as a consequence. You read "Costs Of Building A Zero Carbon Dwelling Environmental Sciences Essay" in category "Essay examples" Before this can be achieved it will be necessary to travel over the authorities ‘s policy in full and moreover analyze the extent to which green edifice merchandises are presently specified. In add-on it will be of import here to analyze what issues prevent the usage of green stuffs and afterwards decide whether the authorities is set abouting plenty to battle these issues. The bulk of the research will concentrate on how to go zero C and the cost in making so, in add-on looking into the affects this has on Government programs. Obviously the survey can non see every subdivision of the building industry, so the survey will take to hold a broad set of positions and sentiments runing from Quantity surveyors, Building surveyors, Architects, place proprietors and Government organic structures. 1.2 Research Aim The full intent of this survey was to find the existent cost of constructing a nothing C emanation home. Research Aims What are the emanations marks set by the Government, what is being done to run into these deadlines? To find what action the Government has taken so far to promote householders to take a greener option, can they make better? To analyze the sentiments of place proprietors and the general feeling towards Government policy on going zero C. What can home proprietors do to go zero C, and are they willing to pass money on these alterations? What are the advantages and disadvantages for place proprietors, the Government and the environment? Do place proprietors have the same positions as the Government? Outline Research Methodology The cardinal facet of this survey is happening out what the existent cost is for constructing a nothing C emanation brooding. A qualitative research attack has been adopted. The research is non based upon a clear theory or job and so it is non nonsubjective by nature, therefore the quantitative attack is non appropriate to the research. The first aim is to be attained through an in-depth reappraisal of the authorities policy and enterprises, whilst the other four will be achieved through the aggregation of informations, subsequent analysis and farther research, However before this takes topographic point a huge reappraisal of literature is required to bring out the cardinal theories. There are two methods of informations aggregation within this thesis, the questionnaire and the interview. The questionnaire will be employed to garner general information from a comparatively big sample of the place proprietors, whilst telephone or in individual interviews will be conducted to illicit more in-depth information from a much smaller sample. It was hoped that together, both methods would garner the best information to accomplish the purpose of this thesis and get the better of the restrictions of each method. The questionnaire is structured so that inquiries are set out into subdivisions that each relate to an aim. Respondents from the questionnaire were asked if they would be happy to take portion in an interview, either in individual or over telephone. Semi-structured interviews were conducted with seven respondents, they were each asked the same inquiries but were on occasion probed for more elaborate responses. The assorted statistical trials were inappropriate for the qualitative research attack employed within this thesis, alternatively information from the questionnaire was analysed utilizing the descriptive statistics methods. The findings would be used together with the interview findings to explicate any tendencies from the questionnaires. Contentss The contents of the thesis are as follows: Literature Review – Scope of chapter – Specification in pattern – Obstacles to Specification – Government Action – Summary Research Methodology – Scope – Proposal – Scheme – Design – Methods of Data Collection Data Collection Methods – Scope – Questionnaires – Interviews Datas Analysis – Scope – Method of Analysis – Data Analysis Discussion A ; Conclusion – Scope – Discussion – Decision – Recommendations – Deficiencies/Limitations – Further Research Mentions Appendix 2.0 LITERATURE REVIEW 2.1 Scope This chapter looks to analyze a assortment of stuff in the signifier of books, articles, diaries amongst others, all of which are related to replying the inquiry â€Å" The existent cost of constructing a nothing C emanation brooding † It begins with a bomber chapter that looks to explicate what is required to hold a home nothing C. It so includes legion bomber chapters that seek to look into how much it will be to go zero C and how easy is it for householders to do the alteration. The chapter concludes with an assessment of the cardinal actions made by the Government in trying to promote place proprietors to do the alteration. The axial rotation in which the authorities plays in cut downing the C pes print and the marks that have been set. 2.2 What is a Zero Carbon Dwelling? To set merely a nothing C home is one that returns to the National Grid every bit much power as it uses over the class of a twelvemonth. Unless you plan on life someplace with no warming, electricity or H2O, that means a zero-carbon place will necessitate to be kitted out with equipment for micro coevals, the production of energy on a little graduated table. Therefore, mini wind turbines, solar panels and a wood pellet burner for bring forthing energy are the manner frontward to accomplishing a zero C emanations brooding. Meanwhile, to maintain that cherished energy in there is demand for clever, draught excepting building with super-insulated walls, a geothermic warming system pull outing heat from the land and triple-glazed Windowss. In add-on to this there could besides be a rain H2O roll uping armored combat vehicle to provide the lavation machine and toilets and to be connected to a reed-bed sewerage system for organically cleaning human waste. The HM Treasury describes a nothing C place: â€Å" Allowable electricity † means electricity generated from a zero-carbon energy beginning designed to function the home and which is conveyed to the home, or to a sub-station connected straight to the home, by overseas telegrams used entirely for the conveyance of electricity from that beginning. A zero C place is one with ‘zero net emanations of Carbon Dioxide ( CO2 ) from all energy usage in the place ‘ . The definition encompasses all energy usage in the place this includes all energy from cooking, TVs, computing machines and any other contraptions instead than merely those energy uses that are presently portion of edifice ordinances for illustration infinite warming, hot H2O, airing and some lighting. It means that over 12 months there are no net C emanations ensuing from the operation of the home. This could be achieved either through stairss taken at the single home degree or through site broad schemes. Consequently it will non be necessary for each home to hold its ain micro coevals capacity where development degree solutions would be more appropriate. ( DCLG 2006 ) It is of import to hold the right balance, rewrite the definition to slackly and there will be small or no micro coevals this includes land beginning heat pumps as developers go for the easier path of off puting, but write the definition excessively restrictive, and the mark of accomplishing zero C places will be viewed as close impossible to run into and merely will be ignored by developers, this besides means there will be small or no micro coevals. 2.3 Why Is Becoming Zero Caron Important? The motive for alteration is simple, since the morning of clip adult male has used resources to last and in present twenty-four hours we have developed a planet that relies to a great extent on natural stuffs from the Earth. The current universe population stands at merely under 7 billion ( CIA World Fact book, 2008 ) and is turning every twenty-four hours, as it grows so does the demand for natural stuffs. Natural stuffs such as coal, gas, and oil are being used quicker than the Earth can reproduce them intending the demand for new dependable resources. Figure. Global Carbon Dioxide Emissions from Fossil-Fuel ( And Cement ) Production. Even more significantly CO2 emanations rates are at an all clip high which has resulted in clime alteration, which is going more evidentiary, for illustration the winter of 2009/2010 It was the coldest December in Britain for 14 old ages, 1.8C ( 3.2F ) below norm, and the coldest in Scotland for 28 old ages, 2.1C ( 3.8F ) below norm. ( The Times, 2010 ) Climate alteration is about surely the most of import issue to confront any coevals in history. The world-wide scientific community is practically consentaneous in its understanding that clime alteration is happening, and that it ‘s our mistake. The universe needs to alter before it gets out of our control, as the effects, which are already seeable, will be ruinous. Just some of the effects are lifting sea degrees due to the thaw of the polar ice caps, holes in the O-Zone bed, more frequent and more terrible natural catastrophes, large-scale nutrient deficits, pestilences, monolithic species extinctions, unprecedented Numberss o f refugees, intensified cultural and political tensenesss, and a planetary economic depression the likes of which no 1 has of all time seen. The state of affairs is still within our appreciation, but action must be taken now, we must move together and strongly. Every person must stand up and be accounted for, companies, and authoritiess across the full Earth must make what they can to change by reversal clime alteration before it becomes excessively late. The clip has to be now as we will ne’er acquire another chance.Untjhjitled.png 2.4 Driving Towards Zero Carbon Despite the current economic and political environment, there are multiple drivers that exist for the development of low C homes. These can be loosely separated into the undermentioned three classs, concern, cultural, and legislative drivers, which are examined below: 2.4.1 Business There is a turning civilization of corporate societal duty ( CSR ) within the building industry. The importance attached to CSR was strongly illustrated in the World Wide Fund for nature study, entitled ‘Building a Sustainable Future ‘ where a study of 20 of the UK largest lodging developers revealed that 70 % study publically on their attack to sustainability and 65 % have a corporate sustainability policy in topographic point. ( WWF, 2007 ) Consequently, CSR has the possible to be a powerful driver for zero C places, as companies strive to better their environmental public presentation. Furthermore, it was stated that in transcending minimal sustainability criterions, house builders can profit from enhanced trade name acknowledgment and repute. ( Carter, 2006 ) Similarly, the WWF reported, that accomplishing high criterions of environmental and societal public presentation can be used to a developer ‘s advantage to pull clients and high quality employees. However, the building supply concatenation could hold a more profound impact on the nothing C marks. ( WWF, 2005 ) 2.4.2 Cultural Despite the fact that client demand for low C homes is presently limited, it is acknowledged as a turning market and country of involvement. ( Carter, 2006 A ; DEFRA 2005 ) A survey carried out in 2007 by Sponge Sustainability Network found that there is a turning desire amongst the UK populace to implement more sustainable life styles. The addition in client demand is likely to carry house builders to willingly integrate sustainable characteristics into future building undertakings. It is suggested that this upward low C civilization could be built upon by authorities enterprises, either through the proviso of financial inducements ( Dobson, 2007 ) or the incorporation of sustainability factors in belongings ratings. ( Lutzendorf A ; Lorenz, 2007 ) Favourable be aftering policies, such as Planing Policy Statement 1 ( PPS1 ) ( DCLG, 2005 ) , and bing authorities policies, such as the Energy White Paper ( DTI, 2003 ) , which are aimed at advancing sustainability within the reinforce d environment, are apt to farther heighten the integrating of such characteristics and the encouragement of a low C civilization. In add-on, these policies pave the manner for new statute law, to which stakeholders in the edifice industry are shown to react best. ( Structural Survey, 2007 A ; CIOB, 2007 ) 2.4.3 Legislative The chance of future statute law itself should show to be a major driver in accomplishing zero C places by 2016. ( BRI, 2007 ) It is likely that the CSH, will go statute law and is expected to be the most influential driver for house builders to construct zero C places and that those who take on a pro-active attitude will derive extended and practical cognition of low C house edifice, from which they will harvest the benefits financially by being capable of run intoing the enhanced edifice demands more cost efficaciously. ( CIOB, 2006 ) The likely debut of the CSH as statute law, aboard with the execution of Energy Performance Certificates in line with the Energy Performance of Buildings Directive, has been highlighted in a survey by Vorsatz etA Al. in 2007 as being highly successful in footings of decreases in CO2 emanations and cost effectivity, to the point that these steps could be the cardinal drivers for nothing C lodging. 2.5 Obstacles Against Achieving Zero Carbon? The last subdivision attempted to sketch the significance of a nothing C emanation brooding. There are a batch of alterations that have to be completed before a home can be deemed zero C, people tend to happen it hard to do alterations to a life style that they have came usage to over clip, besides this obvious obstruction there are legion others such as cost, strangeness, and These will be pointed out in this chapter. 2.5.1 Cost First it can be instead dearly-won to do any type of brooding zero C particularly if it ‘s updating current places as this involves money for something that in the bulk of place proprietor ‘s eyes is n’t necessary. For bing homes, the edifice ordinances can non be retrospective but the eventual execution of Energy Performance Certificates ( EPCs ) could take to betterments being obligatory at the phase of selling any house. Currently, energy efficiency betterments to bing houses are chiefly carried out throughout rehabilitation plants as steps implemented by local governments, lodging associations and landlords to their ain homes. Individual proprietor residents may take to the option of upgrading insularity normally with the aid of grant assistance towards the outgo. The Government needs to acquire across the message and householders need to acknowledge that cut downing the C emanations on their lodging will take to higher capital costs but as a consequence will h old lower running costs. Underneath provinces several good grounds for sing a nothing C home: Lower your energy bill/consumption, Lessen our dependance on foreign oil, Preserve cherished universe resources, Follow the national and international tendency towards green life, Enjoy better wellness and wellbeing, Protect your lungs and respiratory system, Strengthen the immune systems of both yourself and your kids, Prevent/recover from chemically induced allergic reactions, Enjoy higher value and resale value of your place. Figure. What makes a nothing C place? ergteghdfgdfgdfg.png Bartlett A ; Howard ( 2000 ) wrote that measure surveyors believed that the more environmentally friendly edifices cost between 5 – 15 % more than conventional 1s to construct. In contrast with, Lockwood ( 2006 ) studies that the market for green edifice merchandises is altering with many sustainable, non-toxic stuffs readily available at sensible monetary values and some recycled merchandises bing the same or less than conventional 1s. Spiegal A ; Meadows, ( 2006 ) have besides highlighted that simple economic comparings show that green merchandises, particularly those with a high recycled content, are competitory for purchase and installing. On norm, premiums for green edifice merchandises are less than 2 % ( Kats, 2003 A ; Morris, 2007 ) Never the less there is no warrant that the building industry will pay even a little addition in cost for green edifice merchandises as it frequently criticised for being focused entirely on net income ( House of Commons Environmental Audit Committee, 2006 ) . Surveies have found that the cost of a new physique nothing C home is cheaper than trying to transform an bing belongings into a genuinely green place, nevertheless it is still expensive. The estimated cost for constructing a criterion nothing C place would be within the part of approximately ?120,000 to ?140,000, in contrast to a similar sized traditional belongings which will be around ?85,000. However, that does non include the cost of land, an expensive trade good in Britain, or the developers ‘ net incomes. The basic cost of a nothing C place, with no subsidies, is non likely to be less than ?350,000 to ?400,000, with that being said one time more have been constructed you will happen that it will go more low-cost as the engineering and expertness will go cheaper. ( TIM, 2007 ) The Calcutt reappraisal of house edifice provinces that many house builders refrain from utilizing green stuffs because they find that purchasers are loath to pay more for sustainable homes ( CLG, 2007 ) 2.5.2 Unfamiliarity 2.5.3 Time 2.4 Government Policy A ; Action It is universally accepted that decreases in CO2 emanations are needed in order to stabilise the universe ‘s clime, and that these will be dearly-won and better implemented sooner instead than subsequently. The of all time altering clime has established itself as a major issue, and to assist undertake planetary warming the UK is seting itself on a way to cut its C dioxide emanations by some 60 % on 2000 degrees by 2050, with existent advancement by 2020. ( DTI, 2003 ) This was superseded by a authorities proclamation in October 2008 for a more ambitious mark perpetrating the UK to cut nursery gas emanations by 80 % by the center of the century. ( DECC, 2008 ) This committedness will necessitate C decreases to be made by all industries. The reinforced environment histories for a big proportion of emanations, C dioxide emanations from the lodging sector have risen by more than 5 % since 1997 and account for 27 % of the UK ‘s C footmark. ( DTI, 2003 ) The authorities has as a consequence highlighted the lodging building industry as a key sector where C decreases can be made. Due to tendencies in the formation of new families and the decrease in their mean size, combined with inward migration and longer life anticipation of the population as a whole, it has been estimated that an addition of around 120,000 private-sector and 26,000 societal places per twelvemonth over present supply is needed. ( Barker, 2004 ) The UK authorities ‘s response in 2005 was to show an aspiration to increase the supply of new lodging in England to 200,000 units per twelvemonth by 2016. This means that in 2050 about 30 % of lodging will hold been built since 2006, with the balance already bing now. In add-on, in December 2006, the authorities published the Code for Sustainable Homes ( CSH ) as a tract to accomplishing zero C places in England. ( DCLG, 2006 ) The CSH sets ambitious marks for the lodging building industry, for which the existent commercial benefits and cos ts are still unknown. Action to cut down entire emanations demands to be aimed at both new physique and bing lodging, nevertheless the UK authorities has decided to take a firm stand on improved criterions for new edifices, and positively cut down emanations by that path. This is possibly because in retrospective alteration to current edifices is perceived as complicated and unpopular, as evidenced by the taking off of a demand to do energy betterments to the bing cloth together with any proposal to widen an bing edifice with a floor country of less than 1000 M2 between the first proposal ( ODPM, 2004 ) and execution ( DCLG, 2006 ) of the 2006 Building Regulations. The authorities justifies this focal point on new physique by asseverating that doing every executable cost effectual energy betterment to bing places would cut down the annual CO2 emanations in 2050 by merely 25 % of what is required intending the remainder must be achieved in new built places. ( DCLG, 2006 ) Given that this will necessitate a ll new places built between now and 2050 to run into at least low or zero C criterions, there is a instance for re-examining this inexplicit rejection of a policy of energy betterments to bing edifices. Early consequences from a present research programme to recognize ways of cutting down C emanations from bing edifices ( Anon, 2004 ) expose the technological potency for halving the emanations from bing lodging, hence there will be enough of range for deploying the sorts of loans and subsidies to bing place proprietors that make betterments that are cost effectual and are used successfully elsewhere, for illustration in Germany. ( KFW, 2007 ) 2.4.1 The Code For Sustainable Homes The Code for Sustainable Homes ( DCLG, 2006 ) aims to supply a system for developing and showing superior environmental criterions by giving place proprietors better information about the sustainability and running costs of their places. In April 2007 there was a voluntary appraisal stage in order to derive experience in the methodological analysis, taking to a compulsory evaluation demand for all new places excepting bing places from 2008. The full appraisal is a evaluation method across all the countries of sustainability, based on the Eco Homes system, ( BRE, 2006 ) but it is proposed to do merely the energy/CO2 emanations evaluation mandatary and this will work through phased alterations to the Building Regulations. Eco Homes depends on a group of independent vouchers who will measure the design and carry out a station completion cheque on the edifice. In the instance of multi place developments they will look merely at each different house type and a sample of the completed units, as this makes better usage of clip. This station completion cheque on the energy/CO2 emanations public presentation is an of import alteration from the chiefly design based appraisal mentioned above, but the Code does non discourse its nature. In common with the other dimensions of sustainability, the overall energy/CO2 emanations evaluation for the home identified as the Standard Assessment Procedure ( SAP ) evaluation will be assigned a degree. The Code degree to achieve a one-star evaluation corresponds to a 10 % betterment over the Target Emission Rate in the 2006 Building Regulations. Two, three and four stars correspond to 18 % , 25 % and 44 % betterments, severally. A five star evaluation is a 100 % betterment, corresponds to zero emanations in relation to affairs covered by the Building Regulations, this being zero emanations from heating, hot H2O, airing and lighting. The highest degree is a six-star rated place, this is a wholly 0 C place significance there is zero net emanations of CO2 from all energy usage in the place. The SAP evaluation mark can be met in a assortment of ways such as, bettering the cloth of the edifice, bettering the efficiency of illuming and infinite warming, and by utilizing lower C fuels while the Code in add-on covers the energy/CO2 emanations of a little scope of white goods like deep-freezes, dish washers, etc. While flexibleness is allowed as to how these evaluations are achieved, in exercising a scope of intercessions will be necessary, as discussed farther below. The Code notes that a six-star place will necessitate to present zero C emanations over 12 months for all energy usage in the place, cookery, rinsing and place amusement systems, every bit good a s infinite warming, hot H2O, airing and lighting. The Code gives descriptive illustrations of houses run intoing the different degrees and for a six-star place this means that energy taken from the national electricity grid would hold to be replaced by low or zero-carbon generated electricity. ( DCLG, 2006 ) The clip graduated table proposed for implementing these betterments to the public presentation of new places was to be 2010 with the minimal demand being three stars, ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? has this happend in 2013 it will be four stars, and in 2016 it will be six stars. The UK authorities is hence draw a bead oning to present a wholly zero-carbon supply of new places by 2016. Some of the deductions of this are explored below, after a brief treatment of the premises implied by the proposals. Is 2016 excessively late? Will the quality of edifices be compromised? Will the wellness and safety be compromised? Ill use a Questionnaire to acquire my information Open or closed inquiries? ? ? ? ? ? Open give more item but clip devouring to make full in Closed less item but easier and easier to compare fixed replies Interview Provides the item that the questionnaires could n’t give ( will stop up utilizing closed questionnaire ) ( closed merely agencies yes no replies and multiple pick ) Drumhead With the really being of the effects of clime alteration in difference ( some do n’t even believe its existent ) its impossible to state. However better to be safe than sorry, merely positive can come out of it every bit long as does n’t come at a cost of human life or edifice quality Use in datat findings: : : A First it can be instead dearly-won to do any type of brooding zero C particularly if it ‘s updating current places as this involves money for something that in householders eyes is n’t necessary How to cite Costs Of Building A Zero Carbon Dwelling Environmental Sciences Essay, Essay examples

Dissecting Models Forecasting Performance †MyAssignmenthelp.com

Question: Discuss about the Dissecting Models Forecasting Performance. Answer: Introduction The objective of this study is to analyze economic growth of Australia in the last 3 to 5 years. Australian economy is considered as most developed and biggest mixed market nations around the globe. This nation is the second wealthiest economy as measured by wealth per persons. The total wealth of Australia in the year 2016 resulted to AUD $8.9 trillion and hence it was 14th biggest economy in terms of nominal GDP[1]. In addition, this nation ranked 20th as accounted by PPP adjusted GDP and was ranked 25th and 20th in terms of exporter and importer. Over the last 3 to 5 years, Australia record for uninterrupted GDP growth after the recessionary phase. This economy is mainly controlled by the service sector that contributes to 61.1% of real GDP and employs 79.2% of workforce in the nation. This country has the highest natural resources value that values at US $19.9 trillion in the last year. Despite huge decrease in growth of mining sector during recessionary phase, this nation remain s resilient as well as stable over the recent decades. The Australian Securities Exchange in the nation is 16th biggest stock exchange as accounted by domestic market capitalization and has largest market for interest rate derivatives in Asia[2]. This nation has a vivacious free- market democracy that records to huge economic growth unmarred by the recessionary phase for the last 3-5 years. Therefore, economic growth of this nation has been analyzed with the help of macroeconomic indicators that includes GDP growth rate, unemployment rate, rate of inflation and balance of trade. Economic growth of Australia in the last 3 to 5 years Australia has been considered as one of the wealthiest country in Asia Pacific and enjoys huge economic expansion over the last 3 to 5 years. This nation is highly competitive in technology, service and manufacturing sector as compared to other nations. In addition, mining as well as agriculture industry are considered as vital export source and has a huge contribution in the overall income of the country. Australia encourages foreign competition and hence prolongs to be vigorous investment destination. Recent statistics reflects that though the government debt of this nation has been increasing since financial crisis, it records to lower amount as compared to other developed nations. The political environment of Australia is stable as the nation has transparent political processes, sturdy legal system and proficient governance. Moreover, the nation has effective measures of anti-corruption and hence judicial system operates impartially. Furthermore, the regulatory environment in Au stralia is the most efficient as well as transparent and is favorable to the entrepreneurship. This nations labor market is highly flexible and this contributes to increase in employment. Moreover, this economy has recovered from slowdown owing to global recession and has grown with positive trend rate over the last 3- 5 years. Although the different industries in Australia contribute to the growth of the economy, they have sizeable differences in their business performance. Recent study reflects that mining and financial sector output grew at faster rate as compared to manufacturing industries output at an average rate. The economic condition of Australia is analyzed by using macroeconomic indicator given below: GDP growth rate- Gross domestic product (GDP) refers to the monetary measurement of the value of products and services that is manufactured within the country during a given time period. This macroeconomic indicator aids in accurately indicating the size of the Australian economy and hence GDP growth rate is taken as best macroeconomic indicator of determining economic growth. GDP of the nation fluctuates owing to business cycle. If the economy expands and GDP rises, inflationary pressures rise in rapid way because of full utilization of labor and resources. It has been opined by (), GDP is estimated by the summation of consumer spending, government purchases, investment and net exports. Over the last 3 to 5 years, Australias annual GDP growth rate has shown huge variation due to changes in consumer expenditure, business investment, government spending and exports. During the last 5 years, the GDP of Australia expanded owing to rise in expenditure of the Australian government. Consum er expenses were considerably restrained though confidence of consumer was high. Furthermore, the households of this nation became highly vigilant in their financial behavior, less borrowing and huge savings. In the last few years, the savings rate of household had increased by near about 4%. In addition, investment in the housing sector also increased at modest speed despite ageing population growth. The reason behind considerably high housing cost, rigidities in supply process of housing and developers difficulties in attaining finance. Business investment also increased at high levels during this period. It has been from the recent statistics that the investment of this nation declined during the global financial crisis but has recovered after the recessionary phase. As a result, the business expanded at high pace due to increase in productivity of good owing to huge investment. Investment in mining industries contributes to about one three-fourth percent of the nations GDP at present period and over the last 5 years it had reached to 3% of countrys GDP. Moreover, the exports also increased at higher pace in the mining capacity. Higher price of exports has moved the balance of trade into surplus and this resulted to unusual economic condition in this nation. Although the GDP of this nation increased at faster rate, few states including Queensland lagged with considerably weak growth rate in sales as well as consumption in retail sector[3]. However, Queensland experienced low growth in demand for products while othe r nations demand grew at high rate in the past five years. This state also suffered from overhang in the market of property after the exuberance period. Currency exchange rate also influenced GDP growth rate of Australia. Swings in prices of coal as well as iron had vital impact on the economy of Australia as accounted by export revenues as well as real incomes. Ageing population growth contributes to growth in Australian economy that was reflected by 0.4% in GDP per capita. The figure reflects that during the period 2012-2016, the annual GDP growth rate in this nation has shown slight variation[4]. The figure below reflects the GDP growth rate in the year 2014 and 20105 recorded slight low growth rate in comparison with other year. Unemployment rate- The rate of unemployment refers to the workforce share that becomes jobless with respect to total population and is expressed in percentage. It has been considered as lagging indicator that increases or decreases in variable economic conditions. The unemployment rate increases if the economy health of the country is in bad phase[5]. In addition, if the growth rate of the economy rises at healthy rate, jobs becomes considerably plentiful and this increase the employment rate of the nation. The Okuns law state that unemployment rate of a particular nation is negatively related with GDP of the nation. This means that if the rate of unemployment rises above the target level that is 5%, then the GDP of the nation falls at high rate. This adversely affects the economic health of the nation[6]. The above graph reflects that the unemployment rate of Australia has remained stable over the years but it remained above the target level of 5%. In the year 2015, the rate of unemployment increased to 6.3% as full time jobs in the nation decreased at faster rate. But in the current year, the unemployment rate fell to 5.7% owing to rise in part-time work in this nation. There are few reasons that increased the unemployment rate in this nation that includes Decline in expenditure of public during the recessionary phase shifted the workers of the Australia to other nations and thus ending up high unemployment. Implementation of new technology by the companies led to increase in jobless rate as the laborers quit jobs as they faced difficulties in adopting with the technology. Another reason of unemployment in Australia is the shutdown of industry. This had made numerous Australians jobless during this period[7]. For example in South Australia huge people were jobless as insufficient industry was unable to absorb these jobless workers. However, it has been noted that the federal government of Australia could not prepare advanced planning methods to make transition of workforce into other job. Offshoring is another vital cause of unemployment in this nation. It increased during the years as other nations offered incentives on tax to other countries in order to shift the factories there. However, the workers of Australia have adapted to this as many manufacturing sector adopted this practice for increasing their productivity. Therefore, the government of Australia must plan proper policies in order to reduce unemployment rate in the nation. Since 2011, the rise in unemployment had been concentrated mostly among male laborers who accounts to high employment percentage in mining as well as other cyclical sectors[8]. One type of unemployment that mainly arises in Australia is frictional unemployment. This occurs when one laborer leaves one job and searches for another job for more than four weeks. Furthermore, structural unemployment also occurs owing to sustained weakness in demand for labour. Inflation rate- Inflation rate refers to the rate at which the price level of products as well as services increases considerably in a nation over a specific time period[9]. As the price level rises for the products, each currency unit purchases less commodities and this outcomes in decrease in purchasing power in terms of each currency unit. One index that helps the economy in measuring inflation rate is Consumer price index (CPI). Australia usually measures their inflation rate with the help of consumer price index. Inflation influences the nation both positively and negatively. The adverse impact of inflation includes rise in opportunity cost, uncertainty in rate of inflation that might discourage investment as well as savings. On the other hand, the positive effects involve declining real burden of people as well as private debt by maintaining nominal rate of interest above zero. This facilitates the central bank of the nation in adjusting interest rate for stabilizing the econom y by reducing unemployment rate owing to nominal wage inflexibility. Economist believes that hyperinflation generally occurs due to excessive growth in supply of money within the country[10]. Low rate of inflation attributes to variation in real demand for commodities or availabilities of supply of goods during scarce situations[11]. Thus, the government of respective nations implements contractionary monetary policy by changing their interest rates with the help of open market operations and reserve requirements of banking. One of the main aim of Australian government is keep the inflation rate low. The RBA sets the target of inflation rate in Australia by 2-3%. Therefore, higher inflation rate above this target level disrupts equity in income distribution, undermines trade competitiveness and living standards of people in Australia[12]. In addition, lower inflation rate below this set target level highlights that the productive capacity of this nation has been wasted. The average rate of inflation in this nation had been stable over the past few years and records to 3%. The graph below denotes that the rate of inflation of Australia had been lower in the year 2012 and 2013, which reflects that it is below the target level of inflation rate[13]. The Australian Bureau of Statistics (ABS) highlights that inflation rate had increased during these two years due to rise in prices of housing, tobacco and medical services. The two factors that influence the inflation rate of this country are given below: Increase in demand-side condition that might lead to demand inflation Low supply-side developments leading to cost inflation Australia had experienced demand inflation over the last 3 to 5 years. As the circular flow model of Australian economy is five sectors, the demand-side factors resulted in increase in aggregate demand causing demand inflation[14]. As a result, consumer confidence increased that led the Australians to decrease their savings and increase their expenditure. In addition, the business confidence also became stronger and as a result, the companys benefitted in increasing their sales and attaining higher profit.[15] Moreover, it also resulted to rapid increase in Australians household income and enhanced private consumption expenditure. The RBA lowered the interest rate for encouraging the entrepreneurs and households borrowings. Furthermore, as the inflation rate in this nation remained stable, it had no adverse effect on the business. Adoption of policies by the Australian government aids to maintain inflation in the nation. Australian government uses aggregate demand policies for slowing demand inflation during the last 5 years. They increased their interest rate to meet excess spending as well as remove products commodities shortages and reduce demand inflation in the country[16]. In addition, Australian government adopts aggregate supply policies for producing huge output from less input. Therefore, they tried to reduce tariff protection in order to decrease production cost. In addition, as the Australian market has oligopoly and monopoly market structures, competing policies tried to reduce production cost and increase efficiency among the firms[17]. They also adopted tax reform policies for decreasing tax rates in order to decrease business cost. Moreover, immigration has been encouraged over the last few years and this facilitates to ease shortaghe of laborer.Overall, it has been noted that Australian govern ment had adopted proper monetary policy in order to maintain inflation arte in the country and this led to rise of economic growth of the country. Balance of trade- the Balance of trade (BOT) refers to the subtraction between exports and imports of the nation during specific period[18]. It has been noted that, if export value is higher than import value, then it is termed as trade surplus. On the other hand, if the import value is greater than export value of goods , then it is called as trade deficit. BOT has been considered as the key component of nations GDP and thus, deficit in trade reduces GDP and trade surplus increases GDP[19]. Trade deficit increases high debts of the nation or inflation from the nations central bank in order to maintain the levels of domestic currency. Recent statistics reflects that trade surplus exists in this nation as this helps the country to improve their economic growth. It has been noted that most of the industries has huge export value as compared to import value. For example, this nation top five industry that contributes in huge export are- Iron ore , natural gas, beverages etc. On the othe r hand, top five industries that has high import value are- tourism, vehicles, refined petroleum and freight services[20]. Therefore, trade plays a vital role in economic growth of the nation. Trade improved the GDP growth rate of Australia in the last 3 to 5 years. It accounted for 21 %of GDP and this means that the commodities manufactured in this nation are mainly traded in international countries. Thus, BOT has huge significance in Australia[21]. These includes- It helps the nation in clarifying its rank in foreign exchange It also helps the nation in revealing the nature, features and size of this country It facilitates the business in evaluating the economic conditions of the country It also highlights the competitiveness in international markets within the nation[22]. Conclusion From the above study, it can be concluded that Australia has shown good economic growth performance over the last 3 to 5 years. The macroeconomic indicators reflects that the country has maintained stable economic growth rate even though there was huge growth variation across various industries existing in the nation. This benefits of economic growth had spread widely among the states and across distribution of peoples income. Australian government also plays vital role in improving economic conditions of the country. The policies adopted by the government helps the Australian economy to recover from recessionary phase. Even the change in tax structure contributed to expansion of business in this nation. Contractionary monetary policy adopted by RBA also helped the economy in maintaining stable inflation in the nation. At present, the country is now operating to high capacity and this improves the nations productivity and sustains economic growth. 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