Inflation And Supply Side Policies In The Uk Economics Essay

Inflation And Supply Side Policies In The Uk Economics Essay Hints: Using information from the internet and economic textbooks.explain what has been happening to the rate of inflation in your country or a region that includes your country,since 1990.You should include diagrams In our region the inflation is on its peak. the rate of commodities and goods increases day by day with high speed. If we look to the diagram changes have been done in every year. In some time in past the inflation rate fall but in the recent time thats 2009 its raised upto 73% which is quite high as compare to the previous year 2008.So this inflation can bring a lot of changes in daily human life.It can effect every field of life.By inflation facilities become reduced everyone tries to reduce his expenditure because of this he tries to spend less as he could.If he his expenses is high as copare to his outcome so he is not trying to facilitate himself.In short inflation can bring change in every term of life. Followin is a Table which shows inflation and percent change since 1990 till to 2009. Year Inflation, average consumer prices Percent Change 1991 12.628 39.52 % 1992 4.851 -61.59 % 1993 9.825 102.54 % 1994 11.272 14.73 % 1995 13.022 15.53 % 1996 10.789 -17.15 % 1997 11.803 9.40 % 1998 7.812 -33.81 % 1999 5.736 -26.57 % 2000 3.584 -37.52 % 2001 4.41 23.05 % 2002 2.504 -43.22 % 2003 3.102 23.88 % 2004 4.568 47.26 % 2005 9.276 103.06 % 2006 7.921 -14.61 % 2007 7.771 -1.89 % 2008 11.998 54.39 % 2009 20.775 73.15 % Task 2 Define Inflation Provide a clear explanation of 2 different causes of Inflation showing knowledge of Keynesian and monetarist views on inflation. Definition: The overall general upward price of goods and services in an economy is called inflation. OR The raising of price in commodities and other daily life materials is called inflation The downward price of goods and services in an economy is called deflation. OR In economics inflation is a rise in the general level of prices of goods and services in an economy over a period of time. Causes of inflation: Higher indirect taxes imposed by the government: in our country government imposes some indirect taxes annully which ultimately become a cause for rise in the price of commodites For example a rise in the rate of excise duty on alcohol and cigarettes, an increase in fuel duties or perhaps a rise in the standard rate of Value Added Tax or an extension to the range of products to which VAT is applied. These taxes are levied on producers (suppliers) who, depending on the price elasticity of demand and supply for their products, sum up the amount in the price of commodityt. For example, if the government was to choose to levy a new tax on aviation fuel, then this would contribute to a rise in cost-push inflation. Cost-push inflation can be illustrated by an inward shift of the short run aggregate supply curve. This is shown in the diagram below. Ceteris paribus, a fall in SRAS causes a contraction of real national output together with a rise in the general level of prices Rising labour costs: increases in the wages of labour which exceed any improvement in productivity also affect the price of commodity.   This cause is important in those industries which are labour-intensive. Firms may decide not to pass these higher costs onto their customers (they may be able to achieve some cost savings in other areas of the business) but in the long run, wage inflation tends to move closely with price inflation because there are limits to the extent to which any business can absorb higher wage expenses. Monetarists Monetarists do not believe that the government should intervene by trying to manage the level of aggregate demand. They argue that this type of intervening policy will affect acquilibrium in the long run and should therefore be avoided. A key problem with discretionary demand management policies is the time lags, which monetarists believe make fiscal policy too difficult to use to manage the economy effectively. The best thing therefore, is to take a long-run view of price stability and use monetary policy to achieve this. Keynesians Keynesians traditionally see fiscal policy as the key tool of economic management. They see the role of government as maintaining the economy at full employment. The way to do this was to manage the level of aggregate demand until the economy was at or close to full employment. If the economy was growing too fast, then fiscal policy should be essentially deflationary, and vice-versa when below full employment. Monetary policy should, in their view, simply be used as a backup to fiscal policy. However, they would argue that direct interest rate changes could be used to control aggregate demand. Their main objection to monetary policy has always been that there is a weak link between the money supply and aggregate demand, and that. Task 3 What effects would a substantial increases in inflation every year have on the following: An individuals who keeps all his money in a box under his bed. Keeping all his money in box under his bed its means that if someone is money and he is not investing his money in a business or keeping the money in a bank its means that he is decreasing his money one day will come that he will spend all his money so if you have a little money you should have to start a small business then your money will not end over. Someone who is borrowing money at the current rate of inflation but who does not have to pay back for a number of years. It is a good picking point that whenever someone borrows money from someone he is not able to return the money according to the rate of inflation. He may think to return him at rate of inflation. Someone has lent money out at the current rate of inflation but will not be repaid for a number of years. If some one has lent money from someone at the time of current inflation he may need to repaid the money as compare to the rate of inflation.If he has the ability to think then he may need to return more than the original amount he lent. Task 4 Provide reason why the government may want to tackle inflation. Government is trying to control rate of inflation. Inflation can generate a lot of problems in the society. It affect daily life as well as increase in commodities prices. that reasult in the economy , politcal and social unstability It can also bring unemployment as well as poverty. Provide a remedy for each of two different types of inflation you outlined in Task 2 (b). all though the inflation cannot be completely change in deflation in the developing countries but it can be control through removeing its causes. Folwing are the causes which is responsible for inflation Cost Push Inflation Rising imported raw materials costs Rising labour costs Higher indirect taxes imposed by the government A depreciation of the exchange rate A reduction in direct or indirect taxation The rapid growth of the money supply Rising consumer confidence and an increase in the rate of growth of house prices Faster economic growth in other countries Task 5 You have to write a section in the report that includes the following. An explanation of is meant by supply side economics. Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created by lowering barriers for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates, and by allowing greater flexibility by reducing regulation. Consumers will then benefit from a greater supply of goods and services at lower prices. The term supply-side economics was thought, for some time, to have been coined by journalist Jude Wineskin in 1975, but according to Robert D. Atkinsons Supply-Side Follies , the term supply side (supply-side fiscalists) was first used by Herbert Stein, a former economic adviser to President Nixon, in 1976, and only later that year was this term repeated by Jude Wanniski. It popularized the ideas of economists Robert Mundell and Arthur Laffer. Today, supply-side economics is often conflated with the politically rhetorical term trickle-down economics, but as Jude Wanniski points out in his book The Way The World Works, trickle-down economics is conservative Keynesianism associated with the Republican Party. Typical policy recommendations of supply-side economics are lower marginal tax rates and less regulation. Maximum benefits from taxation policy are achieved by optimizing the marginal tax rates to spur growth, although it is a common misunderstanding that supply side economics is concerned only with taxation policy when it is about removing barriers to production more generally. Many early proponents argued that the size of the economic growth would be significant enough that the increased government revenue from a faster growing economy would be sufficient to compensate completely for the short-term costs of a tax cut, and that tax cuts could, in fact, cause overall revenue to increase Evidence of 2 countries that have supply side measures in an attempt to reduce inflation and the success or failure of those measures. What are supply-side policies? Supply-side economic policies are mainly micro-economic policies designed to improve the supply-side potential of an economy, make markets and industries operate more efficiently and thereby contribute to a faster rate of growth of real national output Most governments now accept that an improved supply-side performance is the key to achieving sustained economic growth without a rise in inflation. But supply-side reform on its own is not enough to achieve this growth. There must also be a high enough level of aggregate demand so that the productive capacity of an economy is actually brought into play. There are two broad approaches to the supply-side. Firstly policies focused on product markets where goods and services are produced and sold to consumers and secondly the labour market a factor market where labour is bought and sold. Supply Side Policies for Product Markets Product markets refer to markets in which all kinds of commodities are traded, for example the market for airline travel; for mobile phones, for new cars; for pharmaceutical products and the markets for financial services such as banking and occupational pensions. Supply-side policies in product markets are designed to increase competition and efficiency. If the productivity of an industry improves, then it will be able to produce more with a given amount of resources, shifting the LRAS curve to the right. Measures to encourage small business start-ups / entrepreneurship The small businesses of today can often become the larger businesses of tomorrow, adding to national output, employing more workers and contributing to innovative behaviour that can have positive spill-over effects in other industries. Governments of all political persuasion argue that they want to promote an entrepreneurial culture and to increase the rate of new business start-ups. Supply side policies include loan guarantees for new businesses; regional policy assistance for entrepreneurs in depressed areas of the country; advice for new firms Capital investment and innovation: Capital spending by firms adds to aggregate demand (C+I+G+(X-M)) but also has an important effect on long run aggregate supply. Supply side policies would include tax relief on research and development and reductions in the rate of corporation tax. Ireland is a good example of a country inside the EU that has benefited hugely from cutting company taxes which has led to a large rise in foreign direct investment. One of the new countries joining the EU in 2004, Estonia, has cut its corporation tax rate to zero per cent (0%) in a deliberate attempt to attract new investment and stimulate economic growth and employment. There are now big differences in corporation tax rates among the twenty five nations of the European Union. Corporate Tax Rates in the European Union in 2004 Estonia 0.0% Luxembourg 30.0% Ireland 12.5% Denmark 30.0% Lithuania 15.0% Czech Rep. 31.0% Cyprus 15.0% Portugal 33.0% Latvia 19.0% Austria 34.0% Slovakia 19.0% Belgium 34.0% Poland 19.0% Italy 34.0% Hungary 20.0% Netherlands 34.5% Slovenia 25.0% Spain 35.0% Sweden 28.0% Greece 35.0% Finland 29.0% France 35.4% UK 30.0% Germany 38.7% Innovation and Economic Growth A dynamic environment with opportunities for enterprise and innovation is vital to improving economic performance. New businesses entering the marketplace increase competitive pressures facilitating the introduction of new ideas and technologies. The Government is therefore committed to supporting enterprise and innovation throughout the economy, including in Britains most disadvantaged areas. Supply side policies for the Labour Market These policies are designed to improve the quality and quantity of the supply of labour available to the economy. They seek to make the British labour market more flexible so that it is better able to match the labour force to the demands placed upon it by employers in expanding sectors thereby reducing the risk of structural unemployment. An expansion in the UKs total labour supply increases the productive potential of an economy.   That expansion in the supply of people willing and able to work can come from several sources for example: encouraging older people to stay in the workforce; a relaxed approach to labour migration and measures to get non-working parents to actively look for work. Trade Union Reforms Many of the traditional legal protections enjoyed by the trade unions have been taken away including restrictions on their ability to take industrial action and enter into restrictive practices agreements with employers. The result has been a decrease in strike action in virtually every industry and a significant improvement in industrial relations in the UK. Showing the effects of supply-side improvements in the economy Supply-side factors often help to explain why it is that some countries grow faster than others. In a world of globalisation, it is becoming clearer that maintaining and improving competitiveness is vital in achieving success in international markets. A rising share of GDP in most countries is devoted to international trade. Markets are becoming more competitive and those countries whose supply-side lets those down can find a rising level of import penetration into their domestic markets and a weak export performance in goods and services. Supply side improvements can also be shown using a production possibility frontier Supply side policies and productivity It is important to recognise that the supply-side does not operate in isolation from changes in aggregate demand. If there is insufficient AD, it is unlikely that better supply-side performance can be achieved over a number of years. Equally, if aggregate demand grows too quickly, acceleration in wage and price inflation might require deflationary policies that ultimately harm a countrys productive potential. Evaluating the UKs supply-side performance On the right tracks There has been a remarkable structural improvement in the British economy. This began under Margaret Thatcher and has largely been maintained under Tony Blair. Deregulation, privatisation, reductions in trade union power and reform of unemployment benefits have transformed the business environment. Improvements in the Supply Side Supply-Side Weaknesses Sustained economic growth. The UK has maintained its position as the 4th largest economy in the world and has weathered the global economic downturn well There remains a large productivity between the UK and other leading economies this is now a major focus of supply side policies Task 6 Combine Task 1 to 5 into a single written report to be given to world bank economics unit which is properly structured with. Title of the page Table of contents  Ã‚ ¶ Risk of Inflation  Ã‚ ¶ Definition of Inflation  Ã‚ ¶ Government efforts to control Inflation  Ã‚ ¶ Supply side economics Main body of report In our region the inflation is on its peak. the rate of commodities and goods increases day by day with high speed. If we look to the diagram changes have been done in every year. In some time in past the inflation rate fall but in the recent time thats 2009 its raised upto 73% which is quite high as compare to the previous year 2008.So this inflation can bring a lot of changes in daily human life.It can effect every field of life.By inflation facilities become reduced everyone tries to reduce his expenditure because of this he tries to spend less as he could.If he his expenses is high as copare to his outcome so he is not trying to facilitate himself.In short inflation can bring change in every term of life. Followin is a Table which shows inflation and percent change since 1990 till to 2009 In economics inflation is a rise in the general level of prices of goods and services in an economy over a period of time. Government is trying to control rate of inflation. Inflation can generate a lot of problems in the society. It affect daily life as well as affect commodities prices. It can also bring unemployment as well as poverty. Provide a remedy for each of two different types of inflation you outlined in Task 2 (b). When the causes of inflation remove thats the best solution to control the inflation. Flowing are the causes Cost Push Inflation Rising imported raw materials costs Rising labour costs Higher indirect taxes imposed by the government A depreciation of the exchange rate A reduction in direct or indirect taxation The rapid growth of the money supply Rising consumer confidence and an increase in the rate of growth of house prices Faster economic growth in other countries An explanation of is meant by supply side economics. Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created by lowering barriers for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates, and by allowing greater flexibility by reducing regulation. Consumers will then benefit from a greater supply of goods and services at lower prices. The term supply-side economics was thought, for some time, to have been coined by journalist Jude Wineskin in 1975, but according to Robert D. Atkinsons Supply-Side Follies , the term supply side (supply-side fiscalists) was first used by Herbert Stein, a former economic adviser to President Nixon, in 1976, and only later that year was this term repeated by Jude Wanniski. It popularized the ideas of economists Robert Mundell and Arthur Laffer. Today, supply-side economics is often conflated with the politically rhetorical term trickle-down economics, but as Jude Wanniski points out in his book The Way The World Works, trickle-down economics is conservative Keynesianism associated with the Republican Party. Typical policy recommendations of supply-side economics are lower marginal tax rates and less regulation. Maximum benefits from taxation policy are achieved by optimizing the marginal tax rates to spur growth. Reference and bibliography (Economics Books) Micro Economics Macro Economics Manegiral economics Monetry and Finance Internet Source: Ed Crooks, Source: Government Spending Review Statement July 2002 Economics editor of the Financial Times. June 2004 Appendices

Manage People Performance Essay

Project 1 When allocating it is important to consider that work should be allocated on a fair basis taking into consideration the employee experience, expertise, skills, knowledge understanding and workloads. It i salso important to consider the following: Goals and objectives Work must be goal and target oriented. Managers and their employees need to set goals that are realistic, achievable and have timeframes attached. Large goals can be broken into smaller steps to which specific timeframes are attached so they can become milestones. This enable work to be allocated and to be monitored and measured as it progresses. Competence When allocating work the competencies, knowledge, skills and experience of employees must be considered so that work is allocated to those who are best equipped to do it. When drawing up actions plans it is important that managers and leaders take into consideration the competencies of the staff members to be involved, the interest of the staff members, their availability and the likely outcomes of involving specific employees. Operational need When drawing up a work plan it is important to focus on the goal of the action plan. Action plans outline what will be done, how it will be done, by whom it will be done and the timeframes and deadlines that apply and the resources that will be required. The plan will outline what needs to be done and who is responsible for the various implementation aspects of the plan. Efficiency A plan must be performed in the best possible manner with the least waste of  time and effort possible. This means using all the information, knowledge and skills learnt and using the time at your disposal. Also giving employees responsibility, accountability and delegating appropriately are all processes which will increase involvement, commitment and enthusiasm for the achievement of specific outcomes and that, I believe, is a way to make a plan efficient. Cost effectiveness To maintain costs at an acceptable level, resources must be used in the most effective ways so that use is maximised and expenditure is minimised. Staff should learn to manage the work they do in ways that don’t needlessly waste resources and work allocations must allow for the most effective use of resources. Hiring and training new staff costs, as mistakes, rework and misuse of resources. It is also necessary to negotiate the best possible prices for resources. Consultation Consultation is a key element in the development of an operatinal plan. It is important to consult with people who use the resources to determine the best deployment and acquisition methods. Employees who use resources on a day-to-day basis in order to complete their work will be able to identify problems and if encouraged to do so will be able to suggest improvements that will increase resource efficiency and effectiveness. Also consultation involves employees and gives value and credence to their ideas by making them feel valued and aware them that they contribute toward the big picture goal achievement of the organisation. When allocating work and drawing up work plans it is also necessary to consider the following: Develop KRAs and KPIs that meet the organisation’s needs  It is important to develop KRAs and KPIs because thay are a vital part of the organisational planning process. They provide a clearly defined way of measuring whether or not organisational goals have been achieved. KPIs enable organisations to measure progress towards its goals, but also define  what progress looks like. KRAs are generally formulated for the long term and focus at a higher level of organisation, while KPIs are measurable in very short intervals, they are directly tied to actions on the frontline and adjustable in real time. Develop and implement effective performance management systems Performance management systems are necessery to identify, evaluate and develop employees and teams work performances so that an organisation’s goals and objectives are more effectively achieved. Performance management systems enable management to track, monitor and evaluate work to ensure that is contributing towards the success of the organisation. Performance management is also the process of communication between manager and employee that results in mutual understanding of what employee is to be doing during the next period of time. Have a code of conduct for the organisation It is important to have a code of conduct because it provides a guide to staff for appropriate behaviour. It will not cover all issues that arise but will provide a framework within which staff can address behavioural and ethical issues. The code establishes standards by which staff and management conduct themselves towards other staff or collegues, government authorities and the general community and perform their duties and obligations. A code of conduct is generally established on values such as integrity, honesty, conscientiousness, compassion, courtesy, fairness and respect. Regurarly monitor and evaluate the work of employees It is necessary to monitor employees performance to identify and establish performance requirements as KRAs and KPIs and also to clarify and communicate the organisation’s goal achievement strategies. When conducting performance monitoring both managers and employees must have a clear agreement and understanding of the performance expectations, evaluation, processes and implications. By drawing up an action plan it becomes possible to monitor each step in the implementation process and to assess effectiveness as you go. Employees are able to see what they are achieving as they achieve it. Give effective feedback and reinforcement to employees and acknowledge good work Feedbacks are important because they reinforce good work and encourage employees to continuing improvement. Employees whose contribution to improvement processes and organisational success is recognised will be motivated to continue improving and, at the same time, it will be created an higher level of enthusiasm. If employees don’t receive feedback to let them know what they are doing well so they will continue doing it or what they are not doing well so they can make adjustments, they will not know whether their efforts are noticed and whether their performance meets the organisation’s expectations. Also satisfied staff will stay with the organisation and so will the knowledge and skills. Have systems in place to manage poor performance Is important to understand that feedbacks on poor performance will be more effective if they are adressed at the time they occur and not left until they are either escalated or been forgotten about. When poor performance is identified it is necessary to take specific steps to address it. This will involve the collection and analysis of performance related to information. When possible is better to collect direct information and from a number of different sources. It might be necessary to report to senior management the performance issues and the proposed steps that will be taken to resolve the issues that are identified by the monitoring and evaluation process. Understand the organisation’s termination policy and the legislation to which it relates It is necessary to understand that any kind of action should be performed in accordance with the law and that there are regulations that protect the employee and that prevent the management to take definitive actions if they don’t follow the law. (Fair Work Act 2009). If mangers decide that an employee’s performance is so poor as to necessiate dismissal, they must be aware of the requirements and possible consequences of dismissal under unfair dismissal laws. Unlawful dismissal are primarly based on discrimination grounds and notice periods. Project 2 It is clear that at the base there is a problem of communication within the organisation. In this case I think that the main problems are two. The first is represented by a poor training to staff which leads to insufficient knowledge of the methodology to be used during these operations and poor ability to deal with issues once they arise. The second problem is the lack of communication between the two leading department. This gap has led the supply department to make mistakes such as the client didn’t receive the goods on time or the goods have not fully made up. The result of these two major gaps made that the work was done wrong and has led the customer to be dissatisfied. To make sure that such situations do not arise again, as a manager / leader of the organisation I would focus on improving the phase of training of staff in which I’d put special attention on the internal communication between the various department. First of all, the training must be done so that employees have the material, the support and the time to acquire all the information needed so they can do their job in the best way possible and in the way that they are able to remedy any errors that may occur during one of the processes. The training also needs to be tested on site with real performances and, occasionally, with updates. Internal communication whithin an organisation is vital. Without good communication made of daily contacts between the various department, reporting changes or improvements and updates on the methodology, an organisation can not do the job in the right way, bringing the results to be insufficient for the customer and, most likely, the failure on the market. Both managers and employees therefore need training so they understand how the system works, how they can and should contribute and what the results of an appraisal should be. They must know and be involved in setting the relevant performance standard. They need to understand how the appraisal process fits with the organisation’s procedures and expectations for future performance. Starting with the basis of a good training to managers and employees and  giving proper attention to the communication system, I believe that the results of an organisation are intended to improve, even in the short term period. In the event that, despite efforts to bring the level of knowledge of the individual employee and the team to a satisfactory level, I don’t see improvements in the production and receive constant complaints from clients, I would probably consider the possibility of proceeding with more important procedures such as a final conclusion of work of the staff responsible for the lack of results.

Coffee Descriptive Essay - 1993 Words

Definition Essay Coffee Coffee is a dark brown/black naturally caffeinated drink made from passing water through ground roasted coffee beans. Coffee is used as a great medicine to help patients, and it can be taken as a popular drink all over the world. Caffeinated coffee drinks are largely consumed by people around the world regularly. It has become an internationally popular drink in almost every country. Coffee is so important to our daily lives that some people cannot live a day without drinking it. The word coffee was derived from the Ottoman Turkish kahve, via the Italian caffà ¨. The Turkish word was derived from the Arabian word qahwah. Arab†¦show more content†¦The berries are green when immature; they ripen to yellow then red and black on drying on the bush. Black berries produce the best tasting coffee. The berries usually contain two seeds, but some contain only one. These coffee berries are called pea berries. They take five to nine month to ripen. The leaves o f the coffee plant are dark green and glossy which has a spear shape. The leaves cannot be eaten. Coffee beans undergo several processes before they become roasted coffee. Coffee beans have traditionally been selectively picked by hand. After picking, the berries are processed in two methods – dry process method and wet process method. The other method, dry process, is also known as unwashed or natural method and it is the oldest method of processing coffee. After picking, the entire berries are placed on tables or in thin layer on patios in the sunny day to dry. The berries are dried to remove moisture present in it. The berries take ten days to dry completely. The berries need to be rotated regularly to prevent mildew while they dry. After the berries dry, the skin, pulp and parchment are removed from the bean. Then they are sorted and graded. The wet process is another processing method. This method is common among premium coffees. 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Strategic Management Case Analysis For Jetblue. Daniel’S

Strategic Management Case Analysis for JetBlue Daniel’s: Introduction Founder David Neeleman, in February 1999, announced plans for a new airline under the name NewAir. In April of the same year, NewAir places an order for 75 new A320 aircraft with Airbus Industry, and leasing arrangements for another eight aircraft. This approach was in line with other domestic airlines for low-cost air travel, but he wanted it be unique in its services. These services included in-flight entertainment, such as 24 channels of live satellite television at every seat and Satellite radio. David Neeleman vision was â€Å"To bring humanity back to air travel† (Zuckerman, 2001). With JetBlue headquartered in Long Island City a borough of Queens, Long Island, New†¦show more content†¦Creating healthy work-life balances and having fun is emphasized among employees. JetBlue has chosen to focus on a few select objectives and strategies. JetBlue continues to show success in maintaining increasing PRASM due to domestic operations. PRASM is the revenue per unit or passenger revenue per available seat mile (Trefis Team, 2015). Changes in the US dollar and how it relates to international currencies has negatively affected in the airline industry. Because JetBlue has chosen to stay domestic, the company has not experienced the negative effects and experienced positive revenues. Experiencing positive revenues allows JetBlue to preserve the low-cost advantage. The lower prices offered enabled the airline to expand its margins and boost profits with the recent fall in crude oil prices (Trefis Team, 2015). In another effort to boost profits and expand margins, JetBlue has chosen to focus on high value markets by offer transcon tinental routes through premium services called the â€Å"Mint† (Trefis Team, 2015). The Mint targets corporate flyers travelling to common geographies, such as Los Angeles and San Francisco. Paulette’s develop an industry analysis by describing the competitors, JetBlue Airways Corporation offers luxury in the sky, â€Å"...counting on more than low fares to make its ledgers jet-black. The carrier offers one-class service, with