Reproduction Essays - Behavior, Sexual Reproduction, Mating

Reproduction For some time she had watched his movements, appearing coyly in his haunts. And now, had it paid off? Doubtless, he was in love. His muscles were taut; he swooped through the air more like an eagle than a Greylag gander. The only problem was, it was not for her that he then landed in a flurry of quacks and wingbeats, or for her that he dashed off surprise attacks on his fellows. It was, rather, for another - for her preening rival across the Bavarian lake. Poor goose. Will she mate with the gander of her dreams? Or will she trail him for years, laying infertile egg clutches as proof of her faithfulness? Either outcome is possible in an animal world marked daily by scenes of courtship, spurning and love triumphant. And take note: these are not the imaginings of some Disney screen-16 writer. Decades ago Konrad Lorenz, a famed Austrian naturalist, made detailed studies of Greylags and afterwards showed no hesitation in using words like love, grief and even embarrassment to describe th e behavior of these large, social birds. At the same time he did not forget that all romance - animal and human - is tied intimately to natural selection. Natural selection brought on the evolution of males and females during prehistoric epochs when environmental change was making life difficult for single-sex species such as bacteria and algae. Generally, these reproduced by splitting into identical copies of themselves. New generations were thus no better than old ones at surviving in an altered world. With the emergence of the sexes, however, youngsters acquired the qualities of two parents. This meant that they were different from both - different and perhaps better at coping with tough problems of survival. At the same time, nature had to furnish a new set of instincts which would make "parents" out of such unreflective entities as mollusks and jellyfish.. The peacock's splendid feathers, the firefly's flash, the humpback whale's resounding bellow - all are means these anima ls have evolved to obey nature's command: "Find a mate. Transmit your characteristics through time!" But while most males would accept indiscriminate mating, females generally have more on their minds. In most species, after all, they take on reproduction's hardest chores such as carrying young, incubating eggs and tending newborns. Often they can produce only a few young in a lifetime. (Given half a chance, most males would spawn thousands.) So it's no surprising that the ladies are choosy. They want to match their characteristics with those of a successful mate. He may flap his wings or join a hockey team, but somehow he must show that his offspring will not likely be last to eat or first in predatory jaws. Strolling through the Australian underbrush that morning, she had seen nothing that might catch a female bowerbird's eye. True, several males along the way had built avenue bowers - twin rows of twigs lined up north and south. True, they had decorated their constructions wit h plant juices and charcoal. Yet they displayed nothing out front! Not a beetle's wing. Not a piece of flower. Then she saw him. He stood before the largest bower and in his mouth held a most beautiful object. It was a powder blue cigarette package, and beneath it there glinted a pair of pilfered car keys. Without hesitation she hopped forward to watch his ritual dance. Males have found many ways to prove their worth. Some, like bowerbirds, flaunt possessions and territory, defending these aggressively against the intrusion of fellow males. Others, like many birds and meat-eating mammals, pantomime nest building or otherwise demonstrate their capacity as dads. Still others, however, do nothing. Gentlemen may bring flowers, but most male fish just fertilize an egg pile some unknown female has left in underwater sand. For a fish, survival itself is a romantic feat. For other species, though, love demands supreme sacrifices. Shortly after alighting on the back of his mate, the male praying mantis probably had no idea what was in store. This would have been a good thing too, because as he continued to fertilize his partner's eggs, she twisted slowly around and bit off his head. She continued to put

Years of Change essays

Years of Change essays 4. The hopes and dreams of the League of Nation were quite realistic, although they simply rushed into them to fast. First of all, they tried to maintain the Treaty of Versailles. This frustarated Germany from the start, because they felt as though their honor was robbed from them. Later on, the League did not even notice the country reassembling their military troops, something the treaty outlawed. Trying to keep peace between Germany and the rest of the world was a realistic goal, but they simple did not go about it in the right way. Another reason that their realistic dreams of peace did not work was because they got started during an economical slump. The aftermath of the war left many countries with little money and trying to maintain perfect peace with no supplies was hard for many to do. The goals of the League of Nations were not complete quixotic, but they were just brought about in the wrong time, with the wrong forces behind it. 5. The Locarno treaty was very significant in the fact that it showed peace almost to be possible. Signed in 1925, the treaty was a reinforcement of the Treaty of Versailles. It seemed to secure peace between Europe's two biggest enemies; France and Germany. Germany decided to join the League of Nations after the signing of this treaty, putting her back into the international community. The League believed that after the signing of this treaty, a new era of peace would begin. Yet, each had a weakness that proved to be it's fatal flaw. The treaty of Lacarno was quite important in the fact that it showed the League of Nations dreams to be somewhat realistic. Although they had their problems, for one moment in time, there was peace between the worst of rivals. This shows that even though the League, to many, failed, it accomplished to demonstrate the kind of peace they were aiming for, even if it was only for a split second. 6. The economy collapse and the following of the Wall ...

Ethical Dilemma Essay Example | Topics and Well Written Essays - 500 words - 8

Ethical Dilemma - Essay Example The top executives like any other person have a right to appreciate other persons and give comments on their physical appearances, as well as their conducts. Since people do not look alike it normal for another person to compare a person with others especially if they are living together (Solotoff & Kramer, 2006). It is not right to assume that when someone is comparing two or more persons is doing so to seduce them or harass them sexually. For the top executives in an organization, they may compare the appearances and the conducts of female workers for the sole purpose of marketing their company. This may work well for the company if the most attract ladies is located where they can interact with the clients for the purpose of marketing the company. According to Solotoff and Kramer (2006) the "United States Equal Employment Opportunity Commission (EEOC) sexual harassment is gender discrimination in violation of title VII Civil Rights Act 1964." The employers are held accountable for the sexual harassment of their employees while at their workplace. The conducts of the top executives of the accounting firms in the case study amounts to sexual harassment because result of their conducts was demeaning to the female workers in the organization. There were previous claims of sexual harassment in the same companies and some workers had sued the company successfully against sexual harassment. Furthermore, it was against the company’s culture because there are requirements that physical appearance was a requirement for employment. The top executives conducts were immoral and ill intended because it may lower the work moral of the female workers rated low and may even affect their social interactions with other employees. In conclusion, the conducts top executives of the accounting firms were unethical and were tantamount to sexual harassment of the female employees. The

Motivation and leadership - company organization Assignment

Motivation and leadership - company organization - Assignment Example In this way, it is of dire importance the Two Factor Theory promoted by Hertzberg engages with the employee and seeks to promote a degree of satisfaction, self confidence, and appreciation. People generally dont leave their organizations due to financial issues, they leave because of issues relating to satisfaction and a feeling of appreciation for their work.  Ã‚   All, what are some ways managers can help employees to feel this way? Firstly, it is necessary for management regardless of the pay level that they are capable of expending on their employees impart to them a supreme sense of gratitude for their loyalty, time, and service. Furthermore, there are many other non-monetary ways in which employers can reach and show a sense of gratitude and appreciation for the work for their employees. Additionally, even if pay raises are not possible, it is possible to recognize and reward superior service by granting promotions and benefits to key shareholders. Motivation is mostly from within as a function of how management seeks to recognize and reward the actions of key shareholders; however, it is also born partly from external factors in that the profitability of the firm and determinants such as this are key ways in which work to affect the employees understanding of their role within the organization and the level to which they should feel

Mod Reflection Journals 5 Essay Example | Topics and Well Written Essays - 250 words

Mod Reflection Journals 5 - Essay Example However, businesses owner is torn between pursuing prosperity for the mutual benefit of the client and the business or the enterprise alone. The conversation revealed the moral justice discussion that should be geared towards the greater good of people. According to Mackey and Sisodia, the noble objective of a business is to pursue prosperity far from the common ideology that businesses and corporations are founded on selfish to generate profit (2). The ethics that surround business operations are not the only components that sustained our conversation. The discussion of morality also reminded me of moral worth of human beings in the businesses world. Mackey and Sisodia discuss old capitalism ideologies that suppressed people by pursuing personal interests that should not feature in the current economy. The moral worth of people rests in the fulfillment of desires and needs of other people. Businesses operations should be conducted on ideologies that do not encourage self-interests at the expense of the larger community. Mum asserted that morality is anchored on the powerful human motivations that should be respected in any social or economic endeavor. The conversation went on to highlight the need to pursue prudence and the greater good of people because that is what morality and ethics

Relationship Between Trade Volume and Stock Price Variation

Relationship Between Trade Volume and Stock Price Variation Relationship between trading volume  and the stock price  variation in the London Stock Market Chapter 1 Introduction Trading volume is the signal of activity occurring in a stock that is a product of some sort of stimulus. Stock price variations represent changes in stock pricing as a result of the same factor, outside stimulus. With the foregoing being the case, it is apparent that there is a definitive link between these two facets as they represent the activity that is the purpose of listing companies, to let the market determine their value. Nguyen and Daigler (2006) add illumination to the preceding by using a Wall Street adage that states â€Å"it takes volume to make prices move†, and that â€Å"volume is relatively heavy in bull markets and light in bear markets†. Karpoff (1987, pp. 109-126) adds that is a link that exists between trading volume and price change, and that there is a link between trading volume and the fluctuation level of price change. Thus, from the foregoing, trading volume and stock price variations are linked in their activity. Therefore, it is the nature of this linkage that represents the nuance of the question. The question is, what are the dynamics of that relationship and how does it work? Does trading volume move and affect stock price variations, or is it stock price variations that help to impact upon trading volume? How does trading volume increase or decrease and what are the stock price reactions that can be gleaned from these movements as represented by what cause and effect relationships. These contexts will be explored and examined, taking into account the market mechanism in which they occur, the London Stock Exchange, and how such dynamics interact upon each other. The London Stock Exchange was founded on 3 March 1801 and represents one of the world’s largest and most active stock exchanges, and its formation provided a market for securities as well as regulations in the manner in which business in the case of public companies should be conducted through monitoring and adjudication by a committee that was â€Å"†¦ enforced by the threat of expulsion †¦Ã¢â‚¬ . (Michie, 1999, p. 35). Stock markets represent an organized and regulated system where capital allocation occurs through the trading of securities that represent the shares of listed companies (Baumol, 1965, pp. 2-10). Companies that develop new products, build a reputation in consumer or industrial markets, earn dividends and returns, and allocate their resources to build internal value that is translated into stock pricing. The foregoing represents simplistic explanation of a process that in reality is an extremely complex matter. The anticipated and â€Å"†¦ exp ected future dollar benefits to be received by stockholders are dividends†, which represent the means via which returns on stockholder investment are transferred directly back to the shareholders (Bolten, 2000, p. 9). Thus shareholders and potential investors in companies look at a company’s past, present and future projected earnings as a factor in whether to acquire, retain and or hold onto a stock. There are numerous factors at work in the market a company operates in, as represented by competitive positioning, the overall economic situation, demand for products, goods and or services in the industry sector the company operates in, new developments and a host of other variables that can and do affect company performance, earnings and the ability to pay dividends, all of which represent risk. The importance of the preceding is that these risks can either result in positive or negative developments, thus, if a stock is projected to and or is returning dividends lower than when the stock was acquired, its price will reflect this and subsequently be lower, with the opposite also being true (Bolten, 2000, p. 10). However, the preceding alone does not explain and or portray stock pricing on its own as there are other variables that will be discussed and examined in this analysis to draw correlations to the relationship between trading volume and stock price variations. Trading volume represents the number of shares that are traded during a given time period (investorwords.com, 2007) thus the preceding is relatively straightforward and easy to visualise. However, there are other underlying factors that represent deeper and more complex determinants that are part of stock trading volume. The varied facets of stock pricing, reflecting the relative success and or position of the company in terms of is sales, competitive posture, earnings performance, dividends, management, future industry prospects, product innovations, public relations activity along with the correlation of price/earnings ratios and numerable other factors that have a bearing on and in this process (Lo and Wang, 2000, pp. 267-300). The forces inherent in the stock market itself as represented by shorting activity, bid/ask spreads, institutional, professional and individual traders as well as economic forecasts and interest rates all have differing influences and effects within the pre ceding dynamics (Lo and Wang, 2000, pp. 267-300). The foregoing is a summary of the highly complex process of stock price variations that are effected and influenced by the complex variable of factors that interact upon each other. There are a number of theories on trading volume, just as there are for stock price variation. Mingelgrin et al (2001, pp. 877-919) along with Anshuman et al (2001, pp. 3-32) put forth that when stocks are experiencing trading volume that is unusually high, or low, earn either positive, or negative abnormal returns rise or retreat during the next month. This is explained as being a result of what they term as the combined return effect that is due to the increased, or decreased, stock visability after the aforementioned high or low trading volume. In this theory, Mingelgrin et al (2001, pp. 877-919) and Anshuman et al (2001, pp. 3-32) argue that stock visability can affect price as a result of a number of rationales. Mayshar (1983, pp. 114-128) draws the conclusion that when a stock experiences either high volume, the effect suggests either optimisum, in the case of buying activity, or negativeism, in the case of selling, that triggers additional activity based upon the premise of at tracting, in the case of buying, additional investors or added buying by present stock holders causing the demand curve to shift upwards. Such effect can be the result of positive news regarding the company concerning sales, meeting profit and or sales targets, and or estimates, positive economic news, and other variables with the reverse, selling sctivity, is also true. Other theories and approaches to the explanation of trading volume can take the form of investor trading styles, beliefs and or theories. Some, investors, utilize trading styles that are based upon the characteristics of the stock correlated against the company’s size and or momentum at a particular point in time (Admati, and Pfleiderer, 1998, pp. 3-40). There are investors, such as professional traders that utilize technical analysis as well as quantitaive strategies for trading whereby if the conditions fit their parameters they invest in large blocks of stock, thus drawing attention to the stock inviting similar or more analysis and potential buying activity (Barberis and Shleifer, 2003, pp. 161-199). The basic unifying theory behind this type of investor trading style is that they tend to hold and acquire stocks that fit their defined characteristics. Conversely, when a stock selection no longer fits these pre-defined style paramters, they tend to be sold, thus creating an other type of trading volume swing if their share holdings are large enough, through the influencing of other shareholders, many of which utilize computer trading programs that detect and alert them to stock momentum swings (Barberis and Shleifer, 2003, pp. 161-199). Stock trading represents the opportunity for investors to profit on the upward movement of companies when their strategy is based upon price appreciation as opposed to dividend returns (Dow, 1999). Termed income stocks, dividend buying can occur at any time, but tends to happen mostly after an established period of earnings and dividend growth, whereas growth, or price appreciation trading is generally tied to positive company developments, news, acquisitions, new markets, innovation and changing industry conditions (Dow, 1999). Growth or price appreciation investors sell winners and sell losers or tend to hold or utilize what is known as averaging to buy additional stock as a lower price so that when it moves upward they can either retrieve losses or break even (Odean, 1998, pp. 1775 – 1798). The varied motivations, trading strategies, theories, trading styles and additional aspects are factors tied to company performance, news, market fundamentals, market cycles, stock price s, and other variables which shall be further examined in terms of the various components of trading volume and stock price variation. Chapter 2 – Trading Volume The factors influencing and affecting trading volume can range from the effects of institutional investments, professional traders, trading programs, company momentum, earnings growth, new product introductions and similar positive company news and or developments, economic forecasts, interest rates, speculation, price appreciation or growth, income or dividend investing, price earnings ratios and positive company fundamentals. Each of the preceding represents a factor or factors that investors utilizes in making a determination to buy or sell, thus creating trading volume. The first of these, institutional investing, represents one of the most influential forces in stock market trading as delegated portfolio management, as it is termed, represents investments made by pension and mutual funds representing huge sums of financial resources seeking growth, or price appreciation, returns (Naik and Maug, 1996). This group is the most influential of all the preceding categories as a result of their research staffs, analysts, corporate analysis programs, tracking programs and other measures as portfolio managers have access to the most complete cross section of economic, industry, individual company and overall stock market data. As a result of the large sums of money that portfolio managers control, their buying and selling activities are closely watched and observed by their peers, thus representing tremendous sums of money that can move into and out of stocks based upon developments that these individuals believe represent buying opportunities, or conditions earmarking sale (Naik and Maug, 1996). Portfolio managers in the U.S., as a result of their fiduciary responsibilities have a number of constraints governing their investment decisions and choices which represent â€Å"†¦ protective covenants †¦Ã¢â‚¬  put into place to mitigate agency problems concerning the actions of investment firms and their portfolio managers who are acting in the public trust (Almazan et al, 2004, p. 289). The preceding is a product of the pressures of the compensation based earnings incentives that portfolio managers operate under, and the risk taking decisions they are subject to. The incidence of peer watching in this industry is an important facet of their investment making decisions as opposed to the belief that they tend to act on individual information and analysis, which is the case for the brightest and most respected of this group, but by and large portfolio managers tend to be followers (Naik and Maug, 1996). The foregoing provides an explanation as to why there are huge monet ary movements into and out of stocks triggered by investment decisions of a key respected group. U.S. pension fund strategy tends to invest more heavily â€Å"†¦ in lower volatility domestic bonds than their UK counterparts †¦ (which tend to) †¦ have a far larger weighing in higher volatility equities† (Blake et al, 1998). In terms of regulations imposed upon UK portfolio managers represents the less restrictive â€Å"†¦ of externally imposed restrictions †¦ on their investment behavior †¦Ã¢â‚¬  found anywhere in the world (Blake et al, 1998). UK portfolio managers are basically â€Å"†¦ unconstrained by their liabilities †¦Ã¢â‚¬  and â€Å"†¦ trustee sponsors †¦Ã¢â‚¬  basically do not infer with their daily operations and investment choices, which is different from â€Å"†¦ their counterparts in continental Europe and elsewhere †¦Ã¢â‚¬  (Blake et al, 1998). This means that UK portfolio mangers can invest in basically â€Å"†¦ any security in any asset class in any currency †¦ and in any amount †¦Ã¢â‚¬ , however there are trustee resistances to derivatives as well as statutory differences regarding â€Å"†¦ self investment in the sponsoring company† (Blake et al, 1998). The preceding is in sharp contrast to portfolio mana gers in the United States who face substantial regulatory controls and litigation threats â€Å"†¦ over imprudent investment behavior †¦Ã¢â‚¬  (Blake et al, 1998). This relatively open and unconstrained investment climate gives UK portfolio managers a large degree of latitude, thus the effects of their investment decisions, monetary movements and reactions of peers and laggards, meaning those who tend to follow the buying and selling behaviours of the more astute managers, has a more profound effect on trading on the London Stock Exchange than in the United States and many other markets. The effect of the follow the leader approach, as put forth by Naik and Maug (1996), does have its supporting points. Fund managers are usually benchmarked against the performance of other fund managers, thus their having usual downward deviations as compared with the industry as a whole can have consequences in terms of their careers and or rankings, whereas standard returns represent the expected performance of the industry and thus investors in the fund are not negatively impacted (Naik and Maug, 1996). The preceding is referred to as a â€Å"†¦ relative performance evaluation element †¦Ã¢â‚¬  and this represents important factors that thus influence the decisions of the portfolio manager’s on how he allocations assets (Naik and Maug, 1996). The importance of the examination of the operational facets that portfolio managers operate under is important in the discussion of the relationship between trading volume and stock price variations in the London Stock Exchan ge as a result of the huge sums of money that portfolio managers control and how such impacts upon the decisions of other investor areas, professional traders, trading programs, style investors, and private investors as a result of their clout. The impact of the preceding is found in the highly concentrated nature of the fund management industry in the United Kingdom whereby a poor fund performance stands out more than in the United States, thus they stand the risk of losing substantial market share as a result of poor performance (Blake et al, 1998). Thus, while UK portfolio managers have less outside regulatory constraints, the market dynamics with regard to the reduced number of funds thus makes them more risk averse, thereby the decisions they make are viewed as being sound by their peers and the general public (AON, 2005). In equating the relative influence that UK portfolio managers have in the market is reflected by the fact that â€Å"†¦ fund assets for UK companies are around 27% (2004) of the market capitalization† of a company, as opposed to approximately 16% in the United States (AON, 2005). The preceding means, according to an analysis conducted by AON, that the theoretical â€Å"†¦ impact on the share price of UK companies †¦ (by funds is) †¦ 7% †¦Ã¢â‚¬  as compared to the impact of funds on share price in the United States that is estimated at 4%. To gain a perspective on the foregoing, one needs to have a broad picture of the ratio of pension funds in relationship to the Gross Domestic Product (GDP) for Organization for Economic Co-operation and Development (OECD) countries, which stood at an estimated 43% in 2004 (Roldos, 2004). The preceding represents significant influence that funds hold over the market and thus the share prices of companies by their investment decisions. Pension funds and other institutional investors have and do play an important part in the â€Å"†¦ substantial growth and structural changes in capital markets †¦Ã¢â‚¬  as a result of their providing a means for smaller investors to pool their risks thereby providing them with increased diversification as well as reduced risk and enhanced return (Roldos, 2004). The impact and influence of UK pension funds represent ownership of 16% of listed UK companies, or  £230 billion (FairPensions, 2007). The growth in the power of pension funds and other institutional funds is and has replaced savings in banks as the means for individuals to build retirement income thus representing the growth in the importance, impact and power of funds in the stock and other asset investment markets (Roldos, 2004). The preceding is a significant in that funds will continue to experience their growth patterns thus increasing their impact in investment vehicles and the corresponding influence over pricing and valuations. The importance, impact and influence of institutional funds, which in this context shall refer to pension as well as other fund types, which are at the core of the important relationship between economic development and finance which entails an understanding of the theories, rules, institutions and systems that interact with and impact financial markets and thus stock performance. One theory, ‘efficient market hypothesis’, is defined by Fama (1970, pp. 383-417) is one whereby security prices always reflect the available information regarding the fiscal standing of a listed company. Fama (1970, pp. 383-417) indicates that there are three types of ‘efficient market hypotheses’; the weak, strong and semi-strong forms. The ‘weak form’ suggests that past returns and or prices are a reflection of future returns and or prices, and this form has seemingly held true as a result of the inconsistencies in the performance of technical analysts (Fama, 1970, pp. 383-417). Fama (1970, pp. 383-417) expanded upon the ‘weak form’ concept, including the predicting of future returns utilizing macroeconomic variables and or accounting tools, with the factor of predictability representing the case for arguments against this form. The ‘strong form’ suggests the prices of securities are a reflection of all available data, even that which resides in the private sector, which is open to question in that the well known insiders trading profits are not immediately or readily incorporated into trading prices as put forth by Seyhun (1986, pp. 1337-1345). The ‘semi-strong’ form puts forth that the prices of securities is a reflection of all public information that is available, thereby indicating that securities are not over or under valued, which means that trading is not capable of generating superior returns (Fama, 1970, pp. 383-417). Pinkerton et al (1996, pp. 247-266) tested this hypothesis through intraday tests concerning the release of public information that provided evidence that such developments impacted the price of stocks within minutes, thereby validating this hypothesis in most instances. However, those changes were a result of selected availability to the information by traders and institutional investors whose buying or selling of stock represented the fuel for corrections, thus not proving the theory to hold true as to public information availability adjustments. This was proven via studies conducted concerning announcements such as earnings, stock splits, divestures, takeovers and capital expenditures whereby stock pricing adjustments, in general, happen in a day as opposed to the theory as put forth by the efficient market hypothesis. The ‘efficient market hypothesis’ makes the strong assertion that since new information is available and thus incorporated into the stock price, that such information (new) thus helps to spark increased buying or selling based upon the nature of such information. Ball and Brown (1968, pp. 159-178) conducted a study in the foregoing area with respect to earnings and indicated that the normal prediction of this area represents accountants calculating income from divisions, cost, production, overhead, depreciation, taxes, research and development, leases, and all manner of computations to arrive at projected earnings for a company based upon the information supplied at a given point in time. New and probable income and or market events are generally keep in the accounting area as scenarios that they can utilize to make adjustments to earning when any of the prior predicted occurrences happen, thus there is a delay in the transference of this new information into real terms, hence the statement of stock price corrections taking about one day to manifest themselves, which is contrary to the efficient markets hypothesis. Muscarella and McConnell (1985, pp. 399-422) in their study of capital expenditures found that unanticipated increases in this ar ea had a positive outcome on the market value of a company, and that the reverse was also true. Thus the announcement of such events first sends analysts scrambling to their computers to work in the new variables, thereby effecting a delay in the stock price, with immediate buying taking place as portfolio managers understanding the plus or minus connotations of such announcements and thus getting in of the anticipated stock rise before it happens, meaning volume drives the price before the figures are known and then the price settles in. Chapter 3 The Process of Buying and Selling Stocks To understand the dynamics with regard to the stock trading process, an understanding of the mechanisms is important. Every security that is traded on the London Stock Exchange has a market maker who thus provides a quote representing the buy and sell price of the stock, with the difference between the bid and offer spread representing where they make their profit (StockExchangeSecrets.com, 2007). Marker makers on the London Stock Exchange utilise the SEAQ, which brokers utilize to find out the current quotation, bid/ask price on a particular security (Pagano and Roell, 1990, pp. 63-115). The SEAQ is the Stock Exchange Automated Quotation System that is driven by quotes whereby it updates on a continues basis the bid and offer quotes established by market makers (Pagano and Roell, 1990, pp. 63-115). However the largest and heaviest traded securities use the SETS, Stock Exchange Electronic Trading System), that is utilized to trade blue chip UK stocks that matches buy and sell orders using a price/time basis (Pagano and Roell, 1990, pp. 63-115). The changes in the bid and offer price are reflective of changes that the market makers use based upon their information about the impacts of stock buying and selling as well as the formulas for a company’s market capitalisation, earnings and other variables. In most instances, the run up in price as a result of buying after an announcement tends to be in line with what the relative value of the announcement has in terms of the company’s position, price earnings ratio, market capitalisation and the weight of the past accomplishments of the company over a long period of time. In other words, when a stock initially goes public, investment bankers utilize highly complex formulas along with valuation methods to determine the value of a company via how many shares are to be offered and the price of those shares (investopedia, 2007). The initial price of a stock is a product of the calculated determination of the varied formulas and the relative attractiveness of a stock in terms of its anticipated public acceptance and build-up through advance interest on the part of institutional and private investors (GlobalInvestment Institute, 2007). As the company settles in to performance and achieving results, the stock price begins to change in what can be termed price adjustments as a result of the establishment of more history on the company and the public’s reaction to it via the laws of supply and demand, meaning the number of shares available and stock price correlations (Hischey, 1985, pp. 326-335). The overall facets determining the price of a stock is a complex set of variables. It represents an estimate that is performed of the cash, that includes the company’s future earnings, which can be extracted from the company factored by the fact that cash in the near term is more valuable that cash represe nting five years hence Chan et al (1990, pp. 255-276). In so doing, estimates are run to reach a determination of the risk involved in the receipt of said future cash, or business, along with the time period or periods necessary to accrue the calculated sum(s) (Brainard and Tobin (1968, pp. 99-122). Technical factors as well as the individual and collective sentiments representative of the market place that can thus be termed supply and demand, with technical factors a representation of facts that can be predicted or quantified. The foregoing represent aspects such as the aforementioned position of the company in its industry sector, the rating of its products, goods and or services relative to said industry, positioning of its competitors, its technical and innovative prowess, historical record in its market sector and effectiveness in combating its rivals, the extent of its products and market penetrations in comparison to its competitors as well as its capabilities and resources to deal with and respond to unforeseen events (Brainard and Tobin (1968, pp. 99-122). An example of a company in a solid current market position with sound prospects for the future is Dyson. Its revolutionary Dual Cyclone vacuum represented the first real innovation in the industry in decades, along w ith its revolutionary design, performance and value. The history of dramatic growth and successful expansion into international markets, coupled with its reputation, earnings and positioning as the top selling manufacturer in Western Europe as well as the leading company in the sales of upright vacuums in the large U.S. market in just 16 years represents an example of the preceding (UGS, 2007). The preceding illustrations concerning trading volume have been undertaken to provide the foundational background for a foundational understanding of stock price variation and trading volume on the London Stock Market. As indicated in the examples, factors, theories and explanations utilized represent a complex set of differing variables that are interconnected, yet separate aspects acting within the same context. And number of separate facets can trigger a surge in trading volume of an upward or downward nature that is usually first tied to investor sentiment, and in the case of institutional investors, their individual calculations, projections and analysis of company positions, financials and other factors. And for all of the preceding, it represents a series of initial educated guesses, backed up by technical information, market savvy, and doses of follow the leader, in the case of institutional firms. Chapter 4 – Relationship Between Trading Volume and Stock Price Variations on the London Stock Exchange The importance, impact and influence of trading volume as a compoent in the determination of stock price variations that has been examined through the effects of institutional investing trading volumes, regulations, the follow the leader and peer perspectives, impact of institutional funds as a factor of company and market percentages, efficient market hypothesis, and how stocks are brought and sold. Stock trading volume is linked to the activities conducted by companies as a component of their reputation, future business and earning prospects, the activities of public relations activities to keep the company in the minds of the investing and general public, the effectiveness of its products, goods and services in relationship with its competitors in its industry, and the relative position of the firm in its life cycle. Just as is the case with products that have what are termed their market introduction phase, period of growth, market maturity and sales decline that varying in lengt h and timing (Day, 1981, pp. 66-67), such is also true for companies. The company life cycle (QuickMBA, 2007) represents the stages that a company passes through which can vary in the period of time it remains in certain stages as a factor of its industry type as well as management innovation. The preceding has importance in an examination of stock price variations as well as trading volume in that newer firms will experience more stock price volatility than mature companies that are settled into their industries, such as General Motors, British Airlines, Marks and Spencer, and ASDA/Wall- Mart, as opposed to Dyson, Cambridge Display Technology and innocent. The relative position of a company in its life cycle standing of initial growth / emerging, rapid growth, mature and declining positioning represents a large difference in how the institutional and well as individual investor will view it in terms of it being speculative, growth, long term investment or income, meaning dividends (investopedia, 2007). The preceding represents facets that are reflecte d in its volatility, as initial growth / emerging companies represent a different investment as opposed to a mature company that has been around for decades and has an established stock price. As the later groups, mature and declining companies do not represent the optimum examples to examine stock price variation and their relationship to trading volume, they will be excluded from this examination, as their stock prices are relatively stable, show minor price variation swings and have steady established volume ranges whereby new developments, announcements, news and events, unless extremely dramatic, do not produce large stock price changes. And as is the case with trading volume, stock price variations can have a number of variables that represent differing factors in determining price at any given time. As explained in Chapter 3, The Process of Buying and Selling Stocks, the internal mechanisms of the London Stock Exchange operates in pretty much the same fashion as other major exchanges in that it utilizes market makers, bid and offer spreads and computerized quotation systems to provide brokers with information. As explained by Hischey (1985, pp. 326 – 335) companies are a product of their past and present industry performance as well as their reputation and appeal to the public representing supply and demand for its stock in correlation to that performance and projections of its performance in the future. Chan et al (1990, pp. 255-276) advises that the preceding also includes technical calculations of risk, and future performance along with cash positions and value. The ability of the company to demonstrate i ts potential to handle stable and unstable economic conditions as well as known and unforeseen events arising from competitors along with marketplace conditions, and its past history in the handling of these variables are also factors that are determinants of stock pricing (Brainard and Tobin, 1968, pp. 99-122). The correlation between the preceding and the effects of trading volume on stock pricing and how this impacts it, variations, represents a context that calls into play the aspects of trading volume referred to in Chapter 2 – Trading Volume, as well as Chapter 3 – The Process of Buying and Selling Stocks, and how these factors impact on stock price variations. Karpoff (1987, pp. 109-126) as well as Rogalski (1978, pp. 268-274) agree on the fact that there is a positive correlation between trading volume and price changes and that volume is related to price change magnitudes. The mixture of distributions hypothesis represents a dynamic method illustrating returns and trading volume when the information process regarding arrival has been identified (Andersen, 1996, pp. 169-204). Volatility in stocks represents the standard deviation of change in price that occurs in a specific time period (martinsewell.com, 2006). The mixtur

Differentiation: What is it? Essay -- essays papers

Differentiation: What is it? Today in education different abilities are being acknowledged on a regular basis. So a common description being used for the â€Å"perfect† classroom which accounts for the variety of instruction and activities is a differentiated classroom. This phrase is thrown around and many teachers may not understand how a differentiated classroom works. â€Å"In a differentiated classroom, the teacher assumes that learners have differing needs. Therefore the teacher proactively plans a variety of ways to ‘get at’ and express learning† (Tomlinson, 2001, p. 3). Planning for a variety of teaching strategies does not mean giving more work to the smart children. Instead the teacher must assess who understands the material, who is struggling, who needs to be challenged and decide what or how to teach the students from there (Tomlinson, 2001). Differentiation should occur naturally and involve individual, class and group work to allow for the differences in all students and all subjects of study (Tomlinson, 2001). Probably the most important aspect of differentiation is the idea of challenging all learners at their level instead of giving extra work to those students whom learn the concepts quickly. Differentiation in Classrooms A struggle for many teachers could be the idea of implementing differentiation in their classrooms. Making twenty-four lesson plans for the twenty-four children in a class is not practical or appropriate. Children should all be learning the same basic ideas in differentiated lessons but how much as well as how a child learns is what will vary (Tomlinson, 2001). Tomlinson describes three major ways in which the content that children are learning can be differentiated: readiness, inte... ...cle describes how teachers normal integrate differentiation into a classroom. Smith, M. K., (2002). Howard Gardner, multiple intelligences and education. Retrieved February 10, 2005, from http://www.infed.org/thinkers/gardner.htm. This article describes Howard Gardner’s developed his ideas about multiple intelligences. Theroux, P., (2004, June 20). Differentiated instruction. Retrieved April 20, 2005, from http://members.shaw.ca/priscillatheroux/differentiating.html. This article is written by a teacher and describes ways in which differentiated instruction can be implemented. Academically Gifted (2005). Retrieved April 27, 2005 from EBSCO/ERIC The website provided definitions for words from a thersaurus. Special Needs Students. (2005). Retrieved April 27, 2005 from EBSCO/ERIC The website provided definitions for words from a thesaurus.

Near Failure at Nagasaki Essay

Mission was planned for August 11th but was changed to the 9th due to bad weather Primary target was Kokura and Nagasaki was secondary Bomb to be dropped was called Fat Man, a plutonium bomb more complex than the one dropped on Hiroshima 509th commander, Col. Paul W. Tibbets Jr. choose Maj. Charles W. Sweeney, commander of the 393rd Bomb Squadron to command the mission Six B-29s was sent to the mission Sweeney and Bock switched airplanes, with Sweeney flying Bockscar and Bock flying The Great Artiste Bockscar had problems with fuel; there was 7,250 gallons of fuel aboard and only 600 gallons in reserve tank The rendezvous point for the mission was Yakushima The airplanes were supposed to meet at 30,000ft instead of 8,000 due to bad weather conditions. The B29, observation airplane, named Big Stink, piloted by opkinsHHopHopkins, was circling at 39,000ft instead 30,000 Sweeney was at the rendezvous point at Kokura for 45 min instead 15 min and made multiple bombing runs Hopkins broke radio silence, to avoid detection, and radioed back to base after not being able to rendezvous with Sweeney The target was changed to Nagasaki due to complications at Kokura Beahan took the first clear sighting and confirmed the drop was possible The bomb was detonated at 1,890ft at 11:02am over Urakami Valley, which was not the original target in Nagasaki About 40,000 people were killed, compared to 80, 000 at Hiroshima Issues 1. Leadership And Discipline 2. Time Management 3. Respect And Cooperation Issue 1 Leadership And Discipline In order to run a successful mission the team must have a strong leader. Discipline and well-defined leadership can make or break a project, mission or business. In such endeavors there is the requirement that all members follow the plan as it was discussed and to not make any changes on their own which would negatively affect the success of the mission. There were various instances in this mission where lack of authority and deviation from the original plan caused delays in the execution of the plan. Furthermore when other team members assumed similar authority as the team commander there were problems executing basic parts of the plan as well as failure to adjust properly. Proposed Solutions Positives Negatives Tibbets should have settled Sweeney’s authority Less discord/questioning among team members May have taken more time to get mission together as there may have been objections Choose someone more qualified with combat and leadership experience to better execute the plan Someone, such as Ashworth, with prior experience would have more authority, be able to build strong team and made less mistakes Tibbets would have needed to take at least one other member on the Hiroshima run As team leader, enforce authority There would have been less discord and confusion as to what the commander wanted to do Some team members may not have liked the assertion of authority Chosen solution Tibbets should have assigned a more qualified commander to the team. The most eligible candidate would have been Ashworth. By having Ashworth, who had combat experience, take control over the mission there would have been less discord and better cooperation among the members of the team. Hopkins would have had more respect for Ashworth based primarily on seniority. The mission would have had fewer problems in execution if there were only one point of reference and decision-making. Backup plan In case Ashworth would not have worked out, Tibbets could have also implemented severe repercussions for any individuals failing to follow the plan and obey orders. Issue 2 Time Management Executing a plan, especially a time critical one, is essential for accomplishing that plan. No matter the mettle of the members, their accolades or accomplishments, failure to abide by the agreed upon plan and time limits can ultimately doom a well-planned mission to failure. Proposed Solutions Positives Negatives Sweeney should have made the decision to inform the crew when he discovered the fuel problem The crew may have thought more highly of Sweeney’s ability to lead. This would have also given them more time aloft There may have been more time spent fueling this delaying the mission even more. Sweeney should have left the original rendezvous point after 15 minutes The mission would have had more time to better plan for the drop on Nagasaki If everyone else decided to delay, Sweeney leaving early may not have made a difference Make sure that ALL team members understood and agreed to follow a specific plan, with minimal room for adjustments Hopkins and Ashworth would not have any room to second-guess Sweeney and would have been held responsible for deviations in the plan. The proper method of communication  would have to be chosen here in order to get the plan to execute smoothly Chosen solution The most important factor that could have improved the outcome of the mission was having Sweeney leave the rendezvous point on time. If Sweeney had left he would have had more time and fuel to accomplish the Nagasaki mission, possibly resulting in a drop on the exact target that was originally planned for Nagasaki. Backup plan In case Sweeney was not able to leave on time, then it should have been made clear that all directions in the mission should be followed as planned if the commander is unable to perform. In this case the mission should be abandoned if the strict time limits were not met. Additionally, they should not have armed the bomb until we were five minutes out from the drop location; thus giving the opportunity to abort and return with an unarmed bomb. Issue 3 Respect And Cooperation Ideally a commander or leader is assigned because of their proven ability to lead. They should not simply be appointed but should earn their qualifications. Tibbets chose Sweeney ahead of other, more worthy, candidates such as Ashworth and Hopkins. However we are sometimes placed in positions that we are not expecting yet we must be prepared to at least recognize the new opportunity. Proposed Solutions PositivesNegatives Sweeney should have discussed the mission with the team in more detail and asked for the cooperation. Sweeney would have had less friction with his team members and would have had better clarity for making decisions Ashworth and Hopkins may not have agreed to work under Sweeney in either case A higher ranked team leader should have been chosen There would be less concern or hierarchy and an overall less problematic mission. Team members may have felt that they were not trusted to execute the mission Sweeney’s team should have consisted of all members below his rank There would have been less questioning of Sweeney’s decisions The members may not have been as experienced as the crew which actually went on the mission Chosen Solution Sweeney should have discussed the mission in more detail with the other members. He had various opportunities from the fueling concern to the early breakfast as well as his encounter with Hopkins before the flight. He should have exerted his command and asked for the overall team’s cooperation in making the mission succeeds. If there was any one there who would not want to cooperate, or couldn’t work as Sweeney’s junior then they should have been replaced. Backup Plan If Sweeney would not have been able to rally his team members around him then a different commander should have been chosen. Sweeney showed many signs of not being confident in his command, or being too inclusive of other opinions. Someone who was more experienced and more capable of orchestrating the plan would have had less problems and a smoother mission.

Free Essays on La Belle Dame Sans Merci

â€Å"La Belle Dame sans Merci† â€Å"La Belle Dame sans Merci† wrote by Johns Keats means â€Å"the beautiful woman without mercy†. It’s the title of an old French court poem by Alian Chartier. I like this poem because Keats seems to be telling us about something that may have happened, or may happen someday to us. â€Å"You discover something that you think you really like. You don’t really understand it, but you’re sure it’s the best thing that’s ever happened to you. You are thrilled. You focus on it. You give in to the beauty and richness and pleasure, and let it overwhelm you. Then the pleasure is gone. Far more than a normal letdown, the experience has left you crippled emotionally. At least for a while, you don’t talk about regretting the experience. And it remains an important part of who you feel that you are†. Keats mostly writes about sensations and experiences the richness of life. â€Å"La Belle Dame sans Merci† is a story illustrates a knight he meets a beautiful, wild-looking woman in a meadow. He visited with her, and decked her with flowers. â€Å"She did not speak, but looked and made sweet moan† (Keats, 751). He gave her his horse to ride, and she walked beside them. He saw nothing but her, because she leaned over in his face and sang a mysterious song. She spoke a language he could not understand, but he was confident she said she loved him. He kissed her to sleep, and feel asleep himself. He dreamed of a host of king, princess, and warriors, all pale as death. They shouted a terrible warning they were woman’s slaves. And now he was her slave too.... Free Essays on La Belle Dame Sans Merci Free Essays on La Belle Dame Sans Merci â€Å"La Belle Dame sans Merci† â€Å"La Belle Dame sans Merci† wrote by Johns Keats means â€Å"the beautiful woman without mercy†. It’s the title of an old French court poem by Alian Chartier. I like this poem because Keats seems to be telling us about something that may have happened, or may happen someday to us. â€Å"You discover something that you think you really like. You don’t really understand it, but you’re sure it’s the best thing that’s ever happened to you. You are thrilled. You focus on it. You give in to the beauty and richness and pleasure, and let it overwhelm you. Then the pleasure is gone. Far more than a normal letdown, the experience has left you crippled emotionally. At least for a while, you don’t talk about regretting the experience. And it remains an important part of who you feel that you are†. Keats mostly writes about sensations and experiences the richness of life. â€Å"La Belle Dame sans Merci† is a story illustrates a knight he meets a beautiful, wild-looking woman in a meadow. He visited with her, and decked her with flowers. â€Å"She did not speak, but looked and made sweet moan† (Keats, 751). He gave her his horse to ride, and she walked beside them. He saw nothing but her, because she leaned over in his face and sang a mysterious song. She spoke a language he could not understand, but he was confident she said she loved him. He kissed her to sleep, and feel asleep himself. He dreamed of a host of king, princess, and warriors, all pale as death. They shouted a terrible warning they were woman’s slaves. And now he was her slave too....

Plan Juridique Essays - Jewish Culture, Hebrew Calendar, Free Essays

Plan Juridique Essays - Jewish Culture, Hebrew Calendar, Free Essays Plan Juridique Cette partie du dossier se divise en trois parties : ? Les caract?ristiques de la SARL ? Les caract?ristiques de la g?rance, ? Les formalit?s et obligations l?gales ? suivre, ? Les statuts de la SARL ? Le Jardin des Muses ?. Nous avons choisi de cr?er une soci?t? ? responsabilit?s limit?s pour deux raisons principales : ? la responsabilit? des associ?s est limit? ? leurs apports et n?exige pas de condition de capacit? particuli?re, ? le g?rant minoritaire b?n?ficie des avantages du r?gime social des salari?s. Le capital social que nous apportons provient de comptes dpargne, de pr?ts personnels et de la vente d?un bien immobilier h?rit?. Le total des apports se monte ? un million de francs. 1. La S.A.R.L. 1.1. Caract?ristique de la SARL C'est une soci?t? ? caract?re mixte : ? La personne des associ?s est prise en consid?ration et le capital de la soci?t? est divis? en parts sociales, librement cessibles entre associ?s. Elles le sont cessibles ? des tiers s'il y a consentement de la majorit? des associ?s repr?sentant les 3/4 du capital social. ? La responsabilit? des associ?s est limit?e ? leurs apports, ce qui la rapproche des soci?t?s de capitaux. Pour assurer une garantie aux tiers, la loi exige un capital minimal. La SARL est la seule soci?t? qui est institu?e par un contrat conclu entre deux ou plusieurs personnes (50 au maximum). 1.2. Le Contrat de Soci?t? (article 1108 du Code civil) 1.2.1. Conditions g?n?rales de validit? du contrat de soci?t? Consentement et capacit? Les associ?s ne sont pas commer?ants, donc seule la capacit? de faire des actes civils est n?cessaire. Un incapable peut souscrire des parts sociales par l'interm?diaire de son repr?sentant l?gal. L'acte est consid?r? comme un placement de capitaux. Les ?trangers ne peuvent ?tre g?rants d'une SARL que s'ils sont titulaires d'une carte de commer?ant ?tranger. Toutefois, les ressortissants des pays membres de la CEE sont dispens?s de cette obligation. ?La nullit? de la soci?t? ne peut r?sulter ni d'un vice du consentement, ni de l'incapacit? des associ?s ? moins que celle-ci n'atteigne tous les associ?s fondateurs? (article 360, loi du 24 juillet 1966). L'objet et la cause Conform?ment ? l'article 1126 du Code civil, l'objet du contrat est ? la chose qu'une partie s'oblige ? donner ou qu'une partie s'oblige ? faire ou ? ne pas faire ?. Ce sont donc les apports faits par les associ?s qui devraient constituer l'objet de la soci?t?. L'objet doit ?tre d?termin?, possible et licite. D?signation La SARL est d?sign?e par une d?nomination sociale, suivie de l'indication : ?Soci?t? ? responsabilit? limit?e? ou SARL, et du montant du capital social. 1.2.2. Les conditions de forme Le contrat de soci?t? doit ?tre formul? par ?crit : c'est ? le pacte social ?. Il constitue par la suite les statuts de la soci?t?. La n?cessit? d'un ?crit s'impose en raison de la complexit? du contrat, mais de plus il permet : ? de constituer une preuve de l'existence de la soci?t? ; ? de servir de support ? la publicit? qui est faite pour informer les tiers de son existence ; ? de demander l'immatriculation de la soci?t? au RCS. Les mentions suivantes doivent obligatoirement figurer dans les statuts : ? forme juridique, dur?e, d?nomination sociale, si?ge social, objet, montant du capital social ; ? ?valuation de chaque apport en nature s'il y en a ; ? r?partition des parts entre associ?s ; ? mention du d?p?t des fonds correspondant aux apports en num?raire ; ? mention de la lib?ration des parts sociales. D'autres clauses sont pratiquement indispensables. Elles pr?cisent, par exemple : ? les pouvoirs des g?rants ; ? le mode de consultation des associ?s ; ? la r?partition des r?sultats, etc. L'acte peut ?tre authentique ou sous seing priv?. 1.2.3. Les conditions sp?cifiques au contrat de soci?t? Deux conditions d?coulent de l'article 1832 du Code civil : la n?cessit? des apports ? la soci?t? de chacun des associ?s et leur participation aux r?sultats de l'entreprise alors qu'une troisi?me condition r?sulte de la jurisprudence : l'? affectio societatis ?. Les apports Ce sont les biens, l'argent, ou l'activit? que les associ?s doivent apporter ? la soci?t? ; en r?mun?ration de leurs apports, ils re?oivent des parts sociales appel?es ? actions ?. En g?n?ral, les droits obtenus sont proportionnels au montant des apports. L'apport en num?raire est la somme apport?e par l'associ? en esp?ces, ch?que ou virement, ? la soci?t?.

706 discussion 6 Assignment Example | Topics and Well Written Essays - 250 words

706 discussion 6 - Assignment Example Similarly, the skills can equip clinicians to manage any superiority attitude among physicians and facilitate cohesion in teams. Developing courses for raining on the skills and establishing the courses as core courses for health professional students is therefore a necessary step to preparing the students (Lingard, et al., 2012). Organizing for interactive forums for students in the health profession is also likely establish bonds among the different health professions and therefore promote effective teams among the professions. Evidence based research on disadvantages of hierarchies and advantages of shared leadership approach and advocacy for a transition from the hierarchical perspective are some of the strategies for promoting shared leadership approach. A study by Sterrett (2010) that aimed at developing a theory supports the research-based approach and advocacy for developed recommendations can facilitate changes. Responsibilities, in a collaborative environment, should be shared on individuals’ competencies because this promotes specialization and efficiency. My clinical experience has witness physicians assume patient advocacy roles. Sterrett, S. (2010). Becoming an interprofessional community of practice: A qualitative study of an interpersonal fellowship. Journal of Research in Interprofessional Practice and Medicine, 1(3),

Agriculture Essay Example | Topics and Well Written Essays - 1000 words - 1

Agriculture - Essay Example I prefer to use the term local to refer to a certain state though the term can also be applied to the entire US. In case of food products, there are quite a number of features that are considered by the consumers. I consumed locally produced chicken as well as homemade grape drink. I only wanted to find out if there is any difference between locally produced food products and those imported from the other countries. I discovered that locally produced chicken tasted better compared to chicken imported from countries like Brazil. I gathered that chicken imported from Brazil is made from genetically modified organisms and it is too fat. However, our locally produced chicken is different from the imported products. It is original and it tastes good. Just the same like the grape drink that I consumed for two consecutive days. It had an original taste as a result of the fact that it had little additives. From this experience, I gathered that products that are meant for the local market are original and they often have high prices compared to low quality products that are imported from other local markets. Originality is the main aspect that has appealed to my interests towards locally produced goods. I have come to realize that when you want to obtain local products when doing your shopping, you should read the label and try to gain knowledge about the place where the product was made. I have also no ted that locally produced products have slightly higher prices if they are original compared to genetically modified products sourced from other regional markets. Apart from differences in the cost of local and regional products, the quality also differs. From carrying out this exercise, I have realized that the term local is synonymous with quality and originality. Local people often identify with the products that are locally produced and they derive pride from these. In terms of