Research proposal Essay Example | Topics and Well Written Essays - 2000 words - 2

Examination proposition - Essay Example 1-14, 2007) are offering web based financial administrations and internet exchanging administrations to their clients and purchasers around the world. Moreover, different money related organizations are engaged with remembering new mechanical updates for their frameworks that is empowering them to offer proficient types of assistance to their clients. In the outcome, reports (Mannan, pp. 1-14, 2007) demonstrate colossal addition in the quantity of clients of web based financial administrations that show adjustment in the purchaser conduct, and in this manner, banking establishments are proceeding with their updates, and simultaneously, trying to guarantee security and wellbeing of customer’s cash. As it were, one can talk from such examination (Azari, pp. 55-60, 2003) that data innovation has totally modified the idea of banking and exchanging an undeniable way because of incorporation of computerization in pretty much every procedure that has made lives simpler. Be that as it may, at present, in middle of such broad measure of advances, specialists and scientists (Yap, pp. 440-445, 2006) accept that budgetary establishments are as yet unequipped for giving 100% security to their clients. In any event, showcasing pamphlets and ad materials demonstrate significant level security; be that as it may, contemplates (Oyungerel, p p. 39-56, 2008) have demonstrated that even money related establishments are themselves not secure with their case in the commercials. Also, various reports (Mannan, pp .1-14, 2007) have demonstrated instances of data fraud, Visa burglary, financial balance burglaries, and so forth that shows the powerlessness of web based banking or web based exchanging administrations. Albeit different specialists (Mohay, pp. 23-39, 2003) have valued the effect of mechanical headways as internet banking; be that as it may, examination of assets has recognized various reports (O’Gara, pp. 59-64, 2004) that have perceived defenseless nature of on the web

Hydro One – Essay

Hydro one causes it to examine the dangers and openings in an incorporated way to improve the allotment of assets. It likewise empowers it to get ready for the changing corporate administration necessities, deregulation of business sectors and future dangers Like OLL spill and so on. The procedure of ERM at Hydro one includes the distinguishing proof of 50-70 business dangers which are then diminished to ten most critical dangers through meetings and center groups.Voting is cultivated utilizing the Delphi Method to rapidly recognize and organize dangers dependent on the touched off and likelihood so as to concentrate on significant dangers. Five point hazard resistance scale from Minor to most pessimistic scenario Is utilized to assess the Impact of a hazard on the corporate targets and five point likelihood rating scale is utilized to appraise the likelihood of the hazard emerging. Every venture program is assessed as far as the expense and seriousness of the hazard It endeavors to mitigate.Capital consumptions are assigned to the organize speculation ventures as indicated by the best by and large hazard decrease per dollar spent (Bang for the buck list). In general hazard score is doled out to every mix of effect and likelihood evaluation. It is a sound and better-planned procedure for apportioning capital as: 1 . It improves the capital use process and can enable the firm to choose an ideal arrangement of activities. 2. It empowers the firm to designate the duty to deal with the hazard to the hazard proprietor while making hazard mindfulness a basic piece of organization culture. . The organization FICO assessment given by S&P, Moody improved bringing about lower credit costs for the numerous as the organization displayed Improvements in productivity. 4. The procedure considers the advantages of hazard decrease In a wide array of hazard classes (administrative, money related, dependability, security, notoriety) and surveys the subjective effect of differ ent dangers too. 5. It enables the organization to accomplish an ideal harmony between business dangers and returns.Thus, the ERM execution process utilizes an assortment of instruments and procedures, including the â€Å"Delphi Method,† hazard patterns, chance maps, chance resiliences, chance tops off, and chance rankings and so on. It has prevailing With regards to beating the vast majority of the issues as follows: * The utilization of Delphi strategy encourages open conversations and makes directors shed their unbending perspectives and build up a typical comprehension of the dangers. They can agree on the corporate arrangement for proportioning activity and the assets to oversee such dangers. The consideration of top administration is made sure about by upholding that hazard the executives Is everybody's obligation, from the Board of Directors to singular representatives. The grouping of dangers empowers the administrative regard for be focused on high hazard factors. * As dangers are ceaselessly developing and the size and likelihood of a specific hazard is influenced by the Internal controls (relief endeavors previously) just as the outer changes In the earth. Therefore, checking and detailing are crucial to compelling administration of business risks.Hydro one occupied with broad surveys and 1 OFF Incorporated outside perspectives In ten corporate rills chatter Walt ten Nell AT connects room different sources like workshops, media filters alongside organized meetings with the best 40 to 50 officials together. * Regulatory consistence is guaranteed through a different characterization of administrative dangers and potential loss of believability. Therefore, the hazard based venture arranging framework has yielded numerous advantages for the firm, however as the dangers looked by the firm are changing, the organization ceaselessly needs to consolidate those dangers in its ERM framework so as to prevail with regards to accomplishing its system.

Can you pass SIPAs Econ 101 COLUMBIA UNIVERSITY - SIPA Admissions Blog

Can you pass SIPAs Econ 101 COLUMBIA UNIVERSITY - SIPA Admissions Blog As the start of the fall semester  draws nearer, I thought it would be useful for everyone  to sample SIPAs  quantitative  curriculum. Our former PA  Dario Martinez, MIA 15, ran with the idea, and we developed a brief quiz of the material that was covered in his economics classes. This quiz serves two purposes: it hints that the curriculum may be challenging and that incoming students might want to take the free math tutorial; and it  reminds  prospective students of the importance that is placed on strong quantitative abilities so they can better tailor their applications to SIPA (taking additional coursework, performing well on standardized tests, etc.). Just  keep in mind this is a sample quiz taken from several courses at SIPA, and it should not be used as the only measurement of your abilities. (In other words, have fun with it!)** Even if you dont do very well on this sample quiz, thats OK. Every summer SIPA offers an Online Summer Math Tutorial for incoming students, and then those concepts are reinforced during in-person sessions at orientation. And yes, to get the most out of your experience at SIPA, its  always  recommended that you  enroll in the Online Summer Math Tutorial. (All  incoming students received details via email on June 15, 2015.) Before you take the sample quiz, read what Dario had to say about his economics classes at SIPA: SIPA’s rigorous academic curriculum was one of the key aspects that attracted me to the program.  Although stressful and daunting at times, I was able to overcome this challenge through perseverance, hard work, and by taking advantage of the academic support available at SIPA (e.g. tutoring, office hours, and recitations). I was also very happy that I reviewed the Summer Math Tutorial material prior to starting my first year. The math tutorial definitely helped prepare me for my economics and finance classes.  I still remember sitting in my Economic Analysis I and II classes and recalling the concepts I learned in the math tutorial as Dr. Emanuele Guerratana and Dr. Andrea Bubula were discussing them in their lectures. They were definitely two of the best professors I have ever had because they both pushed me to develop a deeper understanding of the topics, while making the learning experience both engaging and fun. Their problem sets and tests definitely required that you applied the concepts learned in class to find the solution to real-life situations. Interestingly, the solutions were not always intuitive and that is why you often needed to use a mathematical approach to finding the answer. While reminiscing on these classroom experiences, I realize how much I learned and how fortunate I was to have access to some of the best professors in the world. Thus, I prepared a small quiz to challenge our new SIPA students. (I wanted to see how they would answer similar questions to the ones I did in class.) Regardless of their concentration, I think this small quiz will provide all incoming students with a better understanding of the topics covered in class and the importance of the math camp. I used the materials that were covered in my first-year classes to prepare these questions. Don’t get discouraged if you can’t answer some of these questions correctly because you’ll cover all of the material in your classes, including the math tutorial. Let’s see how you do in this 10-item questionnaire! Click here to take it, and then share your comments on social media.** Dario Martinez, MIA 15 **UPDATE: It seems the quiz platform isnt calculating test results. Click here to download the answer key to compare your responses to the correct answers.

Psych 106 Developmental Psychology Term Paper - 2198 Words

Psych 106: Developmental Psychology Term Paper 1. According to Robert Sternberg, love goes through 3 stages of love he calls â€Å"The three dimension of love; passion, intimacy, and commitment. Sternberg believes when you go through the three dimension of love, there are also seven different type of love. The seven different type of love is liking, infatuation, empty love, romantic love, fatuous love, companionate love, and consummate love. The first dimension of love is passion; it is the process where we first start falling in love with a partner. Passion is what I call the â€Å"getting to know each other† stage of a relationship. The second part of the three dimension of love is intimacy. Intimacy is when you feel close to a person whether it’s emotionally or physically. It is also a stage where you share your deepest secret about you to the person who you feel that you’re in love with. Intimacy is where you feel the closest in your relationship. The third and final stage of the three dimension of love is commitment. Commitment is the phase where people decide that being with that one person is enough and they would spend the rest of their life being together that leads to marriage and children. I feel that Sternberg’s dimension of love is associated to Erikson’s intimacy vs. isolation. â€Å"Adults seek someone with whom to share their lives in an enduring and self-sacrificing commitment. Without such commitment, they risk profound aloneness and isolation.† (Berger, p.525) I believeShow MoreRelatedMethods of Qualitative of Data Collection19658 Words   |  79 Pageshuge amounts of fast-moving and complex behavior are just a few of the challenges. Whether a researcher is simply observing from afar or finding a participant-observer role in the setting, some contexts may present dangers. Street ethnography is a term that describes research settings which can be dangerous, either physically or emotionally, such as working with the police (as Manning did, described in Chapter 3), drug users, cults, and situations in which political or social tensions may erupt intoRead MoreFundamentals of Hrm263904 Words   |  1056 PagesDavid Levy  ©Michael Eudenbach/Getty Images, Inc. This book was set in 10/12 ITC Legacy Serif Book by Aptaracorp, Inc. and printed and bound by Courier/Kendallville. The cover was printed by Courier/Kendallville. This book is printed on acid free paper. Copyright  © 2010, 2007, 2005, 2002 John Wiley Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recordingRead MoreLogical Reasoning189930 Words   |  760 Pagescant? Or can you show that her reasoning isnt any good? One way to support a statement is to point out that the person making it is an expert. So you think about Juanitas and Emilios credentials. Lets see—Juanita is a student majoring in psychology, and Emilio is a communications major and works at a pet store. Does that make them authorities on Giardia and the safety of drinking water? No. So if you need an expert, you will have to search elsewhere. But you ask yourself: Is it really worth

Validity - Appropriateness Of The Instrument - 758 Words

Validity - 131 – appropriateness of the interpretations of the instrument used in studies. The score of the verbal portion of the SAT, measures the student’s vocabulary. The same portion will not measure the student’s mathematical ability. 2. Reliability - 137 – the extent of consistency, stability, and dependability of scores of the participants and/or rater. If using more than one grader, the graders should trained together and produce similar scores. 3. Equivalence – 138 – the connection or relationship of two forms of the same test given to the same group of participants and comparing the scores of two different administrators. In a classroom setting, giving the same students two forms of equivalent tests (with the same content and level of difficulty) to determine if the graders produce similar scores. 4. Norm-referenced – 148 – interpretations that compare the participants with other participants, who have taken the same test, who are a well-defined reference group. This reference group should have similar characteristics; such as, age and grade level. Their performance is then measured in a rank order that measures the participant’s ability to others. National standardized tests usually report national norms, so that the score is compared to students across the nation. McMillan, J. H. (2012). Educational research: Fundamentals for the consumer (6th ed.). Boston, MA: Pearson. 5. Criterion-referenced – 149 – interpretations that compare the participants with aShow MoreRelatedBusiness Continuity Research921 Words   |  4 PagesBusiness Continuity Research Research methods should contain research questions and hypothesis, present a research design, discuss participants, instruments used, the procedure, a data analysis plan, and the sample size justification (Anon., n.d.). The research design methods should be discussed, such as whether it was quantitative, qualitative, or mixed. The quantitative method assesses the participant responses on a measure. The qualitative method is a semi-structured interview that gets transcribedRead MoreSelf Monitoring And Self Monitor1068 Words   |  5 Pagesproblems expressing views and have little issue in case (s)he is around those who disagree.   Research discusses individual differences.   Those with high self-monitoring look to others to see â€Å"appropriate† emotional states (learned concern for appropriateness).   It is stated that if you are a low self-monitor, you have a tendency to be more spontaneous, and carefree.    Introduction: Self-monitors are generally concerned about how they are perceived and will change behavior to adapt to the situationRead MoreAnalysis Of Mullen Rhoadsrbtm7109-2 : Develop And Apply A Personal Toolkit1622 Words   |  7 Pagesethical permission granted for the research? 6. Were all the terms, theories and concepts discussed in the study unmistakably defined? 7. Is the research design clearly identified including a description of the data gathering instrument, its appropriateness, reliability and validity? 8. Was an appropriate measure used to analyze data and what was it? 9. Were any findings connected to the literature review, were any hypothesis supported, and were the findings appropriately presented? 10. Were theRead MoreQuestions On Material And Methods849 Words   |  4 Pagesaviation department at Auburn University, a refined draft of the questionnaire was distributed to 24 hotel managers (pilot study) in the US and Egypt. Based on feedback received from these managers, the instrument was modified to enhance readability, ambiguity, completeness, clarity and appropriateness of the questionnaire. Based on manager feedbacks and the reliability test of the pilot study, five items (R4, IP2, IP3, SRP5, ICP7) that had low loadings were excluded at the initial stage. 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Starbucks Facing Brand Culture Devaluation and Massive Layoffs Free Essays

Starbucks facing brand culture devaluation and massive layoffs To: Howard Schultz, Starbucks From: Yang LU, Aspire CC: Rui DONG Xiaochen DONG Vanessa BAXTER Pushpak BERIWAL Executive summary The aim of this report is to find out the deep-seated reason for this depression of Starbucks and give a recommendation to the firm to deal with it. Furthermore, this report also suggests solutions to dismiss the panic of the staff and remains the excellent performance. The key findings include: Finding 1: The over-expansion made Starbucks’ unique culture of the â€Å"Starbucks experience† devalued and seemed no difference with other fast food restaurants. We will write a custom essay sample on Starbucks Facing Brand Culture Devaluation and Massive Layoffs or any similar topic only for you Order Now This caused employees’ less well performance and therefore it lost customers’ loyalty as well. Finding 2:The employees felt dissatisfied with the rewards and treated customers with less effort while the unacceptable massive layoffs made a panic. The recommendations suggested by this report include: Recommendation 1:â€Å"Decentralization†Ã¢â‚¬â€œ Remove number of outlets away from each other and slow down the pace of opening new stores in the US or concentrate on the unexploited market space in other countries. Recommendation 2:Increasing the compensation given to the members asked to leave and suggesting them do some other suitable jobs. The firm can also make a promise that these employees would be considered first when hiring candidates in the future after the most difficult times. Furthermore, keep the employees’ payment stable and hold some activities inspiring to promote people to tide Starbucks over difficulties together. This report describes the findings after applying theories to analyse the issue which claimed the trouble that Starbucks was facing. For years, Starbucks was famous for its consistent growing and expansion. However, the both share price and sales fell even three times than before since 2008. The â€Å"Starbucks experience† (Michelle, 2007) was widely supposed to have been diluted and the customers complained that the staff seemed to be less complaisant since they found Starbucks Ubiquitous. A resource from MarketWatch: Global Round-up (2008) reported that Starbucks had been forced to close 600 US stores and axe 12,000 jobs which took almost 7% of its global workforce which had made negative effect on other employees. The aim of the report is to find out the deep-seated reason for this depression and give a recommendation to the firm to deal with it. Furthermore, this report also suggests solutions to dismiss the panic of the staff and remain the performance. Key issues identified by Aspire | Key issue| Champion| | Over-expansion caused Starbucks’ brand devaluation and massive layoffs. | Yang Lu| 2| Starbucks’ two non-payment methods of motivating employees. | Rui Dong| 3| Starbucks changed people-oriented culture into profit-oriented culture. | Xiaochen Dong| 4| Kraft foods taking Starbucks to court over the planned termination of its contract to distribute Starbucks packaged coffee. | Vanessa Baxter| 5| Starbucks is a very command and control driven compa ny which leads to very little flexibility and decision making power at certain regional stores. Pushpak Beriwal| Justification of key issues over-expansion caused culture devaluation and massive layoffs Fast-forward 20 years, Starbucks had more than 10,000 American outlets till 2008 from only 84 US stores in 1990 (Smale, 2008). This sharply increased number made Starbucks seem to be omnipresent like other fast food stores. As a result, this change took a negative effect that the members in this group feel less proud of their jobs in Starbucks which was famous for its unique culture and therefore had less passion to satisfy the customers. From Schein’s (2004) theory of culture components, Starbucks fell to the basic level of culture instead of the highest one it got before. Starbucks finally cut over 10,000 jobs which were most in the US in the last two years during the reforming and also cut the employees’ compensation and holiday (Kiley, 2009). By Maslow’s (1970) â€Å"a hierarchy of needs†, Starbucks could not make staff satisfied by the physiological needs and de-motivated other members. The dissatisfied emotion would reflect on their performance. Findings from analyzing issue over-expansion caused brand devaluation and massive layoffs Starbucks was famous for the unique culture that to give all the customers the relaxed feel and atmosphere as a third place out of home and office which called â€Å"Starbucks experience†. This culture is in the second and near the third level of the â€Å"components of cultures† with espoused beliefs and values and basic underlying assumptions which was identified by Schein (2004). Starbucks published its beliefs and values to make the members love their jobs and enjoy the experience in Starbucks to treat customers with their heart and satisfy them and to attract new members or partners to join in the group through the unique brand culture. Guided by market, Yang (2010) has provided evidence that brand culture was aims at achieving the maximization of organizations’ profits obtained and customers’ loyalty by establishing common values which could influence the movements and behavior of the members within a company based on the amalgamation of consumers’ value and company. However, the expansion without limitation made a trouble. Although the purpose at first was to make the â€Å"Starbucks experience† penetrate everywhere through the expansion, the company was making stores feel more like hip neighborhood coffeehouse which deviated from its original intention. Starbucks had lost it focus and made a dilution of the â€Å"Starbucks experience†. For the reason that the worth of a thing is best known by the want of it, the value of the culture and brand image went down. The â€Å"cannibalising† (Smale, 2008) sales between branches only a short distance from each other made employees feel less honored to work in this firm or group and the less enthusiasm to satisfy the customers came as a serious consequence. According to Schein’s (2004) theories on culture components, Starbucks only reached the first level of the components â€Å"artefacts† which observed the decorative style and visible products to survive the situation with ubiquitous competition instead of making the ustomers always come first. The â€Å"Starbucks experience† was viewed same as McDonald’s and other fast food stores who also sold coffee through such a market saturation. Organizational culture sees culture comprising a number of variables, the combination of which lead to observable differences between organizations so that a company can have power to compete with others (Barry et al. 2000). To get back what made Starbucks successful Starbucks cut a great number of stores and announced massive layoffs for reforming. However, this would make the employees undertake the responsibilities and suffer the pain. At the same time, the sudden occurrence as the adjustment in the contract with the employees is both inevitable and a source of trouble, especially it made employees feel that they expected far more than they got and worse off (Kolb et al. 1991, p. 6). According to the theory â€Å"a hierarchy of needs† which developed by Maslow (1970), individuals experience a range of needs and will be motivated to fulfill need which is most powerful at that time. The first level is physiological needs and if this need is dominant for a person they can satisfy it by having a regular job which can keep consistent. But the employees forced to leave Starbucks could not be satisfied by the basic needs. Furthermore, the firm de-motivated the left members at the same time by cutting the employees’ compensation and holiday. Vroom’s (1964) expectancy model theory of motivation explicitly recognized that outcomes with high expectations and neutral or even unsatisfied achievements would reduce the amount of effort the staff is going to invest. By understanding Vroom’s theory, the firm would get less contribution from its employees by the lower reward, which would reflect the staffs’ less enthusiasm when treating the customers. This also made every member in the firm feel upset and panicky. When the employees believed that they were not receiving payments commensurate with their performance, effort or ability then they worked less hard (Hauenstein and Lord, 1989), and became more selfish (Harder, 1992) and felt dissatisfied with their jobs in this firm (Carr et al. 1996). Conclusion To sum up, Starbucks faced the trouble that the unlimited expansion has made its famous experience culture diluted and lost a number of customers’ loyalty. To make the matter worse, a great number of layoff was claimed so that the firm also lost the loyalty of its members. The main aim of the report is to help Starbucks to revalue the culture and put Starbucks’ unique image back to high position into customers’ heart. In addition, suggestions are given to motivate employees. Culture is the soul of a firm which gives the company power to survive and compete with other business. Recommendations For the first finding that the over-expansion made Starbucks devalue the unique culture of the â€Å"Starbucks experience†, a suggestion of â€Å"decentralization† can be given. Remove number of outlets away from each other and slow down the pace of opening new stores in the US or concentrate on the unexploited market space in other countries. The other finding that the employees felt dissatisfied with the rewards and treated customers with less effort while the unacceptable massive layoffs made a panic can be solved by increasing the compensation given to the members asked to leave and suggesting them some other suitable jobs. The firm can also make a promise that these employees would be considered first when hiring candidates in the future after the most difficult times. Furthermore, keep the employees’ payment stable and hold some activities inspiring to promote people to tide Starbucks over difficulties together. Reference list MICHELLI, J. A. (2007) The Starbucks experience: 5 principles for turning ordinary into extraordinary. New York: McGraw-Hill MARKETWATCH: GLOBAL ROUND-UP. (2008) Starbucks: hoping store cuts will reinvigorate US business. WWW] MARKETWATCH. Available from: http://ehis. ebscohost. com/eds/pdfviewer/pdfviewer? hid=109amp;sid=30997753-d45f-4afd-bfc9-6c6be4a48faa%40sessionmgr111amp;vid=4 [Accessed 30/11/10]. SMALE, W. (2008) Why Starbucks’ sales have gone cold. Business reporter, BBC News, 1st Feb. SCHEIN, E. (2004) Organization Culture and Leadership. 3rd ed. San Francisco: Jossey-Bass. KILEY, D. (2009) Starbucks Cuts More Stores and Workers Amidst Recession and Lower Earnings. Bloomberg Businessweek, 28th Jan. MASLOW, A. 1970) Motivation and Personality. 2nd ed. New York: Harper ;amp; Row. YANG, Y. K. (2010) The Construction of Brand Culture Based on Corporate Culture. International Journal of Business ;amp; Management, Vol. 5 (4), pp. 223-226. BARRY, J. et al. (2000) Organization and management: a critical text. London: Thomson Learning. KOLB, D. , RUBIN, E. and OSLAND, J. (1991) Organizational Psychology. New Jersey: Pearson Prentice Hall. VROOM, V. H. (1964) Work and Motivation. New York: Wiley. HAUENSTEIN, N. M. and LORD, R. G. 1989) The effects of final offer arbitration on the performance of major league baseball players: a test of equity theory. Human Performance, 2 HARDER, J. W. (1992) Play for pay: effects of inequity in a pay for performance context. Administrative Science Quarterly, 37 CARR, S. C. et al. (1996) Effects of unreasonable pay discrepancies for under and overpayment on double demotivation. Genetic, Social and General Psych ology Monograpghs, 122 (4). BELBIN, R. M. (1993) Team Roles at Work. Oxford: Butterworth/Heinemann. Word count: 1332 words How to cite Starbucks Facing Brand Culture Devaluation and Massive Layoffs, Papers

Taking Economics Seriously

Question: i. Explain the economic problem of scarcity by using demand and supply factors relevant to the price of petrol in the UK. ii. Analyse potential externalities that may arise in the petrol market. How can the UK Government seek to ensure that such externalities are taken into account by the petrol market? Answer: 1: The trend component of the price of oil is rising. This has an implication that the global market oil is going to enter in a period in which there is a rising scarcity. Here is a demand and supply analysis for the effect of rising price of crude oil in UK (Baker, 2010). From the demand and supply analysis, it can be said that the sustainable increase in the demand for the crude oil all over the world and the limited supply of it causing the rising trend in the price of crude oil. For the same reason there is arising a scarcity in the crude oil market in UK. The analysis of this scarcity problem has reveals that the effect of the increase in the scarcity in the oil market can be managed relatively by the primary downshift in the supply trend of oil. It can be noted that it will result better if the decline in the supply of oil should be gradual than the absolute decline (Davis and Reilly, 2010). In addition it can be noted here that presently in 2015, the oil price is falling. Now, the falling of the oil pr5ice is a great problem. Downshift in the supply of oil A considerable downshift in the growth of the supply trend of oil of about 1 % helps to slow down the global growth by about % and the annual growth at the global level results in longer or medium term (Do policymakers need to cool the UK housing market?, 2014). A continuous decrease in the supply level of the crude oil in UK has considerable adverse effect on the output level. It can be happened if there is a higher level of substitutability between the other preliminary sources of energy and oil. On the other hand, the wealth or revenue acquired in UK from the oil will shift from the importers of oil to the exporters of oil in the medium term and that will raise the flow of capital, thereby reduction in the real rate of interest and the current amount imbalance will rise (Dransfield, 2014). This particular assignment shows that the scarcity of oil will certainly be a powerful constraint in the world economy (Drummond and Hodgson, 2011). So the risk emergence it causes is very serious matter worldwide. Reaches on the substitute of oil are in progress. But still it is uncertain. So the full dependence on the other sources of energy is still uncertain. Measures for reducing the risks It is very obvious that the policy makers in UK should adopt stronger measures for reducing the risks from the crude oil scarcity (Drydakis, 2014). The policy makers should take precautionary steps in this matter. They also should facilitate the adjustment process if it becomes larger then it was expected or it has to be materialized in a rapid manner. Policies require to be balanced with labors to make stronger societal security nets, as the higher price level of oil may lead to alter in the distribution of income and make poverty level greater than before(Gil Lafuente and MerigoÃÅ' , 2010). The allegations of oil insufficiency could be significant and extensive. Oil is a main factor of the process of manufacture, as well as in the manufacture of other produces and in shipping, and also broadly used for goods for consumption(Gillespie, 2010). Oil takes the majority part in over all traded commodity in this world. This implies that oil has a significant effect, direct as well as indirect on the global economy. This has effects on the several economic factors, such as, world inflation, poverty level, growth and external balances. From the late of the year 1990, the price level of oil has generally increased(Gurtuna, 2013). Oil scarcity Oil is considered as a scarce factor when the demand for the oil is greater than the supply of it. The supply is unable to meet the demand at the existing price level. Then the price will rise and this will encourage the supply of oil. On the other hand, the rising price of oil will reduce shortly the demand factor. This means that the scarcity of oil is related with the price of oil. So it can be said that the oil scarcity always reflects in the price of oil. The price of oil also reflects the opportunity cost (Hall, 2011). The opportunity cot is in terms of bringing one barrel of oil in addition in the market. Generally, a higher level of price comparative to the prices of other commodities points out the scarcity. On the other hand, a lower price points out large quantity, and fluctuations in the level of price over an extensive periods indicates alterations in the scarcity (Hayes, 2014). However, it is to be noted that it is very difficult to differentiate the reasons for increase in the price level. It can be the scarcity or can be other kind of reasons. The scarcity indicates the decline in the accessibility of oil in the long term. The scarcity of oil in the logic of lofty and rising oil prices also can be arose for many other causes over shorter sphere (Ibelings, 2010). Momentary shocks in the supply may direct to short lived price spear, as throughout the year of 199091, in the Gulf War. Choice and opportunity cost Choiceandthe opportunity costare mainly two basic ideas in economics. When the resource quantity is a constraint factor, then the consumers and the producers have to make selection within the alternatives of competition. All decisions regarding economy involves mainly in the choice making (Leonard, 2011). Any consumer or the producer has to choose the best way of using the effort and skills. The firms in UK must have knowledge about the usage of the machinery and workers available to them. Now, the making of choice always involves in the sacrifice of something. This happens as the alternatives should be given up. These results in the sacrifice of the benefits could be gain from the various alternatives, which were available at the same time (Leonard, 2011). The demand and supply analysis can be shown by using a diagram. Here in this following diagram it can be shown that as the demand rises, the demand curve shifts upward and the price rises, the supply remaining the same and vice versa (Mankiw, Taylor and Ashwin, 2013). Drawbacks This particular assignment mainly focuses on the problems emerging from the scarcity of oil. The price rise is indication of scarcity. But it is avoiding the other matters which may affect the price, such as the business cycle. The business cycle has a great effect on the changes in the oil prices (Newbold, Carlson and Thorne, 2013). The price of oil may also be affected by the implementation of explorations, new discovery, capital investments etc. Present problems Presently in 2015, the oil price is lowering. There are several problems for the low price of oil. Some problems are as follows: increase in the debt defaults, the interest rates are rising, unemployment rate rising, recession increases, oil supply decreases, disruption in the countries those export oil, drop in the prices in the stock market, drop in the bonds market value etc (Sloman, Hinde and Garratt, 2010). The fall in the price has also a number of problems itself. For the falling price of oil, the debt defaults increases. The debt default can increase in the oil extraction businesses, workers of laid off oil etc (Starkman, 2013). On the other hand, the interest rate will rise. The unemployment rate also increases. The increasing unemployment rate couples with the high rate of interest causes recession. The supply of oil decreases as a result of the falling price of oil. 2. Externalities Externalities are the side effects in the economy or environment of a good or service, which creates costs or benefits to people. In general, the externalities are meant by the costs or the benefits imposed by a firm or industry on the outer side of the whole marketplace or within the marketplace (Starkman et al., 2012). The petrol market has several negative as well as positive externalities. Externality is classified broadly into two types, such as positive externality and the negative externality. Positive externalities are those benefits, which are acquired by the people from the good or service by a firm or industry. On the other hand, the negative externality is subject to those externalities, which affects negatively the people or the environment (The growing UK 3D printing market, 2014). Positive externalities There are so many positive externalities emerging from the petrol market. This is very obvious that petrol is maximum used in the peoples lives. People cannot even thing without the usage of oil or petrol. In various stages of the human life the petrol is used. Some kind of positive externalities regarding the petrol market are as follows: Economic profit, increased efficiency or the productivity, Means of Globalization (UK company looks to crowd funding to bring natural water filtration product to market, 2014). These are discussed here. Economic profit employment becomes greater than before, different commercial activities introduced. There are several economic profits involved in the petrol market. The employment rate increases(Ummer, 2012). The employment rises in the oil factories. There are several production houses, in where the petrol is ides. Those are also part of employment created by the petrol market. Petrol is involved in different commercial usage. Those commercial hubs recruit many people as employee. Increased efficiency or the productivity usage of oil speeds up proficient manufacture in many industries. The productivity increases with the use of oil. There are so many machineries, which run with the help of oil. Those machines are increasing the productivity in various sectors(Vergnet expands services for UK market, 2014). Means of Globalization this increases the trade between several countries. Negative externalities The mainly public concentration paying attention on ecological damages as extraction, resource exploration, processing and lastly, distribution are the reason of environmental damages. It also includes the natural world territory disturbance, and discharge of air, sound and water pollution. Externalities are the really bad sided effect on the environment of the world. In many production processes of several goods including the oil extraction, there are so many negative externalities (Wessels, 2012). The negative externalities always affect adversely the people of the country. An important example of the negative externality is pollution. The oil extraction causes pollution. Some kind of negative externalities are as follows: the damages in the environment for the petrol market, health risks involved, economic costs, limitation of resources, security risks, financial subsidies etc. Damages in the environment The environment damages from production of oil, distribution as well as the consumption. During the process of extraction of oil, the water is negatively affected(Wessels, 2012). So there occurs water pollution. The exploration process pollutes the air. So there occurs air pollution. The processing of oil also affects the air as well as water badly. So in the stage of processing of oil, both of the pollutions, such as water pollution and the air pollution take place(White and Herrera-Soler, 2012). Health Risks Several types of risks are involved in the petrol market. This includes injuries and sickness of the people or the workers from petrol production and distribution. In the petrol market, the workers have to take severe risks in extracting of oil and the processing. The extraction process is very risky for any person or worker. So many injuries happen on the body of the workers. On the other hand, the processing of oil emerges toxic gases, which are really very harmful for the human body(Zhou, 2011). So those workers, who do job in the oil factory and stays during the processing of oil, suffers from various illnesses, so, health risk is very significant externality involved in the petrol market. Economic Costs A number of economic costs are involved in the petrol market. Mainly the economic affect of imported oil. Several economic costs are there with the oil or the petrol market. This is very true that the price of the oil ion the international market play a significant role on the economies of the countries all over the world. So, if there is any fluctuation in the oil prices, then the economies of the oil importing countries will be affected negatively(Baker, 2010). This is another negative externality of oil. As the price increases, the oil importing countries have to pay much more than before. So the other economic sectors are hampered. Security Risks Opinionated and armed costs to continue or to keep up the right of entry to oil recourses involves security risks(Davis and Reilly, 2010). Restriction of Recourses Another negative externality is to deprive the upcoming generations from non-renewable sources like oil. The oil scarcity is very important issue involved in the oil market. It is very difficult to determine the quantity of oil can be extracted. The resource like oil is limited in the world. So the extraction of oil regularly causes fall in the reserve of this particular resource. The future generation will have to be deprived from the usage of oil. So the future is very uncertain in the case of scared resource like oil(Do policymakers need to cool the UK housing market?, 2014). Petrol is variously used but the people. So, it is very difficult to think about a world without crude oil. But is it also true that a period is supposed to arrive where the people will not use crude oil. Financial Subsidies There are various financial subsidies to the producers of oil. Remedy For those negative externalities, there should be incentives for the consumers or the producers to cope up with the adverse situations. The problems emerging from the externalities can be solved by the Government intervene (Dransfield, 2014). Here in this section it is going to be discussed various way outs. Imposition of tax on the polluters If the business procedure causes pollution, then that business should be taxed accordingly. As tax is imposed on the business company, the cost of the production will automatically raise. The rise in the price level of oil depends on the elasticity. If the price is very much responsive, then the price will raise more with the tax imposition. However, it can be noted that the producers the ultimate tax payers. Now, theoretically it can be said that, the size of the external cost or the negative externality is nothing but the difference between the marginal private cost curve and the marginal social cost curve. Now, it is the responsibility of the government to assess correctly the cost for the negative externality (Drydakis, 2014). If the government is able to determine and thereby calculate the cost for the negative externality, then the government will be able to impose the correct or right quantity of tax. Now, if the government imposes the right level of tax, then the marginal private cost curve will start to shift and it will shift till it superimposes on the marginal social cost curve. This determines the equilibrium level of price and the quantity and ensures that the consumers as well as the producers are in the situation of equilibrium. Taxes cause the shift in the supply curve to upward or to the left. This upward shift of the supply curve causes the rise in the price of the crude oil and reduces the output of the oil. This happens through market mechanism (Gil Lafuente and MerigoÃÅ' , 2010). So the external cost is reflected in the rising price as well as in the reducing cost level. But there may be external benefits also. So in the case of external benefits, a firm and a government has to compensate, which are discussed bellow. The use of subsidies If there are positive externalities, then the business authority should be subsidized. There are so many external benefits of the petrol market. Those are discussed above. The petrol is variously used in daily life, transportations, machineries etc. It has also several economic externalities, such as employment generation, productivity increase etc. Those positive externalities are to be supported by the government as it is very useful for the goodness of the country as well as the society (Gillespie, 2010). Therefore, the demand can be raised by the paying subsidies from the part of the government to the suppliers or the producers. If the cost burden is partly minimized with help of the subsidy paid by the government, it will encourage the production as well as the consumption of oil. Therefore, it is the responsibility of the government to determine the exact level of the subsidy, which should be paid to the producer. The subsidy paid by government encourages the supply by reducing the cost of production and thereby reducing the price of oil partly. The reduction in the price level encourages the consumption level. Government regulation Theoretically it can be shown that the size of the externalities and thereby the amount of tax or subsidies. But in the real world, it is very difficult to determine the level of tax or subsidy. Sometimes the government has to be direct in the cases of imposition of tax or paying subsidy. Some interventions are, price ceiling, price floor, subsidy (Gurtuna, 2013). Price ceiling A price ceiling happens when a legal boundary on the price level of oil created by the government. For an effective price ceiling, the government has to set the ceiling bellow the equilibrium level in the market (Hall, 2011). When the price ceiling is set, there will be automatically a shortage as the demand factor is greater than the supply factor. Price floor The price floor is the minimum price level set by the government. No one is allowed to sale oil below the price floor. This is done for the sake of producers suffering from comparatively higher cost of production (Hayes, 2014). Subsidy The subsidy is a financial assistance given by government to lower the cost of producers as well as to encourage the demand by lowering price level. Thus the employment can be raised (Mankiw, Taylor and Ashwin, 2013). These are the assistance or policies can be taken by UK government in the petrol market for the externalities. Reference list Baker, D. (2010). Taking economics seriously. Cambridge, Mass.: MIT Press. Davis, P. and Reilly, A. (2010). Market power, market outcomes, and remedies in the UK groceries market. Agricultural Economics, 41, pp.93-108. Do policymakers need to cool the UK housing market?. (2014). Economic Outlook, 38(2), pp.5-13. Dransfield, R. (2014). Business economics. London: Routledge. Drummond, H. and Hodgson, J. (2011). Escalation in decision-making. Farnham: Gower. Drydakis, N. (2014). Sexual orientation and labour market outcomes. 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