Financial Appraisal Essay Example | Topics and Well Written Essays - 500 words

Monetary Appraisal - Essay Example For ARR, the recipe is likewise straightforward and straightforward. In any case, it ignores time estimation of cash and spotlights on benefit rather than income. While figuring the NPV in open segment extends, extra factors ought to be taken into contemplations. Since it manages the open division, the examination ought to go past monetary to quantify the social expenses and advantages of the undertaking. For instance, regardless of whether the venture is monetarily possible and will yield returns, negative externalities, for example, contamination ought to likewise be considered. It ought to be noticed that a legislative establishment and the open part isn't a benefit augment yet is engaged in bringing the most significant level of social government assistance. Post review examination is fundamental toward the finish of the life of the venture so as to survey if the underlying objectives or projections have been enough met. This additionally gauges the degree of comprehension of the organization in anticipating the eventual fate of a venture. Through post-review examination, the organization can assess itself on why projections didn't appear. The gaining from post-review examination will empower the organization to apply it in future venture assessments.

Branding britian Research Paper Example | Topics and Well Written Essays - 500 words

Marking britian - Research Paper Example The IMC measurements in the video advert on Great Britain incorporate the voice, the communications just as the rewarding idea of the drawn out connections framed. Additionally included is the investigation of the feature utilizing the IMC Development hypothetical model. This includes taking a gander at the direction of the brand, the advancement, the final products of the brand, just as the budgetary final products (Moriarty, 2012). For example, our report discusses the hints of Britain that have been known to characterize the travel industry division extraordinarily. Such incorporate the ticking of the clock, the blending of tea and espresso, the death of trains and vehicles, ringing of chimes and cheering of games by fans. Utilizing one voice implies uniting the showcasing targets with just the expectation of coordinating the crowd towards the goal of the advancement. As indicated by (Moriarty, 2012), having one voice is urgent, and it implies that the correspondence instruments utilized have had the option to pass on clear plans to its crowd. The composed writings showed correspond with the photos gave. The designs, for example, toward the start of the video whereby there is a showcase of the Great Britain air terminals with guests checking in offsets with the synchronous composed message about the expansion in guest spending. This is seen during the initial 20 seconds into the video, wherein there is a portrayal of an account of a kid who ventured out to a faraway spot, however there is no connection given among this and the general promoting objective. This is the equivalent for the notice of the land wanderer protector, most of the way into the video without notice of its pertinence. Then again, ha ving the meetings towards the finish of the video has effectively abstained from over-burdening the crowd with data. Intuitiveness improves correspondence as a feature of advertising by making it feasible for the crowd

All December gifts matched at Khan Academy

All December gifts matched at Khan Academy At Khan Academy, support from our community is crucial to our ability to provide a  free, world-class education for anyone, anywhere. We are proud to do this without charging our users or showing them ads. Every day, we receive generous gifts from those who have found value in Khan Academy and who want more people to have access to free world-class education. We truly appreciate these donors who help support our mission.For the month of December, several of our supporters have created a pool of funds that will allow us to match every gift we receive from our wider community, from now until December 31. We are very grateful to the generous donors who made this possible, including those listed below, as well as many others who have chosen to remain anonymous:- Bill and Tammy Crown- Dan Carroll and Stasia Obremskey- Smith Family Foundation- Stiles-Nicholson FoundationMake your gift today to help us create more lessons, build more practice problems, and bring a free, world-class educati on to more learners around the world. With every gift in December being matched dollar-for-dollar, your support will have double the impact!

The Big Bang and the Origin of Everything

How did the universe begin? Thats a question scientists and philosophers have pondered throughout history as they looked at the starry sky above. Its the job of astronomy and astrophysics to provide an answer. However, its not an easy one to tackle. An artists concept of what the Big Bang might have looked like, if anybody had been around to see it. HENNING DALHOFF / Getty Images The first major glimmerings of an answer came from the sky in 1964. Thats when astronomers Arno Penzias and Robert Wilson discovered a microwave signal buried in data they were taking to look for signals being bounced from Echo balloon satellites. They assumed at the time that it was simply unwanted noise and attempted to filter out the signal. The antenna that Penzias and Wilson were using when they stumbled across the signals from the cosmic background radiation heralding the birth of the universe. Fabioj, CC BY-SA 3.0 However, it turns out that what they detected was coming from a time shortly after the beginning of the universe. Although they didnt know it at the time, they had discovered the Cosmic Microwave Background (CMB). The CMB had been predicted by a theory called the Big Bang, which suggested that the universe began as a densely hot point in space and suddenly expanded outward.  The two mens discovery was the first evidence of that primordial event. The Big Bang What started the birth of the universe? According to physics, the universe sprang into existence from a singularity — a term physicists use to describe regions of space that defy the laws of physics. They know very little about singularities, but its known that such regions exist in the cores of black holes. Its a region where all the mass gobbled up by a black hole gets squeezed into a tiny point, infinitely massive, but also very, very small. Imagine cramming Earth into something the size of a pinpoint. A singularity would be smaller. Thats not to say the universe began as a black hole, however. Such an assumption would raise the question of something existing before the Big Bang, which is pretty speculative. By definition, nothing existed prior to the beginning, but that fact creates more questions than answers. For instance, if nothing existed prior to the Big Bang, what caused the singularity to be created in the first place? Its a gotcha question astrophysicists are still trying to understand.   However, once the singularity was created (however it happened), physicists have a good idea of what occurred next. The universe was in a hot, dense state and began to expand through a process called inflation. It went from very small and very dense, to a very hot state. Then, it cooled as it expanded.  This process is now referred to as the Big Bang, a term first coined by Sir Fred Hoyle during a British Broadcasting Corporation (BBC) radio broadcast in 1950. Although the term implies some kind of explosion, there really wasn’t an outburst or a bang. It was really the rapid expansion of space and time. Think of it like blowing up a balloon: as someone blows air in, the exterior of the balloon expands outward. The Moments after the Big Bang The very early universe (at a time a few fractions of a second after the Big Bang began) was not bound by the laws of physics as we know them today. So, no one can predict with great accuracy what the universe looked like at that time. Yet, scientists have been able to construct an approximate representation of how the universe evolved. First, the infant universe was initially so hot and dense that even elementary particles  such as protons and neutrons could not exist. Instead, different types of matter (called matter and anti-matter) collided together, creating pure energy. As the universe began to cool during the first few minutes, protons and neutrons began to form. Slowly, protons, neutrons, and electrons came together to form hydrogen and small amounts of helium. During the billions of years that followed, stars, planets, and galaxies formed to create the current universe. Evidence for the Big Bang So, back to Penzias and Wilson and the CMB.  What they found (and for which they won a Nobel Prize), is often described as the â€Å"echo† of the Big Bang. It left behind a signature of itself, just like an echo heard in a canyon represents a â€Å"signature† of the original sound. The difference is that instead of an audible echo, the Big Bangs clue is a heat signature throughout all of space. That signature has been specifically studied by the Cosmic Background Explorer (COBE) spacecraft and the Wilkinson Microwave Anisotropy Probe (WMAP). Their data provide the clearest evidence for the cosmic birth event.   The detailed, all-sky picture of the infant universe created from seven years of WMAP data. The image reveals 13.7 billion year old temperature fluctuations (shown as color differences) that correspond to the seeds that grew to become the galaxies. NASA / WMAP Science Team Alternatives to the Big Bang Theory While the Big Bang theory is the most widely accepted model that explains the origins of the universe and is supported by all the observational evidence, there are other models that use the same evidence to tell a slightly different story. Some theorists argue that the Big Bang theory is based on a false premise — that the universe is built on an ever-expanding space-time. They suggest a static universe, which is what was originally predicted by Einstein’s theory of general relativity. Einstein’s theory was only later modified to accommodate the way the universe appears to be expanding.  And, expansion is a big part of the story, particularly as it involves the existence of  dark energy. Finally, a recalculation of the mass of the universe seems to support the Big Bang theory of events.   While our understanding of the actual events is still incomplete, CMB data are helping shape the theories that explain the birth of the cosmos. Without the Big Bang, no stars, galaxies, planets, or life could exist.   Fast Facts The Big Bang is the name given to the birth event of the universe.The Big Bang is thought to have occurred when something kicked off the expansion of a tiny singularity, some 13.8 billion years ago.Light from shortly after the Big Bang is detectable as the cosmic microwave radiation (CMB). It represents light from a time when the newborn universe was lighting up some 380,000 years after the Big Bang occurred. Sources â€Å"The Big Bang.†Ã‚  NASA, NASA, www.nasa.gov/subject/6890/the-big-bang/.NASA, NASA, science.nasa.gov/astrophysics/focus-areas/what-powered-the-big-bang.â€Å"The Origins of the Universe.†Ã‚  National Geographic, National Geographic, 24 Apr. 2017, www.nationalgeographic.com/science/space/universe/origins-of-the-universe/. Updated and edited by Carolyn Collins Petersen.

Battle of Champion Hill in the American Civil War

Analysis of Hong Kong Economy During Financial Crisis Free Essays

string(167) " of the goods produced in the mainland of China through the outward processing arrangement were sent back to Hong Kong and re-exported to other countries/territories\."  ·808 · Proceedings of the 7th International Conference on Innovation Management An Analysis of the Hong Kong Economy after the Financial Crisis Cao Hongliu School of Management, Guangdong University of Technology, Guangdong, P. R. China, 510520 (E-mail: hongliucao@126. We will write a custom essay sample on Analysis of Hong Kong Economy During Financial Crisis or any similar topic only for you Order Now com) Abstract This paper analyzes the current economic development and the status of leading industries in Hong Kong. It shows that Hong Kong economy, which is mainly comprised of the service industry in particular, facing with both opportunities and challenges after the financial crisis. Hong Kong economy has a wide range of needs in information technology, electrical and electronic technology, and manufacturing technology. Development in these areas has great significance to ensure sustained development of Hong Kong economy. Key words Hong Kong economy status; Leading industry; Service industry 1 Introduction Hong Kong’s a small and open economy system and international financial center, its economic development face many new challenges because of the impact of the global financial crisis. Therefore, a comprehensive analysis of the Hong Kong’s economic development and their leading industry status becomes an important issue. 2 Overview of Hong Kong Economy 2. 1 The services sector is a leading industry in Hong Kong From Table 1, we can see that the services industry is a leading industry of Hong Kong economy. During the decade from 1997 to 2006, services sector in the Hong Kong economy has gained greater prominence. This change has already been reflected in the share of contribution of the services sector to the local GDP. The contribution of the services sector to GDP increased from 85. 9% in 1997 to 91. 2% in 2006. Based on the industry definition of Hong Kong Census and Statistics Department, The services sector includes wholesale, retail and import and export trades, restaurants and hotels; transport, storage and communications; financing, insurance, real estate and business services; and community, social and personal services. Table 1 Gross Domestic Product (GDP) by Economic Activity (at Current Prices) GDP by Economic Activity(2004-2007) 2004 2005 2006 2007 Economic activity Agriculture and fishing Mining and quarrying Manufacturing Electricity, gas and water Construction GDP 886 72 44455 39726 40376 ratio 0. 1 * 3. 6 3. 2 3. 2 GDP 847 100 45547 39924 38538 ratio 0. 1 * 3. 4 3 2. 9 GDP 849 93 45761 40364 38688 ratio 0. 1 * 3. 2 2. 8 2. 7 GDP 895 114 39282 39426 40154 ratio 0. 1 * 2. 5 2. 5 2. 6 Services 1119304 89. 9 1207873 90. 6 1297545 91. 2 1429293 92. 3 Note: Data is from Hong Kong Annual Digest of Statistics (2004-2008 Edition) edited by Hong Kong Census and Statistics Department. Data unit is in million terms and ratio unit is %. Besides, * represents the comparison had less than 0. 05% is in the total economy The services sector becomes the principal source of employment. The employment share of the services sector in total employment has increased moderately over the past decade, from 79. 8% in 1997 to 86. 6% in 2007. In 2007, the services sector as a whole engaged 3. 03 million persons out of the 3. 5 million overall employments. The services sector plays a significant role in supporting the growth of our external trade. In 2007, the value of exports of services reached $652 billion, representing an average annual growth rate of Proceedings of the 7th International Conference on Innovation Management  ·809 · 8. 6% over 1997. In 2007, merchant and other trade-related services was the most important major service group, contributing 30. 9% to the value of total exports of services. It was followed by transportation services and travel services, contributing 28. 6% and 16. 5% respectively to the value of total exports of services in 2007. In 1997, the respective percentage shares of these three major service groups in the value of total exports of services were 25. 6%, 30. % and 20. 8%. 2. 2 The structure of Hong Kong’s services industry sector Among the economic activities in the services sector, wholesale, retail and import and export trades, restaurants and hotels together contributed 27. 9% of the GDP in 2006, followed by financing, insurance, real estate and business services (25. 0%), community, social and personal services (18. 0%) and transport, storage and communications (9. 6%). Among them , financial services, trading, tourism and professional services are key industries in the Hong Kong economy. They have been the driving force of Hong Kong’s economic growth, providing impetus to growth of other sectors and creating employment. (1) Import and export trade . The import and export trade is the most important industries in Hong Kong’s service industry, has been playing an important role in the development of Hong Kong economy. The import and export trade produced a net output of HK$305. 1 billion in 2006, representing an increase of 39% over 1997. The ratio is the highest among all service industry. In 2007, there were 98 000 import and export trading establishments in Hong Kong, with 520 000 persons. At the same time, import and export trade sector is also directly promoting the development of other industries, such as logistics, transportation, business services and other services. Hong Kong’s import and export trade, including the visible trade and invisible trade two parts. The visible trade refers to the traditional commodity trade. In 2007, the value of Hong Kong imported and exported goods was $5,556 billion, representing an increase of 9. 8% compared to 2006. Hong Kong’s total exports of goods (comprising domestic exports and re-exports) in 2007 amounted to $2,688 billion, or increased by 9. % when compared with 2006. The value of imports increased by 10. 3% to $2,868 billion in 2007. With the value of total exports being less than that of imports, a merchandise trade deficit of $180 billion was recorded in 2007. In the import and export trade, the largest proportion of re-exports. This was largely attributable to the relocation of many local manufacturing ac tivities to the mainland of China. Quite a large amount of the goods produced in the mainland of China through the outward processing arrangement were sent back to Hong Kong and re-exported to other countries/territories. You read "Analysis of Hong Kong Economy During Financial Crisis" in category "Papers" During 1997 to 2007, the value of re-exports increased by 107%, while a decline of 48% was observed in the value of domestic exports. In 2007 the re-export trade to the mainland continued to grow rapidly. The invisible trade services are export and import trade of commercial services and financial services. While these services could be exported or imported by the import/export firms or companies in other sectors, most of the merchant and other trade-related services were exported or imported by import/export firms . In 2007, Hong Kong’s exports and imports of services valued at $652 billion and $322 billion respectively. Compared to 2006, exports and imports of services increased by 15. 4% and 11. 7% respectively. Net exports of services in 2007 amounted to $330 billion, this makes Hong Kong’s overall trade surplus of $150 billion. (2) Finance. Hong Kong is recognized as an international financial center, many multinational banks and financial institutions gathered here. The financial business is classified in detail, covering all aspects of the financial industry. Hong Kong three-tier system of deposit-taking institutions, namely licensed banks, restricted licensed banks and deposit-taking companies, known collectively as the authorized institutions. At the end of 2007, the number of authorized institutions stood at 200, comprising 142 licensed banks, 29 restricted license banks and 29 deposit-taking companies. 68 of them were incorporated in Hong Kong and 132 were incorporated outside Hong Kong. In addition, there were 79 representative offices of foreign banks coming from 27 economies/regions. As at end December 2007, 152 of the largest 500 banks in the world had a presence in Hong Kong. The value added generated by the banking industry amounted to $136. 5 billion, or 9. 6% of Hong Kong’s Gross Domestic Product (GDP) in 2006, representing an increase of 41. % compared with 1997. The development of the banking sector also promotes the development of other financial industries. In 2007, some 2 940 establishments and about 32 400 persons were engaged in the business. These included stock and share companies; commodity futures, gold bullion and foreign exchange brokers/dealers; stock, bullion and commodity exchanges; fund ma nagement companies; investment advisory companies; and firms providing other various financial services. The financial markets and asset management industry generated value added of about $59. billion, contributing to 4. 1% of Hong Kong’s GDP in 2006.  ·810 · Proceedings of the 7th International Conference on Innovation Management Hong Kong is also the Securities and Exchange Center and an important place for the mainland enterprises to raise funds. At the end of 2007, 1 048 companies were listed on the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEx), with a total market capitalization of $20,536 billion. Despite an increase of only 7. 5% in the number of listed companies, market capitalization was observed to rise 55. 0% over 2006. Since July 1993 when the first Chinese state owned company was listed on the HKEx through issuance of H shares, the role of Hong Kong as a major fund-raising centre for the mainland of China had become increasingly important. By the end of 2007, there were 146 H shares listed on the HKEx, with market capitalization of $5,080 billion. In addition, there were also 93 â€Å"Red Chips† companies and 200 private enterprises listed on HKEx. Hong Kong is one of the most active and liberal debt markets and a leading asset management centre in Asia. (3) Tourism . In 2007, 51 900 persons were engaged in industries closely related o tourism, such as hotels and travel agents and 315 300 persons in industries partly related to tourism such as restaurants, retailers, transport operators and other service providers serving visitors. In terms of economic contribution, inbound tourism and outbound tourism together generated $45. 3 billion value added and 176 300 job opportunities in 2006, or 3 . 2% of total GDP and 5. 2% of total employment of Hong Kong respectively. The number of incoming visitors in 2007 reached 28. 2 million, increased by 11. 6% as compared with 25. 3 million in 2006 and set the highest record for visitor arrivals in history. The mainland of China remained the major source market of visitors to Hong Kong since 1994. Visitor arrivals from the mainland of China reached 15. 5 million in 2007, accounted for 55. 0% of the total visitor arrivals, followed by South and Southeast Asia (10. 3%) and Taiwan (7. 9%). In addition, Hong Kong is Asia’s major trade exhibition and business conference center. A total of 218 conventions and 78 exhibitions with international participation were held in Hong Kong in 2006. (4) Professional service . The professional service is Hong Kong’s fourth-largest service industry. The professional services industry generated $40 billion of value added, or 2. 8% of Hong Kong’s Gross Domestic Product (GDP), in 2006 and provided job opportunities for about 106 000 persons in 2007. In 2007, there were about 13 500 professional services establishments, including 3 900 accounting, auditing and bookkeeping firms, 1 800 solicitor and barrister firms, 3 300 architectural, surveying and engineering firms and some 4 500 management consultant firms. The business receipts of professional services industry increased by 10. 7% in 2007 over a year earlier. The development of professional services industry over the past decade was quite remarkable. Number of establishments and persons engaged increased by 35% and 23% respectively between 1997 and 2007. During the same period, the total number of registered professionals also increased remarkably, with certified public accountants increasing at the fastest rate of 7. 3% per year on average. 2. 3 Manufacturing company is the support for the Hong Kong service industry In this paper, the Hong Kong Manufacturing Company refers specifically to the Hong Kong manufacturing companies in the mainland. The rapid expansion of Hong Kong’s service industries in the past two decades benefited from the development of the Hong Kong Manufacturing Company and the sub-contracting business model. In the late 80’s, under the pressure of high land prices, high rents, high labor costs, a large number of Hong Kong manufacturers shifted their production to the Mainland, where the land and labor costs were relatively low, in particular the Pearl River Delta in Guangdong Province. And because of the changes in the business, many original manufacturing companies become the service company. These companies transferred their manufacturing factories to the Mainland, and kept the headquarters and other high value-added services such as marketing, order processing, material procurement, design, packaging, logistics business in Hong Kong. This business model is known as â€Å"shop in front and factory in back† mode. At the same time, in order to adapt to the changes in international markets and increase exports, many traditional trading companies, set up manufacturing factories in mainland, and formed a sub-contracting operation mode. In the sub-contractors mode, products manufactured in the mainland branch companies, headquarters in Hong Kong focused its efforts on trade, market and management. This mode of operation combined the mainland companies’ low-cost production advantage and the Hong Kong trading companies’ familiar with the international market advantage together, promoted the expeditions of business of Hong Kong trade companies and improved their production efficiency. This production mode provided a strong support to the development of Hong Kong’s service industry. The financial crisis press great operating pressure to the Hong Kong Manufacturing Company. Mostly concentrated in the Pearl River Delta region, the types of these companies are sound equipment, electrical appliances, toys, clothing, footwear and other labor-intensive industries. The development of these enterprises is based on low labor and land inputs, production technology is very low. With the Proceedings of the 7th International Conference on Innovation Management  ·811 · labor, land costs rising substantially in the Pearl River Delta region, the ompetitive advantages of the Hong Kong Manufacturing Company decreased a lot in recent years. Under the impact of the financial crisis, there has an obvious drop in experts of these labor-intensive consumer goods. Many Hong Kong Manufacturing Companies face the problem of orders reduction, profit decline, and even bankruptcy. 3 Hong Kong’s Economic Problems under the Global Financial Crisis Table 2 1997-2007 Business Receipt s Indices 1997 2002 2003 2004 2005 2006 2007 Wholesale/Retail Import and export trade Restaurants Hotels Transport Storage Communications Banking Financing (except banking) Insurance 24. 4 107. 2 104. 7 99 61. 7 157. 1 127. 1 84. 1 79. 8 38. 2 88. 3 75. 5 94. 9 73. 1 68. 8 81. 1 96. 6 86. 4 56 59. 2 85. 8 80. 4 85. 7 58. 8 69. 1 77. 4 94. 3 86. 4 65. 7 70. 5 93. 8 90. 5 94. 3 81. 9 85 90. 6 95. 1 90. 2 87. 5 86. 2 100 100 100 100 100 100 100 100 100 100 100 100 100 100 107. 4 110. 2 109. 5 113. 7 110. 6 110. 2 100. 8 119. 5 147. 9 121. 3 99. 6 119. 6 114 109. 7 120. 6 119. 1 124. 2 131. 1 122. 6 127. 8 110. 8 165. 3 249. 7 156. 2 139. 3 135. 4 135. 4 117. 1 Real estate 135. 6 71. 5 75. 9 86. 2 Business 119. 7 87. 88. 1 95. 3 services Tourism 91. 5 75. 5 70 88. 5 Computer and 53. 1 63. 7 67. 3 81. 1 information services Note: Data is from Hong Kong Annual Digest of Statistics(2008 Edition) Statistics Department. Table 3 2005 edited by Hong Kong Census and 2005-2008 the variation rati o of Business Receipts Indices 2006 2007 2007 3 quarter 9 15. 1 8. 2 15. 4 15. 7 11. 7 11. 7 9. 7 47. 7 99. 6 42. 1 27. 7 2007 4 quarter 15. 5 17. 7 7. 6 14. 8 16. 5 14. 8 10. 3 16. 2 45 82. 9 35. 4 69. 5 2008 1 quarter 9. 6 17. 5 13. 2 16 9. 9 15. 9 10. 7 11. 2 6. 32. 8 11. 7 14. 5 2008 2 quarter Wholesale/Retail Import and export trade Restaurants Hotels Transport Storage Communications Banking Financing (except banking) Insurance Real estate Business services 5. 6 6. 8 10. 6 6 22. 1 17. 8 10. 4 5. 1 10. 9 14. 3 16 16 7. 9 7. 3 10. 2 9. 5 13. 7 10. 6 10. 2 0. 8 19. 5 47. 9 21. 3 -0. 4 10. 4 12. 8 8 13. 4 15. 2 10. 8 16 10 38. 3 68. 8 28. 8 39. 8 14. 1 14. 4 14. 6 15. 3 9. 6 11 3. 5 13. 5 -6. 8 4. 7 8. 3 10 Tourism 4. 9 19. 6 13. 2 11. 8 14 11. 5 10. 3 Computer and 12. 9 14 18. 7 18. 9 25. 4 14. 14 information services Note: Data is from Hong Kong Annual Digest of Statistics (2008 Edition) edited by Hong Kong Census and Statistics Department.  ·812 · Proceedings of the 7th Inte rnational Conference on Innovation Management Table 2 shows the revenue changes of the Hong Kong’s service industry from the 1997 Asian financial crisis. In the 1997 Asian financial crisis and the subsequent 2003 epidemic of SARS, Hong Kong’s service industry was particularly hard hit. Until 2006, the industry revenue was generally restored to the level of 97. Finance, insurance, transport, trade and other business incurred the largest loss. In February 2007, the U. S. sub-loan crisis happened, and the Lehman bank filed for bankruptcy in September 2008. The U. S. financial crisis intensified and developed into a global financial crisis. From the second half of 2008, the global financial crisis began to influence Hong Kong economy. This performance is particularly evident in the service industry. Hong Kong’s financial industry has been most affected. From Table 3 it can be seen that Banking and financial services industries are in the most affected after the financial crisis. There is a rapid decline in industry revenue. In the second quarter of 2008, banking industry even has the first negative growth since the past few years. At the end of the third quarter, because a lot of major financial institutions in the United States had been threatened with a bankruptcy, the global financial crisis became even more serious. The panic selling appeared in many countries’ stock market, Hong Kong was no exception. Hong Kong’s Hang Seng index plummeted by 15% in September, and fall 22% in October. The normal operation of Hong Kong’s capital markets has been seriously affected. The growth of other financial related industries, such as insurance, real estate and business services, had a slowed down significantly from the beginning of the second quarter of 2008. Import and export trade and related industries sectors have been affected in different degrees. The merchandise exports slowed down in the third quarter and only had a small increase. Even so, this was the worst performance since the first quarter of 2002. With the increase of global financial crisis, exports to other markets also had different degrees of slowing down. As a result, the growth of related industries, such as business service, trade service, transportation and storage service also slowed down slightly. Exports of services had maintained a steady increase in the financial crisis, but the growth rate was also smaller than the second quarter. The growth of tourism also had signs of deceleration and affect the growth of related industry, such as transportation, hotels, catering services, the number of visitors from long distance market decrease a lot, particularly the tourists from Europe and the United States. To face the challenge of financial crisis, the SAR Government has been actively responding well to prevent the spread of financial risks. From the beginning of the sub-loan crisis in the United States, in order to ensure stability of the financial system, the Hong Kong Monetary Authority introduced a number of measures to alleviate the pressure on banks and provide necessary assistance to the banks. Securities and Futures Commission and the Insurance Supervisory Commission also had made action to strengthen the protection of investors and policyholders. At the same time, most Hong Kong’s local financial institutions’ participation in directly investment to the US sub-loan is limited in small scale. The local banking system remains steadily without be directly effected by the sub-loan crisis. Benefit from the economic development of the Mainland, Hong Kong’s service industries is also faced with new opportunities in the global financial crisis. For example, supported by the growth of trade in the Mainland, offshore trade growth was still significant. Although 2008 is the â€Å"Olympic Year†, but the mainland tourists to Hong Kong remained a high-speed growth. In the third quarter of 2008, the Mainland tourists to Hong Kong wad still higher than last year, an increase of 9. 4%. Individual Visit Scheme is one of the bright spots; the visitors in accordance with this scheme had a further rise in the third quarter, the ratio wad 14. 5%. These factors effectively guaranteed the smooth operation of Hong Kong’s service industries. At the same time, the ten naturalization industry plan in the mainland had already been introduced. The mainland accelerated the pace of industrial upgrading and began to support the development of high-tech industry. These policies provide a good environment for the Hong Kong companies in mainland to upgrade their technological level and achieve their own industrial upgrading. Based on the above analysis, the challenges faced by Hong Kong’s economic in the financial crisis can be summarized into the following three aspects: (1)financial sector’s profits decline a lot, related sector’s services business reduces. 2) The trade and service market in Western countries shrink. 3 Hong Kong Company in mainland operates difficultly. Hong Kong economy is facing the opportunity for: the steady development of the Mainland economy and the acceleration of the industrial upgrading. Therefore, in order to face the challenge of the financial crisis, it is important for Hong Kong service companies to expand business in the Mainland, and to Hong Kong companies in mainland to enh ance the productivity. Proceedings of the 7th International Conference on Innovation Management  ·813 · 4 Conclusions Through the above analysis, this paper can be drawn the following conclusions: (1) The a major problem of Hong Kong economy is decline in financial sector profits and trade volume with Western developed countries. (2)The expansion of demand of the Mainland market is the most important opportunity for Hong Kong’s economic development. (3) Hong Kong economy has great demands for information technology, electrical and electronic technologies, manufacturing technology. To ensure sustainable development of Hong Kong economy, it is very important to promote scientific and technological development. References [1] Yang Xue. The Analysis of the Scientific and Technological Needs Based on Micro-macro System[J]. Social Science Frontier, 2008, (10): 241(In Chinese) [2] Guo Kasha, Wang Wenlong. Science and Technology Needs Analysis of Chinese High-Tech Industry[J]. Economic Review, 2004, (8):198(In Chinese) [3] Wu Jiapei, Wang Changsheng. Science and Technology Needs Analysis of the New Road to Industrialization[J]. Science Technology and Economy, 2005, (4): 4(In Chinese) [4] Li Jianhua, Cheng Baoying, Yang Xue. Analysis on Demand of Science and Technology Effected by Informatization During New Industrialization[J]. Information Science, 2004, (8): 903(In Chinese) How to cite Analysis of Hong Kong Economy During Financial Crisis, Papers Analysis of Hong Kong Economy During Financial Crisis Free Essays string(167) " of the goods produced in the mainland of China through the outward processing arrangement were sent back to Hong Kong and re-exported to other countries/territories\."  ·808 · Proceedings of the 7th International Conference on Innovation Management An Analysis of the Hong Kong Economy after the Financial Crisis Cao Hongliu School of Management, Guangdong University of Technology, Guangdong, P. R. China, 510520 (E-mail: hongliucao@126. We will write a custom essay sample on Analysis of Hong Kong Economy During Financial Crisis or any similar topic only for you Order Now com) Abstract This paper analyzes the current economic development and the status of leading industries in Hong Kong. It shows that Hong Kong economy, which is mainly comprised of the service industry in particular, facing with both opportunities and challenges after the financial crisis. Hong Kong economy has a wide range of needs in information technology, electrical and electronic technology, and manufacturing technology. Development in these areas has great significance to ensure sustained development of Hong Kong economy. Key words Hong Kong economy status; Leading industry; Service industry 1 Introduction Hong Kong’s a small and open economy system and international financial center, its economic development face many new challenges because of the impact of the global financial crisis. Therefore, a comprehensive analysis of the Hong Kong’s economic development and their leading industry status becomes an important issue. 2 Overview of Hong Kong Economy 2. 1 The services sector is a leading industry in Hong Kong From Table 1, we can see that the services industry is a leading industry of Hong Kong economy. During the decade from 1997 to 2006, services sector in the Hong Kong economy has gained greater prominence. This change has already been reflected in the share of contribution of the services sector to the local GDP. The contribution of the services sector to GDP increased from 85. 9% in 1997 to 91. 2% in 2006. Based on the industry definition of Hong Kong Census and Statistics Department, The services sector includes wholesale, retail and import and export trades, restaurants and hotels; transport, storage and communications; financing, insurance, real estate and business services; and community, social and personal services. Table 1 Gross Domestic Product (GDP) by Economic Activity (at Current Prices) GDP by Economic Activity(2004-2007) 2004 2005 2006 2007 Economic activity Agriculture and fishing Mining and quarrying Manufacturing Electricity, gas and water Construction GDP 886 72 44455 39726 40376 ratio 0. 1 * 3. 6 3. 2 3. 2 GDP 847 100 45547 39924 38538 ratio 0. 1 * 3. 4 3 2. 9 GDP 849 93 45761 40364 38688 ratio 0. 1 * 3. 2 2. 8 2. 7 GDP 895 114 39282 39426 40154 ratio 0. 1 * 2. 5 2. 5 2. 6 Services 1119304 89. 9 1207873 90. 6 1297545 91. 2 1429293 92. 3 Note: Data is from Hong Kong Annual Digest of Statistics (2004-2008 Edition) edited by Hong Kong Census and Statistics Department. Data unit is in million terms and ratio unit is %. Besides, * represents the comparison had less than 0. 05% is in the total economy The services sector becomes the principal source of employment. The employment share of the services sector in total employment has increased moderately over the past decade, from 79. 8% in 1997 to 86. 6% in 2007. In 2007, the services sector as a whole engaged 3. 03 million persons out of the 3. 5 million overall employments. The services sector plays a significant role in supporting the growth of our external trade. In 2007, the value of exports of services reached $652 billion, representing an average annual growth rate of Proceedings of the 7th International Conference on Innovation Management  ·809 · 8. 6% over 1997. In 2007, merchant and other trade-related services was the most important major service group, contributing 30. 9% to the value of total exports of services. It was followed by transportation services and travel services, contributing 28. 6% and 16. 5% respectively to the value of total exports of services in 2007. In 1997, the respective percentage shares of these three major service groups in the value of total exports of services were 25. 6%, 30. % and 20. 8%. 2. 2 The structure of Hong Kong’s services industry sector Among the economic activities in the services sector, wholesale, retail and import and export trades, restaurants and hotels together contributed 27. 9% of the GDP in 2006, followed by financing, insurance, real estate and business services (25. 0%), community, social and personal services (18. 0%) and transport, storage and communications (9. 6%). Among them , financial services, trading, tourism and professional services are key industries in the Hong Kong economy. They have been the driving force of Hong Kong’s economic growth, providing impetus to growth of other sectors and creating employment. (1) Import and export trade . The import and export trade is the most important industries in Hong Kong’s service industry, has been playing an important role in the development of Hong Kong economy. The import and export trade produced a net output of HK$305. 1 billion in 2006, representing an increase of 39% over 1997. The ratio is the highest among all service industry. In 2007, there were 98 000 import and export trading establishments in Hong Kong, with 520 000 persons. At the same time, import and export trade sector is also directly promoting the development of other industries, such as logistics, transportation, business services and other services. Hong Kong’s import and export trade, including the visible trade and invisible trade two parts. The visible trade refers to the traditional commodity trade. In 2007, the value of Hong Kong imported and exported goods was $5,556 billion, representing an increase of 9. 8% compared to 2006. Hong Kong’s total exports of goods (comprising domestic exports and re-exports) in 2007 amounted to $2,688 billion, or increased by 9. % when compared with 2006. The value of imports increased by 10. 3% to $2,868 billion in 2007. With the value of total exports being less than that of imports, a merchandise trade deficit of $180 billion was recorded in 2007. In the import and export trade, the largest proportion of re-exports. This was largely attributable to the relocation of many local manufacturing ac tivities to the mainland of China. Quite a large amount of the goods produced in the mainland of China through the outward processing arrangement were sent back to Hong Kong and re-exported to other countries/territories. You read "Analysis of Hong Kong Economy During Financial Crisis" in category "Essay examples" During 1997 to 2007, the value of re-exports increased by 107%, while a decline of 48% was observed in the value of domestic exports. In 2007 the re-export trade to the mainland continued to grow rapidly. The invisible trade services are export and import trade of commercial services and financial services. While these services could be exported or imported by the import/export firms or companies in other sectors, most of the merchant and other trade-related services were exported or imported by import/export firms . In 2007, Hong Kong’s exports and imports of services valued at $652 billion and $322 billion respectively. Compared to 2006, exports and imports of services increased by 15. 4% and 11. 7% respectively. Net exports of services in 2007 amounted to $330 billion, this makes Hong Kong’s overall trade surplus of $150 billion. (2) Finance. Hong Kong is recognized as an international financial center, many multinational banks and financial institutions gathered here. The financial business is classified in detail, covering all aspects of the financial industry. Hong Kong three-tier system of deposit-taking institutions, namely licensed banks, restricted licensed banks and deposit-taking companies, known collectively as the authorized institutions. At the end of 2007, the number of authorized institutions stood at 200, comprising 142 licensed banks, 29 restricted license banks and 29 deposit-taking companies. 68 of them were incorporated in Hong Kong and 132 were incorporated outside Hong Kong. In addition, there were 79 representative offices of foreign banks coming from 27 economies/regions. As at end December 2007, 152 of the largest 500 banks in the world had a presence in Hong Kong. The value added generated by the banking industry amounted to $136. 5 billion, or 9. 6% of Hong Kong’s Gross Domestic Product (GDP) in 2006, representing an increase of 41. % compared with 1997. The development of the banking sector also promotes the development of other financial industries. In 2007, some 2 940 establishments and about 32 400 persons were engaged in the business. These included stock and share companies; commodity futures, gold bullion and foreign exchange brokers/dealers; stock, bullion and commodity exchanges; fund ma nagement companies; investment advisory companies; and firms providing other various financial services. The financial markets and asset management industry generated value added of about $59. billion, contributing to 4. 1% of Hong Kong’s GDP in 2006.  ·810 · Proceedings of the 7th International Conference on Innovation Management Hong Kong is also the Securities and Exchange Center and an important place for the mainland enterprises to raise funds. At the end of 2007, 1 048 companies were listed on the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEx), with a total market capitalization of $20,536 billion. Despite an increase of only 7. 5% in the number of listed companies, market capitalization was observed to rise 55. 0% over 2006. Since July 1993 when the first Chinese state owned company was listed on the HKEx through issuance of H shares, the role of Hong Kong as a major fund-raising centre for the mainland of China had become increasingly important. By the end of 2007, there were 146 H shares listed on the HKEx, with market capitalization of $5,080 billion. In addition, there were also 93 â€Å"Red Chips† companies and 200 private enterprises listed on HKEx. Hong Kong is one of the most active and liberal debt markets and a leading asset management centre in Asia. (3) Tourism . In 2007, 51 900 persons were engaged in industries closely related o tourism, such as hotels and travel agents and 315 300 persons in industries partly related to tourism such as restaurants, retailers, transport operators and other service providers serving visitors. In terms of economic contribution, inbound tourism and outbound tourism together generated $45. 3 billion value added and 176 300 job opportunities in 2006, or 3 . 2% of total GDP and 5. 2% of total employment of Hong Kong respectively. The number of incoming visitors in 2007 reached 28. 2 million, increased by 11. 6% as compared with 25. 3 million in 2006 and set the highest record for visitor arrivals in history. The mainland of China remained the major source market of visitors to Hong Kong since 1994. Visitor arrivals from the mainland of China reached 15. 5 million in 2007, accounted for 55. 0% of the total visitor arrivals, followed by South and Southeast Asia (10. 3%) and Taiwan (7. 9%). In addition, Hong Kong is Asia’s major trade exhibition and business conference center. A total of 218 conventions and 78 exhibitions with international participation were held in Hong Kong in 2006. (4) Professional service . The professional service is Hong Kong’s fourth-largest service industry. The professional services industry generated $40 billion of value added, or 2. 8% of Hong Kong’s Gross Domestic Product (GDP), in 2006 and provided job opportunities for about 106 000 persons in 2007. In 2007, there were about 13 500 professional services establishments, including 3 900 accounting, auditing and bookkeeping firms, 1 800 solicitor and barrister firms, 3 300 architectural, surveying and engineering firms and some 4 500 management consultant firms. The business receipts of professional services industry increased by 10. 7% in 2007 over a year earlier. The development of professional services industry over the past decade was quite remarkable. Number of establishments and persons engaged increased by 35% and 23% respectively between 1997 and 2007. During the same period, the total number of registered professionals also increased remarkably, with certified public accountants increasing at the fastest rate of 7. 3% per year on average. 2. 3 Manufacturing company is the support for the Hong Kong service industry In this paper, the Hong Kong Manufacturing Company refers specifically to the Hong Kong manufacturing companies in the mainland. The rapid expansion of Hong Kong’s service industries in the past two decades benefited from the development of the Hong Kong Manufacturing Company and the sub-contracting business model. In the late 80’s, under the pressure of high land prices, high rents, high labor costs, a large number of Hong Kong manufacturers shifted their production to the Mainland, where the land and labor costs were relatively low, in particular the Pearl River Delta in Guangdong Province. And because of the changes in the business, many original manufacturing companies become the service company. These companies transferred their manufacturing factories to the Mainland, and kept the headquarters and other high value-added services such as marketing, order processing, material procurement, design, packaging, logistics business in Hong Kong. This business model is known as â€Å"shop in front and factory in back† mode. At the same time, in order to adapt to the changes in international markets and increase exports, many traditional trading companies, set up manufacturing factories in mainland, and formed a sub-contracting operation mode. In the sub-contractors mode, products manufactured in the mainland branch companies, headquarters in Hong Kong focused its efforts on trade, market and management. This mode of operation combined the mainland companies’ low-cost production advantage and the Hong Kong trading companies’ familiar with the international market advantage together, promoted the expeditions of business of Hong Kong trade companies and improved their production efficiency. This production mode provided a strong support to the development of Hong Kong’s service industry. The financial crisis press great operating pressure to the Hong Kong Manufacturing Company. Mostly concentrated in the Pearl River Delta region, the types of these companies are sound equipment, electrical appliances, toys, clothing, footwear and other labor-intensive industries. The development of these enterprises is based on low labor and land inputs, production technology is very low. With the Proceedings of the 7th International Conference on Innovation Management  ·811 · labor, land costs rising substantially in the Pearl River Delta region, the ompetitive advantages of the Hong Kong Manufacturing Company decreased a lot in recent years. Under the impact of the financial crisis, there has an obvious drop in experts of these labor-intensive consumer goods. Many Hong Kong Manufacturing Companies face the problem of orders reduction, profit decline, and even bankruptcy. 3 Hong Kong’s Economic Problems under the Global Financial Crisis Table 2 1997-2007 Business Receipt s Indices 1997 2002 2003 2004 2005 2006 2007 Wholesale/Retail Import and export trade Restaurants Hotels Transport Storage Communications Banking Financing (except banking) Insurance 24. 4 107. 2 104. 7 99 61. 7 157. 1 127. 1 84. 1 79. 8 38. 2 88. 3 75. 5 94. 9 73. 1 68. 8 81. 1 96. 6 86. 4 56 59. 2 85. 8 80. 4 85. 7 58. 8 69. 1 77. 4 94. 3 86. 4 65. 7 70. 5 93. 8 90. 5 94. 3 81. 9 85 90. 6 95. 1 90. 2 87. 5 86. 2 100 100 100 100 100 100 100 100 100 100 100 100 100 100 107. 4 110. 2 109. 5 113. 7 110. 6 110. 2 100. 8 119. 5 147. 9 121. 3 99. 6 119. 6 114 109. 7 120. 6 119. 1 124. 2 131. 1 122. 6 127. 8 110. 8 165. 3 249. 7 156. 2 139. 3 135. 4 135. 4 117. 1 Real estate 135. 6 71. 5 75. 9 86. 2 Business 119. 7 87. 88. 1 95. 3 services Tourism 91. 5 75. 5 70 88. 5 Computer and 53. 1 63. 7 67. 3 81. 1 information services Note: Data is from Hong Kong Annual Digest of Statistics(2008 Edition) Statistics Department. Table 3 2005 edited by Hong Kong Census and 2005-2008 the variation rati o of Business Receipts Indices 2006 2007 2007 3 quarter 9 15. 1 8. 2 15. 4 15. 7 11. 7 11. 7 9. 7 47. 7 99. 6 42. 1 27. 7 2007 4 quarter 15. 5 17. 7 7. 6 14. 8 16. 5 14. 8 10. 3 16. 2 45 82. 9 35. 4 69. 5 2008 1 quarter 9. 6 17. 5 13. 2 16 9. 9 15. 9 10. 7 11. 2 6. 32. 8 11. 7 14. 5 2008 2 quarter Wholesale/Retail Import and export trade Restaurants Hotels Transport Storage Communications Banking Financing (except banking) Insurance Real estate Business services 5. 6 6. 8 10. 6 6 22. 1 17. 8 10. 4 5. 1 10. 9 14. 3 16 16 7. 9 7. 3 10. 2 9. 5 13. 7 10. 6 10. 2 0. 8 19. 5 47. 9 21. 3 -0. 4 10. 4 12. 8 8 13. 4 15. 2 10. 8 16 10 38. 3 68. 8 28. 8 39. 8 14. 1 14. 4 14. 6 15. 3 9. 6 11 3. 5 13. 5 -6. 8 4. 7 8. 3 10 Tourism 4. 9 19. 6 13. 2 11. 8 14 11. 5 10. 3 Computer and 12. 9 14 18. 7 18. 9 25. 4 14. 14 information services Note: Data is from Hong Kong Annual Digest of Statistics (2008 Edition) edited by Hong Kong Census and Statistics Department.  ·812 · Proceedings of the 7th Inte rnational Conference on Innovation Management Table 2 shows the revenue changes of the Hong Kong’s service industry from the 1997 Asian financial crisis. In the 1997 Asian financial crisis and the subsequent 2003 epidemic of SARS, Hong Kong’s service industry was particularly hard hit. Until 2006, the industry revenue was generally restored to the level of 97. Finance, insurance, transport, trade and other business incurred the largest loss. In February 2007, the U. S. sub-loan crisis happened, and the Lehman bank filed for bankruptcy in September 2008. The U. S. financial crisis intensified and developed into a global financial crisis. From the second half of 2008, the global financial crisis began to influence Hong Kong economy. This performance is particularly evident in the service industry. Hong Kong’s financial industry has been most affected. From Table 3 it can be seen that Banking and financial services industries are in the most affected after the financial crisis. There is a rapid decline in industry revenue. In the second quarter of 2008, banking industry even has the first negative growth since the past few years. At the end of the third quarter, because a lot of major financial institutions in the United States had been threatened with a bankruptcy, the global financial crisis became even more serious. The panic selling appeared in many countries’ stock market, Hong Kong was no exception. Hong Kong’s Hang Seng index plummeted by 15% in September, and fall 22% in October. The normal operation of Hong Kong’s capital markets has been seriously affected. The growth of other financial related industries, such as insurance, real estate and business services, had a slowed down significantly from the beginning of the second quarter of 2008. Import and export trade and related industries sectors have been affected in different degrees. The merchandise exports slowed down in the third quarter and only had a small increase. Even so, this was the worst performance since the first quarter of 2002. With the increase of global financial crisis, exports to other markets also had different degrees of slowing down. As a result, the growth of related industries, such as business service, trade service, transportation and storage service also slowed down slightly. Exports of services had maintained a steady increase in the financial crisis, but the growth rate was also smaller than the second quarter. The growth of tourism also had signs of deceleration and affect the growth of related industry, such as transportation, hotels, catering services, the number of visitors from long distance market decrease a lot, particularly the tourists from Europe and the United States. To face the challenge of financial crisis, the SAR Government has been actively responding well to prevent the spread of financial risks. From the beginning of the sub-loan crisis in the United States, in order to ensure stability of the financial system, the Hong Kong Monetary Authority introduced a number of measures to alleviate the pressure on banks and provide necessary assistance to the banks. Securities and Futures Commission and the Insurance Supervisory Commission also had made action to strengthen the protection of investors and policyholders. At the same time, most Hong Kong’s local financial institutions’ participation in directly investment to the US sub-loan is limited in small scale. The local banking system remains steadily without be directly effected by the sub-loan crisis. Benefit from the economic development of the Mainland, Hong Kong’s service industries is also faced with new opportunities in the global financial crisis. For example, supported by the growth of trade in the Mainland, offshore trade growth was still significant. Although 2008 is the â€Å"Olympic Year†, but the mainland tourists to Hong Kong remained a high-speed growth. In the third quarter of 2008, the Mainland tourists to Hong Kong wad still higher than last year, an increase of 9. 4%. Individual Visit Scheme is one of the bright spots; the visitors in accordance with this scheme had a further rise in the third quarter, the ratio wad 14. 5%. These factors effectively guaranteed the smooth operation of Hong Kong’s service industries. At the same time, the ten naturalization industry plan in the mainland had already been introduced. The mainland accelerated the pace of industrial upgrading and began to support the development of high-tech industry. These policies provide a good environment for the Hong Kong companies in mainland to upgrade their technological level and achieve their own industrial upgrading. Based on the above analysis, the challenges faced by Hong Kong’s economic in the financial crisis can be summarized into the following three aspects: (1)financial sector’s profits decline a lot, related sector’s services business reduces. 2) The trade and service market in Western countries shrink. 3 Hong Kong Company in mainland operates difficultly. Hong Kong economy is facing the opportunity for: the steady development of the Mainland economy and the acceleration of the industrial upgrading. Therefore, in order to face the challenge of the financial crisis, it is important for Hong Kong service companies to expand business in the Mainland, and to Hong Kong companies in mainland to enh ance the productivity. Proceedings of the 7th International Conference on Innovation Management  ·813 · 4 Conclusions Through the above analysis, this paper can be drawn the following conclusions: (1) The a major problem of Hong Kong economy is decline in financial sector profits and trade volume with Western developed countries. (2)The expansion of demand of the Mainland market is the most important opportunity for Hong Kong’s economic development. (3) Hong Kong economy has great demands for information technology, electrical and electronic technologies, manufacturing technology. To ensure sustainable development of Hong Kong economy, it is very important to promote scientific and technological development. References [1] Yang Xue. The Analysis of the Scientific and Technological Needs Based on Micro-macro System[J]. Social Science Frontier, 2008, (10): 241(In Chinese) [2] Guo Kasha, Wang Wenlong. Science and Technology Needs Analysis of Chinese High-Tech Industry[J]. Economic Review, 2004, (8):198(In Chinese) [3] Wu Jiapei, Wang Changsheng. Science and Technology Needs Analysis of the New Road to Industrialization[J]. Science Technology and Economy, 2005, (4): 4(In Chinese) [4] Li Jianhua, Cheng Baoying, Yang Xue. Analysis on Demand of Science and Technology Effected by Informatization During New Industrialization[J]. Information Science, 2004, (8): 903(In Chinese) How to cite Analysis of Hong Kong Economy During Financial Crisis, Essay examples

The Farmers Wife Directed by Hitchcock Essay Example For Students

The Farmers Wife Directed by Hitchcock Essay Alfred Hitchcock is known for his psychological thrillers, such as Vertigo, Psycho, and Rear Window. Many people over look his earlier silent films he made while he was with British International Pictures (BIP). His early works would be unrecognizable to those who only associate Hitchcock thrillers. During his tie with BIP Hitchcock filmed a number of comedies. One of those comedies being The Farmer’s Wife a play written play Eden PhillPotts, what can be described as an early romantic comedy about a widowed farmer in his search for a new bride. Samuel Sweetland is a widowed farmer. The film starts with his wife’s death. As time has passed the film moves to Sweetland’s daughter’s wedding day. Even though the wedding is a happy affair Sweetland cannot help but feel sad. He is flooded with memories of his wife. After the festivities are over and he as said goodbye to everyone Sweetland decides it’s about time he remarried. He calls in his housekeeper Minta to consult with him about his prospects. They both make a list of the four eligible women who live in town; Louisa Windeatt (a widow like Sweetland), Thiza Tapper, Mary Hearn and Mery Bassett. With his list in hand Sweetland eagerly rides to Widow Windeatt’s house to make his proposal. When Sweetland makes his proposal she simply tells him that she is too independent a women for him. Sweetland quickly goes from hopeful to angry at the rejection and leaves the house. Moving on to the next name on his list Sweetland then proposes to Thiza Tapper. Invited to her house for a party he arrives early to make his proposal. Tapper rejects his proposal as well. Just as he did with Widow Windeatt his anger comes out at the rejection. After that transpired the guests start to arrive, and among them is Mary Hearn. Jumping at the opportunity he proposes to Hearn. Following suit Hearn rejects him as well. In a last ditch attempt to save his pride Sweetland goes to the last woman on his list, Mery Basset. Failing a fourth time Sweetland then reveals to Minta that he is giving up on his search for a wife. Concerned for him Minta takes a seat opposite him in his wife old chair trying to come up with more possible women to marry. Seeing Minta sitting in his wife’s chair Sweetland realizes that he is in love with Minta and proposes to her. The film’s set had a very innovative design compared to the other films made at the time. The interior set was a composite set built comprising practically the whole of the Sweetland’s farmhouse. (Philips, 43) This allows the filming in the house to feel very fluid. The actors move about the house as if it were real. In the beginning of the film while Sweetland and his daughter are getting ready for her wedding Minta is moving through the house to help the both of them get ready. Sweetland is dressing in his room upstairs while his daughter is preparing to leave downstairs. The shots tracking Minta throughout the house flows together effortlessly. The set â€Å"allow the camera maximum fluidity of the scenes from taking on a static quality. Hence the film’s adroit camera work, both in the studio and on location, testifies that The Farmer’s Wife is much more than the filmic record of a theatrical talk piece it’s director mistakenly labeled it to be,† (Philips, 44). It can be difficult adapting a performance that was meant for the stage to film. There is no exterior when it comes to a stage production. Hitchcock has plenty of exterior shots of the English countryside. Film Analysis The Life of David Gale EssayHitchcock did not use many intertitles in this film despite all of the dialogue that seems to be going on. â€Å"Considering how talky the Eden Phillpotts play, it is doubly impressive that there are so few intertitles. Instead – visual storyteller that he instinctively was – Hitchcock found images to convey emotions,† (Spoto, 16). Having only used the dialogue that was important, the rest of the script is not necessary. What can be perceived as an uncompelling narrative from the original stage production, Hitchcock fashion a wonderfully funny that is not afraid to be tender (Spoto, 15). When Sweetland makes his final proposal to Minta. This last proposal is the only one that is genuine. All of the other Sweetland made were very impersonal. He went into each proposal as if the answer was guaranteed to be a â€Å"yes†. After he has been humbled by so many failed attempts Sweetland finally makes an honest proposal to the one woman who has taken care of him since his wife passed. Towards the end of the film when Sweetland is reflecting on his possible prospects, he imagines each of them sitting in the chair that used to be occupied by his wife across form him. This technique was done by double exposing the film with each woman in the chair rejecting his proposal. Interrupting his thoughts Minta sits in the chair trying to offer him some comfort. It is at that moment Sweetland realizes that Minta belongs in that chair with him. Hitchcock manipulates the images so that we identify what the person thinks or imagines. This provides the audience with the point of view and the subjective mental state of the character, (Jensen, 53). At the end of the film you see the development that Sweetland has made as a character. He starts off his venture full of arrogance and pride. He foolishly believed that his prospective mates would automatically say yes without consideration to their thoughts on the subject. To a slightly softer compassionate man who no longer views himself as the most eligible bachelor of his town. Hitchcock’s use of camera really gives you a sense of the perspective of the characters. The film starts out a little heavy with the death of Sweetland’s wife but picks up immediately after. Through all of the antics in the film, â€Å"The Farmer’s Wife transcends its origin in the bucolic comedy to become an examination of marriage,† (Jensen, 54). Bibliography: Jensen, Paul M. Hitchcock Becomes Hitchcock: The British Years. Baltimore, MD: Midnight Marquee, 2000. Print. Phillips, Gene D. The Twenties: The Silent Years. Alfred Hitchcock. Boston: Twayne, 1984. 43-44. Print. Spoto, Donald. The Art of Alfred Hitchcock: Fifty Years of His Motion Pictures. New York: Doubleday, 1992. Print.

Research Methodology free essay sample

The term research refers to the systematic method consisting of enunciating the problem, formulating a hypothesis , collecting the facts or data , analyzing the facts and reaching the certain conclusions either in the form of solutions toward the concerned problems or in certain generalizations for some theoretical formulations It is actually a voyage of discovery Research Purposes To gain familiarity with a phenomenon or to achieve new insights into the object-( termed a exploratory or formulative research studies) To portray accurately the characteristics of a particular individual , situation or a group- termed as descriptive research studies. To determine the frequency with which something occur s or with which it is associated with something else (studies with this object in view are knows a s diagnostic research studies To test a hypothesis of a causal relationship between variables (such studies r known as hypothesis-testing research studies Significance of Research In the field of applied economics whether related to business or to the country as a whole. We will write a custom essay sample on Research Methodology or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page – increasingly complex nature of business , as an aid to economic policy both for government and business. Provides the basis for nearly all government policies in our economic system- govt. budgets, basis for policy development Special significance in solving various operational and planning problems of business and industry . operational research, marketing research. and along with motivational research is considered crucial that results in business decision making. Equally important for social scientists in studying social relationships and seeking answer to the various social problem. Basic Types of Research Descriptive vs. Analytical: Descriptive research includes surveys and fact-findings enquiries of different kinds for the purpose of description of the state of affairs as it exist at present. Case Ref: HRM Practice in Grameen Phone for Employee Retention On the other hand Analytical research use facts or information that already available , and analyze these to make a critical evaluation of the material. Case Ref: Performance Measurement or business and its activity. Applied vs. Fundamental: Applied research aims at finding a solution for and immediate problem facing a society or an industry or business. , Case Ref: Applied research in complex accounting and reporting issue Where as fundamental research is mainly concerned with generalizations and with the formulation of a theory. Case Ref. Educational Research Quantitative vs. Qualitative: Quantitative research based on the measurement of quantity or amount. Case Ref. Population Survey or CENSUS Qualitative research is concerned with qualitative phenomenon, i. e. . Relating to or involving quality or kind ex. Case Ref. Population Survey, Human behavior or job satisfactions. Concept vs. Empirical: Conceptual research is related to some abstract ideas or reinterpret existing ones. Case Ref. New Product / Business Development On the other hand Empirical research relies on experience or observation alone Case Ref. Empirical Inquires and Investigation on various case Study. Others Research: Field research, laboratory research, historical research etc. Research Methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically, where we study the various steps or that are generally adopted by a researcher in studying the problem along with logic behind them. The researcher should know not only the methods/technique but also the methodology. Researcher not only need to know how to develop certain indices or tests, how to calculate the mean, median, mode, SD but they also need to know which of these methods or techniques are relevant and which area not, and what would be mean and indicate to take decision / action under certain criteria/assumption or standard. All this means that are necessary for the researcher to design his methodology for his problem as the same may differ from problem to problem Scope of Research Methodology The scope of research methodologies includes research methods and the logic behinds the methods we use in the context of our research study and explain why we are using a particular method or technique and why we are not using others so that research results are capable of being evaluated either by the researcher himself or by others. Why a research study has been undertaken? How the research problem has been defined? In what way and why the hypothesis has been formulated ? What data have been collected and why particular method has been adopted, what particular technique is used n similar other questions are usually answered when we talk of research methodology concerning a research problem or study ? Qualities of Good Research Good research is systematic : that is structured with specified steps in a sequence as defined set of rules. Good research is logical: that is logical reasoning and logical process or great value in carrying out research. Logical research makes research more meaningful in the context of decision making. Good research is Empirical: related to one or more aspects of a real situation and deals with concrete data for external validity purpose. Good research is Replicable: Research results to be verified by replicating the study and thereby a sound basis for decision. PROBLEM FACED IN RESEARCH lack of scientific training in the methodology of research Insufficient interaction between the university research departments Lack of confidence on researcher due to misuse of core information Researcher studies overlapping one another are undertaken quite often for want of adequate information. There doesn’t exist a code of conduct for researchers and inter-university and inter departmental rivalries are also quite common. Lack of adequate and timely secretarial assistance There is also the difficulty of timely available of published data from various government and other agencies. Case Ref: HRM Practice in Grameen Phone for Employee Retention Problem Statement strong competition in Business (Inter/Nationally) especially cause of scarce high education talent, and makes employee retention a significant move in keeping competitive Edge. Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their job An effective human resource management practices namely employee empowerment, training and development, appraisal system compensation are the main factor for the success of a firm on employee retention Quantitative data was collected using the non probability self administered questionnaire that consist of questions with 5-points Likert scales distributed to our samples of 278 individuals. By using a Multiple Regression Analysis, it is found that, training and development, appraisal system, compensation package are significant to employee retention except employee empowerment Employees are the backbone of an organization. Hence, the retention of the employees is important in keeping the organization on track. In order to retain the best talents, strategies aimed at satisfying employee’s needs are implemented, regardless of global companies or small-sized firms. Hypothesis Of Study Employee Training H0: There is no significant relationship between employee training and employee retention. H1: There is significant relationship between employee training and employee retention. Appraisal System H0: There is no significant relationship between appraisal system and employee retention. H1: There is significant relationship between appraisal system and employee retention. Employee Compensation H0: There is no significant relationship between employee compensation and employee retention. H1: There is significant relationship between employee compensation and employee retention. Employee Empowerment H0: There is no significant relationship between employee empowerment and employee retention. H1: There is significant relationship between employee empowerment and employee retention. According to the model summary above, the R square value had gain 0. 680, which is 68 percent. These mean that 68% of dependent variable of retention can be explained by it 4 independent variable. The independent variable refer to include employee empowerment, compensation, training and appraisal system in this research, it will conclude that 32% (100% 68%) of dependent variable of retention is explained by other potential factors. The value of adjusted R square with value of 0. 463 which 46. 3% represented the significant contribution of the 4 independent variable toward dependent variable. Table ANOVA Model Summary Table at above determine satisfactory result as the significance level of the model is not over or smaller than 0. 05. Thus, model that used in this research is good. Multiple Regression Analysis Table . Multiple Regression Coefficient Multiple Regression equation: Y= C + ? X1 + ? X2 + ? X3 +†¦.. + ? Xn Y= Prediction relationship of types of variables toward retention. C= Constant value. ?= Unstandardized coefficient. X= Dimension of independent variable (employee empowerment, compensation, training and appraisal system). Based on the above table, we able to derive the following equation: Y= 0. 577 + 0. 047X1 + 0. 413X2 + 0. 155X3 + 0. 262X4 This can be interpreted that the increase of 1 unit of employee empowerment (X1) may incur the raise of 0. 047 units in retention (Y). However, for the independent variable of compensation, every 1 unit of increase will incur the raise of 0. 413 units in dependentvariable, retention. On the others hand, 1 unit increase in training may cause 0. 155 units of retention to increase. Finally, appraisal variable also have a constant relation with retention, it is every 1 unit increase in appraisal with incur the raise of 0. 262 units in retention. The highest beta indicates the independent variable is the most significant variable toward it dependent variable. From the table above, the independent variable of compensation has the highest positive beta of 0. 378, this mean that the independent variable of compensation has contribute the most and has stronger effect toward the retention if compare to others independent variable. Discussions on Major Findings Hypothesis Result Supported H1 : There is significant relationship between employee empowerment and employee retention. r =0. 417 p=0. 454 (p 0. 05) No H2 : There is significant relationship between employee compensation and employee retention. r = 0. 608 p = 0. 00 (p 0. 01) Yes H3 : There is significant relationship between employee training and employee retention. r = 0. 485 p = 0. 013 (p 0. 05) Yes H4 : There is significant relationship between appraisal system and employee retention. r = 0. 579 p = 0. 00 (p 0. 01) Yes The findings found from this study will be particularly useful for top organization to understand how they can do better to improve their employee retention strategy. the study provide empirical evidence that supports all the above independent variables to be significantly affecting the employee retention. As what the study has shown, there are significant relationship between the factors of training, compensation and appraisal on Employee retention. However, the factor of empowerment is not so significantly related to employee retention as founded from this study. This reflects the major finding of this study on how different culture might have different expectation on determining their employment satisfaction and retention.

Human Immunodeficiency Virus Essays - HIVAIDS, Lentiviruses

Human Immunodeficiency Virus Essays - HIVAIDS, Lentiviruses Human Immunodeficiency Virus The topic of this paper is the human immunodeficiency virus, HIV, and whether or not mutations undergone by the virus allow it to survive in the immune system. The cost of treating all persons with AIDS in 1993 in the United States was $7.8 billion, and it is estimated that 20,000 new cases of AIDS are reported every 3 months to the CDC. This question dealing with how HIV survives in the immune system is of critical importance, not only in the search for a cure for the virus and its inevitable syndrome, AIDS (Acquired Immunodeficiency Syndrome), but also so that over 500,000 Americans already infected with the virus could be saved. This is possible because if we know that HIV survives through mutations then we might be able to come up with a type of drug to retard these mutations allowing the immune system time to expunge it before the onset of AIDS. In order to be able to fully comprehend and analyze this question we must first ascertain what HIV is, how the body attempts to counter the effects of viruses in general, and how HIV infects the body. Definition HIV is the virus that causes AIDS. HIV is classified as a RNA Retrovirus. A retrovirus uses RNA templates to produce DNA. For example, within the core of HIV is a double molecule of ribonucleic acid, RNA. When the virus invades a cell, this genetic material is replicated in the form of DNA . But, in order to do so, HIV must first be able to produce a particular enzyme that can construct a DNA molecule using an RNA template. This enzyme, called RNA-directed DNA polymerase, is also referred to as reverse transcriptase because it reverses the normal cellular process of transcription. The DNA molecules produced by reverse transcription are then inserted into the genetic material of the host cell, where they are co-replicated with the host's chromosomes; they are thereby distributed to all daughter cells during subsequent cell divisions. Then in one or more of these daughter cells, the virus produces RNA copies of its genetic material. These new HIV clones become covered with protein coats and leave the cell to find other host cells where they can repeat the life cycle. As viruses begin to invade the body, a few are consumed by macrophages, which seize their antigens and display them on their own surfaces. Among millions of helper T cells circulating in the bloodstream, a select few are programmed to ?read? that antigen. Binding the macrophage, the T cell becomes activated. Once activated, helper T cells begin to multiply. They then stimulate the multiplication of those few killer T cells and B cells that are sensitive to the invading viruses. As the number of B cells increases, helper T cells signal them to start producing antibodies. Meanwhile, some of the viruses have entered cells of the body - the only place they are able to replicate. Killer T cells will sacrifice these cells by chemically puncturing their membranes, letting the contents spill out, thus disrupting the viral replication cycle. Antibodies then neutralize the viruses by binding directly to their surfaces, preventing them from attacking other cells. Additionally, they precipitate chemical reactions that actually destroy the infected cells. As the infection is contained, suppresser T cells halt the entire range of immune responses, preventing them from spiraling out of control. Memory T and B cells are left in the blood and lymphatic system, ready to move quickly should the same virus once again invade the body. In the initial stage of HIV infection, the virus colonizes helper T cells, specifically CD4+ cells, and macrophages, while replicating itself relatively unnoticed. As the amount of the virus soars, the number of helper cells falls; macrophages die as well. The infected T cells perish as thousands of new viral particles erupt from the cell membrane. Soon, though, cytotoxic T and B lymphocytes kill many virus-infected cells and viral particles. These effects limit viral growth and allow the body an opportunity to temporarily restore its supply of helper cells to almost normal concentrations. It is at this time the virus enters its second stage. Throughout this second phase the immune system functions well, and the net concentration of measurable virus remains relatively low. But after a period of time, the viral level rises gradually, in parallel with a decline in the helper population. These helper T and B lymphocytes are not lost because the body?s ability to produce new helper cells is impaired,

Supervisory Management Coursework Example | Topics and Well Written Essays - 4750 words

Supervisory Management - Coursework Example But at times when they make decision-making errors and then further they fail to handle the problem. The biggest reason behind their premature attitude is that they do not follow the proper "Decision Analysis Process" or the "Problem Solving Process". That is they firstly fail to recognize the problem, i.e. the manager fails to analyze the problem in detail and then does not allocate number of solution to it. Further, then the manager should decide one solution that perfectly matches and provide the best possible advantage. Further after the decision is made and the course of action is done a proper feedback is necessary to judge its effectiveness and then finally judge the impact of each decision on the problem itself or evaluate the result. Apart from the process the manager himself should have the major characteristics like the overall managerial leadership skills, good relationship with higher level executives and the peers or subordinates, effectiveness in management practices and they solve problems and gain their achievable goals. 2. Discuss the following statement: It's better for a manger to try to carry out a poor decision for the sake of worker confidence. You can't build worker confidence by continually admitting the poor decision you make. The workers or the labor force confidence in the business or in the management is really important because if these workers will be motivated towards their job it would lead to higher productivity and a good repute for an organization. Because when a worker will be given high incentives and his those strategies would be adopted that would increase the workers belief, it would lead to employee loyalty and there would be less chances of switching, low absenteeism, low turnover and would ultimately lead to satisfied and productive workers. While, if the manger is trying to satisfy the workers it could also result in company's low profits and revenue, and the basic motive of the profit organizations is to increase their productive capabilities so they can enjoy higher turnover. But is the manager fails and keeps making such decisions that would be damaging for the organization and would ultimately be a poor decision. Hence, the manager should adopt such strategies and decision that prov e to be benefit for both the organization and the workers so that both could be equally satisfied and best results could be achieved. 3. What are the pros and cons of decisions made by groups such as committees and tasks forces as compared to decisions made by one person Decision making is one of the most critical and tricky work and decisions are made on daily basis both by groups as well as individuals. There are certain advantages in both the two types, but decision made by groups hold more importance because working in group combines strength, skills among all the members and therefore it would lead to a better performance as compared to individual. Because an individual when making a decision would only look at one factor which he would consider right and he alone could not think of all other factors that could result in a specific problem. This states that a group leads to diverse and innovative ideas. Group decisions are also free from biasness because it requires every group member contribution while an individual decision could be affected by personal belonging or

About Gallos theory Essay Example | Topics and Well Written Essays - 1000 words

About Gallos theory - Essay Example This bring of board Gallos four-dimensional diagnostic theory which proposes for a multi-pronged approach to organizational diagnosis, change anddevelopment Organizations can be understood as families, machines, a theater or even a jungle. In line with this view, it can then be argued out that organizations are ordinarily characterized with complexity. This therefore necessitates for a diagnostic model to be brought on board to assist in better comprehending this complexity. One of the theories used in shading light to organizational complexity is Gallos’ four-dimensional diagnostic model. Undeniably, organizations have complex dynamics. Besides being obliged with the reframing role in those organization development works which are seemingly effective, the aforementioned model also makes an exploration the various avenues through which the multi-frame model can be employed for purposes of expanding perceptions of the organization’s stipulated change, development and intervention strategy. This brings to our attention the aspect of organizational theory. By definition, organizational theory denotes the study of the structur es, designs as well as relationships of an organization with the external environment. Organizational theory encompasses the strategies that organizations embark on so as to comfortably cope up with changes taking place within and around the organization. In addition, organizational theory (OT) also entails the study of an organization so that the organization in question can be in a better position to reap from the identification of a shared theme of purpose, maximize productivity and efficiency and at the same time ensure that it satisfactorily meets the stakeholders’ needs. Notably, the principal traditions in organizational theory fall into four discrete areas, commonly known as frames. These frames include organizational structure, political dynamics, human resource and

The Impact Of Social Media Media Essay

The Impact Of Social Media Media Essay In the era of everything instant, the perception of living life has dramatically changed. From the perspective that life is to too hard to live, it has now become an adage that life is easy and living it is should be much easier. Thanks to the comfort of modern technology and globalization, people are becoming more interconnected and interdependent. One of the great features of the unprecedented rise of the global cultures is attributed to the revolution of the Internet and social media. Almost everything has become so easy and so instant. Currently, the worlds by which define our reality have been changed by social media. We can do anything and everything through a globally wired network that enables instant communication. Socialnomics is the value created and shared via social media and its efficient influence on outcomes (Qualman 2010, p. xxi). Moreover, socialnomics is a revolution driven by people and enabled by the social media. A case in point is the most popular social networking site called Facebook. According to a blog in Birds Eye Media (2010), Facebook recently celebrated its six-year online presence. Its growing presence has enabled people to communicate more freely and have access to news and important updates. Information exchange occurs within and among the people we interact with in this new media platform. It provides the opportunity to reconnect with friends and loved ones. Social media works like a digital word-of-mouth where information dissemination is just a click away. In this age of globalization, social media networking has significantly altered the way we view realities and handle our relationships with other people. The Impact of Social Media Social media affects the way we write and speak the written word (Sherman 2010). Sherman noted that writing is more concise because the presence of a limited character spaces in Facebook and Twitter. People are challenged to convey their message to friends and the world within a 140 character limit. The task of writing something in a shorter and concise manner in Facebook as well as in SMS has changed how we communicate using different spellings and abbreviations (Sherman 2010). In another website article, Laurie (2010) cited six aspects in which social media has arguably made permanent effects on the lives of the people and the manner in which it is lived. The first aspect is child literacy. Children of today are more literate than in previous years, according to a survey made by The National Literacy Trust where over 3000 children were included. It was observed that a correlation existed between childrens engagement in social media and literacy. Today, even school-age children have active Facebook profiles. This has become a major turning point as users of social networking media vary from the very old to the very young. Social networking has enabled easy access for children in searching for answers on educational or social questions and in sharing what they know by posting links and videos gathered from the Web. Secondly, social networking has led to ambient intimacy since it allows people to be in touch with loved ones with a different level of regularit y which people would not normally have access to. Communication has become so ambient that we can use it wherever we want it. Facebook culture paved the way for the development of new levels of behaviors in relationship in general. Moreover, relationship statuses can be instantly changed and somehow be regarded that relationships can be had easily. It also becomes a venue for groups and various advocacies to form a niche and have their own chatroom and discussion board. In this manner, information is spread like a viral infection. Another aspect of change impacted by social media is the evident accessibility of knowledge (Laurie, 2010). The quote knowledge is power applies greatly in this Information age. The way information is produced and shared has changed with the advent of the Internet. Instant information can be viewed from popular search engines and knowledge in this manner has become a collaborative effort. The same thing with the advancement in the literacy level of children, anyone can be as knowledgeable as the person speaking in front of a lecture. Our own desire for knowledge is there and we can only ask ourselves if we want it (Laurie 2010). Social media has also reinvented politics (Laurie 2010). Accordingly, younger people are encouraged to be actively participating in matters of politics. Obamas successful election was helped by the proliferation of advocate groups created in support of his candidacy. Different countries used the networking culture to share their political ideologies via Facebook. Fan pages where created where the number of likes is akin to the number of hits in YouTube. This also enables the exchange of dialogues between politicians and the common citizen. Someone can just post a comment and share his sentiment over a wall in a Facebook page and this could be read by all. All these are just signs of the influence of social media in politics and it is not surprisingly increasing from users all over the world. Marketing in the age of Facebook has greatly contributed to the immense popularity of products advertised on it. Businesses now are compelled to engage in social media for marketing and advertisement because the economic potential of social media increases marketability in an easier and cheaper manner (Qualman 2010). Subscriptions to costly newspapers are not relevant when consumers are pushed to a timelier and free service in the net done at the comfort of your home or in the exact point where you are. Marketing and advertising is transforming itself from an industry reliant on mass market channels to one which must embrace the power of the consumer and attempt to engage in conversations (Has Social Media Changed Us 2010). While advertising is not a dying industry, is has changed dramatically in its platform and in that consumers now have the power. The last areas in which Laurie (2010) addressed on the effect of social media is the usage of the news as a cultural currency. Consumers are viewed as active participants of the network created. News can be gathered and can be passed around people within the network. Facebook is a perfect example of this tool as it is our tendency to connect first with our loved one and the people we encounter on a daily basis. Faster than the speed of light, gossip can be spread easily, status updates can be a source of a heated online argument where everyone on the network can track and read the long thread of dialogue. With all these, we have become more sociable, and somehow it is making us an epitome of social (Laurie 2010). Greene (2010) stated that social media has changed the lives of people in three ways. The idea of traditional media being replaced by social media makes it a biased look on how this revolution changed lives. Older people need not be scared of these new social media as the assimilation of both can be done without hints of failure because this is the direction our world is heading (Greene 2010). Moreover, the possibility of making friends around the world other than your workplace opens up your horizons to a better understanding of how to live in the 21st century. That is what Facebook does. Making friends and socializing becomes much easier compared to outside of the networking world. Some may be apprehensive but others are learning the ways and means on becoming more socially active and visible. Engaging social media encourages conversations and exchanges of ideas. A timid person who is afraid to say his opinions can now share his side without the fear of talking to someone in person al way. The efficiency of work and the level of productivity has also increased with the use of social media (Greene 2010). Cohen and Feld (2011) stated that social media has made business world more collaborative, fun and dynamic for everyone. But a level of inclusivity is on the rise in the exclusive world of networking (Greene 2010). The last important area which Greene (2010) tackled was the death of privacy. Today, 92 percent of two-year olds have an online record in the United States. Everything in life can be archived as the years pass. The issue of privacy is a matter that was taken seriously by Facebook administration as well as other popular networking sites. It is an advantage to take a look at the disclaimers popping out when creating an online account as this could cost someones private life. Privacy settings can be changed and the level of privacy in Facebook can be customized according to your restrictions. Even reporting abuse and fraud is incorporated in the interface of the networking sites so that people can block and delete hasty, violent and abusive language. As quoted from Brian Solis, we are entering an era of publicness or publicy, where are solely responsible for creating and defining our online persona (Greene 2010). Casciato (2010) believes that social media has changed the way social discourse is made between and among individuals. Conversations on the Internet are mediated and are available in real time. Social media allows one to make status updates, tweets, and blogs and text messages, without worrying about traditional social conventions such as dress. Conversations initiated over Facebook allows one to interact with another person from another part of the globe even in ones underwear. Social labels have also been change because of social media. In the past, people who are glued to computers for more than the 8 hour a day requirement for jobs are either labeled as geeks or nerds. Nowadays, being cool is being equated to how much time you spend on Facebook and how updated you are in posting status, pictures, or links. Moreover, the dynamics in Facebook can be considered narcissistic because speaking in the third person while updating what you are doing, feeling, or thinking is like staging o nes own reality show (Casciato 2010). Social media networking has also changed the way personal relationships are handled. Casciato (2010) stated that breaking up in the digital age has become unbelievably messy. The dilemma of removing someone from the network friends list, untagging someone from a post in order to separate ones identity from a past love would create a heavy burden of distinguishing reality from the virtual world. Social media has also made an impact on workers productivity. Procrastination in the workplace has become efficient ever since social media networking sites became popular (Casciato, 2010). The first thing that occupies the mind at work is to check and update ones status in Facebook. Meanwhile, features have a tendency to distract, whether it is a chatbox that pops up and engages you in a conversation or a red notification flag which appears to tell you that somebody posted on your wall. The cycle eventually goes on with hours of productivity lost in the process (Casciato 2010). Conclusion Social media or the so-called Facebook effect has changed how we socialize, gather information, and work in many ways. Communication, literacy, business and marketing, relationships, politics and culture are the key areas noted to have been greatly affected by this vast and growing social media hype. It has become a company that has changed social life in the United States and around the world (Kirkpatrick 2010). It has been visible and powerful in shaping how we look at the world. While it has its numerous benefits, social media should be used responsibly without disregarding the basic principles of ethical conduct.