Crude Oil - turning oil into gas.
Crude Oil Petroleum also known as crude oil, naturally occurring oily is a bituminous liquid composed of organic chemicals. Petroleum means rock oil, from the Greek petros (rock) and oleum (oil). It occurs in the earth in liquid, gaseous or solid forms. The term is usually restricted to the liquid form, commonly called crude oil but as a technical term it also includes natural gas and the viscous or solid form known as bitumen. Petroleum is a complex mixture of organic liquids consisting of hydrocarbons (compounds composed mainly of hydrogen and carbon with some nitrogen, sulphur and oxygen). Petroleum is formed under the earth's surface by the decomposition of marine organisms. The remains of tiny organisms that live in the sea, that are carried down to the sea in rivers and of plants that grow on the ocean bottom are enmeshed with the fine sands and silts and settle to the bottom in quiet sea basins. Such deposits that are rich in organic materials become the source rocks for the generation of crude oil. The process began millions of years ago and still goes on today. Trapped in fine-grained sediments, the remains are cooked by the heat of the earth to produce oil and gas. Once the petroleum forms, it flows upwards in the earth's crust because it has a lower density than the constituents of the earth's crust. When petroleum is trapped, a reservoir of petroleum is
Economics of economic growth
Macroeconomics of Economic Growth Coursework 2007 By Ravi Waghela URN: 1455303 . True The Solow growth model is a model that shows the effect of savings rate, depreciation and capital accumulation on economic growth. At the steady state savings equals the depreciation rate of capital. The main weakness of the simple Solow growth model is that at the steady state there is no sustained growth in per capita terms. When investment equals depreciation, the economy hits a steady state. k=sf(k) - (n+ ?)k where k =0 so therefore sf(k) = (n+ ?)k and growth in output per capita is Zero y/y = 0 Relaxing this assumption of diminishing returns would mean that f(k) would not be concave and in fact would be a straight line and therefore sf(k) would be a straight line. This would never cross (n+ ?)k and a steady state would never be achieved and that capital per capita will increase. Solow growth model does not explain the growth rate of an economy so relaxing the assumption shows how an economy grows. This is not an ideal way of solving the problem, but nonetheless is a quick fix. Sustained growth occurs in the presence of technological progress. 2. False If all countries are on the same production function and are at the steady state. The differences in output and capital will be due to different savings rate. Country 1 with a low savings rate will be on a lower steady
The Global Economic Crisis. The present project analyses different approaches of the crisis management in some of the most affected industries and countries. Moreover, the strategies used by some big companies and the measures some governments took durin
ACADEMIA DE STUDII ECONOMICE DIN BUCUESTI FACULTATEA DE ADMINISTRAREA AFACERILOR IN ENGLEZA SESIUNEA DE COMUNICARI STIINTIFICE The Economic Crisis "The perfect storm" which creates "an opportunity riding the dangerous wind" COORDONATOR, Prof. Dr. Marta Christina Suciu Nicoleta Rosu Andreea Pirvu Magda Ungureanu Aurelia Scarlat Ana Maria Tudose Alexandra Prunel Ecaterina Mustea Adrian Salcu Bucuresti PRESENTATION OF THE TEAM "We like having fun, but when it comes to work we try to do our best."1 ANDREEA PIRVU, 19 years old "I chose the introductory part of the project because I wanted to conduct a comparative research of the economic crisis, in order to find proper lessons that could be learned from the past." MAGDA UNGUREANU, 19 years old "I wanted to find out more about the root causes of the economic crisis and that was what inspired me to contribute to the introductory part." ADRIAN SALCU, 19 years old "I chose the case study about Greece because I was extremely impressed by their poor crisis management and I was also curious how they got in such a mess." ALEXANDRA PRUNEL, 19 years old "The reason why I decided to write about China was that I consider it to be a very good example for their way of handling the global recession." NICOLETA ROSU, 19 years old "I chose Groupon as my case study for I consider it a successful entrepreneurial model
Explain what an optimal currency area is - Would the UK membership of the single currency enhance the chances of the EU becoming an optimal currency?
Explain what an optimal currency area is. Would the UK membership of the single currency enhance the chances of the EU becoming an optimal currency? A currency area is an area made up of several states, which use a fixed exchange rate system between them. This area can be achieved in one of to ways. The first is by keeping the countries current currency and the national central bank but ensuring that their monetary policies stay consistent with the area and keep the currency exchange rates the same. The second is by giving up the national currency and all states combining to form a single currency, with its own independent central bank. To get an optimal currency area, the currency area must have certain factors; these are immune demand shocks to all of the states' economies, little or no labour market differences, similar growth rates and similar cultural experiences. All of these must occur if a state is to become a member of such an area. It will only be optimum if the individual states wreak benefits from membership within the currency area. In this essay I will use what was the European monetary system now the European Single currency to explain each of these, which will in turn answer the second part of this question. Optimal currency areas came about in Robert Mundell's study of demand shocks, He wrote "A theory of Optimum currency areas" in the American
The chinese banking system compared to the british banking system
The Chinese banking system compared to the British banking system. The British and Chinese banking systems were some of the first banking systems in the world. The Chinese systems date back song dynasty. The British system much like the Chinese has had many changes over the years due to the ever-changing ways of the two very diverse economies. In this essay I aim to highlight the differences in both the systems in the way their financial institutions operate and I am going to mainly focus on role of the two countries central banks for Britain the Bank Of England and for China The People's Bank Of China. The banking system of China was very different to what it is now. During the 18th century, most banks were run my dynasties and were on a small scale in the big metropolis cities. Due to the ever-growing size of china's population, economy, and the increase in foreign trade international banks soon began to emerge on Chinese soil. British banks and French banks were part of the first few followed soon by Russian banks who had similar communist methods to china after 1949. How ever, the biggest change occurred in 1949 after the Chinese civil war. The Peoples Bank of China was appointed as the central bank of china and has newer rules and responsibilities appointed to it. It was mainly in charge of money supply and foreign exchange policies. Before it was nationalised during
Explain Demand and supply?
Assignment 1 . Explain Demand and supply? The theory of supply and demand is one of the fundamental theories of economics and is the foundation upon which many other more elaborate economic models and theories are based. Supply and demand is crucial elements that directly affect resource allocation. DEMAND Demand is the amount of product that a buyer is willing and able to buy at a specified price. The "lower the price, the higher the quantity demanded and demand curves slope down" (Begg, D). SUPPLY Supply is the amount of product that a producer is willing and able to sell at a specified price. The "higher the price, the higher the quantity supplied, supply curves slope upwards" (Begg, D). SHIFTS IN A SUPPLY CURVE If other things do not remain equal then the whole supply curve may shift its position. These other things might be the prices of other products, the costs of production, the tastes of the consumer, etc. Elasticity Elasticity is a tool that is used to describe the relationship between two variables. It is defined as % change in an independent variable Elasticity = ? % change in a dependent variable While elasticity can be calculated and used for any two related variables there are four basic Coefficients of elasticity used in principles of economics OWN PRICE ELASTICITY OF DEMAND This is a measure of the percentage change in the quantity
What has been the relationship between the four macroeconomic objectives of low employment, low inflation, rapid and sustainable growth and the avoidance of current account balance of payments deficits in the UK over the past 20 years.
UNE100C1- Economic principles and applications. Question 1 : What has been the relationship between the four macroeconomic objectives of low employment, low inflation, rapid and sustainable growth and the avoidance of current account balance of payments deficits in the UK and one other country and one other EU country over the past 20 years? To what extent can the relationship be explained in terms of aggregate demand? (50 marks) There are four macroeconomic objectives; low unemployment, low inflation, rapid and sustainable growth and the avoidance of current account balance of payments deficits which are interrelated. They can be explained in the context of aggregate demand in the short run and all vary with the course of the business cycle. In the boom phase, growth is high and unemployment is falling, but inflation is rising and the current account of the balance of payments is moving into deficit. During recession the reverse is true. Aggregate demand is the total level of spending in the economy and can be calculated using the following formula. AD = C + I + G +X - M Aggregate supply is the total amount of output in the economy. Unemployment refers to those people who do not have a job but are willing to except a job at the at the current wage rates. At times of high unemployment, government spending rises whilst tax revenue falls. As a consequence the public
'Minimum Wage Legislation will only hurt those that it is supposed to assist'. Discuss.
'Minimum Wage Legislation will only hurt those that it is supposed to assist'. Discuss. There has been fierce debate over the issue of the minimum wage, over whether it should be introduced, and, now that it is exists, whether it serves to help or hinder those that it is in place to protect. Minimum wage is currently set as £3.60 per hour for 18-21 year olds and £4.20 per hour for 22 year olds a 40p increase since it was first introduced in April 1999. The UK introduced the National Minimum Wage in order to assist a number of individuals who were being exploited. A decrease in Trade Union power over the last decade due to increases in individualism, and greater flexible and part time work has meant that there is less collective bargaining. This has led to an increased chance of low pay and exploitation by employers. There is evidence to show that those in the lowest paying business sectors such as restaurants, hotels and the retail trade are those which have very low union representation (Low Pay Commission 1998). Other Information taken from the Labour Force Survey in 1997 showed that many groups were more likely to be exploited and underpaid than others. The data showed that 25 percent of part time workers were earning less than £3.50 per hour compared with just 7 percent of full time workers. The National Advisory Council for the Employment of People with
The rise and relative decline of the Japanese economy.
INTRODUCTION The rise and relative decline of the Japanese economy has been an important feature of the world economy over the last decade. The Government-industry cooperation, a strong work ethic, the mastery of high technology, and a comparatively small defence allocation (1% of GDP) have helped Japan advance with extraordinary rapidity to the rank of second most technologically powerful economy in the world after the US and third largest economy in the world after the US and China. One notable characteristic of the economy is the working together of manufacturers, suppliers, and distributors in closely-knit groups called keiretsu. A second basic feature has been the guarantee of lifetime employment for a substantial portion of the urban labour force. Both features are now eroding. Industry, the most important sector of the economy, is heavily dependent on imported raw materials and fuels. The much smaller agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. For three decades overall real economic growth had been spectacular: a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s largely because of the after effects of over investment during the late 1980s and contractionary domestic policies intended to wring speculative excesses from the stock and real
VDOT Case Study
Running head: SERVANT LEADERSHIP Servant Leadership Shranda Y. Caldwell Grand Canyon University BUS-340 Ethical & Legal Issues in Business Professor Mestman July 10, 2010 Leadership Styles Introduction Each person has a leadership style that they feel most comfortable with. What many people must realize is that there are different styles of leadership that are required for different situations. Most people like to believe that they are democratic leaders because that style fits in with dealing with peer groups. What those people do not understand is that they may have to switch to a different style of leadership to get a job completed in a timely manner. This paper will discuss autocratic, democratic, and servant leadership styles, discuss an attribute for servant leadership in depth, evaluate my strengths and weaknesses that come with those leadership styles. It will also list examples of leaders that exemplify servant leadership. Autocratic Leadership When utilizing the autocratic leadership style, the leader normally tell others what to do, limit the discussion on ideas and new ways of doing things, and makes the group feel as there is no togetherness. When working in many fields of management, the autocratic style was most effective when situations were time limited, when individuals or groups lacked skills or knowledge, or the people within the group did not