Supply and Demand - 719 Words

Supply and Demand Simulation ECO/365 Rex Draughn November 19, 2013 Microeconomics is â€Å"the analysis of the decisions made by individuals and groups, the factors that affect those decisions, and how those decisions effect others.† Microeconomic decisions by both firms and individuals are motivated by cost and benefit considerations. Costs can be either in terms of financial costs, such as average fixed costs and total variable costs or they can be in terms of opportunity costs, which†¦show more content†¦The macroeconomics principle or concept would be when Hal Morgan, the regional property manager would make decisions based on the current conditions and foresee a trend that would more than likely occur and cause the need to raise or lower the rent to maintain the supply, demand, and revenues. Shifts in supply and demand in the simulation were due to several factors. Changes in the direction of GoodLife Management and the population changes within Atlantis and outlying areas had an effect on supply and demand in the simulation. Changes in the preference of the tenants caused the demand for the apartments to decrease. GoodLife Management began converting the rental apartments into condominiums that were for sell, causing a decrease in the supply at the same time as the decrease in demand. An example to relate to a real world product would the demand for a particular brand of tennis shoe. Michael Jordan’s shoes causes frenzy among the malls and many people fight and stand in long lines just to get one of the very few limited edition shoes. The marketing strategy is to keep the demand high every time the shoe is presented by only providing very few each time. Price elasticity of demand refers to the way prices change in relationship to the demand, or the way demand changes in relationship to pricing. Price elasticity can also reference the amount of money eachShow MoreRelatedSupply And Demand Of Demand1442 Words   |  6 Pages Supply and Demand Kimberly Jo DeVoy Western Governor’s University â€Æ' Supply and Demand A. Elasticity of demand represented as â€Å"Ed† is defined as a â€Å"measure of the response of a consumer to a change in price on the quantity demanded of a good† (McConnell, 2012). Determinants for elasticity of demand would include the substitutability of a good, proportion of a consumer s income spent on a good, the nature of the necessity of a good and the time a purchase is under consideration by theRead MoreDemand And Supply And Demand Essay1074 Words   |  5 PagesNTCC PROJECT DEMAND AND SUPPLY BY: ­ SHUBHAM PACHORY B.COM HONS.(EVENING) ROLL NO  ­44 ABSTRACT There is no law of â€Å"supply and demand†. there are two separate laws of demand and law of supply. A demand curve is a graphical depiction of the law of demand. It has negative slope. Substitutes are goods that can be consumed in place of each other. Complementary are goods that consumes together. Demand and supply affected by price of the commodity, income of the consumer, change in technologyRead MoreDemand, Supply, Elasticity Of Demand And Supply1069 Words   |  5 PagesIntroduction: This topic is related to demand and supply, elasticity of demand and supply as well as market structure. Housing sector is a good example of monopoly market. This report is an attempt to represent the current real-estate scenario as well as the factors affecting this scenario with the help of some of the relevant and related economics theories. Housing affordability has become a very important issue of discussion among real estate agents, normal people, media and politicians in today’sRead MoreSupply and Demand969 Words   |  4 PagesSupply and Demand XECO 212 April 10, 2011 Supply and Demand In economics supply and demand refers to the relationship between the accessibility of a good or service and the need or wish for it amid buyers (Microsoft, 2009). Our daily lives are affected by supply and demand. Demand is based on the price of a product, the price of related products, and customer’s salary and preference. Supply can rest not only on the price available for the product but also on the cost of similar productsRead MoreDemand and Supply964 Words   |  4 Pagesï » ¿ 3. Demand and Price Elasticity It is important to understand how price changes affect the demand of fast food especially for firm like McDonald that operates in a Monopolistic Market. When McDonalds offers its discounted Value Meal during lunch and dinner hours, the demand for McDonald’s products will increase. According to the law of demand, other things equal, the quantity demanded of a goods increases when the price of the good falls. (N.Geogory Mankiw et al.,2013). A change in price willRead MoreSupply And Demand Of Supply2079 Words   |  9 PagesSupply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied r efers to the amount of a certain goodRead MoreDemand and Supply963 Words   |  4 PagesDemand and supply The term demand refers to the quantity of a given product that consumers will be willing and able to buy at a given price. As a general common sense rule - the higher the price of a particular product the lower will be the demand for it . The term supply refers to the quantity of a particular product that suppliers (producers and/or sellers) will make available to the market at a particular price. The higher the price, the greater the quantity that suppliers will be willingRead MoreSupply and Demand1131 Words   |  5 Pagesthe basic laws of supply and demand that govern our society today. The prestigious economist Adam Smith once proposed that society was governed by an â€Å"invisible hand† which worked to self-regulate the marketplace in the midst of the ambitious goals of sellers and consumers alike. It is by this â€Å"invisible hand† that our economy today works, and it can be used to make sense of how the laws of supply and demand work together to guide markets such as that of ice cream. The law of supply states that a riseRead MoreSupply and Demand1107 Words   |  5 Pagesï » ¿Supply and Demand Factors Understanding supply and demand is the underlying foundation of all economics. The term demand is used to indicate consumers’ willingness to buy while supply indicates willingness to sell. The relationship between demand and price is reflected by quantity demanded, meaning that at a certain price with everything else held constant, this is the amount people are willing to buy. The same applies for supply for quantity supplied, at a given price with all else constant thisRead MoreSupply and Demand1181 Words   |  5 PagesNone of the above. Answer: C 4) Suppose the demand for Digital Video Recorders (DVRs) is given by Q=250 - .25p + 4pc, where Q is the quantity of DVRs demanded (in 1000s), p is the price of a DVR, and pc is the price of cable television. How much does demand for DVRs change if the p rises by $40? A) drops by 10,000 DVRs B) increases by 16,000 DVRs C) drops by 2,500 DVRs D) increases by 4,000 DVRs Answer: A 5) Consider the demand function Qd = 150 - 2P. The effects of other determinants

Gilgamesh is a Failure in the Epic of Gilgamesh Essay

After reading The Epic of Gilgamesh, I have come to realize that Gilgamesh is not a hero, but a failure. His journey does not follow the traditional circular hero’s journey and he does not posses the traits that an admirable hero should have. The first part of the hero’s journey is the call to adventure. This is the voyage that the hero is asked to go on in order to accomplish greater good for human kind. This is the hero’s chance to help his or her community, family or friends by embarking on a long journey and challenging his, or herself. Gilgamesh does not go on a journey to help others, he goes to make himself look better. â€Å" I have not established my name stamped on bricks as my destiny decreed, therefore I will go to the country†¦show more content†¦Gilgamesh just kills Humbaba to look stronger even though Humbaba is not doing any harm to anyone. Gilgamesh also kills the bull that belonged to Istar. When he kills the bull, he disrespecting the Gods by destroying their property. Another reason why these trials to not make Gilgamesh a hero is because they are not difficult for him. He is hardly struggling to complete them and being constantly challenged is part of beings a hero. Gilgamesh’s mentor is Inkidu. The hero is supposed to respect the mentor while Gilgamesh indirectly kills his. When Inkidu and Gilgamesh kill Humbaba the Gods kill Inkidu as a punishment. Not only did Gilgamesh hurt the Gods, but he also let his mentor die for his mistakes. After undergoing the trails, the hero moves on to the abyss. The abyss is the darkest point for a hero in the hero’s journey. For Gilgamesh the abyss is when Inkidu dies. Gilgamesh is completely at fault for his own abyss. He is upset when he is actually the one who caused the problem. After the abyss, the hero is raised back up again and moves on to the return. In the return, the hero is praised for the good that he, or she, has brought to the people. Gilgamesh is only praised because he is a king and the people have to respect the king. They can’t respect him for his journey because he doesn’t bring anything back for the people, he only brings something back for himself. The other reasonShow MoreRelatedAnalysis Of The Epic Of Gilgamesh 932 Words   |  4 Pages Repetition serves several different narrative functions in the Epic of Gilagmesh. It connects three parts of the epic together using the city of Uruk and, most importantly, the rampart that encircles the city. Repetition also gives subtle hints of shifting perspectives. At the beginning of the epic the reader is invited to marvel at the city of Uruk from the height of the wall. The walls of the city act as a framing device, enclosing various aspects of civilization: social, politics and religionRead MoreArchetypes In The Epic Of Gilgamesh926 Words   |  4 Pagesexperiences and associates strongly with readers through a subconscious understanding. In the Epic of Gilgamesh the main character, Gilgamesh, is an example of a superheroic archetypal hero. He took on an epic quest for everlasting life by following the archetypal steps of a hero’s journey. Through suffering due to tragedy, realizing the nature of his quest, seeking help from a mentor, experiencing failure, and r eturning home with a companion, Gilgamesh’s story followed the situational archetype ofRead MoreGilgamesh : The Epic Of Gilgamesh1194 Words   |  5 Pages The Epic of Gilgamesh is a Mesopotamian epic poem loosely based on a real king who ruled sometime around 2700 BCE. The standard version of this epic was written in the Akkadian language. In this epic poem, Gilgamesh is King of Uruk, he is one third mortal and two-thirds god; he is described as a strong, arrogant, and unruly king that does not show much consideration for his actions. Gilgamesh is a very egocentric person; he has no respect for the feelings of others and does not care about howRead MoreThe Epic of Gilgamesh: The Ignorance of Gilgamesh1001 Words   |  5 Pages In The Epic of Gilgamesh, Gilgamesh’s pursuit for immortality is marked by ignorance and selfish desire. Desire and ignorance, as The Buddha-karita of Asvaghosha suggests, pollutes man’s judgment resulting in his inability to break the cycle of birth and death. At the core of Gilgamesh’s desire resides his inability to accept the inevitability of death, making his rationality behind the pursuit of immortality ignorant and selfish. Implicitly, Gilgamesh’s corrupt desire for immortality conveys thatRead MoreGilgamesh And Death821 Words   |  3 Pagestheme in the The Epic of Gilgamesh. Being that this epic largely represented the Sumerian and Mesopotamians idea I believe the feeling of Gilgamesh himself on death and it s aftermath would be very much the same for most of the society in the time that it was written. Gilgamesh was largely afraid of dying and did everything he could to avoid this inevitable fate. The first major sign we have of Gilgamesh s fear of dying comes when his friend Enkidu dies. At first Gilgamesh cannot even acceptRead MoreThe Road Of Immortality And Glory940 Words   |  4 PagesThe Road to Immortality and Glory â€Å"Gilgamesh† and â€Å"The Illiad† are epics that tell a character’s struggle to gain immortality and glory. Gilgamesh and Achilles’s motivations to gain immortality and glory are quite different. However, their journeys in trying to achieve these things are quite the same. Through the journey of trying to obtain immortality and glory, Gilgamesh and Achilles teach their audience the true way a person is able to gain immortality and glory in life. Although greatness,Read MoreThe Search for Immortality in the Epic of Gilgamesh Essay1500 Words   |  6 Pagesfor eternal life is a cultural universal. The ideology surrounding immortality transcends time and a plethora of cultures. The theme, immortality appears in stories from the Epic of Gilgamesh, which was composed by ancient Sumerians roughly around 600 B.C., to present day works of fiction in the twenty first century. Gilgamesh, a figure of celestial stature, allows his mortal side to whittle away his power after the death of Enkidu. Undeniably, defenseless before the validity of his own end, he leavesRead MoreThe Epic of Gilgamesh1067 Words   |  5 Pagesthe Epic of Gilgamesh is so popular and has lasted such a long time, is because it offers insight into the human concerns of people four thousand years ago, many of which are still relevant today. Some of these human concerns found in the book that are still applicable today include: the fear and concerns people have in r elation to death, overwhelming desires to be immortal, and the impact a friendship has on a person’s life. It does not take a great deal of insight into The Epic of Gilgamesh forRead MoreThe Epic Of Gilgamesh And Gilgamesh1422 Words   |  6 PagesIn the Epic of Gilgamesh there are many notable relationships but the relationship between Gilgamesh and Enkidu is hands down the most noteworthy. When analyzing the relationship of Gilgamesh and Enkidu there are many factors that go into play. It is really the sole foundation of the whole Sumerian epic and it really changes the whole personality of Gilgamesh. In order to get a better understanding of how the two characters complement each other we have to first break down their individual appearancesRead MoreAthanasia: Human Impermanence and the Journey for Eternal Life in the Epic of Gilgamesh1740 Words   |  7 PagesAthanasia: Human Impermanence and the Journey for Eternal Life in the Epic of Gilgamesh â€Å"Will you too die as Enkidu did? Will grief become your food? Will we both fear the lonely hills, so vacant? I now race from place to place, dissatisfied with whereever I am and turn my step toward Utnapishtim, godchild of Ubaratutu† (Jackson â€Å"Gilgamesh Tablet IX† 4-9) Gilgamesh so much feared death that he threw away his honor as a warrior in order to obtain immortality. For centuries there have existed individuals

Global Encyclopedia Public Administration -Myassignmenthelp.Com

Question: Discuss About The Global Encyclopedia Public Administration? Answer: Introducation In accordance with regulations of IFRS 13 for fair value measurement, fair value is necessarily a market founded system of enumeration and not an entity specific aspect of measurement. Basically, market transactions otherwise market information might possibly be made available or not made available for specific assets and liabilities. Nonetheless, the primary objective of fair value enumeration in each of the two cases can be said to be identical for approximating the price at which particular orderly business transaction to sell or transfer the firms assets occurs between market participants right at the enumeration date (Williams 2014). In essence, this specific regulation of IFRS is pertinent when another IFRS permits fair value measurement otherwise disclosures as regards those measurements (reference to paragraph 5 under IFRS 13). As per paragraph 11, a fair value system of measurement is necessarily for a particular asset otherwise a liability. Therefore, at the time of enumera ting fair value a particular entity has the need to take into consideration various characteristics of asset/liability if market participants would take into account those characteristics during pricing of firms assets/liabilities at the enumeration date. Nevertheless, this type of features comprise of conditions along with locations of the asset together with controls if any on mainly the sell or usage of the firms asset (Warren and Jones 2018). Particularly, asset/liabilities calculated at fair value can be a separate asset or else liability or a group of asset/liability. In essence, historical cost can be identified as the original cost of a particular asset as recorded in the accounting records of a firm. Most of the business transactions recorded in the accounting documents of a business concern are stated at the historical costs (Henderson et al. 2015). In actual fact, a historical cost can be verified by way of accessing the source purchase otherwise trade documents. Nonetheless, historical cost necessarily has the disadvantage of not essentially replicating the real fair value that is expected to diverge from the cost of purchase over a specific time period. According to the accounting standard, historical costs have the necessity for specific adjustments with time. Armstrong et al. (2015) suggests that historical cost differs from several other costs that are necessarily assigned to a particular asset, such as replacement cost else wise cost of inflation adjustment. Nevertheless, historical costs can still be considered as a central notion of r ecording assets, although fair value is substituting the same for particular types of assets. The ongoing substitution of the historical cost by fair value system of dimension is based on the argument that historical cost represents a conventional image of a firm. Nevertheless, the choice between utilizing fair value as well as historical cost scheme of accounting can be regarded to be widely argued matter of concern. Nonetheless, the argument essentially dates back to the year 1990s. Most of the accounting standards, IFRS presents a choice between fair value and historical cost measurement system for different non-financial assets. Furthermore, IFRS also has the requirement of an ex-ante commitment that indicates commitment to one of two stratagems of accounting (Francis et al. 2015). Therefore, managers necessarily have a reason to market demands and commit to a particular accounting treatment that can aid in maximizing value of the corporation. In addition to this, fair value accounting system for diverse non-financial assets have the advantage of augmented value relevance along with information content, reduced information asymmetry and increased comparability. Reports recommend that utilization of fair value instead of historical cost is not essentially random and occurs when benefit overshadows the costs (Hermason et al. 2016). Analysis of benefits along with challenges of utilizing historical cost as well as fair value accounting for both PEE and intangibles According to the regulations stipulated under AASB 116, fair value can be regarded as an amount for which specific asset could essentially be exchanged primarily well-informed and enthusiastic parties especially in arms length business deals. According to paragraph 15 of the directive AASB 116, a specific item of the plant, property as well as equipment that effectively qualifies for recognition and can be regarded as a particular asset can be calculated at cost (Oulasvirta 2016). As rightly indicated by Laing and Perrin (2014) the directives stipulated under AASB 138 lays down accounting treatment for diverse intangible assets that are essentially not in another accounting regulation. Essentially, this specific standard that is applicable to business entities that need to arrange and present financial declarations according to the regulations of Part 2M.3 of Corporations Act and that too necessarily is a business concern. According to the regulations of the standard AASB 138, cost is basically the carrying amount of specifically cash along with cash equivalents that is disbursed otherwise fair value of diverse other considerations that are made available to acquire a specific asset during period of acquirement. Hu et al. (2015) mentioned that this standard when implemented, the complete amount is ascribed to the specific assets during the time when they are initially identified according to precise necessities of the other standards and treatment of accountin g. According to AASB 3, in specific case of a business combination an intangible asset gets acquired, then the cost of that specific intangible asset is presented at fair value at the acquirement date. Fundamentally, fair value of intangible asset might help in reflecting anticipations of market participants at the acquirement date as regards probability that the predictable economic advantages will flow to the business entity (Abbott and Tan?Kantor 2017). However, if a specific intangible that is necessarily acquired in a particular business combination can be separated otherwise it arises from agreements or legal rights, then in that case adequate information exists to calculate asset using fair value dimensions. Business concerns might possibly identify intangible assets along with grants at fair value according to AASB 120. Furthermore, according to the cost model that is described according to paragraph 74 of the regulation AASB 138, after process of initial recognition, a part icular intangible asset of a business entity shall essentially be undertaken at a certain revalued amount that is essentially the fair value registered at the date of revaluation after deduction of any consequent accumulated amortisation and subsequent impairment losses. As rightly indicated by Kaya (2014), fair value dimensions along with systems of accounting treatment for PPE can be regarded to be superior to mainly historical cot that is based on characteristics of predictive value, acquired feedback, representational faithfulness, neutrality as well as comparability and timeliness among many others. Basically, verifiability appears to the lone qualitative characteristic that supports the historical cost system over the fair value system. Edeigba and Amenkhienan (2017) suggest that there are several advantages of utilizing historical cost for valuation of plant, property as well as equipment (PPE) on the balance sheet. Therefore, it is such that historical cost can easily be verified. Usually, the cost that a firm incurs during period of purchase is recorded with different types of contract, expends, transfer taxation-law and many others. In essence, the historical cost of PPE is also used for the purpose of determination of depreciation expenditure that is registered as a deduction from particular historical cost of the firms assets pronounced on the balance sheet. Nevertheless, for impairment, there are specific assets of firms that might possibly be registered at a certain amount that is lower than the one calculated on historical cost (Wingard et al. 2016). In point of fact, the utilization of the historical cost can also bear out to be a disadvantage for the financial information users of various financial declar ations that has the requirement to comprehend the current value. Again, intangible assets might probably has to be valued for various reasons. However, it can be witnessed that fair value dimensions in accounting has higher possibility of getting selected for mainly PPE than firms other non-financial assets since property makers are usually more liquid. There is more likelihood of adopting fair value when it essentially smoothes the progress of enumeration of performance. In this particular case, value transformation of investment property is somewhat informative of diverse operating performance specifically when capital gains become a significant part of the entire business model (Palea 2014). Nonetheless, fair value accounting treatment also adversely exerts impact on various dimensions of performance mainly if administration of the corporation intends to hold different unproductive assets. Detection of valuation exercise for specific non-financial assets In this current study, Woolworths Limited is selected as a listed firm under the Australian Stock Exchange (ASX), Tesco Plc is chosen as a listed firm under the London Stock Exchange and Alcoa Corporation is selected as listed corporation under the New York Stock Exchange. Woolworths Limited: Analysis of Woolworths Limiteds consolidated financial assertions reveal the fact that the entire group presents a general purpose financial statement. This deceleration is essentially prepared as well as presented in accordance with the directives of the Corporations Act of the year 2001, regulations of the Australian Accounting Standard and directives of the Interpretations along with International Financial Reporting Standards (IFRS) (Wow2016ar.qreports.com.au 2018). Analytical evaluation of the financial pronouncement of the firm replicates the fact that plant, property as well as equipment (PPE) of the entire group is necessarily calculated at cost taking away accumulated depreciation otherwise amortisation along with accumulated losses from impairment. In particular, cost incurred for various self-constructed firms assets contains material cost, overhead proportions along with cost of direct labour. As such, the cost incurred for development properties inclu des borrowing, holding cost together with development until the asset becomes complete (Steenkamp and Steenkamp 2016). Essentially, the yearly financial declaration of the corporation also states that PPE are essentially assessed as per the stratagem of impairment of firms non-financial assets. In addition to this, estimation of economic lives also require correct judgement of the management and are assessed every year (Hu et al. 2015). Particularly, in Woolworths case, PPE impairment primarily relates to PPE, assets of the stores along with distribution centres associating to the Home Improvement Business (Wow2016ar.qreports.com.au 2018). In addition to this, according to the annual report of the firm for the financial year 2016, it can be hereby observed that intangible assets of the firm are calculated at cost deducting particular accumulated amortisation along with losses of impairment. However, at the time when intangible assets are gathered in a specific business combination, particular costs replicate the fair value especially at the date of acquirement. Furthermore, intangible assets of the corporation that has finite lives are essentially amortised with diverse finite lives that are necessarily amortised by way of straight line mechanism over estimated economic lives. Tesco Plc: Critical analysis of the annual declaration of the firm for the financial year 2016 replicates that the financial pronouncements of the corporation are both prepared as well as presented in conformation to the directives under International Financial Reporting Standards (IFRS) as has been assumed by the entire European Union (EU) (Tescoplc.com 2018). In essence, financial declarations are necessarily prepared as per the requirements of the Companies Act of the financial year 2006 regarding the financial reports of the entire group and in compliance with the article 4 stipulated under IAS Regulation. As such, analysis of the significant accounting policies of the business concern reflects the fact that the PPE is essentially carried and presented at cost less the particular amount of accumulated depreciation along with any detected impairment value. In itself, plant, property as well as equipment (PPE) is depreciated by utilizing the straight line mechanism to necessarily t he residual value over the approximated economic lives (Tescoplc.com 2018). Analysis of the financial reports of the firm for the FY 2016 also helps in understanding the fact that non-financial asset of the corporation including intangible assets along with PPE; the entire group assumes impairment testing in which there are specific gauges of impairment. However, in specific cases in which asset does not essentially generate cash flows are independent from other assets (Tran and Zhu 2017). Thereafter, the group estimates the overall recoverable amount of cash generating unit. Furthermore, annual financial report of the corporation also reads that intangible assets for example, software together with pharmacy licenses of the corporation are calculated at acquirement cost otherwise costs borne for asset development. Furthermore, expenditure for development on a particular project is essentially capitalized when specific criteria are met. In this case, the asset generated will possibly generate economic advantage in the future. Basically, intangible assets that the firm acquires in a particular business combination are identified at fair value at the date of acquisition (Williams 2014). Nevertheless, after the period of initial recognition, particular intangible assets that have finite economic lives are measured at cost deduction of the amortisation along with accumulated losses for impairment. In essence, they are essentially amortised on a straight line manner over the estimate economic life that rovers around 10% -20% of cost every year. For different ot her non-financial assets including firms intangible assets, the entire group assumes impairment testing especially in cases when there are different gauges of impairment. Alcoa Corporation: Analysis of the annual report of the firm Alcoa Corporation for the financial year 2016 shows that the consolidated financial statements is essentially prepared in compliance to the accounting directives usually assumed in USA that is GAAP. In actual fact, this calls for the firms management to undertake particular judgement, approximations along with suppositions (Warren and Jones 2018). Nevertheless, this might possibly exert impact on the recorded amount of the corporations assets/liabilities together with diverse disclosures on particular contingent assets as well as liabilities at the pecuniary statement date. Particularly in Alcoa Corporation, PPE are documented at cost. In essence, depreciation is recorded using the straight line mechanism at specified rates based on estimated economic lives of firms assets. As such, for different Greenfield assets of the firm that refer to construction of diverse new assets on diverse undeveloped land, different production methods is used for recording the depreciation. Essentially, these assets need a considerable period (usually greater than one year) to augment the overall production potential (Henderson et al. 2015) In actual fact, plant, property as well as equipment (PPE) are assessed for impairment whenever there are specific incidents otherwise transformations in conditions. This necessarily replicates that the carrying amount of this category of assets/group of assets might possibly not be recoverable. Again, it can also be witnessed that asset recoverability can be determined by means of comparing estimated undiscounted flow of net cash operations related to carrying amounts of assets/ group of assets of the corporation (Armstrong 2015). Furthermore, impairment losses can necessarily be identified when firms assets/group of assets carrying amount go over undiscounted net cash flow. The amount of impairment loss has to be registered is calculated as excess of carrying value of the asset or else group of asset of the firm over its fair value. In this, fair value is determined by way of prominent information acquired from discounted cash flow model. In addition to this, determination of what consists of asset groups, the associated estimated undiscounted net cash flow, and the estimated useful lives of the assets requires substantial judgements (Investors.alcoa.com 2018). As per the annual report of the corporation Alcoa Corporation, it can be hereby mentioned that goodwill as well as other intangible assets is not inevitably amortised and instead it is examined yearly or more regularly for the purpose of impairment when impairment indicators exist or when management decides to sell or to exit from business (Francis et al. 2015). Essentially, policies of accounting that are stated in the financial assertions elucidates illustratively that a substantial amount of management judgement is involved in the determination process when a specific parameter of impairment is in place. Furthermore, this types of indicators and might possibly takes in deterioration in usual economic situations, unfavourable developments in equity and credit market, undesirable alterations in the market in which the business concern functions. Essentially, these indicators also contain augmentation in costs of input that essentially have unfavourable influence on earnings, downwar d trend of cash as well as cash flow of the company (Hermason et al. 2016). In essence, impairment tests of mainly goodwill in different previous years presented replicated that the corporations goodwill was not in fact impaired. Particularly, intangible assets that have finite economic lives are unavoidably amortised in a normal way using a straight line mechanism over a specific period of time (Investors.alcoa.com 2018). Assessment whether PPE and intangibles are consistent across three different corporations The calculation of PPE as well as intangible assets of the corporation is moderately consistent among the corporations Tesco Plc and the Australian firm Woolworths Limited, whilst it is somewhat different for Alcoa Corporation. For Tesco Plc, PPE of the firm is essentially carried out at cost less accumulated depreciation together with equipment of the corporation is essentially carried out at cost less accumulated depreciation along with any kind of recognized impairment value. In addition to this, in case of Woolworths Limited, PPE of the overall corporation is necessarily calculated at cost less accumulated depreciation otherwise amortisation along with accumulated losses of impairment. Nonetheless, for Alcoa Corporation, PPE are recorded at cost (Oulasvirta 2016). In essence, depreciation is recorded using straight line mechanism at specified rates based on the estimated useful lives of firms assets. However, in case of intangible assets of the firm Tesco Plc, it is calculated in itially the cost of acquirement otherwise costs that is borne for asset development. Furthermore, specified intangible asset that has finite economic lives are undertaken at cost deducting accrued amortisation along with accumulated losses of impairment. For Woolworths Limited, intangible assets are calculated at cost and deducting from it accumulated amortisation and losses for impairment. In addition to this, in case of enumeration of intangible assets of Alcoa Corporation, assets that have finite useful lines are essentially amortised using straight line methods. Viewpoints as regards free choice between historical and fair value system of accounting The present study aids in comprehending diverse benefits of IFRS that permits free choice between fair value and historical accounting mechanism. In essence, IFRS necessarily has an ex-ante commitment to one of the two accounting schemes. In particular, it is according to the managements concern to limit the overall scope for various actions in the future time period, for let us say, management of firms earnings. Therefore, managers have specific incentives to properly react to different market demand and commit to accounting treatment that subsequently can aid in optimization of the overall value of the corporation. Laing and Perrin (2014) suggests that fair value accounting for different non-financial assets of the corporation heads to augmented relevance value along with content regarding information, reduced comparability. Prior reports recommend that the choice to use and adopt the fair value is not undertaken arbitrarily and takes place when the acquired benefits surpass the sp ecified costs. Nonetheless, there are substantiations that help in replicating that net benefits that can be acquired from this fair value accounting treatment is necessarily limited in scope (Hu et al. 2015). Hence it can thus be inferred that the choice between two diverse systems need to be specified in the financial assertions of the corporation following the assumptions of directives of IFRS. Essentially, this has the need to be consistently applied moving forward. References Abbott, M. and Tan?Kantor, A., 2017. Fair Value Measurement and Mandated Accounting Changes: The Case of the Victorian Rail Track Corporation.Australian Accounting Review. Armstrong, C., Guay, W.R., Mehran, H. and Weber, J., 2015. The role of information and financial reporting in corporate governance: A review of the evidence and the implications for banking firms and the financial services industry. Edeigba, J. and Amenkhienan, F., 2017. The Influence of IFRS Adoption on Corporate Transparency and Accountability: Evidence from New Zealand.Australasian Accounting, Business and Finance Journal,11(3), pp.3-19. Francis, B., Hasan, I., Park, J.C. and Wu, Q., 2015. Gender differences in financial reporting decision making: Evidence from accounting conservatism.Contemporary Accounting Research,32(3), pp.1285-1318. Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015.Issues in financial accounting. Pearson Higher Education AU. Hermason, R., Edwards, J. and Maher, M., 2016. Accounting Principles: Managerial Accounting. Hu, F., Percy, M. and Yao, D., 2015. Asset revaluations and earnings management: Evidence from Australian companies.Corporate Ownership and Control,13(1), pp.930-939. Hu, F., Percy, M. and Yao, D., 2015. Asset revaluations and earnings management: Evidence from Australian companies.Corporate Ownership and Control,13(1), pp.930-939. Investors.alcoa.com. 2018. Available at: https://investors.alcoa.com/~/media/Files/A/Alcoa-IR/documents/annual-reports-and-proxy-information/annual-report-2016.pdf [Accessed 26 Jan. 2018]. Kaya, C.T., 2014. Fair Value Accounting Under FAS 157 and IFRS 13: Evidence from Borsa, Istanbul.GSTF Business Review (GBR),3(2), p.7. Laing, G.K. and Perrin, R.W., 2014. 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The Consumerism Features

Table of Contents Introduction Consumerism in the 18th Century Consumerism before the World War 1 era Consumerism in the Post World War 1 era Consumerism in the twentieth century Conclusion References Introduction It has become a clichà © that the world we inhabit is a consumer centered world, otherwise known as a consumer society. The modern world has been taken over by a consumer culture that stemmed from the consumer revolution. The desire to have luxurious goods and services has come to be common in the modern society (Stearns, 2010).Advertising We will write a custom essay sample on The Consumerism Features specifically for you for only $16.05 $11/page Learn More Consumerism in the 18th Century The features of consumerism that had prevailed in the pre modern society had a global inclination. Pre-modern consumerism had developed extensively in Asian nations like China and in the Middle East compared to Western Europe. Consumption relied heavily on international trade for instance Chinese silk. Consumerism in the western countries depended heavily on the global consumerism patterns then. It was stimulated by access to new goods from other countries sugar, silk and cotton from India. Also, the huge profits and goods they got from global trade and trade in slaves that benefited western European states and the northern America (Stearns, 2010). As the contacts of western European’s contacts replicated through colonial acquisitions, businessmen and diplomats from the West modeled consumer centered aspects. They wanted to replicate consumer behavior back at their home. Tourism has also contributed to the spread of the European consumerism. Western people persuaded other people to open up to the new forms of consumerism with promises of big markets for western made products in exchange with allowing colonialism. Communities which already had some elements of consumerism merged these elements with those of the people from th e west. Finally consumerism became a norm and came to shape societal elements –the socio-economic changes (Stearns, 2007). Consumerism then did not spread in an even manner. Some form of resistance developed then due conservatism of old communities. Expansion of globalism at the global level had common elements the spreading of goods and methods of marketing used in Western Europe. Economic factors affected consumerism. Some communities had poor economies as compared to others. The spread of consumerism contained aspects of western civilization. Western consumerism patterns are considered to be the most successful (Stearns, 2007). Hilton (2003) observes that when the twentieth century is talked about, consumption, prices and a material culture are terms that cannot be evaded. These form a background of how the 20th century was understood. During this century, notions of producing goods, labor and wage among other forms of ideologies combined to bring about a Productivity Ment ality. This mentality was a big contributor of the growth in consumerism.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The sudden rise in production as a result of the early revolution in industry which was accompanied by massive production of goods and services encouraged consumption. The market rules and forces of supply and demand necessitated a rising in demand. Revolution in industry led to revolution in production. Later, the rise in production led to the rise in the problem of consumption. Need for consumers became the biggest problem. Consumption was raised to a high level such that it became impossible to sustain. However, this religion of consumerism was contrary to the real religion as religion taught a control of desire while consumerism encouraged the desire to consume. In the world of materialism, this culture has to be pulled into science. Business, as a subject was introd uced into American universities as an academic discipline (Stearns, 2010). Consumerism before the World War 1 era The world experienced a business boom in the early 1920s. The economy experienced a stable growth and expansion. The growth in the economy was fueled by three factors; availability of machines to be used in the production process, factories which dealt with processing and manufacturing of goods and a standardized process of mass production. These three factors brought about a certain cycle which was self perpetuating. Standardization in massive production of goods led to a build up of better and effective machinery in the factories. This in turn fuelled higher productivity of goods which was accompanied with higher salaries and wages. With improved production and good wages, a higher demand for goods to consume was inevitable. This demand in turn led to more standardization in production of goods. The business boom progressed until 1929 (Stearns, 2007). The boom in the 1 920s was triggered by a number of factors. One of them was the First World War. This war affected technology in a very big way. The consequences of the war stimulated old industries for instance the steel and petroleum industries thus helping create a ray of new industries like plastic and rayon. The expenditure grew in this period with more being spent on purchasing and establishing new machines for industrial production. Growth in scientific management also came to be at this period. In 1920s, the government of the United States implemented management in science at a very large scale. It invested a lot of money into scientific research. Then, there was a sharp rise in productivity by workers. Earnings of workers swell making them to become regular consumers. There was also the psychology of consumption that had germinated in Americans. It is also referred to as conspicuous consumption; and the culture seemed to dominate the mindset of Americans at the aftermath period of the First World War. Examples of this culture included radio establishment, motion pictures, invention of electronic appliances and a revolution in automobile goods.Advertising We will write a custom essay sample on The Consumerism Features specifically for you for only $16.05 $11/page Learn More The psychology that was inclined to consumption was more visible in the automobile industry. The last factor was the relationship that existed between the government and business. During this period, big businessmen in America enjoyed more than they did enjoy in progressivism. The federal government supported big businesses in an enormous way (Stearns, 2007). Consumerism in the Post World War 1 era After the period of the great depression of the 1930s, more countries began to focus more on Science and Technology. This was seen as a solution to the many problems that were taunting humanity then. There were a lot of innovations and inventions which led to an upsurge of ne w products in the market. Desire to test the newer products that were being produced became the order of the day. Consumption became more of a way of living with people consuming without even considering the dangers posed by some of the products. Concerns about the environment cropped up with people who cared about the environment advocating fro safer consumption patterns. Conservatism arose from these concerns. The conservatives were against the use of products which had detrimental effects to the consumers and the environment. An example is the debate that arose about the effects of using a chemical called dichlorodiphenyltrichloroethane – DDT that was used for making pest control chemicals (Stearns, 2010). At the second half of the twentieth century, there was a massive growth of the world population more so in Western European Nations. The growth in the world population can be attributed to the revolution in agriculture. The growth in population due to bettered lives from agricultural production encouraged people to settle and reproduce thus a swell in population that called for increased production of goods to meet the growing population therefore encouraging a culture of consumption (Caldwell, Caldwell, Caldwell, McDonald, Schindlmayr, 2006). Consumerism in the twentieth century Globalization is a strong factor that has promoted the culture of consumerism. In the countries are actively involved in the globalization process like Brazil and the Asian tigers for instance Singapore, South Korea and China, there has been an increase in consumption because of the rapid growth in industry. China has become the second consumer of crude oil in the world because of the high rate at which it is developing to match the pace of the developed world (Agarwal Dubey, 2003).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Massive production of goods and services has cultivated the culture to consume. As nations continue to compete, newer and more diverse goods and services continue to emerge. Therefore, all these are adding up to this culture of consumerism. Production of goods and services has grown to a surplus level. These goods have had to be dumped in the developing world. For instance, The African market has been flooded with Chinese electronic products (Stearns, 2007). Conclusion The modern world is characterized with the culture of consumerism. This culture began in the early years of civilization. However, consumerism gained momentum during the end of 18th century through the early period of the twentieth century. Consumerism has grown due to a number of reasons which include industrial revolution, population growth, and scientific and technological revolution. Though, with adverse effects to the environment, this culture is unlikely to be reversed. References Agarwal, S. K., Dubey, P. S. ( 2003). Environmental scenario for 21st century. NewDelhi: A.P.H. Pub. Corp. Caldwell, J. C., Caldwell, B. K., Caldwell, P., McDonald, P. F., Schindlmayr, T. (2006). Demographic Transition Theory. Berlin: Springer. Stearns, P. N. (2010). World history in brief: Major patterns of change and continuity. Boston: Longman. Stearns, P. N. (2007). World history in documents: A comparative reader. New York: New York University Press. 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