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MY LAST WEEKEND

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MY LAST WEEKEND
My last weekend was one of the most enjoyable ones.
My weekdays are usually monotonous and hard, so I
always long for Saturdays and Sundays. Unfortunately my
weekend is too short, that is why I do my best to make it
really exciting.
Nothing
extraordinary
happened
last
Saturday
because I was at school till 2 p.m. and then just went
home to relax with my family. I helped my mum cook
dinner, then all of us watched a nice movie. It was a
comedy “Meet the parents”. The film didn’t have any visual
effects or computer graphics, but it was sweet and funny.
At 7 p.m. I had a long foam bath, it was such a pleasure
which I can afford only at weekends. Then I spent a
couple of hours reading an amazing book. So I fell asleep
with the book in my hands.
Sunday was completely different. Of course, I got up
later than usual. After breakfast I did some housework
while I listened to my favourite music. Then my friend
phoned me and invited me and my brother to «The
Amusement Park». The weather was nice and I agreed.
So we took a bus and went to the park. We had so much
fun. We went on a ferris wheel and all kinds of rides: water
rides, train rides, swing rides. We screamed loudly. I think
all kids love the rides. Although my little brother didn’t
quite like them, he got scared and even cried sometimes.
After that we all went shopping as I needed to find a
birthday present for my mother. And I found a beautiful
scarf for her. I hope she will love it.
In the evening we were extremely tired but very happy.
It was a great weekend. I had a lot of fun.
MONEY
All values in the economic system are measured in terms of money.
Our goods and services are sold for money, and that money is in turn
exchanged for other goods and services. Coins are adequate for small
transactions, while paper notes are used for general business. There is
additionally a wider sense of the word ‘money’, covering anything which is
used as a means of exchange, whatever form it may take. Originally, a
valuable metal (gold, silver or copper) served as a constant store of value,
and even today the American dollar is technically ‘backed’ by the store of
gold which the government maintains. Because gold has been universally
regarded as a very valuable metal, national currencies were for many years
judged in terms of the so-called ‘gold-standard’. Nowadays however
national currencies are considered to be as strong as the national
economies which support them.
Valuable metal has been generally replaced by paper notes. These
notes are issued by governments and authorized banks, and are known as
‘legal tender’. Other arrangements such as cheques and money orders are
not legal tender. They perform the function of substitute money and are
known as ‘instruments of credit’. Credit is offered only when creditors
believe that they have a good chance of obtaining legal tender when they
present such instruments at a bank or other authorized institution. If a
man’s assets are known to be considerable, then his credit will be good. If
his assets are in doubt, then it may be difficult for him to obtain large sums
of credit or even pay for goods with a cheque.
The value of money is basically its value as a medium of exchange, or,
as economists put it, its ‘purchasing power’. This purchasing power is
dependent on supply and demand. The demand for money is reckonable
as the quantity needed to effect business transactions. An increase in
business requires an increase in the amount of money coming into general
circulation. But the demand for money is related not only to the quantity of
business but also to the rapidity with which the business is done. The
supply of money, on the other hand, is the actual amount in notes and
coins available for business purposes. If too much money is available, its
value decreases, and it does not buy as much as it did, say, five years
earlier. This condition is known as ‘inflation’.
WHY DO YOU NEED A JOB
Like any other person in this day and age, having a job is part of the
prerequisite of living in this world. After college the only thing that
most of us want is to get a good job that will help us in building our
lives to what we want it to be. We all want to excel in life and what a
better way than contributing to the society.
There are many reasons why you need a job, but these are just some
of the few I came up with.
1.
Financial support. I think this one is obvious to everyone. You
can’t support yourself if you do not have money to buy your basic
needs or save for your future. When you have money you are able to
comfortably plan for your future. People would say money makes the
world go round which sums up why we all need money to survive in
this world.
2.
To feel productive. Most of us have been taught that the only
way for us to be respectable people in society is if we contribute
positively to its economy. That means we work. The only way we know
how to improve our lives is through working for a better life. Nothing
is handed to us freely; we have to work for it.
3.
To socialize. Human beings are social beings and we love to
socialize with people who share similar interests. In your work place
your colleagues are the people you spend most of your time with
during the day. It is natural to want to have a social life outside your
workplace. To have a cup of coffee or go out and watch a movie with
friends and family once in a while.
4.
To keep busy. Nobody likes a person who sits on the couch all
day watching TV. Lazing around all day doing nothing productive is a
slow way of killing yourself. Having a job keeps your brain cells active
and you have a better reasoning capacity.
5.
Gives you a sense of purpose. You need to find a reason why
you wake up early in the morning. What makes you fulfilled and find
meaning in life? If having a job gives you a sense of self, good for
you. There are many people who hate their jobs. You do not need to
limit yourself to what you are doing right now if it’s not working for
you. Do what makes you happy.
6.
You get to learn. Learning is part of life. There is always
something new that we can learn and interacting with people at work
helps you to learn how to handle people with different temperaments.
As you daily interact with people you get to harness better people
skills and build lasting relationships that are important.
7.
Gives you experience. You may start with a job you hate but
one which later leads you to another better and more satisfying one.
Most of us are not satisfied at the jobs we are in right now. However,
you are gaining experience every day that you wouldn’t have
somewhere else. You get to build a network of contacts and
relationships that will come in handy when you want to branch on
your own.
Having a job that makes you happy to wake up in the morning and
fulfilled is not something we all have, but it can be something we
aspire to have. You need to realize that any job you hold is a learning
lesson to better yourself. So change your attitude and you will start to
enjoy your work.
THE HISTORY OF MACDONALDS
The McDonald Brothers
Dick and Mac McDonald moved to California to seek opportunities they
felt unavailable in New England. Failing in the movie business, they
subsequently proved successful in operating drive-in restaurants. In 1948
they took a risk by streamlining their operations and introducing their
Speedee Service System featuring 15 cent hamburgers. The restaurant’s
success led the brothers to begin franchising their concept—nine becoming
operating restaurants. At the San Bernardino location, Dick and Mac
McDonald perfected their Speedee Service System featuring a limited menu
including fifteen cent hamburgers, shakes and fries. The brothers sold 14
franchises of which 10 became operating restaurants not including their
original location in San Bernardino.
Ray Kroc
A native Chicagoan, Ray Kroc left high school after his sophomore year
to join the World War One Red Cross Ambulance Corps. The war ended
before his unit was sent overseas with Ray returning home to earn a living as
a musician and later selling paper cups. In 1939, he became the exclusive
distributor of the Multimixer (a milkshake mixing machine). He visited the
McDonald brothers in 1954 which led to him becoming their franchise agent.
In 1955, Kroc opened the first McDonald’s east of the Mississippi river.
[Kroc] opened up the first restaurant for McDonald’s System, Inc., a
predecessor of McDonald’s Corp. in Des Plaines, Illinois in April, 1955.
McDonald’s acquired the rights to the brother’s company in 1961 for $2.7
million.
Going Global
Ray Kroc’s vision was that there would be 1,000 McDonald’s restaurants
solely in the United States. Yet, McDonald’s continued to grow and expand
into international markets beginning in 1967 opening in Canada and Puerto
Rico. Today, the company has over 36,000 restaurants in over 100 nations.
The most recent opening in Kazakhstan in 2016.
Visit McDonald's Restaurants
Dick and Mac McDonald moved to California to seek opportunities they felt
unavailable in New England. Failing in the movie business, they subsequently
proved successful in operating drive-in restaurants. In 1948 they took a risk by
streamlining their operations and introducing their Speedee Service System
featuring 15 cent hamburgers. The restaurant’s success led the brothers to begin
franchising their concept—nine becoming operating restaurants.
The Red and White
The McDonald brothers insisted that their architect design an attention catching
building that would highlight their Speedee Service System. Architect Stanley
Meson design of the “Red and White” did not disappoint. Feeling that the roof line
was a bit too flat Dick McDonald added arches to the building. This building design
was first used in 1953 until it was replaced by the Mansard Roof design in the late
1960s.
A sign maker incorporated yellow neon into them creating the “Golden
Arches”. The oldest McDonald’s Red and White (opened in 1953) still
operating today is in Downey, California.
Mansard Roof
McDonald’s introduced the new Mansard Roof Design in 1969 in Matteson,
Illinois. Initially, many franchisees remodeled their existing Red and White
buildings to reflect the new design. McDonaldland Parks (Play Places) and the
Drive-Thru were added to the restaurant during the 1970s. The Mansard’s exterior
underwent several changes during the intervening years.
MARKET
Read this essay to learn about the meaning of market!
There are two aspects of every market: demand and supply. We have
discussed both the concepts in the previous units. In this article, we
will put the two components together to examine the behaviour of
‘Market’ as a whole.
Market is like the nervous system of modern economic life. Producers
and consumers carry out their transactions of sale and purchase
through the medium of market. In the layman’s language, market
refers to a place where goods are purchased and sold.
But, in economics, the term ‘market’ has a wider meaning. In
economics, market has no reference to a specific place. It is not
necessary for buyers and sellers to assemble at a particular place for
sale or purchase of goods. The only condition is that they should be in
contact with each other through any means of communication, like
internet, telephones, letters, etc.
Market refers to the whole region where buyers and sellers of a
commodity are in contact with each other to effect purchase and sale
of the commodity. From the above discussion, the essential
constituents of a market can be summarized as:
(i) Area:
Market is not related to any particular place. It spreads over an area.
The area becomes the point of contact between buyers and sellers.
(ii) Buyers and sellers:
Buyers and sellers should be in contact with each other. However,
contact does not necessarily mean physical presence.
(iii) Commodity:
For the existence of market, there must be a commodity which will be
sold and purchased among buyers and sellers.
(iv) Competition:
The existence of competition among buyers and sellers is also an
essential condition for the existence of a market, otherwise different
prices may be charged for the same commodity.
CORPORATION
A corporation is a body formed to conduct any kind of business. This body is
a legal entity and is separate from the person or persons who have created it.
The formation of this corporation gives it legal rights which are similar to the
rights of an actual person. A corporation has directors, shareholders, etc to form
the entire corporate system of the company. All of these work together to fulfill
the aims and objectives of the business and are protected by corporate law
(Fishman, p. 15).
LEARN MORE
A corporation is separate and has a separate legal identity from the people
who have created it. The corporation is in fact, legally independent of these
people. If a business fails and the corporation somehow loses money, the
shareholders only lose their investment. In other cases the shareholders might
also be liable to the loss, however in the case of a ‘no liability’ corporation the
shareholders can easily walk off without paying any of the losses however, will
not be able to get back their investments. As the business is no longer running
and the corporation has closed down, therefore the employees of the corporation
are now out of jobs. On the other hand, if the shareholders have some prior
agreement to pay some of the dues after the corporation shuts down due to loss,
they can pay it off in the end as per their agreement. This rule is known as limited
liability and such corporations usually end with ‘Ltd’. Some other variant of Ltd is
‘Plc’ or ‘Inc’ (Fishman, p. 15).
It should be noted here that corporations might not be actual persons, but
they do have rights and liabilities like actual persons and like human rights, they
have corporate laws. However, corporations can also exercise human rights in
many cases and behave like real individuals. (Blumberg, n.p). When corporations
are formed they have to obtain a certificate of incorporation. Losing their money
to insolvency can result in the ‘death’ of corporations. Hence it can be seen that
these corporations behave as normal individuals even exercising human rights
along with following the corporate rules and regulations. If these corporations
exercise human rights, they can also be accused of criminal offenses such as
fraud, etc. (Monks & Minow, pp. 8-15).
Key features of a corporation are listed below:
 A corporation is an artificial person who can exercise human rights
and especially the corporate laws i.e. a corporation has a legal personality
 These
are owned by shareholders but are not a part of these
shareholders and have their existence; these shareholders can have
limited liability or no liability at all.
 The shares are transferrable
A
corporation is run by centralized management or a board of
governance.
 Fiduciary responsibilities are exercised by managers and directors.
This means that these people have to work in the best interest of the
shareholders and the corporation. (Crane & Matten, p. 43).
Historical context
The word corporation is derived from the Latin word ‘corpus’ which is means
body of people. This word was being extensively used in medieval Europe when
churches and the local government were considered corporations. Apart from
Rome, India also used this terminology and proper legal rights were formed for
these corporations. (Khanna, n.p) The idea of a corporation at that time was
derived from the fact that a corporation can live longer than a human being and
hence the existence of a particular entity can be guaranteed for a longer period.
The oldest corporation in the world is ‘Stora Kopparberg’. It was a mining
community in Sweden and became official in 1347. When colonies were being
formed in the colonial period, many corporations were created known as
‘chartered companies’ back then. These companies had to obtain charters to run
their business. This was the beginning of corporations as known today.
BUSINESS ENTERPRISES
A business enterprise is any type of operation that is involved in
providing goods or services with the anticipated outcome of earning
a profit. Its broad nature allows the term to be applied to any type of
company or firm that is geared toward generating revenue by selling
products of any type. The terms company, firm, and business
enterprise are often used interchangeably.
While some think of a business enterprise as being a
large corporation or conglomerate, any type of for-profit operation
that involves sales to consumers can be rightly referred to using this
word. A child who engages in the task of setting up a roadside
lemonade stand, and has the goal of earning a profit from that
endeavor, can be said to be operating an enterprise. So too can an
individual who opens a small bookshop with the plan of selling
books to generate profit.
Along with the sale of goods, a business can also be involved in
the sale of various types of services. Companies that offer
telecommunications services are part of this category. Local
businesses that offer outsourcing services, such as accounting or
janitorial support, are also considered to be business or commercial
enterprises. Courier services also qualify as an enterprise of this
type.
There is some difference of opinion as to whether an
unincorporated entity that functions for the purpose of generating
profit is also considered a business enterprise. For example, some
would consider an individual who earns a living as an independent
contractor, but has not incorporated as a sole proprietorship, to still
be a business or commercial enterprise. Others would feel that the
matter of incorporation is not relevant, and that as long as the
individual is attempting to earn a profit from his or her efforts, the
operation can rightly be referred to as an enterprise.
In most cases, a business enterprise must be licensed to operate
within the local community. This includes any commercial
enterprise that establishes a place of business where consumers are
free to purchase goods or services, such as a retail store. The
enterprise must also usually obtain a business license when the
operation includes the presence of sales office in the area, or any
other type of operation that is capable of generating revenue.
Because the regulations related to operating a business vary
somewhat from one jurisdiction to another, it is very important to
contact municipal officials and identify what types of compliance
are required in order to operate the enterprise in the local area.
FORMS OF MONEY
Money: role, forms, functions.
Money is necessary in most economies. Currency is one of several forms
of money. Currency consists of paper bills and metal coins. Savings accounts,
stocks, and bonds are forms of near money. Money and near money are used
to purchase goods and services. All forms of money and near money help the
economy run smoothly.
Most people use money every day. Money is any item that is widely
accepted as payment for products. In the past, many things served as money
- beads, shells, dog's teeth, cattle, stones, tobacco, fishhooks, and even
slaves, but gold and silver have been a favorite form of money.
Value of money comes from the product for which it can be exchanged.
Money fulfills 3 functions: a store of value, a standard of value and a means of
exchange.
As a means of exchange money is used trade for goods and services but
less complex societies use barter.
As a store of value people use money to save their wealth for the future.
Storing money is easier than storing goods.
As a standard of value money is used to compare the worth of one
product with that of another. The value of all goods and services the economy
produces can be determined by adding up their prices. In this way economists
determine GNP.
Near money is things that used for some, but not all, for example, credit
cards allow a purchaser to borrow money from the seller of the purchased
goods.
Money is very important in our society.
The supply of money
Your personal supply of money changes often. Increases and decreases
of your supply of money probably affect how much you spend. Similarly, the
amount of money in the total economy changes often.
Changes in the economy's money supply are more complex than
changes in a personal money supply. These fluctuations in the money supply
influence not only how much spending occurs but also the general level of
business activity.
Often the government prints new bills and mints new coins every year to
replace those that are worn. It also changes the money supply to meet
people's needs.
Banking laws in different countries require a bank to put a certain
percentage of its deposits in reserve. Banks cannot loan out all of the money
people deposit.
If many people suddenly withdraw their money all at once, the bank must
do more than stop making loans. It will have to start calling for payment of its
loans so that it can increase its reserves.
The role of central banks and commercial banks.
The Bank of England, the Federal Reserve Board in the USA, the
Bundesbank in Germany, and the Central Bank of Russia are central banks
which function as banks for the government and for other banks.
Central banks control the banking of the whole country and work together
with the government to supervise the country's economy. The main functions
of the central banks are the following:
- to issue banknotes and coins (the country's or nation's currency). They
are legal tender in the country where they are produced.
- to look after the nation's gold reserves.
- to make sure that the national currency keeps its value.
- to act as bankers for the national government and the other banks in the
country.
- to keep inflation under control. Inflation occurs when demand for goods
exceeds supply.
Central banks usually implement monetary policy. Central banks also
control the money supply. Central banks supervise the banking system.
The central bank can reduce the money supply to commercial banks by
changing the reserve requirements.
Commercial banks are the public or private banking institutions which
people use for their everyday money matters. People may have three basic
types of bank account: Current account, Deposit account, Investment account.
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