Leadership style of a successful international businessman

Leadership style of a successful international businessman INTRODUCTION This essay explores the leadership style of a successful international businessman, Howard Schultz, the Chief Executive Officer of Starbucks coffee-house company, arguably the worlds most successful coffee company. Fellner (2008) credited Schultz with having a highly successful year in 2003 à ¢Ã¢â€š ¬Ã‚ ¦ with a net sales of $4.1 billion (almost twice what it had earned in 2000 when it yielded $265 million (p.16). Schultz was ranked as the 354th richest person within the USA in 2006 with a net worth of over one billion dollars (Forbes.com, 2006). Schultz joined the Starbucks Company initially as an executive in the early 1980s before becoming chief executive officer in 1987 and was credited for developing the company into an internationally recognized brand and multi-national corporation (James, 2009). He took a step down from CEO to Chairman in 2000 and witnessed the company struggle through the economic down-turn before returning to the helm as CEO in 2008 and navigating the compa ny through an international expansionist strategy whilst reducing the number of physical companies in the domestic US market. The premise of relevant leadership theories and models will be used to analyze the topic of Schultzs leadership style. In particular, one will assess the type of skills that he has demonstrated in order to ascertain his style of leadership in terms of competencies and meta-competencies. This assignment will enable the reader to understand what makes a successful entrepreneur and global leader by providing a lens into their world-view. In conjunction with references to academic discourse, the components of this effective leader are illuminated through a personal bibliography within the following section. CRITICAL ANALYSIS: LEADERSHIP THEORIES AND SCHULTZS LEADERSHIP STYLE Burns (1978) introduced a theory on leadership that has had global implications for organizations. At the heart of Burns argument was a differentiation between two different types of leader: transformational and transactional. The latter often bases his approach on interactions and exchanges with those at lower organizational tiers in order to meet his desired strategic goals. In turn, his employees get what they require such as a salary, praise or promotion in exchange for what the leader values (such as effective performance levels). Conversely, a transformational leader seeks to redress employee/follower concerns and meet their desires whilst leading effectively and dealing with organizational issues at a higher contextual level. In this latter respect, followers are accorded respect and encouraged to develop as persons in their own right. They are also encouraged to participate at a collective level in order to ensure organizational objectives are met. Transformational Leaders te nd to adapt a selling style of leadership. The influence of this approach is captured in the following quote: [It] engenders high levels of motivation and commitment among followers/members. The emphasis is on generating a vision for the organisation and leaders abilities to appeal to the higher ideals and values of followers/members in order to achieve high performance, high commitment and high inclusion to an organisation or system (Rodgers et al; 2003: p.16). The emphasis shift from Transactional to Transformational leadership occurred in order to redress the hierarchical imbalance associated with Transactional theories by encouraging active participation and inclusion amongst followers. Discourse widely proffers that effective leadership development is an ambiguous and contested concept due in part to the variability of peoples leadership styles. Bryman (2007) argues that heroic and hierarchical forms of leadership that focus on a leaders competencies and behaviours have traditionally prevailed within business circles yet are increasingly unsuitable in the current and somewhat chaotic, global business environment (Collinson, Collinson, 2009: p.367). It is widely argued that modern leaders must eschew novel skill-sets, meta-competencies such as inter-personal skills and positive behaviours in order to increase organizational efficiencies and effectiveness (Kiel and Watson, 2009). Kutz discusses some of the tensions emanating from globali zation and free-market structures where a: Constant pressure to innovate, gives rise to continually changing contexts. In turn, these phenomena require executives and leaders to respond and adapt to quickly changing contexts (2008: p.18). Schultz recent advocated the use of mobile technology to enhance the efficiency and effectiveness of the company by accepting purchase payments through a mobile device. A Starbucks Card-Mobile iPhone application also enables use in a gift card capacity by presenting a technically secure QR bar code for baristas to scan in front of a high-tech 2D scanner during the payment process (Butcher, 2010). Participating customers now have the ability to reload their card balance via their mobile device using a major credit card. They also have the ability to check the status of their My Starbucks Reward status and to search for Starbuck stores in situ (ibid). From an historical perspective and before mobile technologies were piloted and implemented across New York Stores, Schultz had a vision to create 2000 physical stores by the year 2000. Some observers credit this vision with the driver behind Starbucks success. Schultz used his ability to translate this vision across the organizations management teams and supervisors who possessed micro level visions that directly sustained and supported his aims: His powerful communication skills define a leader who knows not only what he stands for, but also the values he promotes, and who knows how to make an emotional connection with his listeners (Bloomberg Businessweek, 2006: n.p). At a lower contextual level, management and supervisors directly supported their staff by providing them with the opportunity and resources to grow through various activities such as coaching, training, mentoring and educational opportunities. A shift towards a situated, networked and fluid leadership style based on n ovel forms of participation has been the consequence of Schultzs actions. Schultz stresses the importance of sharing both the success and the credit of entrepreneurship (Neff Citrin, 1999). Collinson Collinson cited research by Bolden et al. (2008, 2009) within the higher education establishments which identified strong evidence of distributed leadership. Conversely, and paradoxically, respondents (employees) also recognized the importance of powerful and inspiring leaders (2009: p.376). Schultz advocated the purchase of companies including Seattle Coffee Company in the UK and subsequently expanded their operations beyond the United States into Europe and South East Asia. By 2003 the number of stores rose to 6,000 and by 2010 approximately 16 thousand stores existed in over 50 countries (New York Times, 2010). The success of Starbucks has been attributed to Schultz collaborative style that contained powerful social essence, encouraged follower empowerment and which was seen as non-hierarchical and less-centralized compared to many other business models. Starbucks business strategy was driven by a man who exhibited effective leadership skills by empowering lower-tiered management and staff to participate in decision-making activities (associated with the 2000 vision) and by, for instance, providing universal healthcare for all employees. Starbucks uses 2 mission statements which are noted in the companys website: To inspire and nurture human spirit one person, one cu p, and one neighbourhood at a time and Starbucks is committed to a role of environmental leadership in all facets of our business (www.starbucks.com). James (2009) recently noted how the company still prides itself on its treatment of workers (baristas) who receive the same health benefits as all other tiers of the company: He gave baristas health care plus a share of the profit. When the AIDS epidemic was at its height, Starbucks paid for terminal illness care for employees for 29 months until the government took over (n.p). James also noted some of the current tensions facing Starbucks Corp and its CEO in particular. Schultz may have provided all employees with a 401(k) plan and stock options (including health benefits); however Starbucks Workers Union has restricted rights which limit its ability to defend staff against low-paid work and unsociable hours. James noted how Schultz stated: I was convinced that under my leadership, employees would come to realize that I would listen to their concernsà ¢Ã¢â€š ¬Ã‚ ¦If they had faith in me and my motives, they wouldnt need a union. On his return to the CEO fold in 2008, Schultz planned to dramatically reverse a decline in sales and achieve a turnaround in the companies financial performance at a time when the business world presumed that Starbucks had effectively lost its innovative edge. He advocated the closure of 300 US stores and cut hundreds of jobs yet aggressively opened hundreds of new stores beyond the US market (New York Times, 2010). Schultz took the decision to downsize in the US market and expand further globally with the support of his senior management team. This reflects Hughes, Ginnett, and Curphy (1999, p. 365), who found that: [members] solidify into an interdependent team of mutually supporting friends and colleagues (cited in Bentley et al; 2004). Tobak, (2009) questions whether Schultz had the vision at that time to acknowledge that Starbucks undertook such changes without foreseeing the problems that may ensue. He conveniently blamed the economic downturn  [1]  for much or Starbucks p roblems when in fact significant problems occurred approximately 18 months before the economy: à ¢Ã¢â€š ¬Ã‚ ¦took a nose dive. From January 2007 to August 2008, its share price was off 60 percent while the Nasdaq index was essentially flat. This is not about the economy, and Schultz knows it (n.p). Schultz stated in a recent July/August 2010 Harvard Business Review article: The past two years have been transformational for the company and, candidly, for me personally. When I returned, in January 2008, things were actually worse than Id thought. The decisions we had to make were very difficult, but first there had to be a time when we stood up in front of the entire company as leaders and made almost a confession-that the leadership had failed the 180,000 Starbucks people and their families. And even though I wasnt the CEO, I had been around as chairman; I should have known more. I am responsible. We had to admit to ourselves and to the people of this company that we owned the mistakes that were made. Once we did, it was a powerful turning point. Its like when you have a secret and get it out: The burden is off your shoulders. Cited in Petty (2010: n.p) In early 2009, the company bounced back and has seen more store traffic and renewed earnings growth with Starbucks shares raising to $24 a share. By spring 2010, the company: à ¢Ã¢â€š ¬Ã‚ ¦announced its first dividend to be paid in cash to investors. In April, the company said its profit rose more than eightfold in the second quarter, as more customers visited its stores and spent more (ibid: n.p). Kiel Watson (2009) suggest that most organizational issues encompass human rather than technical challenges and suggest: While no academic study has been conducted on this topic [affective leadership and emotional intelligence], we believe that [those] who are successful in developing the support of their communitiesare ones who expend considerable emotional labo[u]r (p.22). Schultz leadership style has been described in the following terms: They dont teach caring in business schools, and benevolence isnt usually discussed in corporate management seminars. But these values anchor Schultzs leadership philosophy as he seeks to build connections between people through demonstrations of heart and conscience. Starbucks baristas, for example, receive a Green Apron Book that exhorts them to be genuine and be considerate. And the company works hard to treat its coffee growers in Third World countries with dignity while purchasing their products at above-market prices (Meyers, 2005, p. 1) Lara Wyss, Starbucks director of global consumer public relations also noted how: The company is testing concept stores with various platforms that fit in with its Shared Planet pledge hat each new store built in 2010 will be Leadership in Energy and Environmental Design (LEED) certified (Zegler, 2010: p.62). Starbucks has recently introduced three concept stores in Seattle, Disneyland Paris and London. The former was recently redesigned in the light of its heritage concept theme and uses various recycled and revamped materials as part of its dà ©cor. Schultz illustrated examples of effective leadership by embracing a culture of open communication and by constructing active partnerships with his work-force. Schultz style of leadership would be at odds with a somewhat aggressive and negative management style that reflected an authoritarian and hierarchical leadership approach, such as that adopted by Michael OLeary from Ryanair. A Wall Street Journal (2009) article highlighted OLeary s abhorrence and total disregard of trade union power within the airline industry and how his drive for cost savings included the prospect of refusing free food for airline staff if the opportunity arose. Further criticism was directed at him for a perceived lack of moral leadership by refusing to provide wheel chair assistance for disabled passengers (Box Byus, 2005: p.68). Conversely: Starbucks was among the first companies to provide medical benefits to part-time employees. Today, however, Starbucks is spending more on healthcare than on coffee, and the workforce is nervous about shrinking benefits. Were not ever going to turn our backs on our partners [employees], says Schultz reassuringly. Then he faces reality. But we need relief. Where is the money going to come from? (US.news.com, 2005) In this respect, Schultz and OLeary are clearly different types of leaders with opposing leadership styles, yet both have similar beliefs in regards to trade union power. Fellners (2008) book viewed Schultz as the leader of a coffee chain with a proffered liberal consciousness and whose reputation was paradoxically categorized as a symbol of globalization and all that is immoral with free-market capitalism. She found paradoxes in the basis of employee friendly structures that espouse universal healthcare provision with anti trade-unionist practices; and between what she perceived as community individuality and forms of cultural hegemony. Carroll, Levy Richmond (2008) discussed Alvesson and Sveningssons (2003abc) research findings which stipulated that numerous managers involved in leadership development may effectively articulate abstract ideals such as vision and inspiration. However, an inability to define or explain concrete actions undertaken in pursuit of such ideals was also d eemed prevalent (ibid). CONCLUDING NOTES This section will provide a conclusion to the assignment and discuss some of its limitations. It was noted within the main body of text how different leadership styles can influence employee motivation and job satisfaction. A clear comparison can be made between Schultz leadership style and that of a successful entrepreneur in another industry (Michael OLearys Ryanair airline company). It was also discussed above how various leadership styles impact upon employee motivation and job satisfaction. Nelson and Quick (2006) attributed Schultzs leadership to a transformational style because his caring and generous nature reflects transformational leadership qualities. In some respects, it is clear that Schultz shows concern for the whole Starbucks organization and exhibits openness and debate amongst its employees and management rather than pursuing activities out of his own selfish interests. Spillane proposes that: à ¢Ã¢â€š ¬Ã‚ ¦ from a distributed perspective, leadership practice takes shape in the interactions of people and their situation, rather than from the actions of an individual leader (2004: p.3). In realist terms, Fellner (2008) illuminated the chaotic social and business blend that Schultz embraces which seeks to maximize corporate profit by targeting new markets (foreign markets, mobile technology markets) whilst exhibiting sufficient social justice tendencies. It is this paradox that has led Schultz and his team to constantly align itself with one set of principles whilst seeking solace in another set of principles that are arguably at opposing sides of the spectrum. Collinson Collinson (2009) noted how Cameron et al. (2006) viewed effective leaders as: à ¢Ã¢â€š ¬Ã‚ ¦simultaneously paradoxical, integrating factors usually seen as competing, contradictory and even incompatible (ibid: 377). Schultz seems to have used high degrees of emotional intelligence by seeking alliances and partnerships within the Starbucks organization, rather than thrive on adversity and seek economic benefit from unethical channels. As noted above, OLearys approach to staff meals and customer wheel chairs highlight his domineering and hierarchical leadership approach whilst Schultz willingness to support employees suffering from HIV shows aspects of social justice in his personality traits. Schultz embraced change and development in a chaotic, competitive and complicated external environment. He seemed to display a significant amount of vision and emotional intelligence in order to transform the status quo into a global brand in over 50 countries. Overall, the literature suggests that modern leaders must provide effective leadership skills that compliment and encompass traditional management skills. These are increasingly linked to emotional intelligence, empowerment, empowerment, reflection, the ability to take risk without apprehension and the need to reflect upon the ethical and moral consideration of others. Schultz openness for social and ethical practices in pursuit of Starbucks business objectives has been applauded by many observers. Much of Schultz skills included trust building, negotiating with opponents and encouraging mutual co-operation. Therefore, one must possess a combination of hard, technical and softer, intuitive leadership skills in order to solidify their role as an effective leader in all situations. They must also be charismatic and inspirational yet calculated risk takers in order to navigate their respective organizations through the chaos and complexity (for instance, see Wheeler et al., 2007 in Coll inson Collinson, 2009)

Pyrotechnics :: essays research papers

PYROTECHNICS   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Pyrotechnics special effects are widely used in motion picture production to create all types of effects involving explosions, fires, light, smoke and sound concussions. The types of pyrotechnics materials used include flash powder, flash paper, gun cotton, black powder (gunpowder), smokeless powder, detonator explosives, and many more. They are used in bullet hits (squibs), blank cartridges, flash pots, fuses, mortars, smoke pots, sparkle pots, etc. The main problems of pyrotechnics include prematurely triggering the pyrotechnic effect, use of larger quantities or more dangerous materials than needed, causing a fire, lack of adequate fire extinguishing capabilities, and, of course, inadequately trained and experienced pyrotechnics operators. As a result of these risks, all pyrotechnics special effects are regulated at the federal, state and local level. In general, all pyrotechnics are explosives, but not all explosives are pyrotechnics. Class A explosives (high explosives) are materials like dynamite and Primacord which may detonate even if unconfined. Pyrotechnic special effects materials are Class B explosives. They will burn, but not explode unless confined. Examples are black powder and pellet powder, safety fuses, igniters, igniter cord, fuse lighters, Class B special fireworks, and Class B composite solids propellants. Class C explosives are common fireworks. Note that short lengths of Primacord may be classified as Class C under certain conditions. Both Class B and C explosives are also called low explosives. All pyrotechnic materials and other explosives consist of an oxidizer (source of oxygen) and a reducer (fuel). Examples of oxidizers include potassium nitrate, strontium nitrate, potassium perchlorate and potassium chlorate. Examples of fuels include metals like magnesium and aluminum, sulfur, silicon dioxide, and organic fuels like charcoal, starch, resins, and chlorinated hydrocarbons. The choice of fuel and oxidizer determines the type of effect (flash, smoke, sound, etc.) its color, and its intensity. There are two basic types of pyrotechnic materials: single component and two component systems. Single component materials will either burn if ignited, or explode if ignited when enclosed, since the oxidizer and fuel are in the same mixture. Flash paper, for example, is a partially nitrated cellulose and contains both fuel and oxidizer internally. The traditional black powder has potassium nitrate as the oxidizer, and sulfur and charcoal as fuels. In two component or binary systems, the oxidizer and fuel are separate components which are transported and stored separately and only mixed when ready to use.

Turning Strategy into Great Performance

First, let me start by explaining that a lot of times executives, and some HR leadership fail to recognize that performance and potential are two completely different dynamics that get often confused when companies are trying to hire new talent or possibly promote their current talent for new roles within their organizations. In fact, today's leaders cannot assume that their current top performers are the next potential talent in the industry for future purposes. Certainly, high performers may master their specific job task at the moment, but the â€Å"potential† challenge is going to be how well they will adapt to future role changes, and the ambiguity that may follow with that new role and their current skills capability. Unlike performance, individuals showing potential are identified by how well they adapt at accomplishing new tasks quickly and effectively while learning new roles quicker than their peers. After all, performance keeps businesses running optimally at the moment, but it's potential that helps run the future state of the business and that's what's needed to bring companies to the next level. Besides, employees who have potential have the ability to grow and take on more responsibilities in the future. In short, performance keeps the business moving, while potential makes the business prosper, grow, and mature.In fact, this is where the dynamic changes to potential rather than performance. In his book on Strategy-Driven Talent Management, Silzer and Dowell, (2009) explains that Executives and human resource personnel need to be better trained at accurately assessing talent to identify both potential and behavior rather than just judging by past performance because they will need to predict and envision whether a person will be successful in the long-term or not in future new roles. In the same way, they will need to take into consideration the fact that before moving existing talent into future positions that assessment measures must be taken whether these individuals will continue to be able to perform and grow in their new roles as they did in their past roles. In particular, consider how likely they are to develop and be successful in rapidly learning, adapting, and growing into these future roles (Silzer, & Dowell, 2009). In the same way, Church and Rotolo, (2013) explain in their benchmark survey of large corporations that multi-source assessment tools are a great way for organizations to make decisions about their potential talent and performance identification within their talent pools; help aid in succession planning; and drive behavior change for those selected individuals. In addition, they emphasized that not one specific tool is perfect, but that in using many feedback assessment tools the common end result should point to the same conclusion. In fact, they found specifically that the constant feedback from executives and their peers using 360-degree feedback surveys were successful in almost 70% of the organizations researched. The 360-degree feedback survey helped executives make important decisions regarding their talents potential and performance measurements towards predicting future behavior. Similarly, they also discussed the importance of making these surveys specific to their own needs, challenges, and business strategies (Church, & Rotolo, 2013).Likewise, Dries, Vantilborgh, & Pepermans, (2012) explain the role of learning agility and career variety in the identification and development of high potential employees. Their research found that in order to help identify talent in high potential individuals those individuals needed to succeed in a variety of other roles while being subjected to tough or difficult conditions other than their current limited job tasks and their past performance alone. In fact, those select employees needed to have a high agility for continuous learning they had to be willing and able to learn new competencies. Nevertheless, they emphasized that management in the past have always depended on current job performance to identify high potentials, but have failed because not all high performers are high potential individuals. In brief, they emphasized the need for a learning agility assessment in their development and identification of high potential individuals, in order for organizations to sustain their competitive advantage (Dries, Vantilborgh, & Pepermans, 2012). Equally important, is Campbell & Smith's, (2010) article on High-potential talent: A view from inside the leadership pipeline. These two researchers found that an overwhelmingly 96% of survey participants said that both engagement and commitment were very high on their list for developing potential employees to be motivated to perform above and beyond their specific job duties. More importantly, they explained the vital role that their employee's experiences and perspectives play in identifying potential talent from within the companies talent pipeline. In fact, they believe that when companies invest in talent management to include both career pathways and support for their high potential employee developments that those processes help identify the next steps needed to advance leadership potential and performance within the organization. All the while, building employee engagement, commitment and loyalty to their organization that results in an overall business advantage (Campbell, & Smith, 2010). Nevertheless, because it's such a financial challenge to attract, develop, and support talent management policies for companies today, I believe it's vital for organizations to have in place retention initiatives, tools, and resources to help avoid any such loss of their high potential employees intellectual knowledge, skills, and abilities. Besides, there is a high cost of turnover for companies when employees leave for career advancement elsewhere. Surprisingly, Frey, & Stechstor, (2007) found in their double round of survey interviews of twelve senior human resource experts from large and medium multinational companies that in the first round of the survey, most companies had no real retention management policies or initiatives in place and that their attitudes towards retention management strategies varied greatly from some who thought it was critical to the success of the company, to some who didn't think retention tools were necessarily important at all (Frey, ; Stechstor, 2007). Subsequently, in the second round of survey questionnaires, collected from those same HR experts who were asked to then rate three specific categories of retention management tools that were deemed to be most important to them when possibly implementing them in their own retention policy strategies. The categories for the initiatives for retention were labeled as:1. ‘Must-have', 2. ‘Optional', or3. ‘Trend-setting' As a result of the data collected, in the first group of ‘must have' employee retention tools HR management of those twelve organizations thought that performance related pay, constant feedback, culture and developmental career opportunities were the highest priority for retention of high potential talent. Next, they thought that the second most important tools for retention that should be in the ‘optional' group were listed as job rotation, retirement benefits, coaching, and mentoring. Finally, in the third ‘trend setting' category the tools that they thought were good for future retention strategies were stock options, working from home, and specific job tailoring (Frey, ; Stechstor, 2007). In sum, the value of investing in employee training and development can help an organization in many ways. Namely, by having the ability to run a business leaner and more importantly, by helping to diversify the talent and potential that already exists within the organization. Certainly, when companies invest in their employee development and talent management policies it motivates employees to perform at their best, while at the same time offsetting costs associated with high employee turnover, and retention of skilled labor. All in all, in these difficult economic times when businesses are cutting costs and headcount, identifying and assessing high potential employees can help management move workers around to different areas of the business and run a leaner and cost efficient process. Finally, a company with good employee development also attracts loyal and motivated individuals. Simply put, businesses must have employees who are knowledgeable in more than one skillset to remain competitive. Altogether, training, assessments, and education help ensure that employees have the skills needed to perform their business needs. Therefore, when you invest in your employee's aspirations and abilities, it improves your business performance, efficiency, loyalty, and profit. In other words, the ROI on employee talent development is one of the best long-term investments that a company can make.

Green Innovation in Tourism for Economic Sustainability...

The tourism sector has undoubtedly become one of the globe’s foremost drivers of economic development, sustainability and progress. This is because its rate of growth, links to other economic sectors as well as dependence on a relatively unblemished natural environment puts it into an inimitable position from an economic sustainability and development perspective. In the same breath, tourism has been singled out as one of the key sectors that can play a leading role in the world’s transition to an inclusive green economy characterized by low carbon release. Strategic shifts in tourism practices have the potential of yielding major benefits capable of stimulating change towards better sustainability not only in the tourism industry but in†¦show more content†¦Since they are also cost effective, they will reduce the sector’s expenses to some extent. This reduction in expenditure will ascertain the sector’s economic sustainability in the long run (Eu ropean Future Energy Forum, 2010, para. 1). Many researchers have found that green products last longer than non green products (Ottman, 1998, p. 89). This has particularly been observed in natural cleaning products, recycled paper, footwear made from recycled materials, hybrid cars and baby care products manufactured without artificial chemicals (Hopkins, 2009, p. 87). The fact that they can be recycled and used over and over again demonstrates their durability. At the moment, the tourism sector has been accused of excessively using non durable products, a situation that has to change via the adoption of green products. Through this transformation, the tourism sector will benefit greatly from adopting green innovations since they will last longer, saving the sector generous amounts of expenditure. This will enhance the sector’s economic long term sustainability. Green innovations are primarily aimed at conserving the environment, the very foundation on which the tourism sect or is founded. The tourism sector has suffered profoundly from environment degradation. For instance, global warming has led to the melting of glaciers. In the meantime, the destruction of forests and water bodies has led to human-animalShow MoreRelatedManagement756 Words   |  4 PagesAt its most basic level, the green economy is the clean energy economy, consisting primarily of four sectors: renewable energy (e.g. solar, wind, geothermal); green building and energy efficiency technology; energy-efficient infrastructure and transportation; and recycling and waste-to-energy. 1 The green economy is not just about the ability to produce clean energy, but also technologies that allow cleaner production processes, as well as the growing market for products which consumeRead MoreEnvironment And Sustainability : Wyndham Worldwide2362 Words   |  10 PagesWorldwide – Environment Sustainability WYNDHAM WORLDWIDE HOTEL GROUP ENVIRONMENT SUSTAINABILITY 2010 – 2014 EDWIN SAMA FLORIDA INTERNATIONAL UNIVERSITY Wyndham Worldwide – Environment Sustainability TABLE OF CONTENTS. Page 1. Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 2. 2010 Environment Sustainability †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 3. 2011 Environment Sustainability †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 4. 2012 Environment Sustainability †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Read MoreDiscuss the Contention That Sustainable Tourism Is, Perhaps, an Impossible Dream.1713 Words   |  7 PagesDiscuss the contention that sustainable tourism is, perhaps, an impossible dream. The definition of sustainable tourism is much debated. However, a suitable meaning can be inferred from the broadly used definition of sustainable development, an economic process to which sustainable tourism is intrinsically linked. Sustainable tourism would be that which ‘meets our needs today, without compromising the ability of people in the future to meet their needs’ (Swarbrooke, 1999, p. 3). These needs wouldRead MoreImportance Of Innovation Within The Tourism Industry1022 Words   |  5 PagesImportance of innovation within the tourism industry as a whole 1. Introduction Innovation in tourism industry had greatly increased in the last 20 years (Hjalager, 2009, p. 1) and a key competitive advantage for all businesses to survive. Tourism had been an innovative and highly dynamic industry for many years now thanks to the advancement in technology, globalisation, customer oriented, and sustainability (Carvalho Costa, 2011, p.4). Structure of this report will begin with defining what anRead MoreTrade Balance in Foreign Countries984 Words   |  4 Pagestwo percent. But in rural areas the female population has a higher unemployment rate than male, 5 percent of unemployment for female and 3 percent of unemployment for male. Monetary and Fiscal Policies The fiscal policies in India help achieve economic growth and development. And they are using following policies in order to mobilize the resources. 1. Taxation: the tax is higher for wealthier people and luxury goods that are imported in order to reduce the allocation between rich and poor peopleRead MoreA Research Study Of Event Tourism1206 Words   |  5 Pagescountries established the event tourism organizations and companies. Adelaide is the capital city of the state of South Australia (SA), the event arm of SA name Event South Australia which actively supports the events and festivals through strong recognition and sponsorship (South Australian Tourism Commission official website 2016). The study of Event tourism: definition, evolution and research (Getz 2007), identified the events play an important role in tourism, the events can be planned or unplannedRead MoreThe Sustainability Issues Facing The Hospitality Sector1674 Words   |  7 PagesIntroduction Within the service sector, hospitality industry is a broad category of fields that includes event planning, lodging, cruise line, theme parks, transportation and other fields with the industry of tourism. The industry greatly depends upon the availability of disposable income and leisure time. Hospitality industry is a multi-dollar industry with hospitality units such as hotel, amusement parks and restaurants. The hospitality units consist of multi groups such as direct operations (housekeepersRead MoreThe Implementation Gap Between Theory And Practice Of Heritage Planning738 Words   |  3 PagesOverview of Topic: Sustainability is somewhat of a contentious issue within heritage planning. It is widely used, but not always well understood. This essay proposal uses this term to mean balancing the needs of current society with the preservation of current resources to improve cultural vitality, social equality, environmental responsibility and economic vitality (Letourneau, 2016). Each of these pillars contains several aspects, such as innovation and ecological balance, which contribute toRead MoreThe City Of Orlando Florida1376 Words   |  6 Pagesresponse. Through the use of reeducation programs, technological innovations and community restructuring this city has the potential to become truly safe, inclusive and sustainable over the next 15 years. Background The city of Orlando is perhaps the biggest tourist attraction in all of the United States, if not the world. Theme parks such as Disney and Universal provide an unparalleled tourism industry that inevitably bolsters a strong economic system for a city of such diverse industry. At just overRead MoreEconomic Development Strategy For The City Of Sydney1550 Words   |  7 Pagescity since 2007. Major urban restoration ventures over the City of Sydney are giving occupations and lodging. Green Square, Australia s biggest urban redevelopment task, is only 3.5kms from the downtown area. The $8 billion redevelopment will give homes to 11,000 new inhabitants and 22,000 new labourers. Economic Development Strategy for the City The City of Sydney s 10 year Economic Development Strategy will help convey a realistic vision for a significantly more dynamic, earth feasible economy

The Myths About Immigration By David Cole - 865 Words

An interesting chapter from Current Issues and Enduring Questions was chapter twenty four, Immigration: What is to be done? Throughout this chapter multiple authors argue their opinion of immigration in the United States. There is much to learn about this topic because it is extremely controversial in today’s society. It is necessary for one to know both sides of agreeing or disagreeing with immigration to fully understand the situation and base an opinion from this knowledge. The multiple authors within this chapter have different views about immigration but they all make reasonable accusations. The first essay in chapter twenty four is â€Å"Five Myths about Immigration† by David Cole. He begins his essay by exploiting a group from the mid-nineteenth century called the â€Å"Know-Nothings† who blamed all of America’s problems on immigrants. Cole then goes on to acknowledge what he believes are the five myths about immigration. These myths include: Ameri ca is being overrun with immigrants, Immigrants take jobs from U.S. citizens, Immigrants are a drain on society’s resources, Aliens refuse to assimilate and are depriving us of our cultural and political unity, and lastly noncitizen immigrants are not entitled to constitutional rights. Cole gives reasons why these five myths are not true and by using facts he makes his argument more believable. Cole (1994) stated the following: There is virtually no evidence to support  this view, probably the most widespread misunderstandingShow MoreRelatedQuestionable Immigration Myths850 Words   |  4 PagesJason Professor English 1020-52 14 October 2004 Questionable Immigration Myths David Coles Five Myths about Immigration, while not a persuasive argument, is obviously a personal issue for the author who believes Americans treat immigrants poorly. He introduces the reader to Know Nothings, or Native Americans, who blame every problem in America on the immigrants (Cole 189-90). In the introductory paragraph, Cole attempts to obtain the readers sympathetic feelings as he writesRead MoreImmigration: Good or bad?1162 Words   |  5 Pages Immigration: Proud To Be An Illegal Immigrant? Immigration is an important part of the American history, and how the nation was founded. Immigration has allowed for people who have low income and low education to come to America to better their lives for themselves and their families. It has allowed many people to leave harsh, dangerous conditions in search for a better life, which can be found with hard work and determination. These conditions can also be found in the constitution in Life, LibertyRead MoreThe Blame Game : Native Born And Foreign Born922 Words   |  4 Pagesâ€Å"fungus Phytophthora infestans, [which] robbed more than one-third of the population of their usual means of subsistence,† (Donnelly 1) lasting for about four or five years successively. Nonetheless, prejudice has been widely known across America due to the fact that ignorant Americans feel as if America is being overrun by immigrants. There are current â€Å"myths† on how foreign-born people are perceived and thought of in today’s society that distort the public view. Immigrants take away jobs fromRead MoreThe Benefits of a Multicultural America1460 Words   |  6 Pagescitizens. Multiculturalism has existed throughout the history of America. People have migrated for thousands of years moving into different habitats and spreading their influences over one another. David Burgos a writer for adage, a website that specialize in advertising states, â€Å"I bet most of you thought about Blacks or African Americans and Hispanics. Probably some of you mentioned Asians too, and maybe a few even associated it with non-race- or ethnicity-based minority segments such as Muslims. IndeedRead MoreRace And Crime Of The Criminal Justice System6937 Words   |  28 Pagesfair and speedy trial in most cases as our constitution states is their right. As for African Americans, a huge minority group in America there is no question that they commit all kinds of crimes minor and major but the disparity comes when we talk about the treatment that the African American race receives in the United States criminal justice system. African Americans commit crimes such as rape, robbery burglary, selling and buying drugs, killing, and more just as any other race but the problemRead MoreNational Security Outline Essay40741 Words   |  163 PagesStrengthening the International Legal System to Deal More Effectively with Low-Intensity Aggression 90 THE RULE OF LAW IN NAT’L SECURITY AFFAIRS: In repealing the war powers resloution, Robert F. Turner 91 U.N. RESOLUTION 1441: 8 NOVEMBER 2002 96 MYTHS AND REALITIES IN THE VIETNAM DEBATE, Robert F. Turner 97 JNM: Morality and the Rule of Law in the Foreign Policy of the Democracies 100 Notes on DA Koplow: assignment 12 104 CHAPTER 1: National Security Law and the Role of Tipson 1NATIONALRead MoreStrategic Human Resource Management View.Pdf Uploaded Successfully133347 Words   |  534 Pagesalternative future strategic scenarios must be considered in the planning of developmental assignments in order to have promotable managers. Another cause of plateaus is related to developmental programs. Companies sometimes make inflexible decisions about which employees should continue in management development pro-grams or those who should be placed on a fast track. Sometimes, these decisions are based on performance during the early stages of an employee’s career. Further, the decision may be madeRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesImproving Ethical Behavior 22 Coming Attractions: Developing an OB Model 23 An Overview 23 †¢ Inputs 24 †¢ Processes 25 †¢ Outcomes 25 Summary and Implications for Managers 30 S A L Self-Assessment Library How Much Do I Know About Organizational Behavior? 4 Myth or Science? â€Å"Most Acts of Workplace Bullying Are Men Attacking Women† 12 An Ethical Choice Can You Learn from Failure? 24 glOBalization! Does National Culture Affect Organizational Practices? 30 Point/Counterpoint Lost in TranslationRead MoreHuman Resources Management150900 Words   |  604 PagesResources, he and his staff began by restructuring and decentralizing the HR entity so that each functional area of the company has an HR manager assigned to it. The HR managers were expected to be key contributors to their areas by becoming knowledgeable about the business issues faced by their business functional units. Today, HR managers participate in developing business strategies and ensure that human resource dimensions are considered. For instance, the HR manager for manufacturing has HR responsibilitiesRead MoreProject Mgmt296381 Words   |  1186 Pages(alk. paper) ISBN-10: 0-07-340334-2 (alk. paper) 1. Project management. 2. Time management. 3. Risk management. I. Gray, Clifford F. II. Gray, Clifford F. Project management. III. Title. HD69.P75G72 2011 658.4904—dc22 2009054318 www.mhhe.com About the Authors Erik W. Larson ERIK W. LARSON is professor of project management at the College of Business, Oregon State University. He teaches executive, graduate, and undergraduate courses on project management, organizational behavior, and leadership

My First Memory Of A Writing - 972 Words

My first memory of a writing I was proud of was in the fourth grade with my teacher Mrs. McCoy. It was a short story on a personal experience in my life and I talked very passionately about a time where my dog ran away when I went on a trip at Pismo Beach in California. After that not many classes developed me quite like my classes in high school did. My first exposure to an English that engaged me was in freshman year of high school, and every class after that developed me as a writer even further. English one with, Mrs. Kerr, and English two, with Mr. Romeis, were my first real times having a writing class, middle school English is pretty simple compared to these classes. Over the two years I had to do multiple essays on themes of various books. One on Romeo and Juliet by William Shakespeare, one on Night by Elie Wiesel, and one on Catcher in the Rye by J. D. Salinger. All of these essays helped me by refining the basics of paragraph structure and other things like what exactly is thesis statement. The first essay that I had that wasn’t as simple as the previous ones was about a controversial topic, I chose to do mine on genetic engineering. Genetic engineering was something I was very passionate about at the time and this was the first time I had an essay about a topic that really intrigued me, which made me try much harder than I ever did. This was a very defining point in my writing experiences big because it showed me that writing can actually be interesting and notShow MoreRelatedThe Importance Of Reading700 Words   |  3 Pageslife; reading and writing are essential for a person’s success. Every single day, it’s used, whether it’s for an Advanced Placement Language class or reading a billboard as you’re driving past. As a child, I grew up reading on a daily basis and I believe that I am as successful as I am on behalf of it. Countless memories have been created, thanks to the multiple books that have been read and th e umpteen amount of papers that I’ve written. Throughout the numerous years of my education, my teachers andRead MoreMy Literacy Autobiography Essay1608 Words   |  7 Pages The story of my history as a writer is a very long one. My writing has come full circle. I have changed very much throughout the years, both as I grew older and as I discovered more aspects of my own personality. The growth that I see when I look back is incredible, and it all seems to revolve around my emotions. I have always been a very emotional girl who feels things keenly. All of my truly memorable writing, looking back, has come from experiences that struck a chord with my developing selfRead MoreWriting About Me : A Writer And Critic Of Your Own Paper1270 Words   |  6 PagesYou know what is the hardest thing to do while writing a paper? - To be a writer and critic of your own paper because it is hard to perform both the tasks efficiently and honestly at the same time. The English class which I took spring quarter of my freshman year at the University of California, Riverside had the major theme called â€Å" Writing about me†, where most of my writing was going to be about me. I always post about my moods, opinions and thoughts on social media such as facebook, twitter,Read MoreHow Human Memory Is Unreliable Due For Memory Distortion And Changes From Other Influences1074 Words   |  5 PagesPsychology Popular Articles No one is born to a genius. I do not believe in instant success, especially in writing. Most of the time when I finished writing essays, I felt satisfied with what I wrote. I rarely try to go back and improve my own writings. The Unreliability of Human Memory is an analytical essay from my Workload 57S class. This paper is about how human memory is unreliable due to memory distortion and changes from other influences. By rereading an essay that I wrote before, I analyzed andRead MoreEssay on Memory in Exile: Eva Hoffmans Lost in Translation1246 Words   |  5 Pagesobservations of her assimilation into a new world. The story is based on memory – Eva Hoffman gives us her first-hand perspective through flashbacks with introspective analysis of her life â€Å"lost in translation†. It is her memory that permeates through her writing and furthermore through her experiences. As the reader we are presented many examples of Eva’s memory as they appear through her int eractions. All of these interactions evoke memory, ultimately through the quest of finding reality equal to thatRead MoreReflection Essay1087 Words   |  5 Pagesthat it would mature my writing to a higher level of thinking. This is seen as past experiences in my writing through high school English teacher feedback indicated my writing to be full of flaws. I often would receive feedback on my writing being awkwardly worded or lacking fluidity. The one valuable skill I learned from English 101,102 and 103 was the idea that exposure to different readings, formulas and informal writings give practice, for me to find my own voice in writing. This is especiallyRead MoreEssay on Writing Rediscovered1707 Words   |  7 PagesWriting Rediscovered Most of us never think about the technology we use when writing, whether we are jotting down our â€Å"To Do† lists or pulling out a pencil for an exam, we do it without much thought. Walter Ong tells us â€Å"Although we take writing so much for granted as to forget that it is a technology, writing is in a way the most drastic of the three technologies of the word (321). I believe that many of us would agree that although we may not consider writing to be a drastic technologyRead MoreThe Importance Of Reading And Writing On My Life1376 Words   |  6 Pages Reading and writing are two of the most important tools in my life, because without them I would not have an education. They form the basis of a class; for example, completing a lab in chemistry would not be possible without following a written lab procedure. These two skills are taught at such a young age, and as education advances students must continue to strive to reach a higher level. I can remember in element ary school, we were always pushed to reach the next reading level once we had successfullyRead MoreMy First Day Of Grade At Springfield Essay1249 Words   |  5 PagesI remember my first day of 4th grade at Springfield local. I was nervous, the teacher who would be teaching me was known to have made students do a lot of writing. Of course I have written out small sentences and maybe some alphabetical practice on paper before, but I have never written thoughts or ideas that coursed through my nine year old brain. We were advised to bring a journal to keep all year throughout the class, to write about whatever topic the teacher desired to assign to the classroomRead MoreI Am Proud Of What I Have Accomplished951 Words   |  4 PagesBefore taking UWP1, I felt confident in my ability to write an essay; however I struggled with in-class essays because of the limited amount of time to draft, write, and edit. As a sophomore, I have experience writing academic essays for UC Davis classes. I have come accustomed to in-class essays and short-answer paragraphs in lieu of the typical multiple-choice test. With the time limit on an in-class essay, I always felt rushed, and by the time I reached the conclusion I felt I was only repeating

Special Broadcasting Service

Question: Discuss about the Special Broadcasting Service. Answer: Introduction: Suppose, there is an allocation of time requires in each of the two units for the final exam. Considering the following figure, it is evident that, the requirement of time allocation of each of the study units is 100 hours. The total time available is also 100 hours. Each unit takes 100 hours time for completion. If allocation of 100 hours is only for a single unit, then there is no time available for other unit. Allocating 50 hours to each of the units completes half of the both units. Similarly, the following table shows different allocation of time on different units, partial completes the units. % portion completed of each of the two units hours allocate in unit 1 hours allocate in units 2 only unit 1 100 0 only unit 2 0 100 half of both the unit 50 50 75% of the first unit and 25% of second unit 75 25 25% of first unit and 75% of the second unit 25 75 90% of first unit and 10% of the second units 90 10 10% of the first unit and 90% of second unit 10 90 Table 1: Allocation of hours in each unit (Sources: created by author) Based on the above given table, there is a figure of production possibility frontier. In the horizontal axis, there is a percentage completion of the 2ndunit and in the vertical axis; there is a measurement of percentage of completion of 1st unit. The straight-line production possibility frontier shows constant slope means there is one to one correspondence between the two units. Therefore, to gain in one unit, there is a same amount of reduction in other units. Figure 3: the production possibility frontier (Source: created by author) The concept of opportunity cost is the cost for forgone of the production of the next best alternatives. In this context, the production possibility frontier is a straight line. There is one to one correspondence between the substitutions of each unit. One hour extra allocation in the first unit, increase 10% of completion of first unit and 10% reduction in the second unit. The marginal rate of transformation is equals to 1. Therefore, achieving one unit of extra time to the first unit increases the completion of first unit and same amount of decrease in the second unit. The opportunity cost of each unit of study is same for each unit. In this context, economic efficiency is the allocation efficiency. The time allocation to each of the units varies from one point to other. The perfectly negative sloping curve shows there is one to one correspondence between the two units. The opportunity costs for both the units are same. This means that allocation of time requires the same time allocation to the both units. In case of economic efficiency, there is a requirement of equal allocation of time to the both units. This ensures the economic efficiency. The production possibility frontier shows the combination of time allocation to the each unit of study. In this study, according to the table number 1, the total time available to allocate is 100 hours. If the time for allocation increases, this increases the available time to allocate in both the units. Suppose, there are 200 hours available for allocate in both units. This rising in time, increases the allocation in both units and shift the curve outward. Similarly, if there is a reduction in time-availability for allocation, there are reductions in the allocation of time in both the units. This results in inward shift in the production possibility frontier. After the release of the Finding Nemo in 2003, there is a huge increase in demand for clownfish. In Australia, most of the Australian wants to have a clownfish as the pet. In this film, the character of clownfish is very charming, smart and charismatic. The clownfish is very colorful in the film. This makes clownfish very popular. These characteristics increase the demand for the fish rapidly in the market. However, the clownfish is not adequately available in the Australian market. Therefore, the supply of the fish is not enough to meet the increasing needs or demands for the clown fish. The excess demand relative to supply increases the price of this fish. Therefore, clown fish supplying firms makes a profit in this respect. The more profit results in more import of the clown fish in the market. This slows down the rapid increase in price (SBS. 2016). Price elasticity of demand for clown fish is the percentage change in the demand for clown fish as a result, of percentage change in price of the clown fish. The observation is that, after the release of the film, demand for the clown fish increases at the existing price level. Excess demand relative to supply pushes the price level up. This increasing price level does not result in decrease in the demand for the clown fish. In case of higher price, the demand for the clown fish does not change that much. Therefore, in case of higher price, the elasticity of the demand for the clown fish is inelastic. However, due to increase in the supply of the imported clown fish, there is a reduction in the price of clown fish. Reduction in the price of clown fish further increases the demand. Therefore, the demand curve for the clown fish is kinked- demand. In the section of the higher-price portion of the demand curve, curve in relatively inelastic and lower portion of demand curve is relativel y more elastic that the higher part of it. The cross elasticity of demand for clown fish is highly elastic and effect is positive. In case of a rise of a price of other substitutable pets, there is a high rise of the demand for the clown fish. In the figure2, it is evident that, the higher portion of the demand curve is less elastic, whereas lower portion of the demand curve is relatively elastic. Therefore, there is kink in the existing price level. In this diagram P and Q represents the existing price and quantity respectively. Figure 2: the kinked-demand curve (Sources: created by author) After the release of Finding Dory in 2016, the scientist and animal rights groups are thinking and worrying about the future of the blue tang fish species. These worries cause for the dangerous consequence of the clownfish around the world, after the release of Finding Nemo in 2003. The blue tang fish is a rare species. There is a deficiency in the reserve of Dory. The depletion rate is greater than the replenish rate. After watching this film, the scientist and the animal right groups worries that, the demand for the blue tang fish may increase. This expected increase in demand for blue tang fish does not match with expected supply of blue tang fish. There is an expectation that people wants to have a blue tang fish as their pet. This increase in demand relative to supply increases the price of blue tang fish. The increase in the price of blue tang fish results in increase in profit. The higher rate of profit in the domestic market leads to increase the import of blue tang fish from the foreign market. Therefore, the increase in profit increases the supply of fish. However, the blue tang fish has a limited reserve. Therefore, only to achieve higher rate profit, there is an increase in the supply of blue tang fish in the market. This is a serious concern. This may has a negative impact on the reserve of the blue tang fish species. This is the main reason for the concern of the scientist and of the animal rights group. The preference for the small start up business is the business of restaurant. Australian really loves to have great variety of foods. They like to taste the different food around the world. There are several restaurant offers different foods to the Australian. However, the demand exceeds the supply of foods, which consists variety of taste characteristics. This increases the price of the restaurant-delivered food. As discussed, there is a figure 1, the vertical axis measures the price and horizontal axis measures the quantity. The excess demand relative to supply results in increase in price. The main motive of opening up a restaurant business is to supply the variety of cuisine at a low price. However, Australian is very health conscious. Therefore, the quality of food should ensure the health and hygiene factors. Therefore, there is a strong preference for opening up a restaurant (Australia.gov.au. 2016). Figure 1: excess demand curve (Source: created by author) The menu could provide variety of foods to meets the needs of love and ideal for varieties of food in Australia. The potential customers of Australia love the meat pie. However, there are several classic and modern restaurants serving meat pie. They even try to serve and incorporate different variety and add different flavors to the original meat pie. Therefore, there is already a monopolistic competition. Therefore, product differentiation is very important in this business. There could be supply of meat-pie in this restaurant with a twist in taste. To open meat-pie serving restaurant, the main inputs are labor, capital and land. However, the most important factors are the supply of meat, flour, spices, oven and most the cook and the service boys. This requires a sufficient amount of financial and physical capital. However, most important factor of production is the land. Without the land, the running of business is very difficult. The restaurant building is on the land. Therefore, the land is the most important factor of all the factors of production. There is an economic cost associates with the restaurant business. The opportunity cost or the economic cost of restaurant business. These are the cost of land, cost of labor and cost of capital. To run a restaurant business, there is an urgent need to buy a land and set up a building on it is very important. This cost is irreversible and sunk cost. Once there is an investment on land, it is a fixed cost. To buy ingredients and spices of meat-pie, there is requirement of financial capital. Physical and financial capital helps to install various equipments for production of meat-pie and serving meat-pie in the restaurant. There cost of table, chairs, lights, microwave and AC etc. These physical assets are in the long-run cost. There are most requirements of cooks and service boys in the making of meat-pie. Therefore, there is cost of labors, land and capital. Here, land and physical capital is a fixed cost and labor and financial cost. All these factors, other than cook, cooking appar atus and restaurant boys are very important other start up business. However, the restaurant business gives the income from the very first day of business, this does not ensure by all other start up businesses. Therefore, there are some next best alternative uses of these resources. Therefore, the economic cost of a restaurant business is very high. Explicit cost is the payment directly made to the units of inputs for function a business or production process. These payments are for employed labor, capital and land or any other managerial experiences. Implicit cost arises when there is no such payment for the any services used in production process. According to the discussion, the above-mentioned costs are explicit costs. Because, all the cost arises for the payment of above-mentioned three factors of production are the explicit cost. However, if the entrepreneur of the restaurant involves himself in the accounts or other functions like cooking or other, then this cost is implicit cost. If, there is a perfect competition in the restaurant in the market, then there are no needs for differentiated meat-pie. All the restaurants supply the same quality homogeneous product. Therefore, the determination of price and quantity is depends on the interaction of supply and demand for the meat-pie. Therefore, in a perfectly competitive market, market decides the equilibrium price and quantity. Reference: Australia.gov.au. (2016). Food industry | australia.gov.au. [online] Available at: https://www.australia.gov.au/information-and-services/business-and-industry/food-industry [Accessed 18 Aug. 2016]. SBS. (2016). SBS - Special Broadcasting Service. [online] Available at: https://www.sbs.com.au [Accessed 17 Aug. 2016].