Factors affecting buyer and supllier relationship Dissertation

Factors affecting buyer and supllier relationship - Dissertation Example Both pÐ °rties' environments mÐ °y influence the importer's perceptions of the exporter's opportunistic behÐ °vior, but for different reÐ °sons Ð °nd in different wÐ °ys. For instÐ °nce, importers fÐ °cing volÐ °tile mÐ °rket conditions Ð °re more likely to expect, due to their own biÐ °ses, thÐ °t their supply pÐ °rtners will behÐ °ve opportunisticÐ °lly. VolÐ °tility in the overseÐ °s supply mÐ °rket environment mÐ °y Ð °lso Ð °ffect the importer's perception of pÐ °rtner opportunism, becÐ °use volÐ °tility poses difficulties for exporters in meeting their contrÐ °ctuÐ °l obligÐ °tions. In Ð °ddition, volÐ °tility in internÐ °tionÐ °l exchÐ °nge Ð °llows negÐ °tive informÐ °tion Ð °symmetries to develop (cf. Ð nderson Ð °nd GÐ °tignon, 1986). InformÐ °tion Ð °symmetry implies thÐ °t one pÐ °rty's Ð °bility to mitigÐ °te the risk of opportunism is limited (KirmÐ °ni Ð °nd RÐ °o, 2000) Ð °nd presents numerous possibilities for overse Ð °s suppliers to shirk Ð °nd to renegotiÐ °te to their Ð °dvÐ °ntÐ °ge. In this regÐ °rd, Ð ° turbulent environment surrounding the exchÐ °nge cÐ °n be viewed Ð °s conducive to conditions thÐ °t fÐ °ci litÐ °te pÐ °rtner mÐ °lfeÐ °sÐ °nce. In short, the greÐ °ter the environmentÐ °l volÐ °tility surrounding the exporter-importer relÐ °tionship, the greÐ °ter the exporter's opportunism. 2. ContrÐ °ct detÐ °iled drÐ °fting Ð  first importÐ °nt strÐ °tegic choice thÐ °t buyers must mÐ °ke Ð °t the outset of Ð ° new purchÐ °se Ð °greement pertÐ °ins to the extent of detÐ °iled contrÐ °ct drÐ °fting. Explicit contrÐ °cts detÐ °il roles Ð °nd responsibilities to be erformed, determine outcomes to be delivered, Ð °nd specify Ð °dÐ °ptive processes for resolving unforeseeÐ °ble outcomes.

History of Amlwch Anglesey Case Study Example | Topics and Well Written Essays - 500 words

History of Amlwch Anglesey - Case Study Example By the late 18th century Amlwch was on the most populated towns of Wales. By this time the harbor of Amlwch was extended to include ships to transport copper from the town. The copper from the mines of Amlwch was used to protect the ships of war from the growth of seaweed and boring by worms. But because of excessive export and use of copper, with time the reserves of the copper mines started to diminish. Also the competition from cheaper copper and other ores from abroad by the mid 18th century, led to the overall decline of the deep mining industry in Amlwch. The copper ore was initially extracted from shallow shafts and then through open pit mining in Amlwch. Later it used to be extracted from shafts up to three hundred meter deep. After extraction the ore used to be broken into pieces by hand and then transported to South Wales for smelting. The metal copper used to be extracted from the remainder with the help of furnaces that were present at the port of Amlwch itself. Many other chemical industries that were based on the by products of the mines were also established. These chemical industries included those of alum, vitriol, sulphur and chrome pigments. By the mid of the 18th century the popularity of copper mining industry had declined in the town, and ship building industry had gained popularity.

Alcoholic Anonymous Essay Example for Free

Alcoholic Anonymous Essay Recently, I attended an A.A. meeting, which stands for, alcoholic anonymous. The meeting I went to was located in Penfield, NY at 1601 Jackson Road, area code 14526. It was called the Yellow House. When I walked in, everyone was very welcoming and nice. Many people stared at me intensely as I entered the Yellow House. I think they thought I was a recovering alcoholic, until I explained to them later that I was there to listen and observe for a school project for my drugs and behavior class. The place was very cozy inside, had a number of chairs lined up for everyone to sit down and coffee ready to drink. I sat down in one of the chairs. A lady came up to me and handed me a coin that said â€Å"24 hours recovery†; this was before I had the chance to tell her that I was there to observe for a school project. I guess when you go to an alcoholic anonymous meeting for the first time you get awarded a 24 hour recovery coin to make you feel good and know you’re doing something good to help you recover from your alcoholic addiction. The meeting started promptly at 5:30 P.M. like it said it would. The leaders read out announcements and let everybody know if someone new has showed up. If you’re new joining alcoholics anonymous, you introduce yourself by saying your name and stating you are an alcoholic, and then everyone else in the room say â€Å"hi†¦Ã¢â‚¬  whatever your name is to make you feel welcome. Then the person can either talk more about why they came or stop talking and then another person will randomly say their name and why they are attending and so on. There was a vast majority of adults and older people in their 50s or 60s. There were a couple grandfathers, grandmothers and one or two kids my age. I sat next to a kid who was around the same age as me and I felt shocked that he would be attending this type of meeting at such a young age. As the stories from the crowd of people kept going on, I recognized everyone clapping very deliberately and diligent at everyone’s accomplishments for the most little to no importance scenarios, for instance, a man got up and said he had been sober for 90 days and everyone clapped for a really long time. I also realized everyone laughed at everything that was the least bit funny to make it feel like a warm, comfortable, atmosphere. There are meetings every night at this place in Penfield at 5:30 P.M. Each meeting has a different name every night. The meeting I went to was called a â€Å"First Step† meeting. It was for people attending the yellow house or an alcoholic anonymous meeting somewhere for the first time and admitting they are an alcoholic and that they want to get sober. When you start the program, you commit yourself to following a â€Å"12 step program† and attending 90 days of alcoholics anonymous. The first step states â€Å"We admitted we were powerless over alcohol-that our lives had become unmanageable.† And when you finish the program, you end with the last step, step number twelve, which states: â€Å"Having had a spiritual awakening as the result of these steps, we tried to carry this message to alcoholics, and to practice these principles in all our affairs.† Attending the alcoholics anonymous groups around the world has changed many recovering alcoholics lives and brought stability to their mind body and soul.

Works Of Andy Goldsworthy

Works Of Andy Goldsworthy It is immediately evident that Goldsworthys works, in general, strongly accentuate texture and shape. Goldsworthy describes the working process as a tactile expression, implying the involvement of a multi-sensory extension of the body, a recurring artistic intention, especially through cues signifying touch and vision. For me, looking, touching, material, place and form are all inseparable from the resulting work. It is difficult to say where one stops and another begins. This obsession with recurring forms in nature using different materials has a ritualistic edge, where the earthworks have lost the purpose and functionalism of the commercial product. This tactile gaze, used as the central way of identifying the object, is further evoked through the use of text. For example, in a photograph of a spherical ice ball positioned aside a bleak Autumn bridge, his texts connotes the image not only in terms of its visual impact but also the texture implied by its aural qualities: Stacked ice sound of cracking. The shape and texture of the river in the 1988-9 Leadgate and Lambton Earthworks symbolizes its sensual form in a way which still identifies it as relating to a river, but without the non-abstracted seamless visual art representation of a river. Goldsworthy describes this process: The snake has evolved through a need to move close to the ground, sometimes below and sometimes above, an expression of the space it occupies. Similarly, rather than use the language of signposts to designate a river (in its non-place), the use of more tactile cues reclaims the spectators newness of vision: in Auges words, the traveller (AG) is recapturing the landscape like it is the first journey of birththe primal experience of differentiation.While Auge asserts that non-places exist only through the words that evoke them, AGs words work to clarify the gaze rather than condense it to a unified vision. But what constitutes this gaze? When we refer to his earthworks, are we referring only to the symbolic object, or the whole space inside the photo frame? Like a travel writer, a heightened perception or rediscovery of the landscape is the central tenet of Goldsworthys working process: Some places I return to over and over again, going deeper- a relationship made in layers over a long time. There is a suggestion by AG that site or context affects and, to an extent, has a significant role in generating the features of his objects: When I work with a leaf, rock, stick, it is not just that material in itself, it is an opening into the processes of life within and around itThe energy and space around a material are as important as the energy and space within While the train, for Auge, is one of the greatest culprits behind the spectators fleeting vision of space, Goldsworthys immobilization and transposition of the train track and its practical function to a snaking in the Lambton earthwo rks?, is a way for AG to recapture the essence of the landscape, to shift its perceptual status from non-place to place: Staying in one place makes me more aware of change. However, part of this awareness is awareness that the land itself is fleeting and transforming according to environmental whim, and that the photograph merely represents a certain moment in a process. His emphasis on spontaneity and change according to environmental and climactic conditions, as well as his own sense of navigation, is significant because he is able to evoke the history of the object through capturing a synchronic moment in its processes. If we look at several of his works in which piles of material are neatly centred with a hollow hole, we sense their impermanence and a foreboding decay from seeing their present formal cohesion. A Cambridge earthwork with leaves is accompanied by this awareness in text, where a materialistic description of the object is transformed into a narrative of it: Torn Hole/horse chestnut leaves stitched with stalks around the rim/moving in the wind. Perhaps more than these smaller-scale earthworks, the earthworks in County Durham most forcefully use the concept of environmental process to allude to the movement of travel, not only through their obvious association with trains, but through the movement implied by the object, as ripples from a thrown stone. Freezing these processes is a way of reawakening the senses, by both seeing the object statically without moving too fast and by being aware of its continuing narrative, rather than being driven by the perpetual series of presents of those unrecognised non-places, exaggerated in Thomas Gurskys digital photos. According to Auge, the language of signposts etc. does not heighten the spectators perception of a place, but merely substitutes their relationship to it as a mere passing acknowledgement. Goldsworthys works seem to reclaim that historicity of the natural object that is lost in the immediacy of the commercial product, including the signs that describe and name features and punctuations in the land, trying to give it a sense of place. Challenging the prescriptions of discourse on our subjectivity, however, has always been a preoccupation in landscape art. Constables landscape paintings, for example, could represent a different challenge to the supermodern construction of landscape into a fleeting non-place, through his holistic, static, formalist and panoramic vision of the land. While Goldsworthy reconfigures the landscapes gaze beyond the static to an awareness of its morphology, materiality, unpredictability and precariousness, Constable and the landscape painters of the 18th century synchronized these natural irregularities, painting the clouds and sun simultaneously and consciously at different periods and freezing the movement of the Hay wain into a stance. In Goldsworthys work, therefore, landscape is no longer a site, implying static, but a process, implying diachronic, in which the object and its place are interdependent. Throughout the earthworks photographs and their accompanying text, two main interconnected subjectivities emerge, both of which seem threatened by the dislocation through the non-place: organic nature and Goldsworthy, who is simultaneously a conscious manipulator of natures autonomous processes as well as driven by the manipulations of nature itself. The larger scope of his County Durham Leadgate and Lambton Earthworks, encourages a more structural and slightly cartographic gaze. A disused railway track becomes the site for a snaking sand track photographed aerially alongside rows of monotonous houses. Their juxtaposition, their mutual encroachment on one another and the snaking imprints echo of movement, in one sense seem to re-establish the inter-dependency of urban structures and nature, and the similarities in the way we perceive them despite serving different functions. In this sense, it allows greater insight to its organic qualities by its association. In a technical sense, it could be argued that there is a tension between Goldsworthys organic creations and their technological control by the intrinsic features of the photograph. However, any hint of the artists exploitation, evoked in works such as Snowball in trees or in references to the name of the excavator driver in the Leadgate and Lambton Earthworks, is balanced out, in exchange, by their precarious existence in nature, where a rock could be precariously balanced on a boulder. This relationship between nature and its manipulations is significant because it represents a reappropriation of our relationship with those places, designated by the artists symbols rather than the symbols of industry with which individuals are supposed to interact only with texts, whose proponents are not individuals but moral entities or institutions. Goldsworthy navigates and finds his non-prescribed place, by being led by climactic and environmental factors rather than such moral entities. Auge defines non-place in detail against the anthropological concept of place, where the traveller occupies a non-communicative, solitary space with the language of ticket machines and train timetables. Accordingly, these public facilities and structures give the spectator an image of their individuality, or a distanced simulated familiarity, by discursively framing and displacing the gaze and the individual essence towards a simultaneous collective individuality, through the individualization of references. In contrast, by allowing the serendipitous influence of nature to produce a unique result on each object, each of the processes in the Earthworks produces individual objects, which, not over-prescribed by images and signs, evolve in partial autonomy.

Wilfred Owens Poetry Vs Platoon :: essays research papers

1. Within each text the setting plays an important part. How do both Stone and Owen convey the setting and the conditions the men faced? (Don’t forget you must refer to specific lines and poetic/film, techniques) Naturally it is a lot easier to convey the desired setting of a scene if the medium used involved visual concepts. However, Wilfred Owens poetry manages to give the reader an extremely vivid idea of what the conditions were like for the people whom he describes. Like Oliver Stone, in his movie Platoon, Owen uses some very simple concepts to set the scene in his writing, such as mud, or loud noises, which convey not only the setting, but also the mood that goes with it. For example, in the poem Duce et Decorum Est, in the lines â€Å"Gas! Gas! Quick. Boys! –An ecstasy of fumbling, Fitting the clumsy helmets on just in time† This excerpt not only give the reader a clear idea of what is physically happening in the trenches, but the language used and in particular, the incoherent shouting in the first line also implies the confusion of the situation, as if the author can recall no more than a blur of it. Oliver Stone also uses techniques to imply confusion, such as when the platoon are attacked in the jungle scenes; the camera frequently changes perspective (from long-shots to close-ups) as well as focus, and is often jolting suddenly as if it is from the perspective of one of the soldiers running. The movie Platoon also uses light against darkness to represent good and evil, or even at time to imply the emotion and fear which the characters are feeling. For example, the eerie, blue light, which is noticeable in the jungle scene, gives the scene an air of unfamiliarity, which is also reflected on the emotions of the characters’ faces. Despite these good points, it is clear that Platoon does not have the realistic scenarios that Wilfred Owen brings forth in his poetry. This is probably because Owen’s work was written while he was actually fighting in the First World War, and his poems often seem as if they are recollections of the actual events. Oliver Stone on the other hand has served very little time, if any at all, and the movie is no more than a chimerical expression of his feelings toward the American attitude of the Vietnam War. One parallel between the graphic scenes of Platoon and the poetic description shown in Wilfred Owens work can be seen in the constant battle against the natural elements that is shown in both examples. Wilfred Owens Poetry Vs Platoon :: essays research papers 1. Within each text the setting plays an important part. How do both Stone and Owen convey the setting and the conditions the men faced? (Don’t forget you must refer to specific lines and poetic/film, techniques) Naturally it is a lot easier to convey the desired setting of a scene if the medium used involved visual concepts. However, Wilfred Owens poetry manages to give the reader an extremely vivid idea of what the conditions were like for the people whom he describes. Like Oliver Stone, in his movie Platoon, Owen uses some very simple concepts to set the scene in his writing, such as mud, or loud noises, which convey not only the setting, but also the mood that goes with it. For example, in the poem Duce et Decorum Est, in the lines â€Å"Gas! Gas! Quick. Boys! –An ecstasy of fumbling, Fitting the clumsy helmets on just in time† This excerpt not only give the reader a clear idea of what is physically happening in the trenches, but the language used and in particular, the incoherent shouting in the first line also implies the confusion of the situation, as if the author can recall no more than a blur of it. Oliver Stone also uses techniques to imply confusion, such as when the platoon are attacked in the jungle scenes; the camera frequently changes perspective (from long-shots to close-ups) as well as focus, and is often jolting suddenly as if it is from the perspective of one of the soldiers running. The movie Platoon also uses light against darkness to represent good and evil, or even at time to imply the emotion and fear which the characters are feeling. For example, the eerie, blue light, which is noticeable in the jungle scene, gives the scene an air of unfamiliarity, which is also reflected on the emotions of the characters’ faces. Despite these good points, it is clear that Platoon does not have the realistic scenarios that Wilfred Owen brings forth in his poetry. This is probably because Owen’s work was written while he was actually fighting in the First World War, and his poems often seem as if they are recollections of the actual events. Oliver Stone on the other hand has served very little time, if any at all, and the movie is no more than a chimerical expression of his feelings toward the American attitude of the Vietnam War. One parallel between the graphic scenes of Platoon and the poetic description shown in Wilfred Owens work can be seen in the constant battle against the natural elements that is shown in both examples.

William Shakespeares The Taming of the Shrew Essay -- Shakespeare Tam

William Shakespeare's The Taming of the Shrew In the beginning of â€Å"The Taming of the Shrew†, some say Shakespeare portrays Katherina as a very shrewish figure. Others may argue that she is not shrewish but just a very strong willed person. At the end of the play some people say she is transformed into a very kind and gentle person, while again others will argue that she is not â€Å"tamed† but just putting on an act to â€Å"show up† her younger sister Bianca, whom has always been more beautiful and charming. Kate is â€Å"like a wasp, like a foal, like foal that kicks from his halter; pert, quick and determined, but full of good heart.† 1. This statement made by one author, shows clearly that he does not see her as shrew-like, even at the beginning of the play. The same author states that at the end of the play she has not really transformed, rather she has just fallen in love with Petruchio, in essence she is free from torment because she is no longer seen as the shrew.   Ã‚  Ã‚  Ã‚  Ã‚  In the beginning of the play Kate is â€Å"consistently in opposition to everything around her†2, meanwhile â€Å"Bianca obeys so gently and with such sweet submission that it is obvious why she is Baptista’s favorite daughter†2. In the end of the play, the roles switch and Katherina is submissive to every word of Petruchio and Bianca resists the commands of her new husband.   Ã‚  Ã‚  Ã‚  Ã‚  Kate’s first reaction to Petruchio, her â€Å"mad wooer†, is self-pity, and even her father feels that his treatment of her would â€Å"vex a saint†. He takes her away from the home she is used to, with servants and maids to wait on her hand and foot, to the country. There she is away from the luxurious town life and is cold, hungry and tired. She somewhat learns to watch her temper and obey Petruchio so that he will feed her so she can survive peacefully rather than miserably. I believe that his method of taming her is not cruel yet very effective. He shows her that she can get much farther and live life a lot happier if she is nice and â€Å"entreats† him rather than fighting him.   Ã‚  Ã‚  Ã‚  Ã‚  One author (pattern in carpet) says that Shakespeare sees Katherine and Petruchio as in love at first sight. He says that their fights are partly like a game and partly a matter of egoism. He sees Katherine as â€Å"testing† Petruchio making sure he is â€Å"man† enough to put up with the worst of her and prove to be the husband she requires. Petruchio accept... ...y. She may be submissive to him, but at the same time, he is just as submissive to her. I think that he didn’t only tame her, but she tamed and controls him by craft and not violence. Katherina is not the only one in the play to undergo a transformation. Petruchio, in the beginning went to woo Katherina only for money. He was offered a dowry by Seignior Baptista to â€Å"get rid of† Kate so he could wed his younger daughter Bianca to one of her many suitors. By the end of the play, it is made clear that Petruchio too changed and had fallen in love with Kate. The relationship that they have at the end of the play is truly love. They both are willing to change to make each other happy and they both try in every way possible to make peace in their family. The ironic part of the play is that they both think that they have control over the other one.   Ã‚  Ã‚  Ã‚  Ã‚  All in all Katherina undergoes a complete metamorphosis from the beginning of the play to the end of the play. She starts out a girl, acting like foal trying to kick free from her harness and ends up a submissive, sweet, gentle and kind woman, whom is controlled yet, controls her husband Petruchio, whom she ends up loving dearly. William Shakespeare's The Taming of the Shrew Essay -- Shakespeare Tam William Shakespeare's The Taming of the Shrew In the beginning of â€Å"The Taming of the Shrew†, some say Shakespeare portrays Katherina as a very shrewish figure. Others may argue that she is not shrewish but just a very strong willed person. At the end of the play some people say she is transformed into a very kind and gentle person, while again others will argue that she is not â€Å"tamed† but just putting on an act to â€Å"show up† her younger sister Bianca, whom has always been more beautiful and charming. Kate is â€Å"like a wasp, like a foal, like foal that kicks from his halter; pert, quick and determined, but full of good heart.† 1. This statement made by one author, shows clearly that he does not see her as shrew-like, even at the beginning of the play. The same author states that at the end of the play she has not really transformed, rather she has just fallen in love with Petruchio, in essence she is free from torment because she is no longer seen as the shrew.   Ã‚  Ã‚  Ã‚  Ã‚  In the beginning of the play Kate is â€Å"consistently in opposition to everything around her†2, meanwhile â€Å"Bianca obeys so gently and with such sweet submission that it is obvious why she is Baptista’s favorite daughter†2. In the end of the play, the roles switch and Katherina is submissive to every word of Petruchio and Bianca resists the commands of her new husband.   Ã‚  Ã‚  Ã‚  Ã‚  Kate’s first reaction to Petruchio, her â€Å"mad wooer†, is self-pity, and even her father feels that his treatment of her would â€Å"vex a saint†. He takes her away from the home she is used to, with servants and maids to wait on her hand and foot, to the country. There she is away from the luxurious town life and is cold, hungry and tired. She somewhat learns to watch her temper and obey Petruchio so that he will feed her so she can survive peacefully rather than miserably. I believe that his method of taming her is not cruel yet very effective. He shows her that she can get much farther and live life a lot happier if she is nice and â€Å"entreats† him rather than fighting him.   Ã‚  Ã‚  Ã‚  Ã‚  One author (pattern in carpet) says that Shakespeare sees Katherine and Petruchio as in love at first sight. He says that their fights are partly like a game and partly a matter of egoism. He sees Katherine as â€Å"testing† Petruchio making sure he is â€Å"man† enough to put up with the worst of her and prove to be the husband she requires. Petruchio accept... ...y. She may be submissive to him, but at the same time, he is just as submissive to her. I think that he didn’t only tame her, but she tamed and controls him by craft and not violence. Katherina is not the only one in the play to undergo a transformation. Petruchio, in the beginning went to woo Katherina only for money. He was offered a dowry by Seignior Baptista to â€Å"get rid of† Kate so he could wed his younger daughter Bianca to one of her many suitors. By the end of the play, it is made clear that Petruchio too changed and had fallen in love with Kate. The relationship that they have at the end of the play is truly love. They both are willing to change to make each other happy and they both try in every way possible to make peace in their family. The ironic part of the play is that they both think that they have control over the other one.   Ã‚  Ã‚  Ã‚  Ã‚  All in all Katherina undergoes a complete metamorphosis from the beginning of the play to the end of the play. She starts out a girl, acting like foal trying to kick free from her harness and ends up a submissive, sweet, gentle and kind woman, whom is controlled yet, controls her husband Petruchio, whom she ends up loving dearly.

Principles of Business

The Development of Economic Activity Human Beings produce and consume goods and services from the resources in their environment. It is primarily for the reason that humans are called ECONOMIC ANIMAL, because he or she has the ability to use his or her hands and brain to satisfy his or her immediate personal needs. These are looked at as basic needs; these needs are food, shelter and clothing (Economic Activity). Economic Activity means activities which results in the satisfaction of needs.In order to satisfy these needs, man engaged in certain economic activity such as farming, fishing, hunting, trade form, women stay home. Direct Production/ Direct Satisfaction of Wants Direct Production really means that human beings provide all their needs for themselves and their family without the aid of others; in other words, they do not depend on others to provide. Indirect Production/ Indirect Satisfaction of Wants Indirect Production means that human beings exchange their surplus by barter with others; in other words, human beings depend on others to do things for them  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Subsistence EconomySubsistence Economy – An economy which provide just enough to survive, but not to improve their way of life. BARTER SYSTEM Barter System is the exchange of goods or services for other goods and services without the use of money. ADVANTAGE OF BARTER SYSTEM * It allowed people to dispose of any surplus, they had at the same time obtain a variety of things they needed. * It enables persons to enjoy goods and services they could not produce. * Countries with foreign currency problems can get goods and services that they require. Countries that engage in trade can strengthen their political and cultural ties. DISADVANTAGE OF BARTER SYSTEM * Double or co-incidence of wants – No trade can take place unless there is double or co-incidence of wants; that is your trading partner has wh at you want and wants what you have. * Time Consumption – It could be challenging to find willing partners. * Spoilage – If an individual failed to find a suitable partner within a reasonable time ones wealth in goods could be destroyed. Unequal Exchange – There is the difficulty or unequal exchange where the values of some goods far outweigh the value of other goods. MONEY Money is any commodity that is generally acceptable and is used as a medium of exchange and as a measure of value CHARACTERISTICS OF MONEY * Acceptability – It must be readily acceptable by everyone * Durability – It should not wear out easily * Homogeneity – it features should be identical * Divisibility – Money should be able to be broken down into smaller units. Portability – It should be easy to carry around. FUNCTIONS OF MONEY * Medium of Exchange – Money makes the exchange of goods easier * Measure of Value – Money can be used to state pr ices of goods * Store of Value –   Money can be saved * Deferred Payment – Money can be earned at one time and spent at another. DIVISION OF LABOUR OR SPECIALIZATION Division of labour is sharing the work. The work is divided among persons and they specialize in doing their part of the process, specialization comes as a part of this. DIVISION OF LABOUR BY PRODUCTDivision of labour by product means people can do what they can do best in exchange for money and then using the money earned to buy the goods and services of others. DIVISION OF LABOUR BY PROCESS Division of labour by process means by organizing production into many stages workers become more specialized in their work and consequently they produce more. ADVANTAGES OF DIVISION OF LABOUR OR SPECIALIZATION * Workers become more expert in their jobs * Jobs become simpler and easier to learn * Output per person increases * Machinery and automation can be used Workers can more easily change jobs * Unit cost are re duced DISADVANTAGES OF DIVISION OF LABOUR OR SPECIALIZATION * Work can be tedious and boring thus resulting in poor worker motivation and the likelihood of a higher rate of absentism * Workers creativity is limited * Greater use of machinery can cause unemployment * Production can easily be stopped by strikes ECONOMIC SYSTEM Economic System refers to the method by which a nation or country plan to utilize its resources in order to achieve economic growth and to benefit its citizens. MAJOR ECONOMIC SYSTEMEvery country is given by an economic system as each system has to decide how to allocate its resources to meet the needs of the citizens. This is a problem because the worlds resources are limited in supply and mans wants are unlimited. The economic is therefore deciding how to best to share these scarce resources. The decision of what to produce or what choices to make from the limited resources available is influenced by the political situation within which the decision is made. I n order to share resources all economic must answer to all these problems. PROBLEMS OF ECONOMIC SYSTEM FACE Limited Resources * Man wants are unlimited * Scarcity * How to share resources * Choice / decision No two countries are organized in the same way but they all have to solve three basic problems as follows * What should be produced? * How much to produce? * How is it to be produce? * Where is it to be produce? There are four different economic systems which answer the foregoing questions. * Subsistence Economy * Free Market Economy {Alternative name – Capitalists, Laissez-faire} * Controlled Economy {Alternative name – Collectivists, Communist, Command Control} * Mixed SUBSISTENCE ECONOMYA subsistence economy is one where there is little specialization and little trade. In such an economy people tend to live in family groups and grow most of their own food. Free Market Economy In a free market economy there is little or no government interference in the economy. It is based on the private ownership of the factors of production and the means of the distributing goods and services. Market forces are allowed to determine how resources are allocated. Examples of Free Market Economy is Jamaica, and Trinidad and Tobago, United States of America and Hong Kong Advantages of Free market Economy Individuals are free to make choices as to what they want to produce, where they who they want to work for, what price they are going to charge for labour and also the price of their finished products * Customers can decide what to produce by influencing market prices * When consumers demands certain goods and services, they send messages to the producers who in turn will produce and meet the demands and thus satisfy the preference of consumers Disadvantages of Free market Economy * It encourages inequalities of wealth The more powerful businesses may buy out the smaller ones thus reducing competition * Wealthy people are more able to purchase and influence t he market than smaller ones * Companies may be tempted to restrict supplies to keep prices high Planned / Controlled / Collectivist Economy In a controlled economy all economic decisions are made by the government. The state decides what to produce, how it is to be produced and how it should be allocated to consumers; in other words, the state decides what the community needs and therefore demand is not influenced by the consumer.Examples of Controlled economies are Cuba and China. Advantages of Controlled Economy * State   control eliminates wasteful competition * The state will provide goods that private enterprise will be unwilling to provide * It is impossible for private monopolies to develop * The state ensures that the needs of the community are met Disadvantages of Controlled Economy * Free enterprise and competition are discouraged * Creativeness and efficiency are not encouraged MIXED ECONOMY Mixed economy is a combination of elements from free economy and a controlled e conomy.There is a public sector controlled by the government which provides goods and services that the state feels it can manage most efficiently and a private sector in which individuals risk capital in producing goods and services for profit. ADVANTAGES OF MIXED ECONOMY * Individuals have freedom of choice * Government can intervene to protect citizens from unfair monopoly * Both the private and public sector may unite in producing goods. DISADVANTAGES OF MIXED ECONOMY * It is possible for private monopolies to develop Too many government regulations may discourage persons from owning a business GLOBALIZATION Globalization can be seen as the intensification and spread of world wide social, economic, cultural and political relationships among countries. BENEFITS OF GLOBALIZATION * Provision of high quality goods and services at a cheaper rate which is achieved through economies of scale * In contributing to globalization firms not only provide goods and services economically but t hey also provide employment for people IMPACT OF GLOBALIZATIONThe impact of globalization has some adverse effect on small economies of the Caribbean. Large international firms that can produce high quality goods and services at a cheaper cost set challenges to small firms that are producing similar goods and services PRIMARY PRODUCTION Primary Production includes activity which takes the natural resources from the earth, that is the extraction of raw materials and the growing of food. Example Mining, fishing farming and forestry Secondary ProductionSecondary production involves manufacturing, processing and construction which transform raw materials into finish or semi-finished goods. Example baking, ship building and office construction. Tertiary Production Tertiary production includes the provision of serves example Hairdressing. PRIVATE AND PUBLIC SECTOR The private sector is that part of the economy that is owned and controlled by private individuals and firms. Funds for the es tablishment of private business operation are obtained through * Loans from Bank or Financial Institution * Personal Savings Financing from family and friends The public sector refers to business in the economy that are owned by government for the benefit of the public citizens. The main motive is to provide goods and services to benefit the country. Funds will mainly com from taxation. Private sector enterprise will involve in manufacturing, mining etc and they are able to produce or provide the services they wish but they must abide by rules and regulation establish by the government, on the other hand, the public sector relies on the private sector for taxation to maintain the operations of the country.In most Caribbean countries we say that there is a mixed economy because some businesses are privately owned and others are owned by the state ADVANTAGES OF PRIVATE SECTOR TO A SOCIETY * Public Sector protects citizens from exploitation by powerful monopolies * Public sector provid es employment for many persons * Public sector contributes to the economic lives of the country PUBLIC BUSINESS UNDERTAKINGS Public Corporations: These are government or state owned businesses that are primarily run by Central government.Municipal Undertakings: These are government owned businesses that are run primarily by the Local Government. These include market, parks and beaches Government Undertakings: These departments carry out special functions such as education, health and finance REASONS FOR ESTABLISHING A BUSINESS * To earn a income * To make a profit- which is the result when a firm’s sales revenue is greater than its total costs. Profit is important because it enables business to survive and grow, it also provides the owner with a return for taking the risk of losing money they have invested. To provide employment to persons in and around the community * To expand production and increase the yearly sales of the firm * To produce a product that is either a good or service to the community * To have the satisfaction of being one’s own boss SOLE TRADERSHIP OR SOLE PROPRIETORSHIP The sole tradership or sole proprietorship is defined as a one man business, this is so because he or she enters business on his or her own, therefore bearing the risk of the business and thus entitled to all the profits.Even when the sole trader invites someone else to assist in the running of the business, these individuals would be employees. They do not share in ownership of the business and the owner is responsible for decisions made concerning the business. * Sole tradership is very easy to setup and operate. * It does not require any legal paperwork or registration. * Sole Trader is an unincorporated business, which means that the owner and business are one and same in the eyes of the law. This means that he conducts in his own name, his business is not separate from him. Sole Trader has unlimited liability which means that their personal assets can be clamed to settle the debts of their business that is why in the case of bankruptcy the sole trader stands to lose his/ her personal belongings, if the business assets cannot cover his/her debts. In order to finance the business the sole trader may: *   Use his personal savings to start the business. * The sole trader may also borrow funds from family members or friends. * The sole trader may also get funds from financial institution such as credit unions, commercial banks or government sources as the business progresses. The sole trader may also reinvest or plough back some of the profits made in the business. The sole Trader may sell ownership of his business to someone else. If he/she dies then the business no longer exists. ADVANTAGES OF SOLE TRADER * The business is simple to start and usually requires only a small amount of capital * Profits are not shared * Decisions are made promptly and the new ideas put in place quickly * The owner retains personal control over the direct ion and growth of his/her business DISADVANTAGES OF SOLE TRADER It is difficult to access capital if the sole trader wants to expand his business * The sole trader bears all the losses * The sole trader may have to work long hours and may not be able to take vacation when he wants to do so * Unlimited Liability , therefore in the case of bankruptcy he may lose his personal belongings to claim its debts * There is lack of continuity if the owner dies PARTNERSHIP An ordinary partnership is an association of two to twenty persons who are in business together with a view to earning a profit.This type of partnership may have general or active partners who are involved in the day to day operations of the business. A Sleeping partner is a partner who may be willing to introduce capital into a business but may not wish to take an active part in the running of the business In an ordinary partnership all partners have unlimited liability which means that they stand to lose not only their inve stment capital but also their personal assets. It is possible to have a limited partnership bit at least one partner mush accept unlimited liability.Partnership is formed amongst partners, partners may share in the management of the business or may serve as the manager or they may employ someone to manage the business Partners are free to decide whatever arrangement they like amongst themselves as to what rules will govern their organization. Partners have a written arrangement or deed. A partnership deed sets out the rights of each partner as to the division of profits. The deed sets out: * The name of the business and the date the business started * The type of business and the location of the business Details of each partner * The amount of capital each partner invested * How profits to be shared * The responsibility of each partner in the business In financing a partnership business all partners pool their savings together, loans and retained. Profits are shared by the deed draw n up by the partners, the absence of the deed means that profits are shared equally. In a partnership all partners are held personally responsible for all debts of the business. If one partner cannot fulfill his obligations then the other partner will bear all the losses. A partnership may be terminated: When partner or partners decide to sell their share of the partnership to someone else. When this occurs a new partners are brought in. * If it becomes insolvent or bankrupt * When all parties agree to terminate the business ADVANTAGES OF PARTNERSHIP * It is easy to form as there are few legal formalities * More capital is available to foster growth and development. * Workload can be shared amongst partners DISADVANTAGES OF PARTNERSHIP * If a partner makes a mistake all partners stand to lose * Each partner is liable for the debts of the business * Possible disagreements between partners Membership limit of twenty which restricts resources of the business CO-OPERATIVES A cooperative is a form of business that is owned and controlled by a group of persons who have a common interest and who have an equal say in operation. Types of Cooperatives * Producer Cooperative: In this type of cooperative society members are in their business of producing example in a farming community * Buyers Cooperatives: This is a type of cooperative in which persons who use a particular good in their business operations come together to purchase that good in large quantities and gain benefits of discounts. Financial Cooperatives: This is a service oriented society. It brings together persons who have a common interest. The aim is for members to pool their resources in the provision of service * Workers Cooperative: Are businesses that are owned and run by their own workforces. Example the crews of a bus company Cooperative is governed by a general meeting. The meeting is held annually and it is at this meeting that a committee is appointed to handle the day to day affairs of the coope rative.The cooperative is controlled by its members. Each member contributes to share capital of the cooperative. Members finance the cooperative through the purchase of shares Shareholders receives dividends if the cooperative makes a profit from its operation. The amount of dividend is related to the number of shares held. Dividends are generally small, since the major goal is not to make a profit but to provide a service to its members. Earnings from a cooperative are not totally consumed in the payment of dividend.Most of these are ploughed back into the cooperatives to finance operational needs identified by the members. ADVANTAGES OF CO-OPERATIVES * Members benefit from the pooling of funds for the purpose of lending to other members * Members have equal say in the operation of business as well as in the decision making of the cooperatives * Members are the owners of the cooperative society * Employment is created within the organization DISADVANTAGES OF CO-OPERATIVES * Profit s may be small or non existent * Shortage or lack of capital may inhibit growth and cause problems Principles of Business The Development of Economic Activity Human Beings produce and consume goods and services from the resources in their environment. It is primarily for the reason that humans are called ECONOMIC ANIMAL, because he or she has the ability to use his or her hands and brain to satisfy his or her immediate personal needs. These are looked at as basic needs; these needs are food, shelter and clothing (Economic Activity). Economic Activity means activities which results in the satisfaction of needs.In order to satisfy these needs, man engaged in certain economic activity such as farming, fishing, hunting, trade form, women stay home. Direct Production/ Direct Satisfaction of Wants Direct Production really means that human beings provide all their needs for themselves and their family without the aid of others; in other words, they do not depend on others to provide. Indirect Production/ Indirect Satisfaction of Wants Indirect Production means that human beings exchange their surplus by barter with others; in other words, human beings depend on others to do things for them  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Subsistence EconomySubsistence Economy – An economy which provide just enough to survive, but not to improve their way of life. BARTER SYSTEM Barter System is the exchange of goods or services for other goods and services without the use of money. ADVANTAGE OF BARTER SYSTEM * It allowed people to dispose of any surplus, they had at the same time obtain a variety of things they needed. * It enables persons to enjoy goods and services they could not produce. * Countries with foreign currency problems can get goods and services that they require. Countries that engage in trade can strengthen their political and cultural ties. DISADVANTAGE OF BARTER SYSTEM * Double or co-incidence of wants – No trade can take place unless there is double or co-incidence of wants; that is your trading partner has wh at you want and wants what you have. * Time Consumption – It could be challenging to find willing partners. * Spoilage – If an individual failed to find a suitable partner within a reasonable time ones wealth in goods could be destroyed. Unequal Exchange – There is the difficulty or unequal exchange where the values of some goods far outweigh the value of other goods. MONEY Money is any commodity that is generally acceptable and is used as a medium of exchange and as a measure of value CHARACTERISTICS OF MONEY * Acceptability – It must be readily acceptable by everyone * Durability – It should not wear out easily * Homogeneity – it features should be identical * Divisibility – Money should be able to be broken down into smaller units. Portability – It should be easy to carry around. FUNCTIONS OF MONEY * Medium of Exchange – Money makes the exchange of goods easier * Measure of Value – Money can be used to state pr ices of goods * Store of Value –   Money can be saved * Deferred Payment – Money can be earned at one time and spent at another. DIVISION OF LABOUR OR SPECIALIZATION Division of labour is sharing the work. The work is divided among persons and they specialize in doing their part of the process, specialization comes as a part of this. DIVISION OF LABOUR BY PRODUCTDivision of labour by product means people can do what they can do best in exchange for money and then using the money earned to buy the goods and services of others. DIVISION OF LABOUR BY PROCESS Division of labour by process means by organizing production into many stages workers become more specialized in their work and consequently they produce more. ADVANTAGES OF DIVISION OF LABOUR OR SPECIALIZATION * Workers become more expert in their jobs * Jobs become simpler and easier to learn * Output per person increases * Machinery and automation can be used Workers can more easily change jobs * Unit cost are re duced DISADVANTAGES OF DIVISION OF LABOUR OR SPECIALIZATION * Work can be tedious and boring thus resulting in poor worker motivation and the likelihood of a higher rate of absentism * Workers creativity is limited * Greater use of machinery can cause unemployment * Production can easily be stopped by strikes ECONOMIC SYSTEM Economic System refers to the method by which a nation or country plan to utilize its resources in order to achieve economic growth and to benefit its citizens. MAJOR ECONOMIC SYSTEMEvery country is given by an economic system as each system has to decide how to allocate its resources to meet the needs of the citizens. This is a problem because the worlds resources are limited in supply and mans wants are unlimited. The economic is therefore deciding how to best to share these scarce resources. The decision of what to produce or what choices to make from the limited resources available is influenced by the political situation within which the decision is made. I n order to share resources all economic must answer to all these problems. PROBLEMS OF ECONOMIC SYSTEM FACE Limited Resources * Man wants are unlimited * Scarcity * How to share resources * Choice / decision No two countries are organized in the same way but they all have to solve three basic problems as follows * What should be produced? * How much to produce? * How is it to be produce? * Where is it to be produce? There are four different economic systems which answer the foregoing questions. * Subsistence Economy * Free Market Economy {Alternative name – Capitalists, Laissez-faire} * Controlled Economy {Alternative name – Collectivists, Communist, Command Control} * Mixed SUBSISTENCE ECONOMYA subsistence economy is one where there is little specialization and little trade. In such an economy people tend to live in family groups and grow most of their own food. Free Market Economy In a free market economy there is little or no government interference in the economy. It is based on the private ownership of the factors of production and the means of the distributing goods and services. Market forces are allowed to determine how resources are allocated. Examples of Free Market Economy is Jamaica, and Trinidad and Tobago, United States of America and Hong Kong Advantages of Free market Economy Individuals are free to make choices as to what they want to produce, where they who they want to work for, what price they are going to charge for labour and also the price of their finished products * Customers can decide what to produce by influencing market prices * When consumers demands certain goods and services, they send messages to the producers who in turn will produce and meet the demands and thus satisfy the preference of consumers Disadvantages of Free market Economy * It encourages inequalities of wealth The more powerful businesses may buy out the smaller ones thus reducing competition * Wealthy people are more able to purchase and influence t he market than smaller ones * Companies may be tempted to restrict supplies to keep prices high Planned / Controlled / Collectivist Economy In a controlled economy all economic decisions are made by the government. The state decides what to produce, how it is to be produced and how it should be allocated to consumers; in other words, the state decides what the community needs and therefore demand is not influenced by the consumer.Examples of Controlled economies are Cuba and China. Advantages of Controlled Economy * State   control eliminates wasteful competition * The state will provide goods that private enterprise will be unwilling to provide * It is impossible for private monopolies to develop * The state ensures that the needs of the community are met Disadvantages of Controlled Economy * Free enterprise and competition are discouraged * Creativeness and efficiency are not encouraged MIXED ECONOMY Mixed economy is a combination of elements from free economy and a controlled e conomy.There is a public sector controlled by the government which provides goods and services that the state feels it can manage most efficiently and a private sector in which individuals risk capital in producing goods and services for profit. ADVANTAGES OF MIXED ECONOMY * Individuals have freedom of choice * Government can intervene to protect citizens from unfair monopoly * Both the private and public sector may unite in producing goods. DISADVANTAGES OF MIXED ECONOMY * It is possible for private monopolies to develop Too many government regulations may discourage persons from owning a business GLOBALIZATION Globalization can be seen as the intensification and spread of world wide social, economic, cultural and political relationships among countries. BENEFITS OF GLOBALIZATION * Provision of high quality goods and services at a cheaper rate which is achieved through economies of scale * In contributing to globalization firms not only provide goods and services economically but t hey also provide employment for people IMPACT OF GLOBALIZATIONThe impact of globalization has some adverse effect on small economies of the Caribbean. Large international firms that can produce high quality goods and services at a cheaper cost set challenges to small firms that are producing similar goods and services PRIMARY PRODUCTION Primary Production includes activity which takes the natural resources from the earth, that is the extraction of raw materials and the growing of food. Example Mining, fishing farming and forestry Secondary ProductionSecondary production involves manufacturing, processing and construction which transform raw materials into finish or semi-finished goods. Example baking, ship building and office construction. Tertiary Production Tertiary production includes the provision of serves example Hairdressing. PRIVATE AND PUBLIC SECTOR The private sector is that part of the economy that is owned and controlled by private individuals and firms. Funds for the es tablishment of private business operation are obtained through * Loans from Bank or Financial Institution * Personal Savings Financing from family and friends The public sector refers to business in the economy that are owned by government for the benefit of the public citizens. The main motive is to provide goods and services to benefit the country. Funds will mainly com from taxation. Private sector enterprise will involve in manufacturing, mining etc and they are able to produce or provide the services they wish but they must abide by rules and regulation establish by the government, on the other hand, the public sector relies on the private sector for taxation to maintain the operations of the country.In most Caribbean countries we say that there is a mixed economy because some businesses are privately owned and others are owned by the state ADVANTAGES OF PRIVATE SECTOR TO A SOCIETY * Public Sector protects citizens from exploitation by powerful monopolies * Public sector provid es employment for many persons * Public sector contributes to the economic lives of the country PUBLIC BUSINESS UNDERTAKINGS Public Corporations: These are government or state owned businesses that are primarily run by Central government.Municipal Undertakings: These are government owned businesses that are run primarily by the Local Government. These include market, parks and beaches Government Undertakings: These departments carry out special functions such as education, health and finance REASONS FOR ESTABLISHING A BUSINESS * To earn a income * To make a profit- which is the result when a firm’s sales revenue is greater than its total costs. Profit is important because it enables business to survive and grow, it also provides the owner with a return for taking the risk of losing money they have invested. To provide employment to persons in and around the community * To expand production and increase the yearly sales of the firm * To produce a product that is either a good or service to the community * To have the satisfaction of being one’s own boss SOLE TRADERSHIP OR SOLE PROPRIETORSHIP The sole tradership or sole proprietorship is defined as a one man business, this is so because he or she enters business on his or her own, therefore bearing the risk of the business and thus entitled to all the profits.Even when the sole trader invites someone else to assist in the running of the business, these individuals would be employees. They do not share in ownership of the business and the owner is responsible for decisions made concerning the business. * Sole tradership is very easy to setup and operate. * It does not require any legal paperwork or registration. * Sole Trader is an unincorporated business, which means that the owner and business are one and same in the eyes of the law. This means that he conducts in his own name, his business is not separate from him. Sole Trader has unlimited liability which means that their personal assets can be clamed to settle the debts of their business that is why in the case of bankruptcy the sole trader stands to lose his/ her personal belongings, if the business assets cannot cover his/her debts. In order to finance the business the sole trader may: *   Use his personal savings to start the business. * The sole trader may also borrow funds from family members or friends. * The sole trader may also get funds from financial institution such as credit unions, commercial banks or government sources as the business progresses. The sole trader may also reinvest or plough back some of the profits made in the business. The sole Trader may sell ownership of his business to someone else. If he/she dies then the business no longer exists. ADVANTAGES OF SOLE TRADER * The business is simple to start and usually requires only a small amount of capital * Profits are not shared * Decisions are made promptly and the new ideas put in place quickly * The owner retains personal control over the direct ion and growth of his/her business DISADVANTAGES OF SOLE TRADER It is difficult to access capital if the sole trader wants to expand his business * The sole trader bears all the losses * The sole trader may have to work long hours and may not be able to take vacation when he wants to do so * Unlimited Liability , therefore in the case of bankruptcy he may lose his personal belongings to claim its debts * There is lack of continuity if the owner dies PARTNERSHIP An ordinary partnership is an association of two to twenty persons who are in business together with a view to earning a profit.This type of partnership may have general or active partners who are involved in the day to day operations of the business. A Sleeping partner is a partner who may be willing to introduce capital into a business but may not wish to take an active part in the running of the business In an ordinary partnership all partners have unlimited liability which means that they stand to lose not only their inve stment capital but also their personal assets. It is possible to have a limited partnership bit at least one partner mush accept unlimited liability.Partnership is formed amongst partners, partners may share in the management of the business or may serve as the manager or they may employ someone to manage the business Partners are free to decide whatever arrangement they like amongst themselves as to what rules will govern their organization. Partners have a written arrangement or deed. A partnership deed sets out the rights of each partner as to the division of profits. The deed sets out: * The name of the business and the date the business started * The type of business and the location of the business Details of each partner * The amount of capital each partner invested * How profits to be shared * The responsibility of each partner in the business In financing a partnership business all partners pool their savings together, loans and retained. Profits are shared by the deed draw n up by the partners, the absence of the deed means that profits are shared equally. In a partnership all partners are held personally responsible for all debts of the business. If one partner cannot fulfill his obligations then the other partner will bear all the losses. A partnership may be terminated: When partner or partners decide to sell their share of the partnership to someone else. When this occurs a new partners are brought in. * If it becomes insolvent or bankrupt * When all parties agree to terminate the business ADVANTAGES OF PARTNERSHIP * It is easy to form as there are few legal formalities * More capital is available to foster growth and development. * Workload can be shared amongst partners DISADVANTAGES OF PARTNERSHIP * If a partner makes a mistake all partners stand to lose * Each partner is liable for the debts of the business * Possible disagreements between partners Membership limit of twenty which restricts resources of the business CO-OPERATIVES A cooperative is a form of business that is owned and controlled by a group of persons who have a common interest and who have an equal say in operation. Types of Cooperatives * Producer Cooperative: In this type of cooperative society members are in their business of producing example in a farming community * Buyers Cooperatives: This is a type of cooperative in which persons who use a particular good in their business operations come together to purchase that good in large quantities and gain benefits of discounts. Financial Cooperatives: This is a service oriented society. It brings together persons who have a common interest. The aim is for members to pool their resources in the provision of service * Workers Cooperative: Are businesses that are owned and run by their own workforces. Example the crews of a bus company Cooperative is governed by a general meeting. The meeting is held annually and it is at this meeting that a committee is appointed to handle the day to day affairs of the coope rative.The cooperative is controlled by its members. Each member contributes to share capital of the cooperative. Members finance the cooperative through the purchase of shares Shareholders receives dividends if the cooperative makes a profit from its operation. The amount of dividend is related to the number of shares held. Dividends are generally small, since the major goal is not to make a profit but to provide a service to its members. Earnings from a cooperative are not totally consumed in the payment of dividend.Most of these are ploughed back into the cooperatives to finance operational needs identified by the members. ADVANTAGES OF CO-OPERATIVES * Members benefit from the pooling of funds for the purpose of lending to other members * Members have equal say in the operation of business as well as in the decision making of the cooperatives * Members are the owners of the cooperative society * Employment is created within the organization DISADVANTAGES OF CO-OPERATIVES * Profit s may be small or non existent * Shortage or lack of capital may inhibit growth and cause problems