Automoblie Industry essays

Automoblie Industry essays There is no industry more present in the world-wide community than the automobile industry. The automobile has changed the lives, culture, and economy of the people and nations that manufacture and demand them. Ever since the late 1800s when the first modern car was invented by Benz and Daimler in Germany, the industry has grown into a billion dollar industry affecting so many aspects of our lives. There are more than 400 million passenger cars alone on the roads today. During the early part of the twentieth century, the United States was home to more than 90 percent of the worlds automotive industry, but has shrunk to about 20 percent in todays world. This drastic change has occurred by the booming economies in such nations as Japan, Germany, Canada, France, Italy, and other nations. The US auto industry sales totaled $205 billion, or 3.3 percent of the total Gross Domestic Product. (Tardiff 394) By the end of 19th century, there were about 500 auto manufacturers, but that number dropped sharply to 23 by 1917, and today the Big Three dominate the market. Ford, General Motors, and Chrysler make up the Big Three which account for 23 percent of the worlds motor vehicle production in 1997, with the Japanese industries coming in second, producing 21 percent. Germany produces 9 percent, Spain, France, South Korea, and Canada each produce 5 percent of the international market in 1997. In the US alone, the auto industry, which includes its 500,000 car-related businesses, create 12 million jobs. The automobile is clearly an oligopoly, but each companys control of the market has gradually diminished because of rising foreign competition. The US has three main auto manufacturers, Japan has five major producers as does Germany. Each of these companies produce differentiated versions of the same product, have control over their products prices, and rely heavily on non-price compe...

Modern medicine helps to live a longer life Essay Essays

Modern medicine helps to live a longer life Essay Essays Modern medicine helps to live a longer life Essay Essay Modern medicine helps to live a longer life Essay Essay Modern medical specialty helps to populate a longer life. Make you hold? The modern medical specialty is really of import for populating a long life. It is depend on new engineering. Peoples take really easy and rapidly. Besides modern medical specialty is really speedy absorbing to human organic structure. It is helps to endorse to normal for people wellness status. Therefore I agree that the modern medical specialty is helps to populate longer. First of all. the modern medical specialty can forestall incurable diseases. Doctors can happen some diseases really early. Then physicians can give suited medical specialties to patients. New modern equipments are helpsdoctors is traveling to rectify manner. Besides intelligent people in the universe live a long life on aids from modern medical specialty. That is really of import in the human society because their originative things are coming with them and they can assist others for a longer clip when they are livingin long life with comfortably. Beside. old population is increasing in the state. It is severely consequence incountry’s economic system and particularly for 3rd universe states. But old people are really of import in human society because their experience decidedly helps to populate safely and be aftering to new undertaking. ‘Experience is better than qualifications’ However. old people are populating a long life ; it is assisting others to populate a long life because we can acquire advice from them and they are covering our civilization and society. Furthermore. modern medical specialty is being habit-forming for some people. so that they can non populate without medical specialty. They should take medicate all their lives. Besides modern medical specialty is really expensive. Therefore most of hapless states couldn? Ts take modern medical specialty and it has taken a commercial form. besides it is depending on money. In the modern medical specialty have non facts of human kindness. Peoples who have money can take modern medical specialty. But autochthonal medical specialty has good human friendly form. It does non depend on money. To sum up ; in my personal position. modern medical specialty is assisting to populate a long life with comfortably. Modern engineerings are being supported to happen unburnable diseases really early. So physicians can takecorrect way instantly. Therefore. may I non waver to hold with the above mentioned statement.

Performance & reword Essay Example | Topics and Well Written Essays - 1750 words

Performance & reword - Essay Example The influences could be positive or negative during this journey, but such influences also affect the future course as well and the spirit with which the team members are working decides the future course of the achievements as well. Ans-2: The contemporary job design theories outline a set of functions, components and tasks depending upon the organization settings, based upon the requirements of the organization and the capabilities of the individual. While the meta-process of finalizing minute details helps the organization in attaining the desired heights, it also helps in the individual by way of improving quality of work experience and greater freedom and flexibility (Dolan and Schuler, 1994). Therefore, positive motivations help in a better experience while negative motivations result in adversely impacting the work culture. Motivation in simplest terms can be defined as a means of providing motives. At times, the lack of any positive motivation by the managers often results in an automatic provisioning of negative motivation. How somebody makes use of his/ her efforts towards a goal is determined by the motivating/ de-motivating factors. It is through their behavior that employees give expression to their commitment to work, level of motivation and their attitudes. The performance appraisal and review process helps the management in motivating the performance levels of deserving candidates while providing an opportunity to the one's lagging behind. Organizational goals and objectives can also be achieved if the workforce is able to work with desired levels of motivation. Buyens and De Vos (2001) contend that, "strategic HRM is the linking of the HR function with strategic goals and objectives of the organization in order to improve business performance and develop organizational cultures that foster innovation and flexibility". It is worth mentioning here that the individual feel motivated when they find that their requisite needs are being fulfilled in the process. The Maslow's hierarchy of needs is an important tool to assess the needs of the people in general. Ans-3: Strategic HR management is supposed to align organizational targets with those of the individual and the teams. Mahy et al (2005) contend that a company designs its HR policies to maximize profits, for which the company makes use of job incentives. Such incentives play key role in influencing the attitude of the worker. Thus the incentives turn into profits for the company. If due attention is paid to the periodic feedbacks from the workers, it goes a long way in shaping the policies of the company and provides it an edge in taking on the competitors. For example, Coca Cola the leading icon in a range of beverage products clearly underlines the importance of synchronizing the career requirements of workers with the company's requirements. It states1, "Our Company, your career, together we grow." Considering its people as its greatest asset, the company comes out with a benefit statement which states2, "The Coca-Cola Company values the health and well-being of our employees and provides a variety of market-competitive benefits programs to address employees' benefits needs." It is indeed worth pointing out that company clearly finds a link between maximizing

Macroeconomic Policies Used by the Federal Reserve Essay - 5

Macroeconomic Policies Used by the Federal Reserve - Essay Example The alternative strategy actions that were set up intended to put more pressure towards the long-term interest rate achievement and to ensure that the overall monetary conditions of the country become improved. This includes bolstering the prices for residential properties and corporate equities (Kashyap & Stein, 2012, p. 266). Â  The Federal Reserve’s adoption of the open market operations involves buying of existing Treasury securities by the Federal Reserve in the secondary market (Bauer & Rudebusch, 2014, p. 234). The secondary markets are securities that have already been obtained and sold off to private investors. When buying the securities, the Federal Reserve ensures it does so but under the equivalence of an existing currency. This expands the Federal Reserve’s base and at the same time increases the ability of depository financial institutions to provide loans as well as expand their existing credit facilities (Bauer & Rudebusch, 2014, p. 234). Â  Normal open market operations involve functions are typically carried out through repurchasing agreements (D’Amico & King, 2013, p. 426). If the Federal Reserve wishes to remove liquidity or add the same liquidity during the normalization period. Repos, also known as repurchase agreements are contracts signed between two or more parties to purchase securities and then repurchase the same securities at a future date and price (D’Amico & King, 2013, p. 425). Repos are considered as an economic equivalent to a collateralized loan. Differences between the first and second transactions determine the interest rates accrued on the loan (Bauer & Rudebusch, 2014, p. 235). Â  

Transfer to the University of Denver Essay Example | Topics and Well Written Essays - 500 words

Transfer to the University of Denver - Essay Example When in high school, all a teenager could think about is going to the university and doing a course which would eventually get him or her to the level of Bill Gates. However, this was not the case with me since I realized that reaching such a level included not only reading books, but also determination and passion in what one does. After some soul-searching and consultation, I was introduced to the University of Denver, in Colorado. I must say that I was stunned to know that such an institution exists. As I mentioned earlier, I longed for a place where I could live with individuals from diverse cultures, and there was not the better place than Denver University. Such an institution helps people understand others and promotes working together in society to achieve desired goals. The best part about the institution for me is that it offers Mechanical Engineering, which is a much better choice than Chemical Engineering. Mechanical engineers are more practical than chemical engineers. I noticed this while studying at the University of Colorado. Even though my GPA is lower than the required GPA standard in the University of Denver, the institution looks like a place which can motivate a person to learn and become successful academically. I have a mother who used to work extremely hard to keep me in school, but after she got diagnosed with breast cancer, every funding we had, went to her medical coverage. My mother was the breadwinner of the family, and after the diagnosis, she could not manage to keep her job. Her salary was not that much, and the best thing I can think of doing is joining an institution, which can help me attain academic prosperity so that I can look after my mother. We have managed to find a willing sponsor who wants to fund me in school. I consider that the best thing I can do is to excel academically, and there is no better place for doing this than at the University of Denver. I admire the university’s principle of equal opportunity to all, and I think, if given a chance to join the institution, I would work extremely hard to be successful.  

New Approaches Of Human Resource Management Business Essay

New Approaches Of Human Resource Management Business Essay Human resource Management is the backbone of organisations growth in this changing business world. Organisations are having are a large budget and a separate development for HRM due to the internationalisation and globalisation phenomen. The importance of HR in the UK has increased during the past years, which has led organisations to review their policy on handling human resource which in some case is the core competence of the organisation. The term HRM and HR have largely replaced the term personnel management in managing people in the organization. Historical development of HRM. HRM has developed over time from mere administrative role to modern role of strategic development. Strategic HRM has gained both credibility and popularity over the past decade, employee are considered as part of the overall strategy Personnel Management Human Resource Mgt. Nature of relations Focus individualistic Contractual basis Focus unitarist -vision and mission -Employees as partners in the org. Relation of power and Mgt. Centralized Top management full authority Decentralized -Power shared between top, middle and lower mgt. -TQM approach -Bottom up approach Leadership and Mgt Role Transactional Task oriented focus on procedures punishment for non compliance Transformational people oriented -focus on shared vision. Corporate culture and vision, trust and flexibility. Pay policies and Job design Based on skills and knowledge -ability to perform the job as per contract -Division of labor no value added -Job design functional based Designed to encourage continuous job performance and improvement -linked to value added -Job design teamwork and cyclical based. -Job Rotation Tesco which operates in a fiercely competitive sector has been successful by using a human resource led business strategy. Although the analysis above show more coordination between employees and employers, the fact is the working environment is more competitive for both parties. On one hand theres organisation like Tesco who is investing a huge budget for the HRM whereby the cost will be recovered through there sales that is being paid by the general public. On the otherhand employees which are with less job security dont have much choice other than to show there commitment and as well having transferable skills with the changing employment market. Human resource practitioner. HR people are the strategic database of organizations. Source (www.bized.co.uk) HR Practitioners acts as the bridge of communication flow between Mangement and employees. Sometimes heavily involved in the operational role, handling grievances and discipline while new demands are made from them. It is quite difficult to measure the effectiveness of the HR as it is so complex. The HR Practitioners should be able to: Add Value demonstrate their impact on the business Recruitment and retention Aware of labor market, recruitment source and key talent retention. Succession planning- Clear workforce development plan Turnover, change to business (technological or legal) Motivation and Engagement Demonstrate that people make a difference (Employee motivation and engagement). Employer of choice To engage the best talent and keep these people engaged. Source ( Mr Vedula Notes ) Line managers in HR practices. Line managers are responsible for group of employee normally in the lower layers of management hierarchy and these employee do not themselves have any managerial or supervisory responsibility. Line Managers Responsibility People management Managing operational costs Providing technical expertise Work allocation and Rota Monitoring and checking quality Dealing with customers/clients Measuring operational performance -performance appraisal Line managers Role In organization like Tesco they a play a vital role in terms of implementing and enacting HR policies and practices. The checkout line managers would be in better position to convince their staff for any overtime or bank holiday shift. As employees feels more positive about the relationship with their line managers. So they are more likely to have higher levels of job satisfaction, commitment and loyalty associated with better performance and discretionary behaviors. Line managers also help in structuring people actual experience of doing a job. They play a crucial role in acting upon the advice or guidance from HR ( Implentation of new legislation selling alcohol to under ages customers). Line managers control the work flow by directing and guiding the work of others. They also have to report to HR about any changes about the number of employees they need or any leavers to fill the gap for. So they always have to work in collaboration with HR. A well managed line managers are more likely to go on to lead high performing teams, therefore the support of senior management and action on the continuous development of line managers are critical. Recruitment and Selection. Recruitment is the process of Attracting, viewing and selecting competent people for a job at an organization. Source (www.1000ventures.com) HR planning and stages involved in the process. Human Resource Planning is the process of analyzing an organizations likely future needs for people in terms of numbers, skills and locations. They uses the right recruitment and training techniques to satisfy these needs. It ensures the firm has right number of people, in the right place, with the right skills at the right time. Tesco need for recruitment arises when there is new outlet opening in the UK and international expansion. There is also leavers , resigners or those who retires to be replaced. Any change in strategy, process and technology might rise to the need of more staff. In Tesco the latest one was the introduction of IT sales assistant in the shop and the self service checkout. Tesco uses a workforce planning table to establish the likely demand for new staff which are quarterly reviewed. Tesco can adjust staffing levels and Recruit accordingly to meet its strategic objectives, for example, to open new stores and maintain customer service standards. A Job description sets out Job title Job holders responsibility To whom the job holder is responsible Asimple description of roles and responsibilities. A Person specification sets out the skills, characteristics and attributes that a person needs to do a particular job. These two tools combine to make the basis for job advertisement. They help job applicants and post-holders to know what is expected of them. They should: Information to attract suitable people Checking device to select applicants with the right skills for interview Targets and standards for job performance. Process for recruitment in two organizations. Tesco internal recruitment The process looks at its internal Talent Plan, internal mgt development programme and options which lists current employees looking for a move, either at the same level or on promotion. In case none of them match their requirement Tesco advertises the post internally on its intranet for two weeks. Tesco external recruitment Tesco advertises vacancies via their website or through vacancy boards in stores. Applications are made online for managerial positions. The chosen applicants have an interview followed by attendance at an assessment centre for the final stage of the selection process. People interested in store-based jobs with Tesco can approach stores with their CV or register though Jobcentre Plus. The store prepares awaiting list of people applying in this way and calls them in as jobs become available. . Tesco will seek the most cost-effective way of attracting the right applicants. It is expensive to advertise on television and radio, and in some magazines, but sometimes this is necessary to ensure the right type of people get to learn about the vacancies. IKEA Recruitment Process Ikea developed global recruitment process, offering higher quality at lower cost by using modern technology. Ikea arrange open days for its future workers where they can chat with existing employees. Ikea recruitment strategy focuses on variety and ethics rather than pervious experience which has keep their turnover very low. Innergy (Agency) helps Ikea managing their recruitment process. BrassRing had been chosen by Ikea as its Global e recruitment platform and was implemented by ARINSO International. The recruitment process was highly manual and non consistent before. This project would allow Ikea to restructure its recruitment processes. Interview technique and selection methods. Interview technique is designed to predict future job performance on the basis of applicants oral responses to oral inquiries. Advantages Highlight communication skills , verbal and social skills Can assess knowledge Compatibility between the applicant and the employees Applicant asked question might help for selection decision .( Pay , Perk or Future studies) Flexible to gather more info. Disadvantages subjective evaluations are made decisions made on the first impression interviewers form stereotypes concerning the characteristics required for success on the job not as reliable as test Interviewers may be biased to candidate they like Interviewers may use multiple, leading ,embarrassing and provocative questions Interviewers may talk more than listening Interview technique has low reliability and low viability. Selection methods Psychometric Testing- good record and liability. Ability Test Focus on mental abilities and physical testing Inventories Self report questionnaires interests, aptitudes and preferences E-assessment Testing anytime and anywhere Loss of control over administration of test Assessment centers Provide fuller picture combining a range of technique Selection practices and procedures in two organisations. Selection involves choosing the most suitable people from those that apply for a vacancy, whilst keeping to employment laws and regulations. Screening candidates is vital within the selection process ens8uring the best candidate fit the gap. Line managers for the job often take part in the interview to make sure that the candidate fits the job requirements. Tesco selection external management stages IKEA recruits people based on fact they will be suitable on the culture. As stated above the selection process is mostly carried out by agency but within IKEA there are development methods which include training, coaching and performance management. As such creating a source of internal recruitment as Tesco has, but the process of external recruitment is carried out by the agencies mostly Procedures for monitoring and rewarding the employee. Employers have always monitored their staff in one way or another because they have always needed to be able to check the quality and quantity of their employees work. Helping to identify the need for training, refresher courses or appraisal. Job evaluation and factors determining pay.. A method of determining on a systematic basis the relative importance of a number of different jobs used when: Determining pay and grading structures Ensuring a fair and equal pay system Ranking. Jobs are compared to each other based on the overall worth of the job to the organization. Advantages Simple. Very effective for few jobs Disadvantages Difficult to administer -jobs increases. Rank judgments are subjective. Process to be repeated for each new job to be filled. Classification Jobs are classified into an existing grade/category structure or hierarchy Advantages Simple. The grade/category structure exists independent of the jobs. Classification easier than the Ranking Method. Disadvantages Classification judgments are subjective. The standard used for comparison biases Some jobs may appear to fit within more than one grade/category Factor Comparison A set of compensable factors are identified as determining the worth of jobs: Skill Responsibilities Effort Working Conditions Advantages The value of job- monetary terms. Applied to a wide range of jobs. Applied to newly created jobs. Disadvantages Judgments are subjective. The standard used for determining the pay for each factor may have build in biases The point method Each factor is then divided into levels or degrees which are then assigned points. The points for each factor are summed to form a total point score for the job. Jobs are then grouped by total point score and assigned to wage/salary grades Advantages The value of job monetary terms. Applied to a wide range of jobs. Applied to newly created jobs. Disadvantages Judgments are subjective. The standard used for determining the pay for each factor may have built-in biases Reward system. Rewards can be categorized in the above matrix. As well as competitive salaries at all levels, in every area of the business, Tesco also offer a whole package of other ways to help you make more of your money, safeguard your future and look after your health. Motivational theory and reward. National Business Awards, the company just chosen as Employer of the Year was Tesco. In their citation the judges said that Tesco was voted Employer of the Year because its solutions were seen to be more holistic, Tesco have invested  £12m this year alone in training schemes Tescos Employee Reward Program has some similarity to Taylors theory. Its financial reward packages are a motivating factor. At Tesco the Mayo theory is seen to be operating throughout the company. Communication is an extremely important factor in motivating employees. In 1959 Frederick Herzberg developed the Two-Factor theory of motivation Abraham Maslow argued that humans are motivated by five essential needs Tesco promote new and more open lines of communication between managers and staff Directors and senior managers spend a week on the shop floor listening to ideas and suggestions from customers and staff; A talent spotting scheme to fast-track shop-floor workers up the promotional ladder A better understanding of individual employee circumstances. The result of all these initiatives is that Tesco is continuing to show record sales growth and profits .Employees highly trained are demonstrating commitment to the organisation and feels valued within the overall strategy. This if felt by customer with a higher level of service which gives organisation added value and prestige. Organizations approaches to monitoring performance. Tescos purpose is to serve its customers. Tescos organizational structure has the customer at the top. Tesco needs people with the right skills at each level of this structure. There are six work levels within the organization. Each level requires particular skills and behaviors. Work level 1 frontline jobs ability to work accurately and with enthusiasm and to interact well with others. Work level 2 Team leaders the ability to manage resources, to set targets, to manage and motivate others. Work level 3 running an operating unit management skills, including planning, target setting and reporting. Work level 4 supporting operating units and recommending strategic change. Business knowledge, analytical skills and to make decisions, and the ability to lead others. Work level 5 responsible for the performance of Tesco as a whole. ability to lead and direct others, and to make major decisions. Work level 6 creating the purpose, values and goals for Tesco plc. a good overview of retailing, and the ability to build a vision for the future and lead the whole organization. Rights and procedure on exit from an organisation. Evaluation of exit procedures and compare to best practice. When skills are relatively scarce, recruitment is costly and it takes several weeks to fill a gap the level of turnover is likely to be problematic for the org. The operation of an Exit Procedure is extremely important as it helps the company To identify and correct hidden organizational and management problems It enables the organisation to comply with its legal duty to monitor the reasons why people is leaving It helps to ensure the return of Company property It enables a proper handover of work and administrative matters to take place to examine the reasons why people are leaving to identify whether any improvements in employment practice could be made UW-EXTENSION ADMINISTRATIVE POLICY UW-EXTENSION EXIT POLICY AND PROCEDURES Resignation: If an employee decides to leave employment with Extension, the employee is responsible for providing adequate written notice The employee will receive written confirmation of the resignation from the hiring Exit Questionnaire: All separating employees shall complete an Exit Questionnaire,available from the supervisor or divisional personnel representative, and bring thecompleted questionnaire to the exit interview Exit Interviews: Prior to the last day worked, an exiting employee will have an exit interview. theemployee and supervisor are encouraged to discuss any matters of interest.Information collected during the Exit Interview Process shall be confidential and will notbe used in any way to reflect upon the exiting employee Exit interview data shall be compiled, summarized, and reported to the ExecutiveCommittee on a quarterly basis Other Out-Processing Procedures Matters to be reviewed or collected at this time are: Keys and key cards. Computer access authorization codes. Telephone cards or ID cards. Corporate credit cards. Forwarding address. Identification cards/badges. Return Employee Handbook. Arrange last paycheck and vacation pay.* Insurance conversion and benefits continuation rights.* Tesco exit procedures is not so complex as UW as the nature of the workforce they have is different. They have staffs on temporary contract, part timers and on flexible hours. They do conduct a view point every six months to monitor the workforce concern and appreciation and there is a clause of intended stay with Tesco. Their every little helps slogan is part of the ethos and culture in Tesco. In the SBUS exit interviews are commonly performed in person with the departing employee. More often talking with the departing employee to more completely explore and understand his or her views during the exit interview. Criteria for redundancy selection The selection criteria used by the employer must be carefully and exactly defined so that they can be fairly and consistently applied to each employee. The criteria must also be agreed by the employees representatives Redundancy selection criteria. It must be objective, non-discriminatory and applied consistently. A pool of employees, all or some of whom will eventually be made redundant. Selection criteria for redundancy may be: Skills, qualifications and aptitude these can help keep a balanced workforce. Standard of work performance with this method, you need to provide supporting objective evidence, for example from the business appraisal system. Adaptability it may be important for your business that employees accept different types of work as needs change. Attendance/disciplinary record you must apply this method consistently, and be sure your records are accurate and that you understand the reasons for absences. Length of service -last in, first out, The following criteria are considered unfair and can give rise to claims under Unfair Dismissal or the relevant discrimination laws: trade union reasons carrying out duties relating to redundancy, as an elected representative of the employees maternity grounds sex, race or disability grounds Conclusion. Tesco has been very successful over the past years by a fully intergrated HR department and as such demonstrated a model implementation of HR. The big picture of Tesco strategy is discussed with all employees thus clarifying their role and importance in the organization. The HR department in Tesco is proactive which has allowed the organization to focus on Human resource with such practices with training issues. They perform their task with the Tesco Steering Wheel Strategy and practicing a total quality approach throughout the organization.

Morals and Ethics in the Movie Wall Street Essay -- Film Movie Wall St

Morals and Ethics in the Movie Wall Street The movie 'Wall Street' is a representation of poor morals and dissapointing business ethics in the popular world of business. This movie shows the negative effects that bad business morals can have on society. The two main characters are Bud Fox played by Charlie Sheen and Gordon Gekko played by Michael Douglas. Bud Fox is a young stockbroker who comes from an honest working-class family but on the other hand, Gordon Gekko is a millionaire who Bud admires and wants to be associated with. Greed seems to be a huge theme of this movie. This movie portrays the unethical society we live in. It shows how money oriented society has become and that people will do almost anything to get ahead. Competitiveness has become such a widespread game all over the country, especially in big cities. At the start of Wall Street, Bud Fox is young and insecure about the business world. Bud is a broker seeking new clients and offering second-hand advice regarding the buying and selling of stock. Bud was faced with a choice that would change his life. He was so sure he wanted to be involved with Gordon Gekko that he was willing to do whatever it took to be a part of his immoral scheme. It only took about five minutes for Bud to agree to give insider information about stocks to Gekko in order to become more lucrative and manipulative at the same time. Bud wants to sell him stocks, and hopefully one day be like he is. Bud is obviously desperate to d...

Target for Overnight Rate

The target for the overnight rate-the main tool used by the Bank of Canada to conduct  monetary policy. The Bank carries out monetary policy by influencing short-term interest rates. It does this by raising and lowering the target for the overnight rate. The overnight rate is the interest rate at which major  financial  institutions borrow and lend one day funds among themselves; the Bank sets a target level for that rate. This target for the overnight rate is often referred to as the Bank's  key interest rate  or  key policy rate.Changes in the target for the overnight rate influence other interest rates, such as those for consumer  loans  and mortgages. They can also affect the exchange  of the Canadian dollar. In November 2000, the Bank introduced a system of eight fixed dates each year on which it announces whether or not it will change the key policy rate. The Target for the Overnight Rate is the main tool used by the Bank of Canada to conduct monetary policy f or this reason, it is also known as the policy interest rate.It tells major financial institutions the average interest rate that the Bank wants to see in the market where they lend each other money overnight. When the Bank changes the Target for the Overnight Rate, this change affects other interest rates in the economy. Canada’s major financial institutions routinely borrow and lend money overnight among themselves, in order to cover their transactions at the end of the day. Through the Large Value Transfer System (LVTS), these institutions conduct large transactions with each other electronically.At the end of the day, they need to settle with each other. One bank may have funds left over, while another bank may need money. The trading in funds that allows all institutions to cover their transactions at the end of the day takes place in the overnight market. The interest rate charged on those loans is called the overnight rate. The transmission mechanism of monetary policy The transmission mechanism is the complex chain of cause and effect that runs from the Bank of Canada's actions to changes in asset prices, aggregate demand, the output gap and, eventually, inflation.Among economists, there is some debate about the nature of the transmission mechanism. Engert and Selody (1998), for example, emphasize the important distinction between the passive-money and active-money views of the transmission mechanism and argue that the possibility of making policy errors can be reduced by paying attention to both views. Even among those who agree on the broad nature of the mechanism, there is recognition of considerable uncertainty regarding the timing and quantitative importance of specific linkages.A collection of speeches and research papers published by the Bank of Canada (1996) provides a mainstream  view  of the transmission mechanism. The transmission mechanism is best understood by tracing through the effects of a hypothetical policy decision. For ex ample, consider a situation akin to that in the autumn of 2004, when the Bank had good reason to expect that the solid economic recovery occurring both in Canada and in the global economy would create pressures for Canadian inflation to rise over the coming months. In this case, the Bank's policy response was to raise its target for the overnight interest rate.

Tundra Biome - The Habitat Encyclopedia

Tundra Biome - The Habitat Encyclopedia The tundra is a terrestrial biome that is characterized by extreme cold, low biological diversity, long winters, brief growing seasons, and limited drainage. The harsh climate of the tundra imposes such formidable conditions on life that only the hardiest plants and animals can survive in this environment. The vegetation that grows on the tundra is restricted to a low diversity of small, ground-hugging plants that are well-adapted to survive in nutrient-poor soils. The animals that inhabit the tundra are, in most cases, migratory- they visit the tundra during the growing season to breed but then retreat to warmer, more southern latitudes or lower elevations when temperatures drop. Tundra habitat occurs in regions of the world that are both very cold and very dry. In the Northern Hemisphere, the Arctic lies between the North Pole and the boreal forest. In the Southern Hemisphere, the Antarctic tundra occurs on the Antarctic peninsula and on the remote islands that lie off  the coast of Antarctica (such as the South Shetland Islands and the South Orkney Islands). Outside of the polar regions, there is another type of tundra- alpine tundra- which occurs at at high altitudes on mountains, above the treeline. The soils that blanket the tundra are mineral-deprived and nutrient-poor. Animal droppings and dead organic matter provide the bulk of what nourishment is present in tundra soil. The growing season is so brief that only the topmost layer of soil thaws during the warm months. Any soils below a few inches deep remain permanently frozen, creating a layer of earth known as permafrost. This permafrost layer forms a water-barrier that prevents drainage of meltwater. During the summer, any water that thaws in the upper layers of the soil is trapped, forming a patchwork of lakes and marshes across the tundra. Tundra habitats are vulnerable to the effects of climate change and scientists fear that as global temperatures rise, tundra habitats might play a role in accelerating the rise in atmospheric carbon. Tundra habitats are traditionally carbon sinks- places that store more carbon than they release. As global temperatures rise, tundra habitats  may shift from storing carbon to releasing it in massive volumes. During the summer growing season, tundra plants grow quickly and, in doing so, they absorb carbon dioxide from the atmosphere. The carbon remains trapped because when the growing season ends, the plant material freezes before it can decay and release the carbon back into the environment. As temperatures rise and areas of permafrost thaw, the tundra releases  the carbon it has stored for millennia back into the atmosphere. Key Characteristics The following are the key characteristics of tundra habitats: extreme coldlow biological diversitylong wintersbrief growing seasonlimited precipitationpoor drainagenutrient-poor soilspermafrost Classification The tundra biome is classified within the following habitat hierarchy: Biomes of the World Tundra Biome The tundra biome is divided into the following habitats: Arctic and Antarctic tundra - Arctic tundra is located in the Northern Hemisphere between the North Pole and the boreal forest. Antarctic tundra is located in the Southern Hemisphere on remote islands off the coast of Antarctica- such as the South Shetland Islands and the South Orkney Islands- and on the Antarctic peninsula. Arctic and Antarctic tundra supports about 1,700 species of plants including mosses, lichens, sedges, shrubs, and grasses.Alpine tundra - Alpine tundra is a high-altitude habitat that occurs on mountains around the world. Alpine tundra occurs at elevations that lie above the tree line. Alpine tundra soils differ from the tundra soils in polar regions in that they are usually well-drained. Alpine tundra supports tussock grasses, heaths, small shrubs, and dwarf trees. Animals of the Tundra Biome Some of the animals that inhabit the tundra biome include: Northern bog lemming (Synaptomys borealis) - The northern bog lemming is a small rodent that inhabits the tundra, bogs, and boreal forests of northern Canada and Alaska. Northern bog lemmings eat a variety of plants including grasses, mosses, and sedges. They also feed on some invertebrates such as snails and slugs. Northern bog lemmings are prey for owls, hawks, and mustelids.Arctic fox (Vulpes lagopus) - The arctic fox is a carnivore that inhabits the Arctic tundra. Arctic foxes feed on a variety of prey animals that includes lemmings, voles, birds, and fish. Arctic foxes have a number of adaptations to deal with the cold temperatures they must endure- including long, thick fur and an insulating layer of body fat.Wolverine (Gulo golo) - The wolverine is a large mustelid that lives in boreal forest, alpine tundra, and Arctic tundra habitats throughout the Northern Hemisphere. Wolverines are powerful predators that feed on many different mammal prey including rabbits, voles, lemmings , caribou, deer, moose, and elk. Polar bear (Ursus maritimus) - The polar bear inhabits the icecaps and Arctic tundra habitats in the Northern Hemisphere including areas of Russia, Alaska, Canada, Greenland and the Svalbard Archipelago. Polar bears are large carnivores that feed primarily on ringed seas and bearded seals. Muskox (Ovibos moschatus) - The muskox is large hoofed mammals that live in the Arctic tundra. Muskoxen have a sturdy, bison-like appearance, short legs and long, thick fur. Muskoxen are herbivores that feed on grasses, shrubs and woody vegetation. They also eat moss and lichens.Snow buntings (Plectrophenax nivalis) - The snow bunting is a perching bird that breeds in the Arctic tundra and in some areas of alpine tundra such as the Cairngorms in Scotland and the Cape Breton Highlands in Nova Scotia. Snow buntings migrate south during the winter months to escape the tundras coldest temperatures.Arctic tern (Sterna paradisaea) - The Arctic tern is a shorebird that breeds in the Arctic tundra and mig rates 12,000 miles to over-winter along the coast of Antarctica. Arctic terns feed on fish and invertebrates such as crabs, krill, mollusks, and marine worms.

The Life of Randall Kenan essays

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