Uk and Eu have created a legal and regulatory system that encourages Essay

Uk and Eu have created a legal and regulatory system that encourages the adoption and growth of e-commerce - Essay Example 41). This piece of research paper addresses the regulatory activities of UK and EU in last 15 years to encourage the adoption and growth of E-Commerce and how it has provided a framework to protect the rights of consumers. An Overview of EU’s E-Commerce Directive In 2000, European Union has first adopted regulations to foster E-commerce throughout the regions of EU (Plotkin, Wells and Wimmer, 2003, p. 14-60) and in 2002 it also has set certain rules and regulations in order to provide consumers within the EU with more comforts in buying of goods or services from online. One of the very fundamental objective of this regulation was to ensure that customers’ rights are protected. These rules and regulations have clearly defined how the protection can be applied. The protection applied only to those consumers who visited a commercial website setting specific directions regarding how a business should operate its website and virtual business environment (Sparrow 2009, p. 41) . According to EU regulations, every company that operates a virtual website must adhere strictly to the rules and regulations if the business offers good or services to its customers online. When a business fails to strictly comply with these regulations, the business will be legally liable and will be prosecuted accordingly. EU’s regulations about E-Commerce has been considered to be a cornerstone in electronic marketplace. These regulations, often termed as E-Commerce Directive or Distance Selling Directive, were established in 2000 to foster the expansion of E-Commerce by developing a ‘country of origin’ rule that promoted free movement of E-Commerce within the EU member countries. The regulations have defined the limit of how extent one member state may regulate electronic commercial activity entering its boarders from another member state (Plotkin, Wells and Wimmer, 2003, p. 14-60). Sparrow (2009, p. 41) stressed that the E-Commerce directive developed by E U was to encourage greater use of E-Commerce by removing the barriers throughout the Europe and to enhance consumers’ confidence by making them and businesses aware of their rights and obligations to each others when dealing through online. The regulations were more likely to promote a single market in Europe by developing movement of ‘information society services’ across the European economic area. EU directive as British Law Internet Magazine in 2002 reported that the E-Commerce regulations implemented by EU has also been adopted by UK and considered as its Law. When it has been considered as part of English law, the wide-ranging legislation particularly affected ISPs and how the businesses would be held if they dealt with illegal content on the websites. When UK has adopted the EU directive, the major intentions were to boost confidence in e-commerce. According to UK’s regulations, those businesses that failed to adhere to the regulations have been subj ect to a ‘stop now’ order by which these businesses were forced to change their online-procedures or business practices. EU Directive promoted growth of E-Commerce Computer Weekly in 2003 reported that European Union’s E-Commerce Directive has already increased the take-up of online services and proved highly

Divorce and Children Issue Essay Example | Topics and Well Written Essays - 2000 words

Divorce and Children Issue - Essay Example There is a significant consensus among academic publications that divorce as an event has a net negative effect on children’s experience of wellbeing, but different authors differ significantly as to the reasons why such differences might exist and the long term psychological impact on children of divorce. Public opinion, however, is nearly unanimous in believing that divorce is damaging for children, though some argue that the long term impact might be better. In interviews, people generally state ideas that they have consumed from media (both news and popular) about divorce – essentially saying that the odds are that divorce will be harmful, but significant steps can be taken to reduce or mitigate that harm. Overall, the sources are in remarkable agreement about the effect of divorce on children of divorce. ... gely tried to make sense out of former research: â€Å"we know that adults and children from divorced families, as a group, score lower than their counterparts in married-couple families on a variety of indicators of wellbeing.† This essentially mirrors statements made in each of the other articles; in fact, the other two articles treat the idea that damage is done during the process of divorce as a known fact, for instance McGuiness simply quipping that â€Å"obviously, divorce reverberates in a child’s life for many years,† (2006, 20), and stating that the fundamental â€Å"truth† is that â€Å"marriage offers substantial benefits to children† (McGuiness, 2006, pg. 17). Hetherington’s research also largely concurred, indicating that almost any measure of wellbeing was worse amongst children of divorce than children who were not from divorced households. These researchers differed significantly, however, in their interpretation of why childr en of divorce performed worse than ones who marry. Though each researcher made reference to the tempting notion that there was some sort of selection bias in play (IE that children of divorce were less happy because the family situation of parents who decide to get divorced is likely to have problems that filter down to affecting the child), none of the researches were convinced that this process amounted to the primary reason for the apparent negative impact of divorce. Amato (2000, pg. 1287) even, in his survey of recent research, found that when largely controlling for variables such as family situation and so forth, divorce itself seemed to be problematic, that is that two children in exactly the same circumstance would have differing levels of success based on whether or not their parents were married. Given that selection

Language spoken Essay Example for Free

Language spoken Essay England is filled with a mixture of different dialects and pronunciation. Every area or city has its own dialect pronunciation and specific words only used in that area for example in east London innit. The closer the areas are the more similar they are. In addition people living in a specific area have their own peer groups; these peer groups have their own sociolect. Sociolect basically, means language spoken by a social group, social class or subculture. In this regards it differs to the dialect of that area slightly. Every person in that peer group has their own idiolect. Idiolect means a variety of language unique to an individual. It is manifested when that person chooses the word phrases or idioms which are unique to an individual. The idiolect you speak is influenced by many factors, for example the area you live in, where you are from and who is in your peer group. These could happen simultaneously which will make your idiolect even more unique. I believe that your idiolect is mainly changed by your geographical location. My idiolect has been changed drastically through the years I have been living. Even though I was born in the UK the first language I was taught was Farsi, this was minor setback however I was able to overcome this issue. As I was sent to school, I renovated this issue and I was able to distinguish both languages and I usually never had to code switch. As I grew my knowledge on the English language increased considerably, however my amount of Farsi I knew increased at a really steady pace. This is because in school I was improving my English as it was a requirement at home this didnt happen a lot, my parents only wanted me to know the basics of my language and that was satisfactory for them. In addition my mum and dad wanted me to fit into society better. They done this by the process of primary socialisation, they told me not to swear, not to code switch so that I do not have to be deviant in school and to speak in standard English. At a very young age of 6-7 I was slightly getting confused with the English language. This is because as I spent time with my peer group they taught me their sociolect, at the time I wasnt educated on this topic enough. For example one day my friend told me when we were inside to Look out as there was a ball flying towards our window at a high speed. As I was not educated, I thought he literally meant for me to look outside luckily I did look outside but the ball missed me. This use of a phrasal verb confused me; this is because phrasal verbs also confuse non-native speakers and I wasnt that educated on this new type of dialect. At this time I started to mix both standard English and my sociolect until I reached 8 years old. At this time I was able to make out the type language I should use in school, the one I should use with my friends and the one I should use at home. Even though I was able to differentiate when to speak each language I still had problems. My English at this time was getting better day by day however my Farsi improvements came at a standstill. When I use to speak to my parents, and I could not find the correct term in Farsi, I had to say it in English. This caused me to code switch even more. This automatically made me speak a mixture of English and Farsi when I went home. Did not finish (deliberate), Mrs Hart please tell me what I should add to improve; what I can to make it even better. I was going to talk about my transcript however I am unable as I want to know the mistakes I have made so that I can make it better with the transcript By Wariss Tamim 10. 8.

Trask New Letter Essay Example for Free

Trask New Letter Essay Human Resource Manager (or name if known) Company Address Date Dear Sir/Madam: I have become aware of an opening in this establishment for a manager, and I would like to be considered for this position. I have spent the past 15 years working professionally with people of all types and personalities, and my leadership and management skills have benefited greatly from the experience. My organizational skills have come to the fore as a Special Events Coordinator. where have been in charge of managing shows and maximizing the customer experience. In addition, I have developed and managed the International Fellowship Program and nurtured corporate relationships between such organizations as GM Motors and F.I.R.S.T. Robotics National Championship. I have also demonstrated a high degree of skill in the management of programs that have led to the re-training of several members of the hotel’s service team. I have also been in charge of the development of the Premiere Level Concierge Check-In system in which partnerships were fostered with security, DME, and housekeeping to increase significantly the standard of service within the establishment. I have enclosed my resume to provide more details of my experience in the managerial field. Please peruse it at your leisure and feel free to contact me using the information provided within this correspondence. I look forward to receiving feedback on the status of my application at your earliest convenience. Thank you in advance for taking the time to review my documents, and have a good day. Yours respectfully, __________________ Joseph M. Trask

Examples Of Soil Pollution Environmental Sciences Essay

Examples Of Soil Pollution Environmental Sciences Essay This Air pollution plays an important role in the life cycle of pollution because air pollution only makes the human beings into lots of defects like asthma, cancer, breathing problem, etc. Not only for the human lives its also affects the animals and greens. When looking to Geographical this Air pollution affects the Ozone Layer and made lots of hole in that and it can cause health problems such as lung inflammation, skin damage, headaches, burning eyes and scratchy throats. High concentrations of certain air pollutants are extremely dangerous and can cause severe injury, cancer, or birth defects. Individuals with respiratory problems, people with heart or lung disease, children, elderly residents, athletes and pregnant women are at high risk for health problems from air pollution. Those who play, work or exercise outdoors breathe pollutants deeper into their lungs, which can increase the chance of negative health effects. Chemicals and particles in the air also reduce visibility and can damage buildings and monuments. Air pollution harms our loved ones, our environment and our property. The frequency of Air Pollution Watch and Warning days indicates our serious (ii) Water Pollution: Water pollution is any chemical. pysical or biological change in thequality of water that has a harmfuleffect on any living thing that drinks or uses or lives in it. When humans drink polluted water it often has serious effects on thier health. Water pollution is not just something that big chemical plants make improvements. This Water pollution also play a vital role in the affects of pollutionthere are sevaral classes of water pollutants; The first are disease-causing agents. These are bacteria, viruses, protozoa and parasitic worms that enter sewage system. A second category of water pollutants is oxygen-demanding wastes; wastes that can be decomposed by decomposed by oxygen-requiring bacteria. When large populations of decomposing bacteria are converting these wastes it can deplete oxygen levels in the water. This causes other organisms in the water, such as fish, to die. A third class of water pollutants is water-soluble inorganic pollutants, such as acids, salts and toxic metal s. Large quantities of these compounds will make water unfit to drink and will cause the death of aquatic life. Another class of water pollutants are nutrients; they are water-soluble nitrates and phosphates that cause excessive growth of algae and other water plants, which deplete the waters oxygen supply. This kills fish and, when found in drinking water, can kill young children. Water can also be polluted by a number of organic compounds such as oil, plastics and pesticides, which are harmful to humans and all plants and animals in the water. A very dangerous category is suspended sediment, because it causes depletion in the waters light absorption and the particles spread dangerous compounds such as pesticides through the water. Finally, water-soluble radioactive compounds can cause cancer, birth defects and genetic damage and are thus very dangerous water pollutants. The safety of our drinking water is often taken for granted in America. In recent years, however, environmentalists and the media have drawn attention to the dangers of ground water pollution and the health risks of lead, chlorine, pesticides, organic chemicals, and various microorganisms that have been found to contaminate our public water supplies. Outbreaks of waterborne diseases are a common occurrence and have involved entire city populations, sometimes leading to serious complications and even fatalities. The potential carcinogenic effects of long-term exposure to certain organic chemicals in our water supplies are under government scrutiny. (iii) Soil Pollution: . Examples of Soil Pollution: Land pollution is the degradation of the Earths land surface through misuse of the soil by poor agricultural practices, mineral exploitation, industrial waste dumping, and indiscriminate disposal of urban wastes. It includes visible waste and litter as well as pollution of the soil itself. Soil pollution is mainly due to chemicals in herbicides (weed killers) and pesticides (poisons which kill insects and other invertebrate pests). Litter is waste material dumped in public places such as streets, parks, picnic areas, at bus stops and near shops. Waste Disposal: The accumulation of waste threatens the health of people in residential areas. Waste decays, encourages household pests and turns urban areas into unsightly, dirty and unhealthy places to live in. Control measure: The following measures can be used to control land pollution: anti-litter campaigns can educate people against littering; organic waste can be dumped in places far from residential areas; inorganic materials such as metals, glass and plastic, but also paper, can be reclaimed and recycled. Two billion hectares of soil degraded According to FAO, human activities have degraded 15% of the earths non-submerged surface. The main cause in the last 30 years has been a desire to boost food production, with erosion being the main threat, affecting 84% of degraded land. Farmland area has grown steadily in developing countries, the exact reverse of what has happened in developed countries. A full 23% of usable land has deteriorated so badly that its productivity has suffered.

Linear And Non Linear Voltage Divider Engineering Essay

Linear And Non Linear Voltage Divider Engineering Essay The report describes an investigation of how linear and non-linear voltage divider type of circuit relies on the application of Ohms law (1). The linear circuit was consisted of series resistors. Separating the total resistance of the circuit into two parts, the circuit functions as a voltage divider across which output voltages, and are taken. The report hence is also study the operation of a voltage divider and finds that the total voltage drop around a single close path divides among the series resistors in amounts directly proportional to the resistance values (2) so the formula where and are the output voltages across the resistance and respectively was derive. The investigation was conduct under range of DC and AC input voltages so the ratio between the output voltages was compared to the required ratio of 2:1. This was successfully matched within the tolerance of  ±5% thus; the proportionality of the output voltages to the input voltages proves the linearity of the circuit and it applicability to Ohms law. The non-linear circuit was consisted of 1kà ¢Ã¢â‚¬Å¾Ã‚ ¦ resistor and a filament bulb. The investigation was conduct under range of DC and AC input voltages and shows that the recorded measurement of the output voltage across the bulb, , was not showing linear trend with respect to the input voltage, . Inspection of the IV chrematistic of the filament bulb shows that the bulb is a non-ohmic conductor. Looking at the linear band the resistance of 61.2 à ¢Ã¢â‚¬Å¾Ã‚ ¦ was found Introduction Work objective Choosing the right apparatus and components is essential when designing electronic circuits. This needs to be done carefully so the measurements will be as accurate as possible. This report aims to find a procedure of choosing the right resistors and the method of using them. This concept together with how to recognise resistors values, measuring potential difference across a component and the physics of the filament bulb will be examined in the background to the experiment work. Understanding the specification set out in the task is key factor in completing the practical work. The report will examine the theory applied to the voltage divider and by using the definition of current, voltage, electrical resistance and power, the report will obtain the voltage divider formula and the assumption that these formula are based on. The report will then present the prediction based on the theory. The report will show the method of how the wide range of reading is to be taken and explain which variables are going to change and which variables will be kept the same. Also, the particular method to test the prediction and completing the exercise script will be presented as well as the reason for why this method was chosen. Finally, the report will analyze one of the simple basic circuits: the voltage divider. The report will evaluate the evidence and procedures and a comment on the accuracy and reliability of the result. The last section will suggest ways the measurement could be made more accurate and reliable and how this experiment might be extended. Background to the experimental work RESISTOR POWER RATINGS The amount of power in a resistor is important because the power rating of the resistor must be high enough to handle the expected power in the circuit. The resistors used in this experiment are type CRF16. These have small case size and full power rating of 0.25 W. To specify the required minimum resistance the following procedure is adopted: Determine the total resistance: The total series resistance, , is the sum of all resistors in the series circuit. Next, the current, , need to be calculated. When resistors are connected in series and a voltage is applied across the series connection, there is only one path for current; therefore each resistor in series has the same amount of current through it. Using Ohms law which states that the current is directly proportional to voltage and inversely proportional to resistance (1) the equation: where, is the source voltage is derive. Then the power, , in each resistor is: Substituting (1.1-2) into (1.1-3), the following equation is obtained: rearranging to rescue : THE RESISTORS COLOR CODES The resistors used in this experiment are common fix resistor constructed using carbon film. The resistive carbon evenly distributed along the high-grade ceramic rod. In order to differentiate between the resistors value and confirming the values and tolerance when they are connected to the circuit, a color coding system is used. The resistors used in this experiment are coded with four bands. The first and the second band closer to the end represent the first and second digit respectively. The third band represents the multiplier, i.e. the number of zeros following the second digit. In this experiment the last band represent tolerance value of  ±5% and it is a gold color. The table in appendix 3 shows the resistance value of a resistor with 4-band color code. MEASURING VOLTAGE A DMM has a floating common, so it can be connected to any point in the circuit and read the correct voltage between the two leads. Measuring voltage with oscilloscope may create a grounding problem since the generator and the oscilloscope have a common ground. The problem occurs when trying to measure the voltage across the component that is not connected to ground. Trying to do so, will effectively short out of the circuit all the components that connected from the terminal at which the measurement is taken to the ground terminal and the voltage measured is meaningless. This is become very important when current sensitive components like the filament bulb are connected in the circuit. The resistor is therefore the current limiting impedance. Shorting out the resistor could raise the current to levels that could cause permanent damage to the bulb. The solution to the problem is usually to recognise the grounding points of the circuit and connecting the oscilloscope to these points only. To find out the voltage across the component which is not connected to ground, the method used is to subtract the measured volt age from the input voltage THE FILAMENT LAMP (7) The filament is made of tungsten wire and it is essentially a device for converting electrical input energy into an output of radiant energy in the form of light and heat. According the temperature at which the filament glows will determine the appearance of the light emitted. The tungsten wire is very fine in diameter; the wire is coil as shown in Fig. 1.1.4-1. The closer the spacing of the coils the hotter the filament can operate. The filament lamp to be used in this experiment is yellow filament lamp size 4mm and it is rated at 12V, 30mA with output energy of 0.7 Lumens. The ideal operation condition for AC is stabilized 50Hz. This bulb is sensitive to operation with DC as the one direction current flow causes an effect named DC notching where the filament wire is becoming weak. The report will define the metal (tungsten) filament lamp device by the current voltage (I/V) characteristics and will explain the difference in behavior of the tungsten filament light bulb. Figure .1.4-1 Single Coil filament (7) UNCERTAINTY IN CALCULATED VALUES (8) The arithmetic mean ratio, , will be calculated by the following equation: (1.1.5-1) where can have any integer value, is the number of observations and represent any of the observation. Having obtained a mean value, , the precision of the experiment will be quantified by using the equation for standard deviation, , for the special case where all data points have equal weight (1.1.5-2 ) The standard deviation, defined by Eq. (1.1.5-2) provides the random uncertainty estimate for any one of the measurements used to compute . The standard deviation of the mean value of a set of measurements , when all measurement have equal statistical weight is given by The results in this report will be stated in term of the percent or fractional uncertainty, . Multiply by 100. The relationship between and is as follows Theory Governing equations This section will consider a single-loop circuit, as shown in figure 2.1-1 in order to develop the equations relative to the experiment. The direction of the resistor voltages and current are marked according the convention set by Ohms law: Electron flow current is defined to be into the negative side of each resistor and out of the negative side of each resistor and out of the more positive (less negative) side. With regards to the source electrons flow current is defined to be out of the negative side of a source and into the positive side. Figure .1-1 Single-loop circuit with voltage source vs. Using Kirchhoffs current low at each node. The following four equations can be obtained: (2.1-1) a: (2.1-2) b: (2.1-3) c: (2.1-4) d: Each of these equations can be derived from the other three equations. Since the current is the same at all point in a series circuit the following equation is noted: so that the current can be said to be the loop current and flows continuously around the loop from a to b to c to d and back to a. The connection of resistor is Fig 2.1-1 is said to be a series connection since all the elements carry the same current. In order to determine, we use the principle of superposition where voltage sources in series add algebraically and Kirchhoffs voltage low around the loop: The sum of all voltage drops around a single closed path in a circuit is equal to the total source voltage, in that loop. (2.1-5) where are the voltage across the resistors . Also from Kirchhoffs voltage law: The algebraic sum of all the voltages (both source and drops) around a single closed path is zero. The voltage drops in a circuit are always opposite in polarity to the total source voltage. Eq. (2.1-5) can be written as: (2.1-6) Using Ohms law for each resistor, Eq. (2.1-6) can be written as: Solving for , we have Thus, the voltage across the nth resistor is and can be obtained as A voltage drop results from a decrease in energy level across the resistor. A voltage divider is a series arrangement of resistor connected to a voltage source. Thus, the voltage appearing across one of a series resistors connected in series with a voltage source will be the ratio of its resistance to the total resistance. This circuit shown in Fig 2.1-2 demonstrates the principle of voltage division, and the circuit is called a voltage divider or potential divider In general, the voltage divider principle is represented by the equation where , is the voltage across the nth resistor of N resistors connected in series. A voltage divider is so named because the voltage drop across any resistor in the series circuit is divided down from the total voltage by an amount proportional to that resistance value in relation to the total resistance. Comparing the circuit shown in figure 2.1-1 and the circuit shown in figure 2.1-2, the current are identical when and the resistance is said to be an equaivient resistance of the series connection of resistors and . To determine the resistance and required so that the ratio between the voltages cross and will be 2:1 we consider the voltage across the first resistance And across the second resistance The lab script desire, so division of the first equation in the second results The constant of proportionality is called the gain of the voltage divider. The value of the gain is determined by the resistance RA and RB (4) Choosing the value of the resistors. It wasnt possible to chose values The total resistance between any two points in a series circuit is equal to the sum of all the resistors connected in series between those two points. In our simple circuit if the voltage source connected to a resistance Rx and Ry as shoen in figureà ¢Ã¢â€š ¬Ã‚ ¦, for this circuit If all the resistors in a series circuit are of equal value, the total resistance is the number of resistor multiplied by the resistance value of one resistor. The total power in a resistive circuit is the sum of all the individual powers of the resistor making up the series circuit. Ground (Common) is zero volts with respect to all points referenced to it in the circuit. Negative ground is the term used when the negative side of the source is grounded. Positive ground is the term used when the positive side of the source is grounded. The voltage across an open component always equals to the source voltage. The voltage across a shorted component is always 0 V. The circuit constructed was consisting of series string of resistors connected to a voltage source. Although there can be any number there are two voltage drop across the resistors: One across R1 and one across R2. These voltages drops are V1 and V2 respectively, as indicated iun the schematic. Since each resistor has the same current, the voltage drops are proportional to the resistance value. For example if R2 us twice of R1. Then the valye of V2 is twice that of V1. The total voltage drop around a single closed path divides among the series resistors in amounts directly proportional to the resistance value. The voltage divider is an important application of series circuits. This report will derive and apply the voltage-divider formula in order to obtain ratio of 2:1 between output voltages. A series circuit can have only one path for current. The total resistance of a series circuit is found by the following equation: Kirchhoffs voltage law Total power If three equal resistors are used in a voltage divider, the voltage across each one will be one-third of the source voltage. A potentiometer can be used as an adjustable voltage divider. The essential circuit of a voltage divider, also called potential divider is: The voltage divider equation can be written as The power dissipated by the resistor in a series circuit is the same as the power supplied by the source. The theory applied to the circuit consists of a few calculation to develop a formula for determining how the voltage divided among series resistors. The resistance between two terminals can be considered as one part and the resistance between other two terminals can be considered as another part. The knowledge of how the filament lamp behaves under varying conditions of current and voltage is essential in building electronic circuits consists of the filament lamp therefore characteristic would be shown as a graph of the current (y-axis) versus voltage (x-axis) for the filament lamp. It will show how the electric current flowing through the component varies as the voltage across the filament lamp is gradually increases by the experimenter. The electric current in this experiment is the dependent variable i.e. it is dependent upon the voltage setting chosen by the experimenter. Assumptions statement The resistors used in this experiment are given with a certain tolerance of 5% The exact resistor values dont matter, so long as their ratio is correct The formula and the approximate rules given above assume that negligible current flows from the output. This is true if Vo is connected to a device with a high resistance such as voltmeter or an IC input. Experimental procedure and results Experimental procedure APPARTUS AND COMPONENETS To carry the experiment the use of the following apparatus and components is required: Breadboard Black wire to connect between the circuit and the negative supply terminal Red wire to connect between the circuit and the positive supply terminal EL302Tv DC Power Supply to supply DC voltage MTX3240 5MHz Signal generator TDS2002B digital oscilloscope to measure the output AC voltage Fluke 115 digital multimeter to measure output DC voltage Resistor Carbon Film 5% 0.25W brown-black-red-gold Resistor Carbon Film 5% 0.25W brown-black-red-gold Resistor Carbon Film 5% 0.25W brown-black-red-gold Filament lamp T1.25 12V 30mA, bi-pin 2 Croc Clips T-Piece Electronics Test Probe REPERTORY OF METHODS The set up of the apparatus needs to be done correctly and skilfully. The quantities measured are Checking for errors in the measuring instruments and the need to take action should errors are found This experiment begins with the three 1 kà ¢Ã¢â‚¬Å¾Ã‚ ¦ carbon film resistors with tolerance of 5% and power rating of 0.25W. Confirming the right resistors are used by comparing it with 1 kà ¢Ã¢â‚¬Å¾Ã‚ ¦ colour coding: Brown-Black-Red-Gold and measuring and recording their values as R1, R2 and R3 Connecting the two legs of the resistors in series on the bread board. Connect the bread board to the power supply and the multimeter as shown in figure . the negative terminal of the power supply and the red probe to the positive terminal of the power supply to record the source voltage Vin, move the red probe to the terminal point A to record the voltage drop across R1. To record the voltage across the upper resistor change the multimeter connection to the circuit as shown in figure. noting the voltage drop across the other two resistors as V2 The main function of the 1 kà ¢Ã¢â‚¬Å¾Ã‚ ¦ resistor in this circuit is to control the current and the voltage across the lamp. If too much current flow through the filament lamp it is destroyed so the resistor is used to limit the current. Connect the circuit on the bread board as shown if figure below Measure the source voltage, VS and the voltage across the filament, Vf for different Source voltage as shown in table 2. Calculate the current, If using Ohms law. Calculate the resistance of the filament Rf Vs(V) Vr (V) IF=VR/R (A) VF(V) RF=VF/IF (Ohm) 2 4 6 8 . . . Table 3.1.2 I-V characteristics of a filament Plot a graph of Vf versus IF and find the resistance of the filament at two points A and B specified below: Resistance at A (Vf=1V), RA= Resistance at B (Vf=3V), RB= It is clear that the resistance at B is greater. This is because Results [The results that appear in this section will be those on which the discussions will be based and from which the graphical plots will be represented. Results will normally have the units of the SI, although some may have traditional units, e.g. motor speed/rpm.] Table 2 Amplifier gain as a function of frequency from the measurements of input signal amplitude and output signal amplitude the voltage gain has been calculated as shown in Table 2 Axes shall not have arrow heads at their ends, and division marks on an axis shall not be closer than 20 mm. Data points should preferably be shown by small circles, squares or triangles with a dot in the centre; crosses, either vertical or inclined, may be used when all other options have been exhausted. Do not use colour to differentiate between curves on the same figure; use different legends (e.g. circle and square) and perhaps different line types (e.g. continuous and broken). Give a legend key to describe the curves. Keep a figure free from extraneous text and lines, such as a right angle and a calculation to determine a slope. It would also help to show a thin lined grid. Discussion Interpretation of and/or commentary on the results The discussion is the interpretation of and/or commentary on the results and the reasoning on which the conclusions are founded. For example, in a figure showing the variation of voltage gain of an amplifier with frequency might exhibit a slight increase in gain at high frequency before the main fall off in gain. Your text in the discussion should give reasons for this behaviour. A variable resistor which can be varied by moving a knob or slider could also be used for this experiment. Connecting the pots three leg so it could act as a potential divider. Adjusting the potentiometer mechanism until the voltmeter register exactly 1/3 of total voltage between the wiper and the positive terminal and checking that this ratio maintain for double the voltage. Precision estimation It is in the Discussion section that an estimate of the precision of your results should be given. Conclusions The conclusions represents a clear and orderly presentation of the deductions made after full consideration of the results of the work. .. the details of an involved argument or result should not be included. Making sure that the power ratings of the resistors are adequate for the application Not all componenets obey Ohms law for the variation of current with voltage. Ohms law describes the behaviour of metals but even for these materials the law is only obeyed under very specific conditions of constant temperature and pressure. Thus Ohms law describes obly the behaviour of one type of material (metals) under very specific conditions. The voltage divider is a very important basic circuit. The voltage divider is a very simple circuit that can be highly accurate if not loaded down. Understanding the principle of voltage divider helps in designing sensor systems and guide how to provide reference voltages to an electronic circuit in an analog-to-digital converter. use resistors in an appropriate configuration. low resistance values will draw a significant amount of current from the original source. This is probably acceptable if the original source is an electronic power supply, but not if its an actual battery. Thus, this use of a voltage divider is reasonable and appropriate in some circumstances, but not in all cases The proportionality of voltage drops (ratio of one to another) is strictly a function of resistance values. the voltage drop across each resistor is also a fixed proportion of the supply voltage. The voltage divider is a very important basic circuit, and exploring the calculation above with various values can give you insight into a large number of practical circuit applications. The ratio of individual resistance to total resistance is the same as the ratio of individual voltage drop to total supply voltage in a voltage divider circuit. This is known as the voltage divider formula, and it is a short-cut method for determining voltage drop in a series circuit without going through the current calculation(s) of Ohms Law. Voltage dividers find wide application in electric meter circuits, where specific combinations of series resistors are used to divide a voltage into precise proportions as part of a voltage measurement device. nn linear resistance thus Ohms law is only applicable at the linear band of the bulb resistance which is found to be 61.2à ¢Ã¢â‚¬Å¾Ã‚ ¦. conclusions about the work you did including any suggestions or modifications to the experiment

The Role of Financial Intermediation in Banking

The Role of Financial Intermediation in Banking Financial intermediaries exist to solve or reduce market imperfections such as differences in preferences of lenders and borrowers, transaction cost, shocks in consumers consumption and asymmetric information. Theories developed to explain how financial intermediaries reduce market imperfection: Asset transformation Transaction cost reduction Liquidity insurance Informational economies of scale and delegated monitoring Asset Transformation Asset transformation is a process performed by financial intermediaries to transform particular types of assets into to others. This is to satisfy the need of borrowers for long term capital and the need of lender for high degree of liquidity in their asset. Financial intermediaries transform the primary securities issued by firms into indirect securities by lenders. They issue liabilities (deposit claims) which are short term, low risk and high liquidity, and use parts of these funds to acquire larger, high risk and illiquid claims. 3 Main Transformations Maturity Transformation As the liabilities of financial intermediaries mature faster than their assets, financial intermediaries mismatch the maturity of the assets will maturity of the liabilities by making long-term loans and fund them by issuing short-term deposit. Size Transformation The amount required by borrowers are much more than the amount made available by lenders. Financial intermediaries will then collect and combine the funders from lenders as required by the borrowers. Liquidity Transformation Financial intermediaries provide financial or secondary claims or loans. Deposits which are held under liabilities of banks balance are low risk and high liquidity, while loans which are held under the assets of banks balance are riskier and illiquid. To hold liabilities and assets of different degree of liquidity, financial intermediaries will diversify their portfolios. More diversification will lower the default probability. Risk Transformation Financial intermediaries must be seen by the lenders as a safe place to make deposits. However, the loans made by the intermediaries to the borrower bear some default risk. Therefore, financial intermediaries have to transform risk to reconcile the preferences of borrowers and lenders. Firstly, banks use credit scoring to select good borrowers with good repaying loans history to minimize the risk of loss of each loan. Second is to diversify risk by lending to different types of borrowers. Banks try to avoid heavy concentration on an economic activity or on a particular area. They also limit the amount that can be loan out. Example: From 1985-1989, 400 Texan banks failed which are resulted from heavy concentration on their loan portfolio in real estate dependent on the oil businesses. Third is by pooling risks. Variability of losses can be reduced by making loans to many borrowers. Although by making out many loans does not reduce the loss in the portfolio of loans overall, but it increase the bank accuracy of prediction and limits maximum loss for which the intermediaries has to allow. How financial intermediaries reduce transaction costs? Financial intermediaries reduce transaction costs by internalizing them. They make network and information system available to lenders and borrowers. As such, lenders and borrowers do not have to find a suitable counterpart each time they want to make a transaction with the other party. Financial intermediaries also provide standardized products which help to reduce the information cost related with scrutinizing individual financial instruments. They also use tested procedures and routines. Theory of transaction costs Economies of scale refer to the transaction costs per dollar of output is reduced as the number of financial transactions increase. Example: When using loan contract for many loans, the unit cost of a contract per loan is lower than a loan contract drawn up individually when undertaking direct lending. Economies of cost refer to the cost of producing at least 2 products together is lower that producing them individually. It is concerned with deposit and payment services, because deposits are legal financial claims which allow banks to collect funds to sustain their lending activities and satisfy the request of making payments. Expertise They developed expertise to lower transaction cost. Financial intermediaries such as banks and mutual funds develop in information technology such as ATM to provide liquidity service. Asymmetric Information Adverse Selection It arises when borrowers who are likely to produce undesirable results are the one who are actively seeking loans, because they know that they are unlikely to pay it back. Adverse selection increases the probability that the loan might become a bad credit risk. Hence, lenders may decide not to loan out, even when there is good credit risk. Moral Hazard It is the risk that occurs after the transaction has been made. It is the risk that the borrower may engage in activities which is undesirable from the lenders point of view because there a likelihood that the loan will not be repaid. Therefore, lenders may decide not to make loan. How adverse selection influence financial structure? Equity Market When borrower wanted to make investment and yet is unable to distinguish between good and bad firms, he is only willing to pay the price the price that reflects the average quality of firms. However, the firms have more information than the investors and will know the quality of the projects. Good firms will not be willing to sell the securities because they know that their securities are undervalued. Only bad firms are willing to sell their securities at the average price because the price is higher than the value of bad firms securities. However, investors may not want to buy securities from bad firms and end up decides not to buy any. Bond Market A potential investor will only be willing to buy a bond if the interest rate is high enough to compensate him the average default risk between the good and bad firms. Good firms will not want to borrow funds because they know that they are less risk adverse and should not pay an interest that is higher than what they originally should pay for. Only bad firms are willing to pay for such interest rate. However, investor does not wish to buy bond from bad firms. Subsequently, there will be fewer bonds sold in the markets. Tool used which helps to reduce or solve adverse selection problems Private production and sales of information Government regulation to increase information Financial intermediaries Private companies such as Standard and Poors, Moodys and Value Line gather firms financial position and investment activities, and sell them to potential investor. Such information will help investors in making more accurate investment decisions. However, this does not completely solve the asymmetric problem because of the free-rider problem. The free-rider problem occurs when individual who do not pay for the information take advantage of the information of which others has paid for. An investor who has paid for the information knows which the are good firms. He decides to buy securities of good firms that are undervalued. The free-riding investors observe which securities is the investor who paid for information is buying, will buy the same securities. This leads to increase in demand of the securities and soon the price of that security will increase to reflect the true value. As a result, because of these free-riders, the investors who bought the information will not benefit. As such, he will realize that he should not buy the information in the first place. If other investors also realize this, private companies may not be able to make enough profit from producing the information, and less information is produced in the market and so adverse selection will interfere with the efficient function of securities markets. Government regulation to increase information Government could regulate financial markets to ensure that firms disclose all information so that investors could distinguish between good firms and bad firms. In United States, the Securities and Exchange Commission (SEC) is the government agency that requires firm selling securities to be certified in adhering to standard accounting principles and disclose honest information about their sales, assets and earnings. But, government intervention on disclosing information does not solve adverse selection completely because accounting principles can be manipulated. Also bad firms can slant information which is required to transmit public to make them look like good firms. By doing so, they can get higher price for their securities. Thus, investors will have problem again to identify which firms are the good ones. Financial intermediaries Financial intermediaries such as banks have developed expertise in the production of information so that they can evaluate the quality of firms better. Banks produce information through the transactions on the borrowers bank accounts. From the transactions, banks will be able to determine the suitability of credit and ability to repay the loan. Banks then acquire funds from depositors and lend them to good firms. By lending the money to good firms, banks will be able to earn a higher return than they pay to depositors. Banks will then earn profit and can continue in producing information. Also, banks can make profit because it can avoid free-rider problem. They make private loans which are not traded in open markets. As such, other investors cannot follow what the bank did and bid the price of loan where the bank does not get any gain for the information it produces. Fact: Banks are important to developing countries. When banks produce information, the problem on asymmetric problem is less severe, and it will be easier for firms to issue securities. Information in developing countries is difficult to get as compared to developed countries. Therefore, banks have to play the role in producing information. Collateral Collateral which is property that promised to the lender if the lender default, reduces the adverse selection problem because it reduces the lender losses if the borrower goes into default. How moral hazard influences financial markets Moral hazard occurs after the transaction takes place. It is the risk that the borrower may engage in risky activities which is undesirable from the lenders point of view, because the loan may be unpaid. Because of the presence of moral hazard problems, firms find it easier to raise fund with debt instruments rather than with equity contracts. Moral hazard in equity contracts Equity contracts subject to a type of moral hazard known as principal-agent problem. In a firm, there are managers and stockholders. Usually, managers and stockholders are different people. Managers are the ones who have more information than the stockholders while the stockholders own most of the firms equity. The separation of ownership and control and with the presence of asymmetric information, managers may act in their own interest rather than the interest of the stockholder because managers have fewer incentives to maximize the profit that the stockholder do. Tools to help reduce/solve moral hazard in equity markets Production of information: monitoring To reduce moral hazard problem, stockholders can engage in the monitoring of the firm activities by auditing the firm frequently and checking on what the management is doing. However, monitoring can be very costly. (Monitoring is a costly state verification). This also explains in parts why equity is not an important element in the financial structure. However, this could also cause free-rider problem. Free-rider problem reduces the moral hazard problem. Because, when stockholder knows that other stockholders are paying for the monitoring activities, he can free ride on their activities. If all stockholders share the same mentality, no stockholders will be willing to pay for the monitoring activities. Government regulation to increase information Governments enforce laws to ensure that firms are adhering to accounting standards which can verify the profit easier, and impose penalties on people who committed fraud in hiding or stealing the profit. However, this measure is not very effective because managers have the incentive to make fraud difficult to be proven. Financial intermediaries active in the equity market An example of financial intermediaries is the venture capital firm which cans helps to reduce moral hazard arising from the principal-agent problem. They use fund of their partners to help entrepreneurs in setting up new businesses. In exchange for the use of funds provided by venture capital firm, venture capital firm get an equity shares in the new business. Because verifying profit is important in eliminating moral hazard, venture capital firms usually insist on having several of their own people to participate in the management of the firm. Also, the equity in the firm cannot be sold to anyone but to the venture capital firm. Therefore, other investors are unable to free-ride on the venture capital firms activities on verifying profit. Debt Contracts Debt contract is a contractual agreement by which the borrower promised to pay lender fixed amount at regular intervals. The amount of profit made by firm will not affect how much will the lender be receiving. Therefore, whether did the managers have been hiding or stealing profit or engaging in activities which do not increase the level of profit earned, it is of no concern to the lenders, so long as the firm is able to make payment. Only when the firm is unable to make payment as promised, then will the lenders have to know how much profit is the firm getting. As such, less monitoring is required for debt contracts and therefore, lowering the cost of state verification. This also explains why debt contracts are used more often than equity contracts to raise funds. The concept of moral hazard explains why stocks are not the most important source of financing for businesses. How moral hazard influences financial structure in debt markets Although debt contracts has lower moral hazard as compared to equity contracts, but debt contracts are still subjected to moral hazard. Because debt contracts only require firms to pay a fixed amount and allow them to keep profit above this amount, firms have an incentive to take on risky investment projects Tools to help reduce/solve moral hazard in debt markets Making debt contract incentive-compatible High net worth makes the debt contract incentive-compatible; it aligns the incentive of the borrower with that of the lender. Firms with higher net worth are more likely to act in the way that are desirable form the lenders point of view, and thus reducing moral hazard problem, and it will be easier for firms to borrow. Monitoring and enforcement of restrictive covenants By introducing restrictive covenants into debt contracts, moral hazard problems are be reduced, as restrictive covenants is a provision which restricts firms activities by either ruling out undesirable behavior or encouraging desirable behavior. There are mainly four types of covenants/ Covenants to discourage undesirable behaviors Such covenants restrict firms to use the debt contracts to finance on fixed assets or inventories. Others may restrict firms to engage in risky activities such as acquiring other businesses. Covenants may also disallow firm to issue new debt or dispose it asset, and may also restrict dividend payments if ratios such as leverage ratio, ratio of debt to equity has up to a certain level. Covenants that encourage desirable behavior Such covenants require the borrower to have a life insurance that pays off the loan upon the death of the borrower. Such covenants may also encourage firms to keep it net worth high because firms with high net worth reduce the moral hazard problem. Hence, it minimizes the chance that the lenders may be making losses. These covenants require firms to maintain minimum holding of asset relative to the size of the firm. Covenant to keep collateral valuable Such covenants encourage borrower to keep the collateral in good condition and it must be in the possession of the borrower. Covenants to provide information Such covenants provide information about its activities periodically in the form of quarterly accounting and income reports. Such covenants may also allow the lender to audit the firms anytime. This explains why debt contracts are complicated legal documents with restrictions on borrowers behavior. Covenants reduce moral hazard but do not eliminate them, as it not difficult to rule out every risky activity. Also, to ensure that firms are complying with the covenants, monitoring must be enforced. However, monitoring is very costly. Investors may free-ride on the monitoring activities undertaken by other investors. Financial intermediaries, particularly banks are able to avoid the free-riders problems