The King Tut Exhibit Essay Example | Topics and Well Written Essays - 1750 words

The King Tut Exhibit - Essay Example Howard Carter had worked in Egypt for 31 years before he found King Tut's tomb. Carter had begun his career in Egypt at age 17, using his artistic talents to copy wall scenes and inscriptions. Only eight years later in 1899, Carter was appointed the Inspector-General of Monuments in Upper Egypt. In 1905, Carter resigned from this job and in 1907 he went to work for Lord Carnarvon. After several relatively successful seasons working together, World War I brought a near halt to their work in Egypt. Yet, by the fall of 1917, Carter and his sponsor, Lord Carnarvon, began excavating intensely in the Valley of the Kings. By November 1, 1922, Carter began his final season working in the Valley of the Kings by having his workers expose the workmen's huts at the base of the tomb of Rameses VI. After exposing and documenting the huts, Carter and his workmen began to excavate the ground beneath them. By the fourth day of work, they had found something - a step that had been cut into the rock. It was the stairway to the tomb of Tutankhamen. If there was anything left inside, it would be a discovery of a lifetime for Carter. If the tomb was relatively intact, it would be something the world had never seen. The plastered door was photographed and the seals documented. Then the door came down, revealing the Antechamber. The wall opposite the entrance wall was piled nearly to the ceiling with boxes, chairs, couches, and much more - most of them gold. On the right w On the right wall stood two life-size statues of the king, facing each other as if to protect the sealed entrance that was between them. This sealed door also showed signs of being broken into and resealed, but this time the robbers had entered in the bottom middle of the door. Before the entrance between the two statues in the Antechamber could be opened, the items in the Antechamber needed to be removed or risk damage to them from flying debris, dust, and movement. Documentation and preservation of each item was a monumental task. Carter realized that this project was larger than he could handle alone, thus he asked for, and received, help from a large number of specialists. To begin the clearing process, each item was photographed twice, both with an assigned number and without. Then, a sketch and description of each item was made on correspondingly number record cards. Next, the item was noted on a ground plan of the tomb (only for the Antechamber). Carter and his team had to be extremely careful when attempting to remove any of the objects. After the completion of the discovery, artifacts were in their thousands, many of which were golden and had inlays of precious stones. Scholars examined the objects, read the inscriptions, and tried to learn more about his life. The information that was taken seemed to focus more on the art, religion, and funerary beliefs than on the king's reign. The first question about the death of Tutankhamen that needs to be answered is that of the nature of his death. The two examinations of Tutankhamen's mummy found evidence that may answer this question. The first examination, conducted in 1925 when the mummy was unwrapped, found a dark colored lesion on the left cheek. It is slightly depressed from the rest of the skin, and looks somewhat like a scab (Carter, 228). They also found that the king was between 18 and 19 years of age when he died. His history is not completely

Paper #6 Essay Example | Topics and Well Written Essays - 500 words

Paper #6 - Essay Example The end of the Cold War, the changing nature of conflicts since the early 1990s had increased the level of debate over the direction of United States foreign policy. As a consequence of 9 /11 the foreign policy of the United States changed markedly, with the invasion of Afghanistan to remove the Taliban regime and close the Al – Qaeda bases situated there. The Bush administration had previously being criticised for having isolationist tendencies yet in the immediate aftermath of 9 /11 sought greater levels of international co- operation in its self-proclaimed war on terror. The invasion of Afghanistan seemed to have successfully removed the Taliban regime and weaken Al – Qaeda. United States foreign policy has often attempted to gain influence with other countries by establishing strong economic links with them. There have been various reasons for doing so. The United States needs strong economic links as trade is vital for wealth creation both domestic and for foreign trading partners. The strategy of gaining influence through trading with foreign countries was a consequence of the Inter – war period in which American isolationism failed to prevent the Second World War. After the Second World War the onset of the Cold War added urgency to such links as a means of preventing the spread of Communism to Western Europe, South East Asia, Japan, and the Middle East. The United States already a strong economic relationship with Latin America. The economic links with the Middle East and to Western Europe were considered to be highly important due to the need for oil supplies and proximity to the Soviet bloc respectively. The Marshall Plan was developed to shore up the shattered Western European economies after the Second World War, and greatly contributed to Post-war reconstruction, most notably the West German economic miracle. Similar economic aid was given to Japan, which assisted its economic

The Impact On Marks And Spencer Key Stakeholders Accounting Essay

The Impact On Marks And Spencer Key Stakeholders Accounting Essay Corporate governance means that the companies which are administrated, controlled and directed. It performs how to set and achieve the objectives of the company, how to measured and monitored the risk and how to get the optimized performance. It creates new values to the companies through innovation and gives the control and responsibility appropriate with the risks concerned. It is a main factor to improve the organizational performance and sustainability. Corporate governance reforms should be viewed as an opportunity to improve internal compliance and communications systems which will, in turn, improve the potential profit-making ability of the company and its competitive status in an ever-increasing global market place. The most successful governance-improvements are therefore not undertaken sorely in response to dictates from regulators or pressure from investors. They are undertaken to improve the system of corporate governance within the corporation the system of accountability with all its checks and balances between management, shareholder and the board in the pursuit of yielding greater shareholder-value. The major players in the area of corporate governance can be classified into two groups: 1. External, and 2. Internal. Externally, the pace of corporate governance is set by the Government, investors, financial institutions and customers. Government as the regulator sets the legal, financial and business framework which defines the scope and extent of corporate governance. Internally, corporate boards, the shareholders and employees within the corporation decide how companies are directed and controlled. Corporate governance is a broad and somewhat vague terms which is used to refer to a range of corporate controls and accountability mechanisms designed to meet the aims of all the stakeholders. It is the process of direction, supervision and accountability of corporations. It concerns the theories and practices of the board of directors and its relationships with the shareholders of the company. Corporate governance relates to laws, procedures, practices and implicit rules that deter mine a companys ability to take improved managerial decisions. Entrenching sustainable development within corporate governance have need of companies to recognise and identify with their social impact and environmental and responsibilities and to act accordingly. The process requires using the fact and experience of the management and others in the concern to determine every task related to issues, liabilities, and performance. Launching integrate sustainability corporate governance should sketch the financial with social accounting and reporting through the audit to know the complete scope of the companies of activities. The course of sustainability and corporate governance meets with the new demands and tasks. It holds balance between social and economical goals and between joint and individual goals. The framework of the corporate governance is to utilize the resources. The success of the sustainability depends on to get the right issues and the right voices. It portrays to understand the social and environmental goals. here in this research we are going to assess the corporate governance of Marks and Spencer and the impact on key stakeholders. 1.2 OBJECTIVES OF THE STUDY To examine the quality of the corporate governance and the impact on marks and Spencer key stakeholders. 1.3 SPECIFIC RESEARCH QUESTIONS what is the core objectives of the company in the present scenario ? how the organization tackles sustainability with the governance? what are the roles played internally? 1.4 REVIEW OF LITERATURE A literature review is a text that intends to review the critical points of present acquaintance on a topic. Its ultimate goal is to bring the reader up to date with current literature on a topic and forms the basis for another goal, such as a justification for a the future research in the area. A good literature review is charecterised by: a logical flow of ideas; current and relevant references with consistent, appropriate referencing style: proper use of terminology; and an unbiased and comprehensive view of the previous research on the topic. It helps with all types of assignments as well. The Impact of corporate Governance on auditor independence: A study of audit committees in uk listed companies by Ismail Adelopo in 2010 this research speaks about the changing roles of the audit committees these have to be recognised and incorporated in the regulatory framework for corporate governance in organisations. A case study analysis report of Marks and Spencer plc by Emma Bunce gives us idea about the problems in Marks and Spencer. Best environment practices of Marks and Spencer : A Case Study by Dr. Leigh Sparks gives us wider knowledge about the execution plans carried out in making the goals. Mainstreaming the Corporate Social Responsibility Agenda: A change model grounded in theory and practice Francois Maon and Valerie Swaen gives us idea about corporate social responsibility. 1.5 PROFILE OF THE COMPANY UKs leading retail shop is Marks and Spencer. It provides home products, food, clothing and financial services. People shopping nearly 1.3 million in everyday in above 375 MS stores in the UK and also it manages 28 territories. The company runs with two units such as general merchandise and food. The general merchandise unit classified into menswear, lingerie, home, womens clothing and beauty. These units contributes the vision through value, quality, trust and innovative service. These units develops their own CSR strategy based on brand value. Strategies identified from a mixture of customer research, stakeholders, government, non-government organisations etc. and action plan developed by the stakeholders expectations and pressures. The issues tackled in the strategies are grouped into three areas such as people, products and community. The CSR strategic approach builds good relationships between the employees and the suppliers. It is focusing to enhance and maintain trust. It launches some initiatives on the environment, employability and on health. MS has taken action to improve its impact on society by means of Ready for Work  [1]  . Philosophy of MS is helping others to help themselves. Promoting the highest standards of corporate governance with the help of group secretary and to build sustainable business. Leading the board meeting and have Agenda covers risks, strategies and performance of the business. Ensuring right things in a right time. Facil itating on business risk and strategy. 1.6 RESEARCH METHODOLOGY Most of the materials in this research are taken from secondary resources such as Journals, Books, Annual reports and the Internet, Information through Public Report, Bulleting and other Printed Resources supplied by the Company. No primary sources has been used in this research. Secondary data are those which have already been collected by someone else and which have already been passed through statistical process. 1.7 DATA ANALYSIS AND EVALUATION CORPORATE GOVERNANCE STATEMENT OF THE MARKS AND SPENCER The core objective of the board is to build a sustainable achievement of the business by the means of profitable development and consistent. UK corporate governance code 2010 provides the principles of the UK companies enlisted in the London Stock Exchanges. Diversity of the boards policy includes measurable objectives to implement the policy and to achieve the progress will be reported. MS complied with all provisions of the compliance code with exception in the year ended 31st March, 2012. The board not meet during the short period so it proves that corporate governance not impacted. THE ROLE OF THE BOARD Each and every company must be have an efficient and effective board is responsible for the victory of the company. The governance framework adopts boards responsibilities in the following: providing guidance of the company within the effective control and practical framework which gives risk assessment and management setting up planned aims and to ensure the required human and financial resources to focus its performance with the effective objectives ensuring the standards and values of the companies that to set up duties and responsibilities of the shareholders and others In the appointment of the directors, they are insisted to do and act to improve the development of the company and the benefits of their members. To satisfy this duty, they should regard the positive impacts of the decision making not in the short term, relationships between customers and suppliers, employees interests, the consequences of the environment, desire to sustain the high reputed standard of the business and to need good communication among the company members. The board requirements to logically estimate the environment and impact of the sustainability problems looks the company, as fine as where sustainability wants to be measured in next of kin to problems such as sequence forecasting and performance assessment. Boards are a vital part of governance composition and, at the same time as by way of other governance system, need to hold sustainable growth. There is requiring making sure that panel have the capability to guide with honesty and enjoy the right ability to build difficult resolution and handle danger. The influences of the wider stakeholders obviously need to survive integrated in the governance method. Employee council have partaken in boards used for a mass of years; perchance the most fighting fit identified cases are during Japan and Germany. But, evidently there is a necessitate to appear beyond member of staff council alone and charily select non-executive chief with sustainability proficiency in region such as the surroundings, health and security, consumer relatives or human property, as well as persons from non-business conditions who can carry valuable outlook into the meeting room. These talent and view can permit companies to estimate key strategic sustainability problems more systematically and watch their act more successfully. Non-executive directors want the exact mix together of proficiency, experience and special qualities to enable them to advise, monitor and challenge effectively. Organisations need to be optimistic to cast the network widely in looking for suc h persons and to build up a deeper considerate of what ability are mandatory. The board wants to realistically estimate the personality and importance of the sustainability problems facing the company, as well as where sustainability needs to be measured in relation to the current problems such as progression planning and performance estimatation. The Board consist of nine directors which includes the Chairman, Chief Executive, two executive directors and five non-executive directors who are measured to be of self-governing character and conclusion. This conform with the secret code as readily available is a balance of executive and non-executive directors permit for fair and decision-making. The Non-executive directors have provision concurrence with the company for an early three-year term after which they seek out re-election. The Group also has superior independent directors who offer a communication channel between the Chairman and Non-Executive directors. The Board meets ten times in every year and determines the on the whole group strategy; control its accounting, operating plans and remuneration policies etc. The Board have the committees are the Audit, Remuneration and Nomination Committees. Audit Committee: The Marks and Spencer audit committee includes four independent non-executive directors. At least one member of the committee has fresh and applicable financial experience in accordance with the combined code. It met four times in the year and it functions to present independent guarantee by supervise the honesty of financial statements to shareholders, make another study of effectiveness of internal control and threat management systems; and sustain an appropriate correlation with the companys outside auditors, Pricewaterhouse Coopers (PwC) committee also reassessed the self-government and neutrality of the outside auditors. Remuneration Committee: The Marks and Spencer payment committee covers four independent non-executive directors. It meets eight times in a year. Its position is to suggest to the board a suitable remuneration scheme and make certain that executive directors are remunerated for individual charity. The remuneration of Non-executive directors is resolute by the Chairman and Executive directors. Nomination Committee: MS has a official nomination committee prepared by the Chairman, Chief Executive and five non-executive directors who meet once a year and ensuring that suitable measures are in place for nomination, selection and evaluation of directors. They think about the balance of membership and necessary unify of skills, knowledge, and experience of the Board. Approach to Corporate Social Responsibility (CSR): MS have changed its attempt in meeting socio environmental tasks. They take action to customers ask for to supply them with information on CSR performance by initiation the Look behind the label movement. This is extremely noticeable advertising and interactions movement planned tell consumers the span they go to certify that the whole lot they wholesale is produced reliably. They shaped the Plan A which is a five-year,  £200m eco-plan incorporated into its day-to-day action in which they prepared a 100 assurances across five areas. They aimed to become carbon unbiased, dispatch no squander to landfills, reduce wrapping by 25% and give confidence recycling, utilize sustainable raw materials, work strictly with home communities using the Marks and Start work understanding programme. This intention who facing employment challenges i.e. homeless and disabled persons  [2]  . The Group also bring in the just partner scheme to assist progress lives of people and local communities. They sustained Breakthrough Cancer Campaign serving to hoist up to  £6m; and also supported Prostate Cancer charity to raise  £90,000 in funds and responsiveness for the disease. Marks and Spencer integrated in the Dow Jones Sustainability and FTSE4 Good Indexes and status 20th with a attain of 95% in Business in the Community Corporate Responsibility (BiTC CR) index. Proficient stakeholder advice-giving panels can also assist bridge the opening between an organisations stakeholder commitment and its supremacy, by bringing professional together with senior panel. Companies are all the time more using connoisseur panels to warn how to respond to budding socio environmental problems in a way that is intentionally aligned to the organisations trade model. The reality of a committee in charge to the board permit specific problems to be walk around in more strength than is achievable at board stage, as critical responsibility remainder with the board as a totality. Everywhere this team exist it is critical that they are convincingly integrated into the usual governance composition. King II is the shortened name for the King details on Corporate Governance for South Africa published 2002. It pursues a 1994 report normally famous as King I. Corporation scheduled on South Africas JSE Securities Exchange having complied with King II. It is a position of doctrine. It achieves not determine a comprehensive course of accomplishment. It shapes that the board is accountable for the progression of threat management and that it be obliged to decide the companys desire and broad-mindedness for risk. The board should ensure that review of the development and result of key hazard is carried out yearly. And, significantly, hazard management information must be release annually. It is setting out the subsequent seven features of good corporate governance such as discipline, transparency, self-government, accountability, responsibility, fairness and social accountability. The board of MS brand guides the relationships of the stakeholders. Right thing in a right time with right way will attain the protected future. MS governance also focusing nook and corner of the business. Good governance produces good business and develops long-term performance. THE ROLE OF THE CHAIRMAN The Chairman is accountable in the headship of the board and to ensure effective role in all aspects. The Chairmans commitments are revealed to the board before getting the appointment. Members of the board helps to develop strategic proposals. The chairman motivating the directors to update their knowledge and skills. Meeting location, legal information and up to date governance and customers views reviewed by the shareholders. Chairman evaluates development needs and training in the annual general meeting. He collects information in the form of clear, accurate and timely with the gradual update of the business. Head of the corporate governance and the group secretary carried out accountability of the governance. Governance group comprises internal audit, the company files and documents, insurance, pensions and risks. Board of members reviewed board evaluation in the last year. the board establishes professional advice in the appropriate time to the committees. Promotion of governance has dealt by the group secretary. Governance activities in MS is dedicated to the best in practice. It governs benchmarking, effectiveness and performance for ensuring the future development. In every three years the board has been conducting external review and feedback from the new appointments. The board and its committees sets out the annual report. Collected information resulted in year 2012-13 which deals with core spots of people development and succession, regular commitment with shareholders, body representatives, disclosure and transparency, training, skill and knowledge of the directors, risk bearing, risk tolerance and framework of the board conversation and carry on analysis. The chairman revealed the individual performance and objectives. Remunerations reviewed by the remuneration committees. Ffion Hague has reviewed again the governance reliability in the year of 2011-12. All directors insisted to submit for re-election in the annual general meeting in 2012. Biographies of the directors has given in the annual report pages 40 and 41. The board must present companys prospects and position clearly. The board pertains the reliable approach in the public reports. In the annual report pages 72 and 73 presents what are the responsibilities of the all directors in the preparation of final accounts and auditors report. In order to explain the innovative values of the shareholder dealt in the annual report pages 2 to 37. Going concern statement of the directors has given in the page 72 in the annual report is based on the projections and forecasting cash flows. The board is accountable to shaping the important strategic objectives and its nature. The board must obtain sound internal control and risk management system. The primary role of the nomination committee is ensuring the suitable procedure are nomination, selection, training and evaluation. This committee analysis the Boards structure, diversity, size, succession needs and composition. There to keep required knowledge, skill and experience of the board. It formally meets five times a year. Each appointment considers time and diversity of new policy experiences. The Chairman takes the important role to improve and sustain the business with the great accountability. He ensures some of the parts of board with the non-executive act as critical friends to Chief Executive Marc Bolland and it supports the formulation and execution strategy; bringing perspectives with holding knowledge, independence and experience; seeking decisions and views of the management; acting responsibility to meet sure accountabilities to wider stakeholders and shareholders; and diversifying the recommendations with the right of experience, skills and background. The MS board have met ten times in the year of 2011-12. It has planned for meetings at least one and half years in advance in the financial year. The board of members determines on the whole creation or innovation, disposal or acquisition of corporate assets; how to protect and develop the brand; matters related to public desires and relating to statutory accounts; what are the important alterations in the policy which relates to account, capital, dividend and also determines indicators key performance, operating plans and policy remuneration structure. THE ROLE OF THE INVESTORS Searching the appropriateness of non-executive directors in perceptive the materiality of non-financial problems is critical. Institutional shareholder and fund executive have a liability to produce long-term assessment on behalf of their shareholders, the person investor, savers and pensioners for whom they are eventually working. They must insist that the concern they invest in lay adequate resource into initial governance system that distribute long term importance. Shareholders ought to take governance into financial credit as part of their task decision-making. Institutional shareholder and other investors need to know what questions they must be invite boards. For instance, does the panel have the acquaintance and competencies are essential to comprehend the sustainability inferences of the current market and board works reflect the direction of the prospect strategy? Inquiring the aptness of non-executive directors in accepting the materiality of non-financial problems is vital. Eventually investors call for to request if the board and human being are conveyed. Element of this is launch if governance get together international values. The case under indicates the feedback of shareholder as the retort. Marks Spencer flashed a angry reaction from large institutional shareholders in 2008 after declare that it was come together the responsibility of chairman and chief executive to maintain Sir Stuart Rose at the big business until 2011. Shareholders reacted robustly to the pronouncement and, though they have because been relieved to a certain degree, the thing highlights the aptitude of investors to manipulate and pressure the significance of governance to this society. The Co-operatives liable investment director at the time stated that The configuration obviously leave from preeminent practice. Not have of earlier consultation with shareholders. The leader of equities for lawful universal, one of the largest shareholders emphasised the significance of responsible governance: As set out in the Combined Code we believe strongly in the separation of the roles of chairman and chief executive, believing this allows a much needed balance in the boardroom and prevents the potentially damaging concentration of power. Other governance models The excellence of governance is significant not only for a single person business but also for combined initiatives, joint venture and economic systems. Collaborative proposal and a variety of types of business have seen by a lot of as a way to fruitfully address numerous sustainability challenges. On the other hand, these combined proposal and enterprise do not forever carry their objectives. Basically lots of the challenges are governance system which fails to convey liable decision making. Business performance depends on valuable governance. Firm supposed to produce new traditions for society, stakeholders and attracted parties to hold in the freedom of sustainable result. Ensuring the governance of partnerships is effectual there is require to create encouragement for good firm governance, to ensure firm governance systems grow the trust of central part stakeholders and to fabricate the knowledge and capability of partnerships and its stakeholders to administrate efficiently. New global governance Present economic conditions raise grave problem as to the sufficiency yet bearing of many set ideas of good corporate governance, particularly those originate from global best practice embedded broadly in Anglo-Saxon approaches that contain proved missing. There is a rising emotion that at the present is the right time to counterfeit a supportive approach to the calamity, and to construct a stronger, additional inclusive worldwide financial and economic governance design that will also deal with other overall challenges such as vigour and weather change, safety and violence, and deficiency and fitness issues. THE ROLE OF THE DIRECTORS Directors decided an indemnity from the company in value of responsibility acquired as a effect of its workplace. MS keeps suitable liability insurance to the benefit of directors. There is a separate house-hold task between the decision making responsibility and the board. an individual should not have open minded powers. All directors should allocate adequate time and responsibility. Senior Independent Director directly communicate between the Non-executive directors and the chairman. He is the chairs for the general meetings. He has given payable consideration. Directors records the minutes of the board. He should give a written statement on his resignation for giving circulation. The board of new directors should be have transparent procedures, accurate and formal. As under the Articles of Association of the company all directors looks for election at the first annual general meeting, re-election offered at every three years by the shareholders. All directors should accept training on amalgamation the board and also update their knowledge and skills. They can meet the chief shareholders. THE ROLE OF THE ACCOUNTANTS The primary role of the accountant is to grant transparency in exposure, monetary or else, to shareholders and the wider stakeholder assembly who have an awareness in the performance of the trade. The effort of accountants is evidently crucial to successful governance, in particular in next of kin to its conventional focus on economic performance and book-keeping integrity. To embark on this role accountants should ensure they are memorable with the broad management, risk management, functioning and reputational portion of the company to provide framework to the facts presented in the economic statements. In order to offer independent judgment on a companys financial statements, that is its annual report, accountants should have right to use to data on all company deeds which can be fabric to its monetary position. Accountants running in a business are concerned in quite a few of the governance system, which may comprise nominations committees for the board, payment committees and risk and observance committees as well as the inspection committee. The Sarbanes-Oxley Act 2002 describe the audit committee as a committee established by and amongst the board of directors of an issuer for the purpose of overseeing the accounting and financial reporting processes of the issuer and audits of the financial statements of the issuer. Audit committee members are looked with increased prospects from many collections, including shareholders, governing activities of shareholder, supervisory body, the media, and beneficiary board members. The other region where accountants employment in business presently supports good corporate governance is in de-coding instruction for the company and opinionated internal incorporation and loyalty. Accountants carry their dictatorial knowledge and industry standard experience to their clients to drive through best practice. Additionally they interpret the listing needs relevant to its business and lawful structure. Accountants carry a professional strictness in challenging transparency; in order to sustain professional reliability, accountants should follow principles and measures that will emphasize concerns. They should make certain their risk negotiations with organization are strong and industrious and assist the company and the board to prepare for alteration. Accountants are in the most excellent position to make available sovereign challenge to preparation they examine within a company. It is within their specialized conduct to have this task and disagreement practice which is not in the comfort of the long-term sustainability of the business and its stakeholders. Bring into line their detailed approach to set up financial statements with wider governance reviews permits accountants to endow with a full observation on a companys annual and long term performance. Eventually this will afford the company, their stakeholders and people with a truer and additional strong reflection of the dealing performance and its potential impact on wider social, environmental and ethical concerns. MS assured that its prevailing corporate goal is to maximise the long-term shareholder value all the way through sustain by reliable, money-making growth and as well go beyond the outlook of its stakeholders from side to side value creation. They reaffirmed pledge by building a number of superior management alteration take in new persons with the true bring together of skill and knowledge to pick up commodities and services and follow new chance for enlargement. The groups report appears to assemble a balance between the requirements of shareholders and stakeholders in the company. THE SIGNIFICANCE OF STAKEHOLDER COMMITMENT Organisations preserve no longer wish if they wish for engage by way of stakeholders or not, the simply choice they want to obtain is at what time and how fruitfully to take on. Stakeholder commitment is premised on the view that those groups who can affect or are precious by the attainment of an organisations scope  [3]   should given in the chance to remark and input keen on the development of assessment that influence them. In todays the public, whether they are not aggressively wanted out, sooner or later they may claim to be confer with. Situations arise when organisations do not actively engage but are forced to do so by the demands of society as a result of a emergency situation. In retort, organisations occupy crisis-management performance, and are frequently required into a cynical talk with stakeholders, chief to a important and long-lasting failure of reputation. This kind of dealings is often opposed and injurious of belief. significant meeting occurs as soon as organisations, awake of the alteration in the broad society and how they relay to organisational presentation, wish to establish affairs with stakeholders as a way to deal with the force of those modify, such as persons shaped as a outcome of global monetary decline. Organisations can either look for to moderate risk in the course of the use of stakeholder supervision, or develop these new trends to categorize and ascertain new occasion from side to side the use of consequential stakeholder commitment; the end is characterised through a motivation to b e release to alteration. As in the company of some other selling process, the practice for meeting should be regular, logical and realistic. This practice is

Social Planning, Community Development, and Social/Community Action Ess

Social Planning, Community Development, and Social/Community Action A Community can be defined as a group of people who don’t just live in the same area, but also share the same interests, experiences and often concerns about the area in which they live. Often when individuals have lived on a street or in an area for a while they become familiar with each other and the issues surrounding them. Children often attend the same schools and grow up together, again sharing similar experiences. In some instances adults may work together, and quite commonly all community members will share the same doctors, dentists, hospitals, health visitors and other public services and facilities. Frequently however, issues arise amongst a community that need attention. In this essay I will outline and discuss some of these issues and the interventions, projects or programmes designed and used to tackle and combat them. The three models of intervention or, ‘Community Development’, I will discuss in this essay, "Social Planning", "Community Development", and "Social/Community Action", all have the same aim regardless of how it is accomplished and this is to improve and maintain the conditions which affect the lives of the community. ‘Social Planning’, is a model of development which can be described as, ‘Doing For’, the community. If it is perceived by government bodies that a community has sunk so low that is unable to be resolved by using alternative methods, (some of which will be discussed later in this essay), the government will intervene with methods deemed necessary. Initially a profile of a community will be drawn up using research methods, surveys and statistics that will highlight the issues faced by the community. Then a plan... ...ith rather than weakening it by doing for. Community development creates independence and an ability for a community to stand up and control, to an extent the factors that affect the lives, exactly what the intentions were in the first place. Social/Community Action while this appears affective in some instances it can become out of control and altogether unproductive. It is probably the most empowering model yet at the same time the most confusing if the aims, objectives and facts are unclear. Through the study of each of these models it is apparent that the best form of community development embraces all three Social Planning, Community development and Social/Community Action, and quite often community workers and practitioners do. Taking a piece from each model and using it at the appropriate time will be much more beneficial than using one single model.

Employment and Total Rewards

Introduction The aim of this paper seeks to examine the concept of total rewards in the process of increasing prominence in organisations. Total Rewards is best described as a business strategy that â€Å"includes financial and non-financial complementary elements designed to recruit, develop, retain and motivate employees†(OSP 2003). â€Å"Employees working for a total rewards employer tend to be more motivated, productive, and happy†. (eHow 1999) As a result is â€Å"the business thrives†(eHow 1999) and prominence. In this paper, I will following this concept to explore more detailed of effectiveness total reward in the organisation prominence.The concept of rewards has developed over the time to represent more than just to pay cheque an employee at the end of the month. The concept of total rewards was emerged in the 1990s as a new way of thinking about the deployment of compensation and benefits, combined with other tangible and intangibles ways that company seek to attract best people. (Richard val del Walt 2010) As defined by Manus and Graham (2003), total reward ‘includes all types of rewards-indirect as well as direct, and intrinsic as well as extrinsic’. Michael Armstrong 2006) The direct reward is what an employee receives from the employer in bank account such as base wage, bonuses, commission. Indirect rewards, often called â€Å"benefits† refers to that part of the total reward package in addition to direct pay, such as health & life insurance cover, retirement & pension plans, health care, company car and mobile phone (Koala Consulting and Training 2008). â€Å"There are extrinsic rewards, which cover the basic needs of income to survive (to pay bills), a feeling of stability and consistency (the job is secure), and recognition (my workplace values my skills).On the other hand, there are intrinsic rewards, the most important of which is probably job satisfaction, a feeling of completing challenges competen tly, enjoyment, and even perhaps the social interactions which arise from the workplace†. (Koala Consulting and Training 2008) The ability link and balance all aspects of rewards together helps organisations achieve the motivation, commitment, engagement and development of employees. The consequence is profitability, efficiency and prominence in organisation.The most companies who use the total reward strategy simply mean to provide â€Å"benefits and a positive place to work† (Patricia K. Zingheim and Jay R. Schuster 2002), but â€Å"this makes a company attractive to the workforce in general but perhaps not to those who will make enterprise prosper. The companies need to fashion workplace to be attractive to people who are wanted to adding value to the business†. (Patricia K. Zingheim and Jay R. Schuster 2002) To increase prominence and efficiency in organisations is responsible equally as an employer, as employees.The employer responsible to creates an atmosph ere in which the best people will want to work in company. â€Å"It is true that the best people will work more than pay†. (Patricia K. Zingheim and Jay R. Schuster 2002). The total rewards scheme concept is simply about the creating an atmosphere by financial and non-financial benefits given to employees in trade for their service, time, abilities and their efforts to support the company. The â€Å"top talent† (Patricia K. Zingheim and Jay R. Schuster 2000) wants to work for the company provide better workforce deal that involves the four total rewards components.The compiling future is important for the employees, because they want to â€Å"be able to draw self-esteem and satisfaction from working in the organisation. Employees want to feel that the organisation has optimistic and positive vision, direction and growth of the future and a set of values that they can support†. (Employement studies [n d]) The company that focuses on individual growth gives opport unity an employee for training, coaching and personal development. (Patricia K. Zingheim and Jay R.Schuster 2002) Also, the employee wants to work in organisation where workplace is positive. This means best leadership, team working and open communication. Roles and working environment â€Å"should be designed around employees† (Employement studies [n d]), with a focus on their future development. â€Å"Employees need to feel that what they do is important and to understand how their role relates to the organisation’s goals†. (Employement studies [n d]). The last component is total pay. Total pay involves basic pay, performance-related pay, benefits, and feedback or recognition.All the elements that involve total pay are good way â€Å"to address individual need and preference†. (Employement studies [n d]) For example, â€Å"performance-related pay to emphasise results; benefits to provide protection from life and health hazards, in addition to holidays, recognition and feedback†. (Employement studies [n d]) Some companies can balance the four components or choose the only one, for example some companies may have very strong total pay, but the poor work environment. Other companies may have weaker total pay but develop people, provide a positive workplace.Also, there are five elements of total rewards model, WorldatWork (2011) presented the each of which helps to make the strategy to attract, motivate and retain employees. These elements are: compensation, benefits, work-life balance, performance & recognition and development and career opportunities. The compensation includes four basic components, such as â€Å"fixed pay – Also known as â€Å"basic pay†, fixed pay is nondiscretionary compensation that does not vary according to performance or results achieved. It usually is determined by the organization’s pay philosophy and structure.Variable pay – Also known as â€Å"pay at risk†, varia ble pay changes directly with the level of performance or results achieved. It is a one-time payment and must be re-established and re-earned each performance period. Short-term incentive pay – a form of variable pay, short-term incentive pay is designed to focus and reward performance over a period of one year or less. Long-term incentive pay – a form of variable pay, long-term incentive pay is designed to focus and reward performance over a period longer than one year. Typical forms include stock options, restricted stock, performance shares, performance units and cash†. SARA 2010) Hroot ( 2007) said while one of the most traditional elements of total rewards, it remains a essential for business success. Benefits area constantly challenged and expanding during the last time from just , holiday, health-care benefits to benefits programs which protect employees and their families from financial risks and can categorized such as retirement and medical and dental i nsurance, as well as non-traditional programs, such as identity theft and pet insurance. Life-balance area focused to help employees do their job effectively, such as flexible scheduling, telecommuting, child-care programs, etc.In talent management, performance involves the association of organizational and individual goals toward business success. Recognition is a way for employers to pay special attention to workers for their accomplishments, behaviours and successes. Recognition is necessary to support the value of performance improvement and promote positive communication and feedback. â€Å"Development a set of learning experiences designed to improve employees’ practical skills and competencies. Development engages employees to perform better and engages leaders to advance their organization’s people strategies. Career pportunities area focuses on the planning for employees to go forward their career goals, and a more responsible position in an organization. The development and career opportunities involve the learning opportunities and coaching, such as new technology training, attendance at outside seminars, conferences, virtual education, leadership training and formal or informal mentoring programs†. (SARA 2010) Full understanding of total rewards concept, key components and elements give opportunity to implement the total reward strategy to attract best people, talent, keep them and have them perform well.After all, effective reward systems help an organization not just retain key employees, but also be more competitive and reduce turnover. The ability to understand the purpose of total rewards helps recognise and identify the main powerful types of total rewards to be more competitive and avoid the staff turnover. Staff turnover is the most serious problem for the company. The reasons to leave the organisations are: â€Å"I'm not sure there's a future here for me. â€Å", â€Å"I just don't feel like this is the right place for me. â€Å", â€Å"I'm not sure I want to be doing this for the rest of my life. † and â€Å"I think I can make more money elsewhere. (The Vision Link Advisory Group [n d]) With an understanding of the reasons people leave an organization, the organisations can easily to improve these areas of an organization's by using the total rewards strategy to creating and sustaining a culture that is not copy able – which is essential to maintaining a competitive advantage in the market place(The Vision Link Advisory Group [n d]), but if the company will ignore the reasons why people leave the company, there are affecting them in many ways, such as high staff turnover, conflict, stress, low productivity, bad company image and lose of the business.The main issue to implement the total rewards strategy is turnover. There are many consequences such as lost of best employees, time and cost of selection and recruitment process, poor performance, conflict, stress and poor company image. The turnover is split on two categories voluntary turnover where employee chooses to leave. The key reasons include better career opportunities ; development, increased compensation and better work environment.Involuntary turnover is when employer is asked to leave for reasons including poor performance or development, an inappropriate behaviour and attendance of employee. To replaces an employee the HR Management department, which is responsible for the recruitment and selection process should prepared all relevant procedures to recruit new worker. Recruitment and selection process are very expensive and also considers the costs and consequences of employee turnover.There are financial, community and workforce impact. â€Å"Every time an employee leaves and has to be replaced, an operation incurs a number of direct financial costs, including administration costs associated with processing resignations and dismissal, time taken up in conducting exit interviews, productivity losses associated with impending departure. Lost productivity and additional costs such as overtime or contractor payments to cover for vacancies created by this departures.Recruitment costs such as advertising, employment of job search agencies, time and resources spent in processing applications, staff time involved in selection interviews. Also the training and start-up costs, because the time of trainers and staff and of new employees taken up in inductions and on the job training, loss of productivity until the new employee reaches full production potential†. (David Brereton, Mining David, Ruth Beach. 2003) â€Å"In fact, last year it was estimated that filling each staff vacancy in a business costs the employer between ? 4333 and ? 7750. †(J. A.J Aaronson 2010) In addition to financial costs, high turnover is very negatively affects operational efficiency, such as a close teamwork, because instability in the workforce, consequences can include increased stress an d tension amongst those remaining employees who have to fill the gaps left by departing employees, declining employee morale, and decreased productivity. (Pinkovitz, Moskal et al 1997)The companies which have staff turnover can’t to invest in training and career development for staff, which is so important for the employees, because have big looses in recruitment and selection process.The ability to implement and develop the total rewards system will give many benefits to achieve organisational goals, make company efficient and prominent. The benefits of total rewards approach are: â€Å"greater impact- the combined effect of the different types of rewards will make a deeper and long lasting impact on the motivation and commitment of people†. (Michael Armstrong 2006) The total rewards and â€Å"Maslow’s need hierarchy theory (1954) is very considered.Maslow proposed the motivation is a function of five basic needs-physiological, safeties, love, esteem and self- actualization and explained that a person’s physiological needs must be firstly met followed by safety needs, and so on up the need hierarchy. When designing total reward strategy, employees’ multifarious needs must be well considered, Maslow’s points will help the organization reach its expectation†. (Zhou Jiang 2009)† Employee will give their maximum when they motivated and have a feeling or trust that their efforts will be rewarded by the management.There are many factors that affect employee performance like working conditions, worker and employer relationship, training and development opportunities, job security, and companies overall policies and procedures for rewarding employees. Among all those factors which affect employee performance, motivation that comes with rewards is of utmost importance†. (Nadia Sajjad Hafiza, Syed Sohaib Shah, Humera Jamsheed, Khalid Zaman 2011) A satisfied and motivated employee and work force by tangible and intangible rewards can definitely help sustain productivity.Job satisfaction plays an important role in employee commitment and in reducing employee absenteeism and boredom at work. Smith (1992) believed that job satisfaction could lead to cost reduction by reducing absences, errors and turnovers which leads to greater productivity and economic and industrial growth which is a major drive of most organisations. The result of total reward strategy is happy motivated employees and their â€Å"appreciation, meeting the new challenges, positive and caring attitude from employer, and job rotation after attaining the goal†. Nadia Sajjad Hafiza, Syed Sohaib Shah, Humera Jamsheed, Khalid Zaman 2011) The second benefit of total rewards is increased flexibility in the total rewards approach â€Å"allows awards to be mixed to fit the various needs of the employee. Flexibility has become an important factor in work-life balance. Organizations are recognizing the constraints many worker s are facing and providing them with alternatives to ensure the motivational and emotional needs of the employees are met.Some flexibility rewards that have been implemented in many organizations are instilling various scheduling options and providing telecommuting options. More companies are instituting new work schedules which include longer days but shorter weeks, i. e. 4 days @ 10 hours as well as allowing employees to work from home. With technology becoming more advanced, employers can meet with employees via the web and documents can be faxed or emailed. Increased flexibility is both beneficial to the employer and the employee†. (Cyberessays, Divaqueen. 011) The other benefit of total rewards Michael Armstrong (2006) said is talent management- relational rewards (learning, development and work environment) help to deliver a positive psychological contract and this can serve as a differentiator in the recruitment market that is much more difficult to replicate than indiv idual pay practices. The organisation can become an ‘employer of choice’ and ‘a great place to work’; the result is attracting and retaining the talent people it needs. There are many advantages from managing talent, such as makes company more competitive in competition.The company that try developing and producing super-talented people is â€Å"always best to compare products or services to competitors. This important process of the company increased sales effectively and efficiently. With the position more competitive than the competition, a company can automatically effective market penetration and gain greater market share. Gain market share means more sales of the company increases significantly†. (Business 2011) The ability correctly implements the total rewards strategy give organisations opportunity to become efficient and competitive over competitors.Mary Mosqueda, (2008) said developing the correct mix for the total rewards strategy is the key to employing and keeping the best talent. The first step is identifying the culture, employee climate, and employee demographics. This can be determined through an employee appraisal system, focus groups or key employee interviews. After identifying what drives employee motivation, commitment, and loyalty for organization, also the importance to determine how much organisation are willing to spend. The second step involves creating a road map or a total rewards philosophy/strategy.The importance of discussion on relevant question related to the total rewards strategy. The question such as: â€Å"What transactional and relational rewards company already offer? †, â€Å"What compensation, benefits and work/life programs should the company offer to remain competitive in industry? †, â€Å"What is overall commitment to company’s financials and employees? †, â€Å"Who is the company’s competitors and peers rewards programs? † These entire que stions give opportunity to think of development general total rewards strategy.Mary Mosqueda, (2008) said the third step is development of policies and procedures regarding the use of new benefits, learning environment, development and compensation systems. These policies establish the flow of the process and secure the integrity of both the company and employee. Management can easily include these polices into an employee manual or handbook. It is very important that senior management is on board with any changes or new policies with regard to employee total rewards programs, then, the fourth step in this process involves including top management from the beginning.Educating management on how to successfully implement these strategies with their employees is critical. Managers and employees need to understand the process and learn how total rewards can help them in achieving objectives and further company’s financial goals. This can be achieved through different methods of c ommunication. Communication is next step of the implementation, which is vital to the successful result of total rewards strategy. If this is not communicated properly, it is all for naught.The communication of rewards strategy can be by emails, meetings, newsletters, representatives; etc, â€Å"Communication should support development strategy and achieve a win-win situation for both the organisation and employees. As employees contribute to the organisation in achieving its goals, those same employees need to share in its success. To encourage this win-win situation, senior management needs to ensure that employees have a clear direction and that they feel valued by receiving appropriate rewards. † (Michael Silverman, Peter Reilly. N d]) Also, the total rewards strategy has a poor result, if development and implementation process is incorrect, because† applying too much motivation or offering too many rewards can also have a negative effect. Employees can become over- confident. They may feel that they are the bosses' favourite workers, even if they start to slack off on their work and responsibilities or test the limits of their working relationship with their supervisors†. (Amelia Jenkins, Demand Media [n d]) Anyway using total rewards strategy the organisation motivate, build a good atmosphere and relationship with employee that fosters a sense of trust.In a good relationship, employees may feel respected and comfortable in their working environment. Providing rewards, both tangible and intangible make employees happier. Happier employees often perform better at work and proud of their company. Conclusion This essay examined the concept of total rewards and the reasons for its increasing prominence in organisation. The components, elements and benefits of total rewards make the clear understanding how it is important for the organisation on the whole.The total rewards have a positive influence on the employee base and the company, becaus e the ability to give the right rewards to the right employee makes the win-win result. Employees who know they will be rewarded for their efforts, talent and development will continue to perform well and maintains employee satisfaction. When, employees talk about organisation with good reward system and their development, opportunities, good payments and environment, its make organisation more attractive. Over the time a reputation and company image go up.In addition, an organization's reputation makes an impression on current and future clients, which can significantly improve the company's worth and profitability. There are more consequences of reward strategy such as happy and satisfy employees, good atmosphere, reduce the staff turnover, good reputation and profitability. It is make the organisation very prominent. References Michael Armstrong (2006). A Handbook of Human Resource Management Practice. 10th ed. London: Kogan Page Limited. p629 Michael Armstrong (2006). A Handbook of Human Resource Management Practice. 10th ed. London: Kogan Page Limited. 632. The Vision Link Advisory Group. ([n d]). Four Keys To Employee Retention – True Total Rewards. Available: http://www. vladvisors. com/images/PDF/VisionLink_Employee-Retention. pdf. Last accessed 6 January 2012. Mary Mosqueda, Compensation Practice Leader, Lockton Companies. (2008). The Impact of Total Rewards in a Downshifting Economy. Available: http://www. lockton. com/Resource_/PageResource/PDFs/The%20Impact%20of%20TR%20in%20a%20Downshifting%20Economy. pdf. Last accessed 8 January 2012. Pinkovitz, W. H. , J. Moskal, et al. (1997) How much does your employee turnover cost?Center for Community Economic Development, University of Wisconsin. http://www. uwex. edu/ces/cced/publicat/turn. html, last accessed 7 January 2012. Amelia Jenkins, Demand Media. ([n d]). About Employee Motivation & Reward Systems. Available: http://smallbusiness. chron. com/employee-motivation-reward-systems-15978. html. La st accessed 8 January 2012. Business. (2011). 3 Advantages of Talent Management Company. Available: http://business-human-resources. chailit. com/3-advantages-of-talent-management-company-2. html. Last accessed 8 January 2012 Cyberessays, Divaqueen. (2011).Total rewards approach. Available: http://www. cyberessays. com/Term-Paper-on-Total-Rewards-Approach/32691/. Last accessed 8 January 2012. ADP. (2010). Effective Talent Management Has Become an Essential Strategy for Organizational Success. Available: http://www. adp. com/tools-and-resources/case-studies-white-papers/~/media/White%20Papers/NAS/WhitePaper_TalentManagement_HQ_v2. ashx. Last accessed 7 January 2012. David Brereton, Mining David, Ruth Beach. (2003). Employee Turnover as a Sustainability Issue. Available: http://www. csrm. uq. edu. au/docs/MCApaperTurnover1. pdf. Last accessed 7 January 2012.Zhou Jiang. (2009). Total Reward Strategy: A Human Resources Management Strategy Going with the Trend of the Times. International Journal of Business and Management. 4 (11), 179. David Beswick, University of Melbourne. (2007). Management implications of the interaction between intrinsic motivation and extrinsic rewards. Available: http://www. beswick. info/psychres/management. htm. Last accessed 8 January 2012. Nadia Sajjad Hafiza, Syed Sohaib Shah, Humera Jamsheed, Khalid Zaman. (2011). RELATIONSHIP BETWEEN REWARDS AND EMPLOYEE’S MOTIVATION IN THE NON-PROFIT. Available: http://www. aycocorporativo. com/saycoUK/BIJ/journal/Vol4No2/Article_11. pdf. Last accessed 8 January 2012. Michael Silverman, Peter Reilly. ([N d]). How Flexible is Total Reward?. Available: http://www. employment-studies. co. uk/pdflibrary/mp24. pdf. Last accessed 8 January 2012. Patricia K. Zingheim and Jay R. Schuster. (2004). TOTAL REWARDS: PEOPLE WANT MORE THAN MONEY. Available: http://www. schuster-zingheim. com/docs/Total_Rewards_People_Want_More_Than_Money. pdf. Last accessed 8 January 2012. Hroot. (2007). WorldatWork Total Re wards Model Strategies to Attract, Motivate and Retain Employees.Available: http://www. hroot. com/contents/57/89011. html. Last accessed 8 January 2012. Awards. http://www. awards. co. za:8000/images/documents/AAGroup%20Total%20Rewards. pdf. [n d]. (accessed December 21, 2011). eHow . http://www. ehow. com/facts_5687820_total-rewards_. html. 1999. (accessed December 21, 2011). Employement studies. [n d]. http://www. employment-studies. co. uk/pdflibrary/mp24. pdf (accessed December 2011). J. A. J Aaronson . Managing Staff Turnover. 25 December 2010. http://www. aboutemployeebenefits. co. uk/managing-staff-turnover. tml (accessed January 7, 2012). OSP . Total Rewards (2003)http://www. osp. state. nc. us/†¦ /total%20rewards%2†¦ . 2003. (accessed December 21, 2011). Patricia K. Zingheim and Jay R. Schuster. Pay It Forward. 2002. http://www. schuster-zingheim. com/docs/Pay_It_Forward. pdf (accessed December 22, 2011). Patricia K. Zingheim and Jay R. Schuster. Total Rewards. 2 000. http://www. schuster-zingheim. com/docs/Total_Rewards. pdf (accessed December 27, 2011). Patricia K. Zingheim and Jay R. Schuster. Total Rewards. 2002. http://www. schuster-zingheim. com/docs/Total_Rewards. pdf

The larger the number of firms in a monopolistic competition situation

This is possible because a monopolistic market favours the company to the detriment of the consumer. The traits  of a  monopoly are high price levels, supply constraints, or excessive barriers to entry.  This type of market would be comprised of one supplying firm and consumers would have no choice  but to purchase solely from this firm.2.  Ã‚  Ã‚  Ã‚  Ã‚   The larger the number of firms in a monopolistic competition situation, the larger are that country’s exports. This is incorrect as in monopolistic trade there is only one firm and the   monopoly firm’s demand curve is identical to the market demand curve, and the monopoly firm need not consider what it’s competitors are pricing at. The moment another firm enters the trade it is no longer a monopoly.3.  Ã‚  Ã‚  Ã‚  Ã‚   Two countries engaged in trade in products with no scale economies, produced under conditions of perfect competition, are likely to be engaged in intra-industry trade.This is poss ible as any country which can find comparable goods at a better price will take to import of that product. However, generally these are influenced by technological and or human factors. International trade generally takes into account cost and utility, in determining trade.4.  Ã‚  Ã‚  Ã‚  Ã‚   History and accident determine the details of trade involving scale economies.This is untrue as what determines scale of economies is cost advantages that a business obtains due to expansion. Economies of scale are utilized by any firm expanding its scale of operation. These are not by accident and are planned. However, historical reasons may play a part in trade between two countries and the scale of economies, but even this has decreased with modern trade practices.5.  Ã‚  Ã‚  Ã‚  Ã‚   Intra-industry trade will tend to dominate trade flows when the following exists: Large differences between relative country factor availabilities.  This is true as trade takes place to fulfill one reaso n – demand. When there is a large difference between two countries on availability and/or price, it naturally spurs demand, and depending on the factors available, Intra industry trade will develop. The rising share of intra-industry trade may grow due to increase of technological transactions and also due to expansion of the intra-firm network through foreign direct investment.6.  Ã‚  Ã‚  Ã‚  Ã‚   A tariff always drives a wedge between foreign and domestic prices, raising the domestic price but by less than the tariff rate.True, because when a country implements a tariff, it will create an increase in the price of the goods on the domestic market, and a decrease in price in the rest of the world.7.  Ã‚  Ã‚  Ã‚  Ã‚   If we add together the gains and losses from a tariff, we find the net effect on national welfare can be separated into three parts.This is true as the aggregate welfare effect for the country is found by summing the gains and losses to consumers, producers a nd the government. The net effect consists of three components – (1) positive terms of trade effect (2) a negative production distortion and  (3) a negative consumption distortion.8.  Ã‚  Ã‚  Ã‚  Ã‚   An export subsidy causes the same losses as a tariff.The welfare effects of a tariff and an export subsidy are quite different in a competitive market. The subsidy raises the internal prices at home, while lowering the price abroad.The difference between a tariff and an export subsidy is that former improves the terms of trade while the latter worsens them. The extent of loss or gain will vary on factors employed.