Industrial Revolution Essay -- essays research papers

How Did The Industrial Revolution Affect A Person’s Quality of Life? One’s quality of life is defined as the degree of well-being felt by a person or a group of persons. It is concerned with a citizen’s consumption of goods and services, human rights and the environment. The industrial revolution have produced great wealth to many citizens that influences their state of well being. Others may argue that the changes and advancements in society have brought the burden of scarce resources, diseases and pollution among it’s people. Rather the opposite is true, the positive effects that the revolution have introduced such as the high availability of employment, food, and human rights and the opportunity for future growth overpowers these problems. Therefore it is accurate to say that the benefits of the industrial revolution have improved one’s quality of life. One characteristic that concerns the condition of a person’s life is the freedom for an occupation. This period of change have conducted the use of machinery for many types of production. Some believe that the substitution of machines for human labor have created high rates of unemployment for many nations. Before the revolution, jobs were very limited because work was accomplished through animal power and hand labor. Also many tasks required men with considerable skills which could only be accomplished through long hours of work and practice. In the past and in the present it could be clearly seen that the sprouting fa...

Elasticity of Demand of Petrol and Cng

[pic] BUSINESS ECONOMICS FINAL REPORT ON ELASTICITY OF DEMAND OF PETROL AND CNG SUBMITTED TO: SIR FAISAL SULTAN QADRI PREPARED BY: Syeda Tabinda Naz Anum Zehra Madiha Khan ACKNOWLEDGEMENT We owe our profound thanks and deepest gratitude to ALMIGHTY ALLAH, most merciful, who blessed us with determination, strength, ability and divine help to complete this report. This Report is on ELASTICITY OF DEMNAD OF PETROL. This report is a part of our course titled as Business economics conducted in Iqra University. Then we would like to acknowledge our course instructor Mr. Faisal Sultan Qadri to give us an opportunity to work on this project, and allow us to make use of our analytical abilities. It was his guidance and never ending patience that lead us to complete this report. Our special thanks to our beloved parents and friends without their support we would not be able to complete our assignment and their coordination has made us able to achieve the task in time. INTRODUCTION: High prices effect everyone everywhere, but not equally. Petroleum pricing is something that directly effects every one in society as it is also major source of power and fuel. DEMAND: Demand is defined as the willingness and ability of a consumer to purchase a given product in a given frame of time. DETERMINANTS IF DEMAND: Overall demand can change, moving upward or downward, because of changes in: P = price of other goods (substitutes and complements) I = income N =no. of buyers T =tastes and preferences Ex =expectations CHANGE IN INCOME: With the rise in income of people they can increase the usage of product which will result in increased demand. CHANGE IN PRICE: Change in price will also result in demand curve of that product. Here we will discus the effect of change in price of petrol on its demand of consumption. CAR AND PETROL OR CAR AND CNG (Petrol Vs CNG): The general trend is that when the price of the substitute decreases the demand of the product decrease and if the price of the substitute increases demand for the product increase. In my sense, the petrol and CNG are the substitutes to each other. Now if the prices of the Petrol increase the demand for petrol will change. Many people will tend to make their Car CNG cylindered. But if the Price of the CNG increase, but it will remain lower to the price of the Petrol, so it will not affect much more to the demand of the CNG. No one will change their CNG Kits. So it means that the petrol is more elastic than the CNG in terms of Demand. Petrol has more elasticity than CNG. In Pakistan the majority of private vehicles have converted to CNG because of cheaper price as compared to petrol. Only luxury cars and official vehicles now run on petrol. Almost all car manufacturers in Pakistan now produce company fitted CNG kit versions. Recent hikes in CNG prices have downplayed the ambitious ventures of some of the stakeholders in this sector. It is expected that price of the CNG and Kits will come down as competition among manufacturers grows. LandiRenzo Pakistan is also exporting CNG kits to various countries including China, Brazil and Italy. Almost 2 million vehicles on the country's roads have dual fuel options. ELASTICITY OF DEMNAD: Given are the prices and quantity of petrol showing elasticity of demand after an increase in price of petrol: When price of petrol was 31. 8/litre in 2000, using cng in cars was not common but as petrol prices began to raise many people be likely to make their Car CNG cylindered because cng prices were very cheap and stable as compare to petrol prices. Now the current price of petrol is 66/litre and the price of cng is 48/kg still very economical for users. According to International Association of Natural Gas Vehicles, as of December 2008, Pakistan has the world’s highest number of vehicles running on compressed Natural Gas (CNG). The number is 2 million. Pakistan also has the World’s highest number of CNG refueling stations. Because Petrol prices in Pakistan are among the highest in the region as well as natural gas is found abundant and locally in Pakistan so this also very major reason of its cheapness. In 2000 the total number of vehicles in Pakistan was 4. 9 million which has increased to 8 million in 2009. By March 2006 about one million vehicles were converted to CNG as compared to 700,000 vehicles during the same period last year, showing an increase of 43 per cent. With these developments Pakistan has become the leading country in Asia and the third largest user of CNG in the world after Argentina and Brazil. We can calculate the elasticity of petrol easily by considering its change in price within year. |Price |Quantity | 59 8000000 million 6 6000000 million Solution: Formula required for cross price elasticity: change in quantity/change in price x PY/QY 2million x62. 5 7 7million =285714. 28 x 0. 000009 =2. 57 Hence demand is elastic and petrol and cng are substitutes. GRAPH SHOWING ELASTICITY OF DEMAND OF PETROL: [pic] References: http://www. pakistaneconomist. com/issue2002/issue4/f. htm http://pakistaniat. com/2009/07/14/pakistan-cng/ http://www. thenews. com. pk/editoria l_detail. asp? id=162379 http://www. brecorder. com/index. php? id=262150=2=

The Declaration of Independence Study Guide

The Declaration of Independence is arguably one of the most influential documents in American History. Other countries and organizations have adopted its tone and manner in their own documents and declarations. For example, France wrote its Declaration of the Rights of Man and the Womens Rights movement wrote its Declaration of Sentiments. However, the Declaration of Independence was actually not technically necessary in proclaiming independence from Great Britain. History of the Declaration of Independence A resolution of independence passed the Philadelphia Convention on July 2. This was all that was needed to break away from Britain. The colonists had been fighting Great Britain for 14 months while proclaiming their allegiance to the crown. Now they were breaking away. Obviously, they wanted to make clear exactly why they decided to take this action. Hence, they presented the world with the Declaration of Independence drafted by thirty-three-year-old Thomas Jefferson. The text of the Declaration has been compared to a Lawyers Brief. It presents a long list of grievances against King George III including such items as taxation without representation, maintaining a standing army in peacetime, dissolving houses of representatives, and hiring large armies of foreign mercenaries. The analogy is that Jefferson is an attorney presenting his case before the world court. Not everything that Jefferson wrote was exactly correct. However, it is important to remember that he was writing a persuasive essay, not a historical text. The formal break from Great Britain was complete with the adoption of this document on July 4, 1776. Mercantilism Mercantilism was the idea that colonies existed for the benefit of the Mother Country. The American colonists could be compared to tenants who were expected to pay rent, i.e., provide materials for export to Britain. Britains goal was to have a greater number of exports than imports allowing them to store up wealth in the form of bullion. According to mercantilism, the wealth of the world was fixed. To increase wealth a country had two options: explore or make war. By colonizing America, Britain greatly increased its base of wealth. This idea of a fixed amount of wealth was the target of Adam Smiths Wealth of Nations(1776). Smiths work had a profound effect on the American founding fathers and the nations economic system. Events Leading to the Declaration of Independence The French and Indian War was a fight between Britain and France that lasted from 1754-1763. Because the British ended in debt, they began to demand more from the colonies. Further, parliament passed the Royal Proclamation of 1763 which prohibited settlement beyond the Appalachian Mountains. Beginning in 1764, Great Britain began passing acts to exert greater control over the American colonies which had been left more or less to themselves until the French and Indian War. In 1764, the Sugar Act increased duties on foreign sugar imported from the West Indies. A Currency Act was also passed that year banning the colonies from issuing paper bills or bills of credit because of the belief that the colonial currency had devalued the British money. Further, in order to continue to support the British soldiers left in America after the war, Great Britain passed the Quartering Act in 1765. This ordered colonists to house and feed British soldiers if there was not enough room for them in the barracks. An important piece of legislation that really upset the colonists was the Stamp Act passed in 1765. This required stamps to be purchased or included on many different items and documents such as playing cards, legal papers, newspapers, and more. This was the first direct tax that Britain had imposed on the colonists. The money from it was to be used for defense. In response to this, the Stamp Act Congress met in New York City. 27 delegates from nine colonies met and wrote a statement of rights and grievances against Great Britain. In order to fight back, the Sons of Liberty and Daughters of Liberty secret organizations were created. They imposed non-importation agreements. Sometimes, enforcing these agreements meant tarring and feathering those who still wished to purchase British goods. Events began to escalate with the passage of the Townshend Acts in 1767. These taxes were created to help colonial officials become independent of the colonists by providing them with a source of income. Smuggling of the affected goods meant that the British moved more troops to important ports such as Boston. The increase in troops led to many clashes including the famous Boston Massacre. The colonists continued to organize themselves. Samuel Adams organized the Committees of Correspondence, informal groups that helped spread information from colony to colony. In 1773, parliament passed the Tea Act, giving the British East India Company a monopoly to trade tea in America. This led to the Boston Tea Party where a group of colonists dressed as Indians dumped tea from three ships into Boston Harbor. In response, the Intolerable Acts were passed. These placed numerous restrictions on the colonists including the closing of Boston Harbor. Colonists Respond and War Begins In response to the Intolerable Acts, 12 of the 13 colonies met in Philadelphia from September-October, 1774. This was called the First Continental Congress. The Association was created calling for a boycott of British goods. The continuing escalation of hostility resulted in violence when in April 1775, British troops traveled to Lexington and Concord to take control of stored colonial gunpowder and to capture Samuel Adams and John Hancock. Eight Americans were killed at Lexington. At Concord, the British troops retreated losing 70 men in the process. May 1775 brought the meeting of the Second Continental Congress. All 13 colonies were represented. George Washington was named the head of the Continental Army with John Adams backing. The majority of delegates were not calling for complete independence at this point so much as changes in British policy. However, with the colonial victory at Bunker Hill on June 17, 1775, King George III proclaimed that the colonies were in a state of rebellion. He hired thousands of Hessian mercenaries to fight against the colonists. In January 1776, Thomas Paine published his famous pamphlet entitled Common Sense. Up until the appearance of this extremely influential pamphlet, many colonists had been fighting with the hope of reconciling. However, he argued that America should no longer be a colony to Great Britain but instead should be an independent country. Committee to Draft the Declaration of Independence On June 11, 1776, the Continental Congress appointed a committee of five men to draft the Declaration: John Adams, Benjamin Franklin, Thomas Jefferson, Robert Livingston, and Roger Sherman. Jefferson was given the task of writing the first draft. Once complete, he presented this to the committee. Together they revised the document and on June 28 submitted it to the Continental Congress. The Congress voted for independence on July 2. They then made some changes to the Declaration of Independence and finally approved it on July 4. Declaration of Independence Study Questions Why have some called the Declaration of Independence a lawyers brief?John Locke wrote about the natural rights of man including the right to life, liberty, and property. Why did Thomas Jefferson change property to the pursuit of happiness in the Declaration text?Even though many of the grievances listed in the Declaration of Independence resulted from acts of Parliament, why would the founders have addressed all of them to King George III?The original draft of the Declaration had admonitions against the British people. Why do you think that those were left out of the final version?