Health Care Communication free essay sample

When used correctly, e-mail communication also offers security to patients in relation to their personal health information using encryption. E-mail is far form the only method of technologically advanced communications, and comparing and contrasting these differences will give further insight into the benefits of e-mail communication versus other forms of technology enhanced communication modalities. In addition to facilitating communication regarding patient health information, this modality of communication also enables health care providers to market products to patients.Even though e-mail has come a long way toward advancing health care communications, technology is ever-changing and media and the advancement and use of social networking sites by health care facilities has further changed how the health care community uses e-mail communications. Even with all the changes that have come about through the introduction of e-mail communications, health care is, and should remain a personalized field, and must not allow technology to distance health care providers from their patients. We will write a custom essay sample on Health Care Communication or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page E-mail Communications E-mail communication is an electronic mail system that allows almost instant written messages to be sent to the receiver (Merriam-Webster, 2011). Even though e-mail is an electronic form of communication, it creates a written record of the communication. Written records are valuable with health care communications, and e-mail communication allows providers and patients to capture records of communications as with traditional mail while still enabling the ease and speed of electronic communication.In health care, providers can use e-mail communication in many ways, from facilitating communication between the patient and provider or between providers to advertising health care services. E-mail is fast becoming a valued method for communication. Effective Method of Communication Effective communication is vital in health care. No matter if that communication is between health care providers about a patient or between a health care provider and a patient, effective communication is vital to the care of the patient.E-mail communication offers health care service providers an effective form of communication to enable the facilitation of patient care. E-mail is an effective communication platform because it allows the participating entities to send and respond to communications in a timely manner. E-mail communication also enables health care practitioners to convey directions in a written format that will ensure the patient or other health care provider has the exact information the communicator is conveying.Another benefit to e-mail communication is a decrease in paper use, which could financially benefit the health care office, thus allowing funds to be used for othe r functions and increasing the efficiency of the office (American Medical Association, 2011). Benefits to Patients E-mail platforms for communications can benefit patients in many ways. The primary benefit to patients is maintaining a written record of their medical information. When a patient visits a health care provider, the provider generally has many instructions for the patient.It can be difficult for the patient to keep track of all the information given during an office visit. If available, an e-mail record of the instructions would be beneficial because the patient would not have to try to either write everything down during the appointment or try to remember all the details of what his or her health care provider told him or her during the appointment. Benefits to Health Care Providers As illustrated, e-mail communication offers many benefits to patients. The use of e-mail communication is also beneficial to the health care provider in many ways. As with the patient, the creation of a written record of the communication is a distinct benefit. With a written record of the communication, the practitioner has documentation of instructions given to the patient. This is important in this age of litigation minded individuals who will call an attorney for any perceived wrongdoing by any health care practitioner (American Medical Association, 2011). Another benefit of e-mail communications for health care practitioners is faster and more accurate communication with other health care providers.Frequently health care practitioners will consult with colleagues on patient care. E-mail allows the requesting provider to formulate his or her thoughts into cohesive written form, which is easy for the receiver to understand and respond to in a timely manner. In addition to facilitating clear communication with other providers, e-mail allows providers to respond to requests without interfering with patient care by having to answer an untimely phone call from a colleague. The Need for ConfidentialityAs with any format where health care providers are transmitting confidential patient information, e-mail must be secure to maintain patient confidentiality as directed by the Health Insurance Portability and Accountability Act (HIPAA). While HIPAA does not specifically address one form of electronic record transmission, it is clear that any electronic transmission of private patient information must be secure. Through the installation of an encrypted e-mail system, health care providers and patients have assurance that the information transmitted is secure.In addition to using secured e-mail transmissions, health care providers must be sure they take every precaution available to ensure the security of patient information. Some health care providers many elect to refrain from e-mail communication with patients out of fear of not following these HIPAA guidelines; however, these provides need only take simple steps to ensure the security of e-mail transmiss ions to patients (Internet Mail Consortium, 2011). Comparison with Other Communication Platforms E-mail is not the only communication platform available to the health care community.As technology advances, so does the broad base of communication methods available to health care providers. Smart phone applications, automated computer phone calls, and text messaging are just a few of the available communication modalities available for use in the health care setting. Smart phone applications, such as those offered by CVS Pharmacy and Caremark, allow patients to communicate with their pharmacies to order prescriptions, check order history, refills prescriptions, and check drug costs, all from a remote location (CVS Caremark, 2010).Automated, computer generated phone messaging platforms allow health care providers to contact large numbers of individuals without taking valuable personnel away from critical patient care duties. One such use of the automated phone-messaging platform is to inform patients of test results. The computer calls and leaves a message for the patient to call the office to retrieve a secure message containing test results. According to personal communication with T.Lewis, MD, at Hatfield Family Medicine (April, 4, 2011), the use of this system frees up the staff to attend to immediate patient care, while still notifying patients that the office has received the test results. Text messaging is a relatively new communication platform that allows health care providers to send brief messages to patients. Generally, these messages would be appointment reminders, or that a patient’s mail-order pharmacy shipped his or her prescription order (CVS Caremark, 2011).By the very nature of text messaging, which is not completely secure, these messages are short and do not contain patients’ protected health information or other identifying information that could violate HIPAA security regulations. Marketing Potential E-mail has potential for use as a marketing tool while facilitating communication between health care providers and patients. To supplement income or to cover the expense of an encrypted e-mail system, a health care provider may choose to charge other companies to place a banner ad within an e-mail that the provider sends to patients (Pointopoint, 2010).Health care professionals can also use e-mail to send out mass mailings, or newsletters, to all patients with an e-mail address on file. Such newsletters can contain information about services the health care office currently provides, or announce new services or locations looming on the horizon. Through communicating with current patients, the health care practitioner can use e-mail as an effective marketing tool to increase business (Mednet Technologies, 2008).Media and Social Networking Influences Social networking and evidence media influences are becoming more common within the health care community. According to Bennett (2011), 906 U. S. hospitals are using social networking sites to communicate with patients. The increase in social networking use by health care facilities may increase pressure on the health care providers associated with these facilities to incorporate e-mail communications into their daily practice.The increase in media interest on the utilization of e-mail as a communication forum in health care could also exert pressure on health care providers to become more â€Å"tech savvy† and integrate e-mail as a working communication method. Conclusion E-mail communication within the health care community has proven to be a valuable tool. The use of e-mail offers many benefits to both patients and health care providers while still maintaining patient confidentiality. Even though e-mail is not the only advanced communication platform available to health care providers, it is one of the most versatile forms of communication.By using e-mail not only as a communication method as a marketing tool, health care facilities can increase visibility of their services to patients. With the advancement of technology a need and an obligation for the health care community to stay current has developed. With much media attention on the increase in health care facilities’ use of social networking, the pressure is on for all health care providers to offer e-mail as a communication option for patients.

Free Essays on Hamlet’s Troubled Mind

Hamlet’s Troubled Mind â€Å" †¦To be, or not to be: that is the question†¦Ã¢â‚¬  Probably the most quoted line in the history of dramatic literature, not bad, for a madman. In William Shakespeare’s Hamlet, our hero is haunted by the ghost of his kingly father who was viscously and premeditatedly murdered by the King’s own shameless wife and coveting brother. Imagine if you will a specter of your dead father appearing before you and divulging a secret so intense it plants the seeds of insanity. Tragedy is defined as a form of drama in which a person of superior intelligence and character, a leader of the community, is overcome by the very obstacles he struggles against. Never has there been a more fitting definition written for one character, never has there been a more sorrowful, pitifully tormented human being than Hamlet. Our hero walks on the cliff’s edge of sanity and insanity through out his single-minded task of bittersweet revenge, drifting closer to the edge wi th every turn of the page. Nothing it seems will veer him from his path of righteousness, not understanding, not reason, not friendship or family, or the mightiest emotion of them all, love. Hamlet is faced with the knowledge that his own mother stole away his beloved father for her own sinful pleasures of the flesh, this thought to say the least, is maddening for our righteous hero. As if the grief felt by a loved one’s passing were not enough, this deceitful, hideous act of treasonous lust is thrust upon Hamlet’s weary mind, leading his head and heart in a downward spiral to despair and madness. This explains why Hamlet’s love for Ophelia, the alluring daughter of Polonius, was buried within his father’s casket. How does one forgive a mother for killing the father? How does one love an uncle knowing your father’s body rots and decays beneath the dirt, because the brother placed him there? Hamlet’s mind must have traveled into the depth ’s o... Free Essays on Hamlet’s Troubled Mind Free Essays on Hamlet’s Troubled Mind Hamlet’s Troubled Mind â€Å" †¦To be, or not to be: that is the question†¦Ã¢â‚¬  Probably the most quoted line in the history of dramatic literature, not bad, for a madman. In William Shakespeare’s Hamlet, our hero is haunted by the ghost of his kingly father who was viscously and premeditatedly murdered by the King’s own shameless wife and coveting brother. Imagine if you will a specter of your dead father appearing before you and divulging a secret so intense it plants the seeds of insanity. Tragedy is defined as a form of drama in which a person of superior intelligence and character, a leader of the community, is overcome by the very obstacles he struggles against. Never has there been a more fitting definition written for one character, never has there been a more sorrowful, pitifully tormented human being than Hamlet. Our hero walks on the cliff’s edge of sanity and insanity through out his single-minded task of bittersweet revenge, drifting closer to the edge wi th every turn of the page. Nothing it seems will veer him from his path of righteousness, not understanding, not reason, not friendship or family, or the mightiest emotion of them all, love. Hamlet is faced with the knowledge that his own mother stole away his beloved father for her own sinful pleasures of the flesh, this thought to say the least, is maddening for our righteous hero. As if the grief felt by a loved one’s passing were not enough, this deceitful, hideous act of treasonous lust is thrust upon Hamlet’s weary mind, leading his head and heart in a downward spiral to despair and madness. This explains why Hamlet’s love for Ophelia, the alluring daughter of Polonius, was buried within his father’s casket. How does one forgive a mother for killing the father? How does one love an uncle knowing your father’s body rots and decays beneath the dirt, because the brother placed him there? Hamlet’s mind must have traveled into the depth ’s o...

Article Assignment Example | Topics and Well Written Essays - 1250 words

Article - Assignment Example The first article â€Å"Aligning Supply Chain Strategies with Product Uncertainties† by Lee discusses theoretically the process involved in supply chain management and the factors, which necessitates the same. The article elaborately discusses the risks in production entailed by demand and supply sides. The center point is supply uncertainties that thereby leads to reinforce the necessity of supply chain management. The second article ‘Avon gets its Makeover’ by Cohen and Roussel point out how Avon, a global cosmetics firm has reformed the infrastructure in its manufacturing and transportation base using an end-to-end approach and the benefits which resulted form this step. The third article ‘Making Supply Meet Demand’ by Fischer, Hammond, Obermeyer and Raman focuses on the errors in forecasting and other means of uncertainties affecting demand supply interaction. The fourth article ‘Mass Customization at’ by Feitzinger and Lee explains t he strategies employed for mass customization. All four articles also incorporate the role played by information in supply chain management. Demand-Supply interaction and supply chain management Managing supply chains is closely associated with demand related uncertainties. Supply Chain Management is an integrated set of complex operations needed for a business to succeed in a competitive atmosphere. Efficient supply chain management functions practiced by a company help it in achieving several business objectives. It helps in reducing the cost of operations, improving the quality of the products and services rendered and in maintaining efficient delivery system. Moreover effective supply chain management practice promotes the system of spontaneous innovation taken by a concern. Effective supply chain management helps in the augmentation of the value and quality of products through proper forecasting of market demand and thereby making necessary replenishment (Fischer, Hammond, Ober meyer and Raman). The challenges and benefits of supply chains should be closely studied before any practical strategies are framed and Lee successfully explore that focusing on the uncertainties on both demand and supply sides. Management of supply chains have been more complicated owing to the shortening of life cycles of a product, expansion of business worldwide and persistent up gradation of information technology. The main indicators of the health of supply chain are its market position, inventory, customer service, cost and returns on assets. One important thing must be noted here. Every product or segment cannot have the same kind of supply chain management and a market with unstable demand or uncertain supply source cannot be managed in the same way as that with a stable demand and supply dynamics. For instance products, which are functional, might have lesser uncertainties in demand structure than those that are innovative in nature (Lee). The distinction on grounds of pre dictability can also be made on grounds of accurate response. Fischer, Hammond, Obermeyer and Raman discuss different models for forecasting demand and consequently supply. The products, which are functional in nature, can be forecast without much risk of deviation (Lee). An instance of a successful supply chain management might be found in case of Avon. The company undertook an end-to-end supply chain structure where it could see the entire chain as

Child Watch TV is good or not Essay Example | Topics and Well Written Essays - 500 words

Child Watch TV is good or not - Essay Example Several researches around the world has shown that on an average children who consistently spend more than 4 hours per day watching TV are more likely to be overweight. In earlier days before the television, children played outdoors more and used their minds to be more creative. Today, obesity is a major problem among children and health experts point out that television plays a major role in this. Excessive television viewing promotes inactivity and when it is combined with frequent snaking it leads to obesity. In addition, children are more and more influenced by advertisement and through television they're also bombarded with messages that encourage them to eat unhealthy foods such as potato chips and empty-calorie soft drinks that often become preferred snack foods. There is no doubt that television has its good side. It can be both entertaining as well as educational. It gives good opportunity for children to learn more about different cultures, and gain exposure to ideas they may never encounter in their own community.Besides, it also gives them a chance to see different places and learn about various aspects on culture in different parts of the world. However, if we think of a situation where there was no television, children who have an interest to learn about these aspects could use books and other sources to know about these things.

Peer Review of Strategic and Implementation Plans Essay Example for Free

Peer Review of Strategic and Implementation Plans Essay Team members provided feedback on the individual draft papers posted. The assignment was to provide a strategic plan for our chosen organization. The plan needed to include implementation for objectives, functional tactics, action items, milestones and deadlines, tasks and task ownership, and resource allocations. Organizational and management changes, financial forecasts, and risks with contingency plans also needed to be addressed. One of the draft papers contained excellent breakdowns on the financials for a startup company along with specifics on which participating individuals would be responsible for key action items. The budget and sales forecast were realistic for what would be expected with a new business. The identified risk of low participation volume from clients was identified, but there was no contingency plan for this in terms of additional marketing. Another team member’s paper was clear in how customer needs could impact the success of the strategic plan. Internal and external factors addressed employee relations and shareholder expectations. The approach the company needs to take with delivering service to customers is identified as factor that needs to change as the plan is implemented. A SWOT analysis would be conducted and contingency plans made on an as-needed basis. The company may want to develop several contingency plans for common issues within its industry to be prepared for these scenarios. The third draft reviewed focused on short and long-term objectives and the use of a balanced scorecard approach to evaluating and monitoring the plan’s implementation. The critical components for objectives, functional tactics,  action items, and resource allocation were identified. Major changes to the organizational structure and management positions were key factors to the company’s plan. Conclusion Although all team members did not post drafts or offer feedback those that did provided details pertinent to the assignment. Team members identified the items outlined in the assignment and appear to have strong knowledge of what a strategic plan needs to address to be successful in meeting goals.

Alternative Approaches to Meeting Peugeot Objectives Essays -- Papers

Alternative Approaches to Meeting Peugeot Objectives Are Peugeot using the best methods for the line of work they are involved in? Is there a way of improving their efficiency, quality and productivity? We should be able to tell if there is by looking at the theory known as benchmarking. Benchmarking can be defined as imitating the standards of an established leader in quality and attempting to be better them. Benchmarking is a technique used by some businesses to help them discover the 'best' methods of production available and then adopt them. Benchmarking involves: - Ã ¼ Finding out what makes the difference, in the customer's eyes, between an ordinary supplier and an excellent supplier. Ã ¼ Setting standards for business operations based on the best practice that can be found. Ã ¼ Finding out how these best companies meeting those standards. Ã ¼ Applying both competitors' standards and, if possible, exceed them. What should be benchmarked? I Who should the company benchmark against? I How is the information obtained? I How should the information be analysed? I How should the information be used? These are the five main steps in Benchmarking. The first step is to identify exactly what the company intends to benchmark. Benchmarks that are important for customer satisfaction might include consistency of product, correct invoices, shorter delivery times, shorter lead times and improved after sales service. Peugeot could decide to benchmark better sales figures. What better company to benchmark against than 'Ford', the leading company in market penetration. If Peugeot were to i... ...ompanies meet those standards. Then Peugeot could apply both standards and their own to meet the new standard and possibly exceed that excellent customer service standard. Due to Peugeot previous innovations, they were very successful in winning awards for the company, such as the 'car of the year' award; the 206 won the 'best used car' award. Also Peugeot were able to produce a world record, producing half a million 206s in three years. As we can see from Peugeot's previous success they are very innovative and progressive in the car industry. Using every new technological advantage possible to create that competitive advantage over their rivals. And with policies like "eight airbags as standard" Peugeot are a tough act to follow. Especially with such high regards to recycling and safety to the environment.

Microeconomic Theory Essay

1. Explain why society faces a trade-off between consumption goods and capital goods. Society is faced with trade off between consumption goods and capital goods in that resources are scarce, and therefore it has to make choices based on the opportunity costs of benefiting from consumption at present or having a greater level of consumption tomorrow through investment in capital goods. 2. Distinguish between absolute and comparative advantage. Absolute advantage refers to that trade, which is not reciprocally favorable as opposed to a Comparative trade, where trade is reciprocally favorable. 3. Explain the Law of Demand. The law of demand states that as the price of a service or good increases, consumer demand for the service or good will decrease and vice versa, provided all other factors remain constant. 4. Explain the Law of Supply The law of supply states that as the price of a service or good increases, the quantity of services or goods tendered by suppliers increases and vice versa, provided all the factors remain constant. 5. Explain the effects of price ceilings. It is a kind of government measure, where it fixes a limit on the price to be charged on a product. Effective price ceiling must be different from the free market price. A price ceiling positioned below the free market price will put suppliers in a state where they can no longer charge what they had been charging, for that particular product. This will force some suppliers to move out of the market, hence reduction in the quantity produced. On the other side quantity demanded will increase for the same product because consumers are able to buy at a lower price. Since quantity demanded exceeds quantity produced, a shortage will occur and it will result to non-price competition 6. Explain the effects of price floors. It is a kind of government measure where it imposes a limit on the lowest price that can be charged on a product and for it to be effective it must be set higher than the equilibrium price. When the price floor is position above the market equilibrium price, consumers observe that they now have to pay a higher price for that particular product. Suppliers, on the other part are ensured higher price than what they were charging before. This has the effect of increasing production, hence excess supply of the product in the market. Thus to maintain price floor over a longer period, the government will be forced to take action to reduce the excess supply 7. Distinguish between private goods and public goods and explain the nature of the free-rider problem. Private goods are the kind of goods whose profits, are indivisibly spread over the whole community, even if the individuals do not desire to purchase it. While private goods refers to the ones that are divisible and can be provided separately to various individuals, without external costs or benefits to others. Positive externalities that are not remunerated normally result from the production of public goods. When private organizations are not getting all the profits of a public good that they have produced, there will be no sufficient incentives to produce it voluntarily. Hence, consumers will take advantage of public goods without sufficiently contributing to their production. Distinguish between average tax rates and marginal tax rates. Average tax rate refers to the total amount of taxes paid divide by income. It shows the sum of tax paid per dollar earned while marginal tax rate refers to the income tax rate paid on the last dollar of income earned 9. Distinguish between average tax rates and marginal tax rates. Average tax rate refers to the total amount of taxes paid divide by income. It shows the sum of tax paid per dollar earned while marginal tax rate refers to the income tax rate paid on the last dollar of income earned 10. Explain the structure of the US income tax system. The structure of US tax system is very complex one that entails payment to at least four various levels of government and many ways of taxation. US taxation comprises local government possibly consisting of one or more of township, municipal, county and district governments. It may also embrace regional entities like school and utility and transit districts as well as incorporating federal government and state 11. Describe how prices indexes are calculated and define the key types of price indexes Price indexes refers to a standardized average or a weighted average of prices for a given category of services and goods in a given place, over a given intermission of time Types of price indexes include consumer price index, producer price index and GDP deflator 12. Distinguish between nominal and real interest rates. Nominal interest is the rate of interest prior to adjustment for inflation in contrast to real interest rate and it encompasses all three risk factors plus the time value of money in contrast to real interest rate, which includes only systematic and regulatory risks. Generally, real interest rate is equal to nominal interest rate minus inflation and currency adjustment. 13. Describe the circular flow of income and output. The circular flow of income and output shows joint flow of income between consumers and producers. The mutually supporting entities of consumers and producers, referred to as households and firms respectively offer each other with factors to facilitate the easy flow of income. Firms supply consumers with services and goods in exchange for consumer spending and factors of production from the household. 14. Define gross domestic product (GDP). Gross domestic product is the total market value of all the final services and goods produced within a country over a given period. 15. Define economic growth. Economic growth refers to the sturdy process by which the productive capacity of the economy is increased over time to produce growing levels of national income and output 16. Discuss the fundamental factors that contribute to a nation’s economic development. Policies of national development need to be formulate in conformity with national needs, development priorities and conditions and should focus on the lessons erudite from decades of development. International cooperation in the formulation and implementation of macroecomic policies need to be reinforcing with an analysis to enhancing greater lucidity and consistency of domestic policies and in so doing reinforcing their effectiveness. 17. Describe the effect of economic growth on the long-run aggregate supply curve. Economic growth will cause the aggregate supply curve to shift. Positive economic growth will lead to increase in productive resources that will make it possible to produce more final services and goods, thus the natural level of real GDP increases. Positive economic growth will make the LAS curve to shift to the right and vice versa 18. Discuss the meaning of the long-run equilibrium for the economy as a whole. Long run equilibrium refers to where the aggregate demand and long run aggregate supply curves intersect. Output is fixed and the price level is variable in the long- run. Thus increases in aggregate demand leads to higher prices and vice versa 19. Discuss the central assumptions of the classical model. The central assumptions of classical model are that it assumes that economic agents’ posses’ perfect information and the markets are characterized by perfectly flexible wages and prices. The result of these assumptions if functional on the short run with fixed capital stock is that output is dogged by independent supply factors 20. Describe the short-run determination of equilibrium real GDP and the price level in the classical model. The aggregate supply-aggregate demand is the fundamental macroeconomic tool for studying output variations and the resolve of the price level and inflation rate. The intersection of the aggregate demand and supply curves determines the economy’s equilibrium price level and equilibrium real domestic output 21. Distinguish between saving and savings and explain how saving and consumption are related. Saving refers to that process of constantly putting aside a sum of money while savings is that income received by a consumer not used in the output of firms through spending. Savings and consumption can be related in the equation where income is equal to the sum of savings and expenditure (consumption) 22. Identify the primary determinants of planned investment. The primary determinants of a planned investment include the expected return from investments, the taxation of returns, the cost of capital in relation to interest rate and the ease of use of savings to meet investments 23. Discuss ways in which indirect crowding out and direct expenditures offsets can reduce the effectiveness of fiscal policy actions. Inflation has an indirect outcome on international competitiveness. As prices increase, products tend to be more expensive relative to foreign products. This will result to reduced demand for exports as compared to imports. Net export being a parameter of aggregate demand will contracts GDP and partly offsets the expansionary fiscal policy. Expansionary fiscal policy makes interest rates to increase because the government must borrow to finance the increased deficit. The government raises revenues through taxes or borrowing. Hence, as the interest increases, private investment decreases. In the short run, it will decrease private investment demand, a parameter of aggregate demand and this will effectively lower GDP. Describe how certain aspects of fiscal policy function as automatic stabilizers for the economy. Automatic stabilizers are programs that automatically increase fiscal policy during recessions and contract it during booms. Unemployment insurance is an exemplar of automatic stabilizer in that the government spends more money for the period of recessions when unemployment rate is high. Equally, taxes are roughly proportional to profits and wages; hence, the size of taxes collected is higher during boom than recession. 25. Explain how federal government budget deficits occur. Federal government deficit occurs when it pays out more money than it can receive 26. Define the public debt and understand alternative measures of the public debt. Public debt refers to the credit or money owed by any echelon of government; federal government, central government and municipal government or local government. The debt is seen as an absolute number and can therefore measured as a percentage of the GDP. Alternatively, it can be measured by the amount owed in any given year. 27. Define the fundamental functions of money. Money can be described in terms of its core functions that are; it act as a medium of exchange, store of value and as a unit of account. 28. Identify key properties that any good that functions as money must possess. Properties of money is that it should be able to serve as (1) means of exchange (2) a enumerative (3)a source of liquidity and (4) store of value 29. Describe how the Federal Reserve assesses reserve requirements on banks and other depository institutions. The reserve requirement is a bank rule that puts the minimum reserves each bank must hold to customer notes and deposits. The reserves are meant to assure withdrawal demands. Federal Reserve approval is essential to begin any foreign banking institution in the US. Foreign banks need acquire regulatory approval from the OCC or the state banking supervisor when establishing new branches and agencies. Banks that are federally licensed must deposit cash or suitable securities at approved depository to convince the capital equivalency requirements specified by the IBA 30. Explain why the money supply changes when someone deposits in a depository institution a check drawn on the Federal Reserve System. The Federal Reserve buys and sells government securities. These, increases or decreases banks capabilities of making loans. This equally decreases or increases interest rates. If Federal Reserve sells a bond, an institution or individual buys the bond with a debit on their account and transfers the funds to the Federal Reserve. The Federal Reserve removes an equivalent amount from the bank reserve of the customer. The bank will then take away the equivalent amount from the customer’s account who bought the bond. This will decrease money supply and increase interest rates. The trend changes when the Federal Reserve decides to buy a bond 31. Identify the key factors that influence the quantity of money that people desire to hold. Motives for holding money, which can be expressed as factors that influence people to hold money, are transaction motives, precautionary motives and speculative motives 32. Describe how the Federal Reserves Tools of monetary policy influence market interest rates. The Federal Reserve buys and sells government securities. These increases or decreases banks capabilities of making loans. This equally decreases or increases interest rates. If Federal Reserve sells a bond, an institution or individual buys the bond with a debit on their account and transfers the funds to the Federal Reserve. The Federal Reserve then removes an equivalent amount from the bank reserve of the customer. The bank will then take away the equivalent amount from the customer’s account who bought the bond. This will decrease money supply and increase interest rates. The trend changes when the Federal Reserve decides to buy a bond 33. Explain why the actual unemployment might depart from the natural rate of unemployment. The departure of the natural and actual rates of unemployment is a sign of the business cycle. The stages when actual unemployment exceeds the natural unemployment are times of recession or early stages of economic recovery. The stages when actual rate is below the natural are times of a booming economy 34. Describe why there may be an inverse relationship between the inflation rate and the unemployment rate, reflected by the Phillips curve. The inverse relationship in the Philips curve can be explained well when you consider that with high unemployment laborers would accept lower wages and this would reduce firms’ cost. High wages bring about high inflation and the lower the rate of unemployment, the higher the rate of inflation and vice versa. 35. Explain why population growth can have uncertain effect on economic growth. There is no clear-cut explanation of the effect of population growth on economic growth. It can be argued that high population growth creates pressures on limited natural resources, decreases public and private capital formation and redirects counts to maintaining relative to increasing the stock of capital per worker. It can also have affirmative effects like economies of scale and specialization. Describe how government inefficiencies have contributed to the creation of relatively large quantities of dead capital in the worlds developing nations. Government poor policies make capital investment impossible. The government tends to involve in the production of consumption goods that are less important. The rate at which the economy can absorb extra human capital is low and therefore it leaves the available resource idle. The government is also not receptive to new technology whish is important in the formation of capital. Discuss the worldwide importance of international trade. International trade is very crucial for the development of a country in that it expands the choices that could otherwise been limited to what can be produced locally. Thus, countries can access goods and services cheaply from abroad. Labor can also be obtained cheaply in some countries. Cheap labor reduces production costs and this will have effect to low prices to the final product. Therefore, countries can import final product at a much lower price compared to when produced locally where labor is very expensive. Explain why nations can gain from specializing in production and engaging in international trade. A country specializing in the production of goods which it has comparative advantage will profit and it will trade for goods which it does not have comparative advantage. Therefore, free trade will make a country to use its resources efficiently. Efficient use of resources will increase the amount of goods available for production and consumption. Hence, the benefits of trade will be the outcome of specialization 39. Distinguish between the balance of trade and the balance of payments. The balance refers to discrepancy between a county’s exports and imports and it is the major part of a country’s balance of payments, which is an accounting report of the economic transactions that have taken place stuck between the inhabitants of one country and the inhabitants of other country over a particular period. 40. Identify the key accounts within the balance of payments. Key accounts within the balance of payments are current account, capital account and financial account. References Ariel, R. Lecture Notes in Microeconomic Theory: The Economic Agent. New York: Princeton University Press, 2006