The Economic Growth vs. the Environmental Sustainable Development free essay sample

The Economic Growth Vs. the Environmental Sustainable Development Contents I. Introduction3 II. Distinguish between Economic Growth and Environment Sustainable Development5 III. Natural Environment and the Economy 5 1. Natural Environment and the Economy5 2. Relationship between economic growth and the environment6 2. 1 Environmental Kuznets Curve 6 2. 2 Alternative views on the economy-environment relationship7 2. 3 Case study in Cambodia 8 3. Current Cambodia’s Economy and Development10 IV. Sustaining Economic Growth in The Long-Term12 . The Combination of Economic Growth 12 2. The critical thresholds over the environmental assets12 3. The limited resources of non-renewable environmental 13 4. The impacts of the changes to natural assets toward many generations13 5. Effective use and supplying of natural assets14 V. Conclusion15 Bibliography16 I. Introduction â€Å"The relationship between economic growth and the environment is controversial. Traditional economic theory pos its a trade-off between economic growth and environmental quality. Since the early 1990s, however, the rapidly expanding empirical and theoretical literature on the Environmental Kuznets Curve (EKC) has suggested that the relationship between economic growth and the environment could be positive and hence growth is a prerequisite for environmental improvement. † (Lee et al. 2005) However, in this 21st century environment is a hot issue, which international organizations have given special attention to, especially climate change. Regarding to previous research study, one of the mainly contributing factors is human activity. Particularly, industrial revolution has direct effects. Haze from factories creates greenhouse gases and air pollution. Moreover, the waste from industries is polluting drinkable water and diluting utilized soil. Thus, states need to consider the impact on environmental and social concerns caused by the rapid growth of economy. Cambodia is a developing country that is really important to think of economic growth before environmental improvement if we do not take it into a deeper consideration and discussion. However, according to the World Bank group (2011), sustainable use of Cambodia’s natural resources is a  key feature to the country’s development. Approximately three-quarters of the population are directly engaged in agriculture and depend upon the land for their daily survival. Nearly 40  percent  of the country’s Gross Domestic Product (GDP) comes from agriculture and forestry (The World Bank 2011). Tourism, which is based on the country’s cultural and natural wonders, also contributes considerably to economic development. Reliance on these industries means that sustainable management of natural resources and other aspects of the environment are vital for improving rural livelihoods and economic growth. While economic studies often distinguish between â€Å"economic growth†, and â€Å"economic development†, what will be the better choice for Cambodia to choose in order to improve her economy? Many previous researchers have conducted research in terms of economics’ evolution toward economic growth and economic development. Actually, their study widely focused on global situations, while this term paper will be conducted to contribute to government policy, especially in Cambodia whether we should intensify our production to achieve high per capita income for every Cambodian or we should slow down to leave room for environmental protection. This term paper aims to: (1) analyze the differences between economic growth and economic development in Cambodia; (2) identify the bad impacts of economic growth on Cambodia’s environment and sustainable development; (3) examine the importance of the economic development for Cambodia as a whole; (4) investigate the current economic situation and the possible future of governmental policy toward economic evolution. This study does not attempt to answer the question of what the sustainable level of economic growth might be, but instead examines the link between economic growth and the environment. Moreover, rather it has the objectives of revisiting Cambodia’s policy toward the balance of production and environment in economic development. II. Distinguish between Economic Growth and Environment Sustainable Development Economic Growth and Sustainable Development have many different characteristics that can draw readers to understand clearly why some states choose to develop their economic rather than improving their sustainable development and why the other states choose to give more attention to their environmental sustainability instead. Hence, before doing the analyzing and providing the data related to the topic research, these two factors have to be distinguished more accurately. Hereby, economic growth refer to the grow of GDP per capital and other measurements of total income in quality of goods and services in society whereas sustainable development refer to the resource that can provide to meet the demand of human while conserve the environment and make sure that next generation can enjoy their well-being in the future like the present. III. Natural Environment and the Economy 1. Natural Environment and the Economy â€Å"Natural capital is defined as natural assets in their role of providing natural resource inputs and environmental services for economic production† (Tim et al). Natural capital contributes to economic output through two main channels—directly as an input to the process of economic activity, and indirectly through its effect on the productivity of the other factors of production. For instance, natural resources such as oil, coal, natural gas, water etc. re the raw materials and sources of energy for industry, which is the main part of economic growth. Besides, â€Å"Beyond the commercially traded goods and services of primary production, nature also produces non-marketable services, which do not have or not yet and explicit market price, generate positive externalities that benefit other activities, or that add directly to human well-being like hydrological, climatic and recreational servic es provided by a forest (Loyer, 2006). 2. Relationship between economic growth and the environment After discussing the importance of natural environment and its contribution to economic growth in the above section, this section aims to show the relationship between economic growth and environmental quality. 3. 1 Environmental Kuznets Curve The Environmental Kuznets Curve (EKC) is often used to define the relationship between economic growth and environmental pollution. Referring to the hypothesis of and inverted U-shaped describes the relationship between GDP per capita and some measures of environmental quality (figure 1). The curve can be explained as follows: As GDP per capita raises, environmental degradation increases. However, when GDP per capita growths in a certain point, the environmental damage seems decrease accordingly due to some reasons: * At low incomes, individuals are using their limited income to fulfill their basic consumption needs, which causes pollution in a low level. * Once a certain level of income is achieved, individuals start considering the trade off between environmental quality and consumption, which causes environmental damage in a higher level. After a certain point, individuals prefer improvements in environmental quality rather than further consumption, which causes environmental quality beginning to improve along economic growth. EKC relationship demonstrates the logic that at the early stage of industrialization and development, environmental damage is caused by the uses a lot of natural resources and dirty technologies for production by economy. Whereas, when the de velopment improves the quality of life, the demands for an environmental-friendly society are rising. As a result, it is burden for government to implement policies to improve environmental quality (CDRI, 2009). Figure 1: Environmental Kuznets Curve Environmental Damage Environmental Damage GDP/Capita 3. 2 Alternative views on the economy-environment relationship The relationship between economic growth and environmental quality has also been described by other alternative theories as in figure 2. The limits theory considers the possibility of breaching environmental levels before the economy reaches the EKC turning point. This theory explains the economy-environment relationship in terms of environmental damage hitting a certain level beyond which production is so badly affected the economy. (Figure 2. 1) Another theory questions, the existence of turning points and considers the possibility that environmental quality has been continued damaging more serious parallel to the increase of economic growth. (Figure 2. 2) This has similarity to the new toxics view. The other model is known as race to the bottom, which discusses the relationship between economic growth and the environment as the result of international competition. International competition primarily causes the increase of environmental damage up to the certain point when developed countries initiate deduction their environmental impact, but also outsource polluting activities to poorer countries. (Figure 2. 3) Figure 2: Alternative views between the economic growth and environmental damage relationship Environmental Damage Environmental Damage Environmental Damage Environmental Damage Environmental Damage Environmental Damage GDP/Capita GDP/Capita GDP/Capita GDP/Capita GDP/Capita GDP/Capita 2. 3. Race to the Bottom 2. 3. Race to the Bottom 2. 1 Limits Theory 2. 1 Limits Theory 2. 2. New Toxics amp; Davidson 2. 2. New Toxics amp; Davidson 3. 3 Case Study in Cambodia Sustainable use of Cambodia’s natural resources is a main aspect to the country’s development. About 75 percent of the total population are directly involved in agriculture and depend on the land for their daily subsistence. Nearly 40 percent of the country’s Gross Domestic Product (GDP) is from agriculture and forestry’s contribution. Tonle Sap is the largest lake in Southeast Asia, which associates with the Mekong River through Phnom Penh, and provides fertile, irrigated fields for rice production. Approximately 40 -70 percent of Cambodia’s protein in-take and 5 percent of GDP are provided alone by a fishing industry supported by the unique eco-system in the Tonle Sap Basin. Unfortunately, as a result of economic growth Cambodian environment has suffered remarkably. Various aspects of illegal logging, land clearing and the hunting of rare/endangered species caused the degradation of forests and los of biodiversity, which are the most instant concerns of the rapid economic growth. Furthermore, some of the environmental problems are considered cross-boundary in nature; therefore, Cambodia is playing an active role in the Greater Mekong Sub-region, Mekong River Commission, and ASEAN in addressing these challenges. Figure 3: Recent economic indicators and Changes in Forest Cover Source: CDRI, Annual Development Review 2011-12 Figure 4: Changes in Forest Cover, 1965-2010 As we can see the above tables—the first table shows the recent economic indicators from 2006 to 2010, and it indicates the growth rate by each indicator increases accordingly from year to year. This can be inferred that economic growth in Cambodia is higher from year to year. Whereas, percentages of area forest in 2005 is 59. 09 % while in 2010 it has only 56. 94%, which is showed in the second table. This reveals the fact that deforestation rises at the time as the economic growth increases as well. 3. Current Cambodia’s Economy and Development The evolution of Cambodia’s economy today over the last two decade is a process of policy transformation from a â€Å"centrally planned† to a â€Å"market-oriented† economy that favors investment, trade and private sector development within regional (ASEAN and East Asia), sub-regional (GMS), and global contexts. The economic growth has rapidly increased after the reforming policy together with the end of civil society conflict and political stability. The transformation from an agrarian economy to a more balanced mix of agriculture, industry, tourism, and services have contributed to the growing of economy averaging 7. percent between 1994 and 2010 and the lifting per capita from USD248 to USD735. To ensure sustainable economic development, Cambodia have adopted trade and investment liberalization as the priority policies, which aim to (1) strengthen the cooperation and economic integration among sub-regional, regional and global as a whole; (2) create a favorabl e macroeconomic and financial environment; (3) foster economic and trade diversification and competitiveness; (4) strengthen the private sector participation; and (5) attract investment via a more conductive business and investment climate. Figure 5: Projection of solid waste generation rate (WGR) in Phnom Penh Source: National Institute of Statistics, Ministry of Planning (2000) Figure 6: CO2 Emissions (Tons per capita) Source: The World Bank 2008 Figure 7: Climate Change Trends UNDP Cambodia, 2012 IV. Sustaining Economic Growth in The Long-Term 1. The Combination of Economic Growth The process of economic growth is typically indicated in term of producing of goods and services for consumers. Those products involves in four main different combination factors such as: (1) produced capital like machinery, building and roads. (2) Human capital like labor skills and knowledge. 3) Natural capital (raw materials) that we extract from the earth, carbon sequestration services provided by forests and soils, and (4) Social capital, including institution and ties within communities. In order to increase the economic output we need to increase in these four capitals in productions. Among these capitals, natural capital is distinct from those three types for many reasons. Some parts of natural capital can cause striking and unexpected changes and have finite limits. Those natural resources are non-renewable and affect across many generations such as flood and climate change. Consequently, while natural capital is potentially used to ensure the economic growth, it has to be extracted in proper ways to secure the sustainable and efficient growth in the long run. Despite the non-renewable resources, the renewable resources like forests; fisheries and ecosystem services such as carbon sequestration and biodiversity need to be considered respectively. The reason is that how we consume and preserve both non-renewable and renewable resources for sustainable development of economic growth and wealth creation in the long run since Cambodia depends n tourism and agricultural fields as the main factors for government income. 2. The critical thresholds over the environmental assets Ecosystems are always subject to the environmental assets, inclusive of limited sources such as fish stocks and topsoil. There will be a change or sudden failure in ecosystem when breaching this threshold and the water or the soil get the chemical substances called sink limits, which is t he result from the output of production, and it can cause short-term or long-term disruption to the ecological activities. However; it must be better for the government to have precaution fundamental to recommend prohibiting degradation properly before these thresholds are happened. 3. The limited resources of non-renewable environmental Non-renewable environmental assets, metals and oil reserve, are scarce resources, which we surely need for economic growth in the long term not just for the short term as the power reserves remains, so it should be identify where and when it face limits. Theses resources are likely the most driven materials for improving sustainable economic development. The changes, depletion and degradation to the natural capitals are potentially irrecoverable and depend on timescales of national or personal interest. For example, anonymous person destroyed the oil reservation in Iraq and it was unable to restore. 4. The impacts of the changes to natural assets toward many generations There will have an impact caused by the current generation or one country’s activities on human welfare of future generation as well as the people all over the world. For instance, the damage of Green House Gas (GHG) is not only for the one nation or one generation but it also affects to the whole living condition of people in this globe. Therefore, regarding the destruction or consume of environmental resources need to be careful and take into account over time scale toward economic growth decisions. In addition, it is too complicated to evaluate the cost of environmental assets into economic decisions. For example, the economists will not be able to calculate the price and advantages of activities that is too far in the future. . Effective use and supplying of natural assets Economic growth is not depend only on natural capital, but it also depend on produced, human and social capital, so there would be a substitution of these three capital to the natural capital if necessary or possible by improving human capital like labor skills and knowledge or invest in social or physical structures such as infrastructures in order to ensure and secure the sustainable development in the long run. Otherwise, some services and materials cannot be replaced or substituted by any other goods and services of social or human or technology, and environmental capital have critical thresholds, so there should be consider only ensuring a minimum stock of natural capital. For instance, technology and other types of capital cannot provide the substitution of the ecosystem service (ozone depletion). The effective of economic involves between the inputs of production and the consumed of production output that equal or up to the peak through the value of consume additional unit. In the case of additional products, market force and the society’s interests normally determine price when the resources is used together with the natural inputs. Therefore, to keep sustainable economic growth, we need to calculate the value of natural resources correctly and categorize them into production and consumption decisions. When we use resource more and more until it leads to the scarcity, there should be protection by making the response in price, accelerating the methods of re-us and recycling of the resource, and generate the substitute products for its daily consumption. This is not only preserve the natural resource in effectiveness but also benefit for the whole economy. I. Conclusion This study has already described the complexity of the relationship between environment and economic growth and how to put economy in the sustainable development. Economic growth is the potential instruments for national development while its serious impacts of that growth could not be rejected and affects the environment and people’s lives. Economic development, green growth, is the fundamental method for sustainable growth in the long run and it helps to ensure the world security caused by uncertain weather. Therefore, after examine the link between economic growth and sustainable economic development we can see clearly through the situation in Cambodia that this country should have the policy of sustainable development in order to assure the welfare of its own people and make sure that the availability of resource that today generation are using can be able to provide the good effect for the next generation over a period of time. Bibliography Abdulai, Awudu, amp; Ramcke Linda. (2009). The imapact of trade and economic growth on the environment : revisiting the cross-country evidence. Kiel, institution for the world economy, No. 491, 1-28. Cambodia’s leading independent development policy research institute. (2012). Annual development review 2011-12. (R. Catalla, amp; S. Watkins , Eds. ) Phnom Penh, Cambodia: CDRI. CDRI (2009), The Environmental Impacts of the ASEAN-China Free Trade Agreement for Countries in the Greater Mekong Sub-region, Working Paper No 41 (Phnom Penh:CDRI) CDR I. Annual Development Review 2011-12. Retrieved from : http://www. cdri. org. kh/index. php/home/242-annual-development-review-2011-12 Dietz, Simon. ,Adger, W, Neil. (2002). Economic growth, biodiversity loss and conservation effort. Journal of encironment management, vol. 68, 1-33. Everett, T. , Ishwaran, M. , Ansaloni, G. P. , amp; Rubin , A. (2010). Economic Growth and the Environment. Defra Evidence and Analysis Series , Paper 2 . Asian Development Bank amp; Cambodia. April 2011. Retrieved from: http://agrocambodia. files. wordpress. com/2011/05/adb-fact-sheet. pdf EIC. Economics Today ‘Cambodia’s Business Megazine’. Cambodia GDP Projected to Grow 8. 7percent in 2011: EIC. 21 July 2011. Phnom Penh. Original Website : http://www. eicambodia. org/ Retrieved from : www. eicambodia. org/events/upfile/CEW13-PressRelease-ENG-35. df Everett, Tim. , Ishwaran, Mallika. , Ansaloni, Paolo, Gian. , amp; Rubin, Alex. (2010). Economic growth and the environment. (Defra, Department for environment food and rural affairs). Defra Evidence and analysis series, paper 2 (UMI No. PB13390) Fact Sheet. Cambodia general info. Retrieved from :www. dfat. gov. au/geo/fs/cmbd. pdf Fisher, Joseph. (2002). The role of natural resources in economic development. USA :Laramie. Giraud, Noel, Pierre. (2006). Natural capital and sustainable development in africa. (Department de la recherche). Agencefrancaise de development, vol. 33, 5-14 (UMI No. 75012) Hull, Katy. (2009). Understanding the relationship between economic growth, employment and poverty reduction. Economic growth , employment and poverty reduction, 69-89. International Institution for Sustainable development. (2012). What is sustainable development? : Environmental, economic and social well-being for today and tomorrow. Retrieved November 27, 2012, from http://www. iisd. org/sd/ Jabareen, Yosef. (2008). A new concept framework for sustainable development. (Springer science + Business media B. V. ). Environ dev sustain, pp. 3-4. (UMI No. 10. 1007/510668-006-9058-z) Klare, T. Michael. (2008). How the economic crisis will affect the environment: will the crisis be good or bad for the environment, especially with respect to global warming?. Retrieved November, 27, 2012, from http://www. alternet. org/story/103808/how_the_economic_crisis_will_affect_the_environment Roy, Santanu. (n. d. ). Sustainable growth. Fundamental economics, vol. II. , pp. 2-5. SantanuRoy. Fundamental Economics. Sustainable Growth. Volume II. Florida International University, Miami, FL, USA. Retrieved from : http://www. eolss. net/Sample-Chapters/C04/E6-28B-05-01. pdf Savath, Koch. (2009). The National green growth roadmap. Kingdom of Cambodia: Ministry of environment, UNESCAP, Green Growth. The Asia foundation. (n. d. ). Improving the business environment in Cambodia. Cambodia :US agency for international development and the Australian agency. Tim Everett, MallikaIshwaran, Gian Paolo Ansaloni and Alex Rubin. March 2010. Economic growth and Environment. Original website : http://www. defra. gov. uk/evidence/series/Retrieved from : http://www. defra. gov. uk/publications/files/pb13390-economic-growth-100305. pdf Tomas , Michael. (2003). The roles of the environment and natural resource in economic growth analysis. Washington, D. C. : Resource for the future. UNEP Regional Resource Center for Asia and the Pacific. (n. d). National sustainable development strategy Cambodia, 1-2. Xepapadeas, Anastasios. (2003). Economic growth and the environment. Rethymno, Greece :Department of economics university campus. YosefJabareen(2008). A New Conceptual Framework for Sustainable Development. Environment development and Sustainability. Original website : http://www. researchgate. net/publication/227033081_A_New_Conceptual_Framework_for_Sustainable_Development Retrieved from: http://www. eqb. state. mn. us/documents/EnvDevSust10p179ANewConceptualFrameworkforSustainableDevelopment. pdf

next time Review Essay Example

next time Review Paper Essay on next time The process of reading this book was very unusual it was revealed not as I expected from the analysis of the perception of the speech mannerisms of fashionable writer to art history subtleties described in the novel, etc. to the reading of thoughts that are close to me, and finally, to a sense of order, it OVERTIME book. It seems to be described by our time, our realities, but, if we discard all the faxes, planes, e-mails and other modern signs, the plunge is not something in the atmosphere of the 30-ies of 20 th century, not in the age of 19 (parallel to the novel line ), not during the Renaissance read lines of Florence and see its roof and dome, you hear the chirping of birds, the human hubbub, smell the hot Italian sun. London and the rain and fog, and a rare gentle sun all this subtle brushstrokes invisible eye of the viewer to the narrative canvas It is amazing.! Beyond words! Infinite book. Sad but joyful. Book of Mystery and book-opening. The quintessence of all, what I believe (permeating art .. music .. paints boundless love, which knows no barriers of time and death .. kinship reincarnation .. ..) and a source of new understanding soul can be quenched, to dwindle, but they can also move to the heights of life, carrying and protecting love The death -. it is the door to a new life. This brief farewell before the meeting. A life is inexhaustible memory of the past, giving the present in the hope of the future We will write a custom essay sample on next time Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on next time Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on next time Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Subtle jasmine scent penetrates the chest Dim lights autumn lifts moire canopy over the new spring .

How to Write a Short Essay For the Sample Essay MARA Scholarship

How to Write a Short Essay For the Sample Essay MARA ScholarshipThe Sample Essay MARA Scholarship is the newest program that helps students come up with a short essay. However, before you choose this opportunity it is important to learn how to write a short essay. Your writing skills will affect your chances of winning this scholarship.The Scholarship has set guidelines and sample essays in order to help you achieve your goal. You will also be given examples on how to answer the questions that will be asked during the interview. Some of the questions you might be asked include:The next thing you need to do before submitting your essay is to review the sample essay for mistakes. The most common mistake is when students use too many words and end up running out of space. This can be avoided by making sure you have enough space to work with. Also remember to be concise in your essay.Having your essay revised once after you have written it may also be recommended. Many students do not kn ow how to correctly format their essay so they have to go back and rewrite the sections of their essay. By reviewing the sample essay you can review the parts that you need to change.Before you apply for the Sample Essay MARA Scholarship, you will need to write a sample essay of some type. Using the sample essay as a guide, you can create your own unique essay. By using the sample essay as a guide, you can now use that template to generate a complete essay on your own.By using the sample essay as a guide, you can now use that template to generate a complete essay on your own. By using the sample essay as a guide, you can now use that template to generate a complete essay on your own. It is very important to remember to follow the rules and guidelines in order to be able to claim your scholarship.Once you have learned how to write a short essay, you can start writing your new essay. As with all assignments in college you must be prepared to submit your essay on time and without error s. Having a strong grasp of grammar and usage of proper spelling will help you achieve your goal.After your goal is achieved, the next step is to learn how to revise your sample essay. You will have to fill out your applications at least two times to ensure that your essay is good enough to earn you the scholarship. By reviewing your essay multiple times you will increase your chances of winning the scholarship.

Writing College Entrance Essays

Writing College Entrance Essays For most students, the first essay they write as a college requirement is also the most important one. The college entrance essay is a daunting task that requires as much candor as it does nuance, and the formula-driven essay assignments in high school language arts classes are a far cry from what admissions committees typically expect. In addition, competition for admission into the nations top universities is steadily tightening. As students, parents, and guidance counselors recognize the necessity of obtaining a respected degree in todays job market, applicants wisely vie for the slots that will give them the greatest chances in competing for the best career opportunities.So is it possible for the average student to stand out when writing college entrance essays? And how important is it to focus a great deal of time and effort on this endeavor? The answer to these questions is†¦ very! In many cases, a students college entrance essay overshadows his or her grades, extracurricu lar activities, and academic achievements. Admissions committees want to know who a student is as a person; all the impressive numbers and name-dropping do not necessarily reveal that. The college entrance essay is most often the only chance that committees have to see students for who they really are, know their individual struggles and intent, and connect on a personal level with them.Often students ask, How do I know what to write? A 500-word limit doesnt allow a lot of room for ineffective and unnecessary information, and the process of weeding out what is important and what isnt can be overwhelming. That word cap is placed for a reason: committees dont want to read your life story, they simply want a type of written snapshot of your past, present, and future. Think of it as a first impression- the kind of introduction that does not come with a lot of detailed information. With this in mind, the easiest way to begin a college admissions essay is to ask yourself: What first impre ssion do I want to make?When you introduce yourself to a stranger, do you divulge a lot of information about your childhood experiences? Do you get on a soapbox about politics and world peace? Do you make a lot of excuses or offer lengthy explanations about possible faults on your academic record? Or, do you use clear and straightforward tactics to show that you are professional, to demonstrate that you have a sense of humor and self-worth, and to clearly outline what you hope to achieve from the meeting? Hopefully, you choose the latter, and this is exactly what you should do when writing a college entrance essay.The most common mistake that students make when writing college entrance essays is saying too much about what is unimportant and not enough about what is most important. When a student uses two paragraphs of a 500-word count essay discussing his or her academic achievements, it is a waste of opportunity. Such achievements are generally noted on your application and referen ce letters, and do not need excessive reiteration. A sentence or two highlighting the greatest of your achievements is sufficient; any more, and you run the risk of being repetitive.Academic achievements, classes taken, grades, and community service are typically included in your transcripts and application itself, and should be given limited space in a college entrance essay. However, there are pieces of information that are not always shown in the actual application or transcripts. Such information could include why you chose a particular college or career path, who influenced you the most and why, and positive qualities about yourself that will make you a successful college student. These are all questions that the admissions committee will have about you, and questions that will reveal a lot to them about your goals, your motivation, your personality, and your intent.Admissions committees also like to know how serious you are about becoming a part of their school. They like to t hink that if they are turning down another student in order to give you an open slot, it is because you really want the opportunity to attend their school. This is why it is key to include clear reasons why you chose a particular school, and how it stands apart from the rest in your search. Never let an admissions committee know that you have applied to several schools, and that they are simply one of the many on your list. A vast majority of universities still embrace exclusivity, tradition, and loyalty in their decision-making process, and seek students who will be proud of being a part of the campus body.Finally- and most importantly- you should seek to show personality and human-ness in your writing. Often, students assume that the admissions essay should reflect their scholastic ability, and make the mistake of being overly pretentious and academic in their approach to writing. While a college entrance essay should certainly be free of grammatical and structural problems, it is never advisable to talk down to your audience, or write as if you are preparing a dissertation before you even begin your university studies. Humor, in small doses, is an excellent approach to counter the tendency to be excessively academic- as is carefully considered candor. Such writing will create a personal bond between the essay writer and audience, keeping him or her in the position of being a memorable applicant.

Ba Finance

By 1985 Arthur had already sold his dairy herd to focus on cereal production when a fortuitous meeting with Lucy Bellingham at a business conference led him to reconsider the future of the family farm. Bellingham is a designer of bespoke fitted kitchens who had a business plan but little capital. The plan was to manufacture top quality fitted kitchen furniture and establish design studios/showrooms in high income areas. Having recently sold his dairy herd, Arthur had enough capital to fund the new business and also a number of large barns and outbuildings suitable for manufacturing the kitchen units subject to refitting and planning consent being obtained. Lucy’s business plan was so convincing that Arthur decided to get out of farming altogether (by leasing his arable land to a local co-operative) and focus on developing the new business. From this small beginning grew the now publicly quoted company of Bellingham plc. Initially, showrooms were established in Beaconsfield and then Kensington. Demand for their kitchens was brisk and â€Å"Bellingham Bespoke Kitchens† expanded rapidly but remained a partnership. The firms clients are mainly celebrities from the entertainment world and the cost of a Bellingham Bespoke Kitchen is now ? 40,000 – ? 150,000 or more. The firm was restructured as a limited company in 1990 and subsequently experienced rapid growth until 1999. In that year the then directors decided that the business had reached the limit of development in it’s present form. Future development required large-scale expansion of production facilities in order to provide the range of materials, furniture, quality and prompt delivery required by their discerning clients. This in turn needed an injection of capital that the directors were unable to generate themselves. The conviction that there was much money to be made from â€Å"quality fitted kitchens† † had been vindicated. They investigated a number of possibilities deciding eventually to expand production facilities by purchasing a modern production unit on an industrial estate in Aylesbury. The expansion was funded by a stock market floatation and raising the necessary capital in the name of Bellingham plc. As the market grew and to keep abreast of new production technology, the directors agreed to reverse the maxim so dear to the heart of the founders, Arthur and Lucy; â€Å"neither a (long-term) borrower nor lender be. † They financed updating of equipment and premises by means of issuing debentures. It is now October 2012 and the present directors of Bellingham plc believe that the long-term success of the company lies in future international diversification and expansion. They consider that the most beneficial action they could take is to investigate the acquisition of a subsidiary in the USA. The newly-appointed finance director, Bill Moneypenny, agrees with this opinion but insists that the company must first appraise its own current position and if necessary, make changes to strengthen its existing financial situation before embarking on new plans. He is particularly concerned that the company should preserve adequate liquidity and finance its assets in a beneficial manner. He is also concerned that too much emphasis has been placed on â€Å"pandering to the whims of the rich and famous† and not enough on running an efficient business operation. Lucy and Arthur still retain 30% of Bellingham’s equity and other long-standing directors own a further 20%; a change of control is unlikely to be welcome. During the last two years, the company has updated it’s design, production and showroom assets and, in what has been a difficult year, has been able to maintain sales and profit growth (see Bellingham’s accounts in appendix 1). There has been a great deal of uncertainty about world economic growth and stock markets have been extremely volatile resulting low returns. However the firm’s ordinary shares have made good progress during the year. Ordinary share dividends have achieved substantial growth over the last two years although this rate of increase is not expected to continue. Ordinary dividends have grown at an average rate of 14% per annum over the past 10 years and this rate is a more realistic growth rate for future dividends. The present market prices for Bellingham’s shares and debentures are: ?1 Ordinary shares? 7. 02 ex div ?0. 50p, 6% Pref shares? . 55 ex div 7% Debentures 2016? 100. 51 ex interest Any new venture would be expected to achieve a return on capital employed in line with that experienced recently by Bellingham plc. The finance director favours a payback period of 5 years. Bellingham would therefore need to agree a realistic acquisition price for such a new venture and its future cash flows in order to determine whether these criteria could be met. Although a number of investment projects are being considered, the main proposal currently being investigated offers an expansion into the US prime-property market which is forecast to grow faster than the UK market. Bellingham’s finance director has already calculated the trends in the financial ratios of American Creations, an unquoted US company, from its unaudited annual accounts (see appendix 2) and has concluded that the proposal is now worthy of further investigation. American Creations is a family-owned venture requiring further capital to repair it’s balance sheet after making losses on a property development in Nevada from which it has now withdrawn. Profits have suffered in the last two years due to write-offs associated with this development. The existing owners feel that the firm’s future lies in establishing wider international links and the retirement of senior family members, leaving the younger members active in the management of the firm. They are therefore considering selling a controlling interest of 60% to a suitable company. The firm has been established for 23 years, and is well respected in business circles. The average age of its fixed tangible assets is 3 years. The directors have indicated that they may accept part payment in Bellingham shares subject to negotiation. The firm’s nominal share capital is $2. m, and the directors have indicated that they value the firm at five times the year 2010 net profit. They consider this to be the firm’s â€Å"normal† level of profit excluding the â€Å"extraordinary† effects of the Nevada development. As the firm is at present family owned and run, there is no available price/earnings ratio. P/E ratios for the only two publicly-owned c ompanies in the same business sector, Harvey Wilkinson Designs plc and Cucci Lifestyle plc, are currently 10 and 8 times respectively although both of these firms, unlike Bellingham, operate internationally. Wilkinson has grown at a similar rate to Bellingham. The dividend yields of these companies have been as follows: WilkinsonCucci Year to 31 December 2011 8. 1% 7. 25% 2010 7. 2% 6. 9% 2009 5. 3% 5. 95% American Creations has its own manufacturing facilities and operates throughout the USA and Caribbean with design offices in New York, Miami, Los Angeles and Colorado Springs. Their main business, which is thriving, involves complete home furnishing and interior design for wealthy clients. In addition, the firm has a real estate office in each location and is thus able to offer a complete property service. The value of properties handled by the real estate offices is typically $5m – $20m. Bellingham is interested not only in extending its operations internationally but particularly in the possibility of diversifying into the real estate business. Whilst well aware of the existence of a number of competitors, the directors feel that there is a ready market in the US for their established name in terms of design flair, service and products. After discussions with the directors of American Creations, Bill Moneypenny has produced the following forecast. Under average economic growth conditions, the American Creations operating forecasts (in $*1000) for the next five years are based on the following: Income:from Sales: $7500 in 2013, rising by 12% per annum for the foreseeable future. from real estate sales commissions: $2850 in 2013 increasing by 15% per annum for the foreseeable future. Manufacturing variable costs: Labour: $1250 in 2013, expected to increasing by 8% per annum. Materials: $3800 in 2013, expected to increasing by 5% per annum. Fixed costs excluding depreciation: Manufacturing O/H: $2065 in 2013, increasing by 5% per annum. General O/H: $1850 in 2013, increasing by 2% per annum. Depreciation:Factory, machinery vehicles: $500 per year. Office/Design Studio fixtures: $200 per year. The beta of Bellingham plc is believed to be 1. 65 , the risk-free rate of return is 5. 5% and the return for the last year on the FT All-share index is 2%. UK corporation tax is currently 32% payable 9 months after the end of the accounting year in question (you may assume for the purpose of this case that accounting profit and taxable profit are identical. ) Bellingham’s directors estimate that the after-tax profits of American Creations could be allocated as follows: 70% as retained earnings and 30% as dividends. This has been the pattern under the under the present ownership. There would be no restriction on the transfer of the appropriate share of these dividends to the UK. The US corporation tax rate applicable is 20% payable in the year in which the profit arises. There is no double taxation of profits of US origin in the UK. (For the purpose of this case, ignore the possibility of any withholding taxes and the effects of foreign exchange risk. It is considered possible that, as the US economy develops further, even higher wages than those forecast may be demanded by the workforce. Required: Evaluate the American Creations proposal on behalf of Bellingham plc, supporting your arguments with relevant theory and calculations and indicating any non-financial matters you feel should be taken into consideration. Your report should consider the following areas: 1. An analysis of Bellingham’s current position using relevant financial ratios. You should show the calculation of the ratios and provide interpretation of the results. . Calculation of Bellingham’s cost of capital, using alternative methods and arriving at the most appropriate figure. 3. An investment appraisal of the American Creations proposal assuming the valuation suggested in the case, using a variety of methods and evaluation of the results. 4. A sensitivity analysis of the proposal and interpretation of the results. 5. Calculation and discussion of alternative valuations for acquiring the share in American Creations and how these would impact on the investment appraisal. 6. A discussion of the various available methods of financing the acquisition and consideration of which is the most appropriate. Your calculations and arguments should be supported by relevant theory, with evidence of wide reading around the subject. You should provide a complete bibliography with appropriate referencing in your report. Submission requirements: Your answer should take the form of a written report of approximately 2500 words excluding appendices and the reference list. Deviations from the word count exceeding plus or minus 10% will attract a penalty of 5%. The hand-in deadline for submission is 23. 0 on 25th November 2012. Submissions up to 24 hours late will attract a 10% penalty whilst those beyond 24 hours but less than 1 week late will be capped at 40%. Reports submitted more than one week late will attract a mark of zero. Submit one electronic copy via Studynet. This is an individual assignment and the report submitted should be entirely your own work. Appendix 1:B ellingham plc| | | | | | | Abridged Trading, Profit Loss Account for the year ended 30th June 2012:| All amounts are in thousands of pounds sterling| | | | | | | | | | | | | | | | | | | 2012| | 2011| | 2010| | Sales| 9606| | 7564| | 6100| | Production Cost| 4034| | 3101| | 2240| | Gross Profit| 5572| | 4463| | 3860| | | | | | | | | Selling Expenses| 1467| | 1250| | 1080| | Installation Expenses| 1689| | 1300| | 980| | Administration Expenses| 960| | 630| | 597| | Operating Profit| 1456| | 1283| | 1203| | Debenture Interest| 53| | 53| | 53| | Profit Before Tax| 1403| | 1230| | 1150| | Corporation Tax| 449| | 394| | 368| | Profit After Tax| 954| | 836| | 782| | Dividends| 341| | 280| | 220| | Retained earnings| 613| | 556| | 562| | Balance Sheet at 30th June 2012:| | | | | | | | | | | | | Fixed Assets (net):| | | | | | | Land Buildings| 2300| | 2400| | 2500| | Plant Machinery| 1700| | 1186| | 552| | Fixtures Fittings| 700| | 600| | 402| | Motor Vehicles| 185| | 140| | 105| | Office equiptment| 250| | 185| | 100| | | 5135| | 4511| | 3659| | Current Assets:| | | | | | | Stocks: Raw Materials| 216| | 208| | 182| | Work in Progress| 200| | 205| | 190| | Finished Goods| 150| | 128| | 97| | Debtors| 1775| | 950| | 595| | Bank/Cash| 230| | 136| | 104| | | 2571| | 1627| | 1168| | Current Liabilities:| | | | | | | Trade Creditors| 1190| | 788| | 270| | Corporation Tax| 449| | 394| | 368| | Final Dividend| 171| | 140| | 110| | | 1810| | 1322| | 748| | | | | | | | | Net Current Assets| 761| | 305| | 420| | Net Assets| 5896| | 4816| | 4079| | | | | | | | | Long-term Liabilities:| | | | | | | 9% Debentures 2016| 750| | 750| | 750| | | | | | | | | | 5146| | 4066| | 3329| | | | | | | | | Shares reserves| | | | | | | ?1 ordinary shares| 1000| | 1000| | 1000| | 6% Preference shares of 50p ea,| 500| | 500| | 500| | Retained pr for yr| 613| | 556| | 562| | Profit loss| 3033| | 2010| | 1267| | Shareholders funds| 5146| | 4066| | 3329| | Ba Finance By 1985 Arthur had already sold his dairy herd to focus on cereal production when a fortuitous meeting with Lucy Bellingham at a business conference led him to reconsider the future of the family farm. Bellingham is a designer of bespoke fitted kitchens who had a business plan but little capital. The plan was to manufacture top quality fitted kitchen furniture and establish design studios/showrooms in high income areas. Having recently sold his dairy herd, Arthur had enough capital to fund the new business and also a number of large barns and outbuildings suitable for manufacturing the kitchen units subject to refitting and planning consent being obtained. Lucy’s business plan was so convincing that Arthur decided to get out of farming altogether (by leasing his arable land to a local co-operative) and focus on developing the new business. From this small beginning grew the now publicly quoted company of Bellingham plc. Initially, showrooms were established in Beaconsfield and then Kensington. Demand for their kitchens was brisk and â€Å"Bellingham Bespoke Kitchens† expanded rapidly but remained a partnership. The firms clients are mainly celebrities from the entertainment world and the cost of a Bellingham Bespoke Kitchen is now ? 40,000 – ? 150,000 or more. The firm was restructured as a limited company in 1990 and subsequently experienced rapid growth until 1999. In that year the then directors decided that the business had reached the limit of development in it’s present form. Future development required large-scale expansion of production facilities in order to provide the range of materials, furniture, quality and prompt delivery required by their discerning clients. This in turn needed an injection of capital that the directors were unable to generate themselves. The conviction that there was much money to be made from â€Å"quality fitted kitchens† † had been vindicated. They investigated a number of possibilities deciding eventually to expand production facilities by purchasing a modern production unit on an industrial estate in Aylesbury. The expansion was funded by a stock market floatation and raising the necessary capital in the name of Bellingham plc. As the market grew and to keep abreast of new production technology, the directors agreed to reverse the maxim so dear to the heart of the founders, Arthur and Lucy; â€Å"neither a (long-term) borrower nor lender be. † They financed updating of equipment and premises by means of issuing debentures. It is now October 2012 and the present directors of Bellingham plc believe that the long-term success of the company lies in future international diversification and expansion. They consider that the most beneficial action they could take is to investigate the acquisition of a subsidiary in the USA. The newly-appointed finance director, Bill Moneypenny, agrees with this opinion but insists that the company must first appraise its own current position and if necessary, make changes to strengthen its existing financial situation before embarking on new plans. He is particularly concerned that the company should preserve adequate liquidity and finance its assets in a beneficial manner. He is also concerned that too much emphasis has been placed on â€Å"pandering to the whims of the rich and famous† and not enough on running an efficient business operation. Lucy and Arthur still retain 30% of Bellingham’s equity and other long-standing directors own a further 20%; a change of control is unlikely to be welcome. During the last two years, the company has updated it’s design, production and showroom assets and, in what has been a difficult year, has been able to maintain sales and profit growth (see Bellingham’s accounts in appendix 1). There has been a great deal of uncertainty about world economic growth and stock markets have been extremely volatile resulting low returns. However the firm’s ordinary shares have made good progress during the year. Ordinary share dividends have achieved substantial growth over the last two years although this rate of increase is not expected to continue. Ordinary dividends have grown at an average rate of 14% per annum over the past 10 years and this rate is a more realistic growth rate for future dividends. The present market prices for Bellingham’s shares and debentures are: ?1 Ordinary shares? 7. 02 ex div ?0. 50p, 6% Pref shares? . 55 ex div 7% Debentures 2016? 100. 51 ex interest Any new venture would be expected to achieve a return on capital employed in line with that experienced recently by Bellingham plc. The finance director favours a payback period of 5 years. Bellingham would therefore need to agree a realistic acquisition price for such a new venture and its future cash flows in order to determine whether these criteria could be met. Although a number of investment projects are being considered, the main proposal currently being investigated offers an expansion into the US prime-property market which is forecast to grow faster than the UK market. Bellingham’s finance director has already calculated the trends in the financial ratios of American Creations, an unquoted US company, from its unaudited annual accounts (see appendix 2) and has concluded that the proposal is now worthy of further investigation. American Creations is a family-owned venture requiring further capital to repair it’s balance sheet after making losses on a property development in Nevada from which it has now withdrawn. Profits have suffered in the last two years due to write-offs associated with this development. The existing owners feel that the firm’s future lies in establishing wider international links and the retirement of senior family members, leaving the younger members active in the management of the firm. They are therefore considering selling a controlling interest of 60% to a suitable company. The firm has been established for 23 years, and is well respected in business circles. The average age of its fixed tangible assets is 3 years. The directors have indicated that they may accept part payment in Bellingham shares subject to negotiation. The firm’s nominal share capital is $2. m, and the directors have indicated that they value the firm at five times the year 2010 net profit. They consider this to be the firm’s â€Å"normal† level of profit excluding the â€Å"extraordinary† effects of the Nevada development. As the firm is at present family owned and run, there is no available price/earnings ratio. P/E ratios for the only two publicly-owned c ompanies in the same business sector, Harvey Wilkinson Designs plc and Cucci Lifestyle plc, are currently 10 and 8 times respectively although both of these firms, unlike Bellingham, operate internationally. Wilkinson has grown at a similar rate to Bellingham. The dividend yields of these companies have been as follows: WilkinsonCucci Year to 31 December 2011 8. 1% 7. 25% 2010 7. 2% 6. 9% 2009 5. 3% 5. 95% American Creations has its own manufacturing facilities and operates throughout the USA and Caribbean with design offices in New York, Miami, Los Angeles and Colorado Springs. Their main business, which is thriving, involves complete home furnishing and interior design for wealthy clients. In addition, the firm has a real estate office in each location and is thus able to offer a complete property service. The value of properties handled by the real estate offices is typically $5m – $20m. Bellingham is interested not only in extending its operations internationally but particularly in the possibility of diversifying into the real estate business. Whilst well aware of the existence of a number of competitors, the directors feel that there is a ready market in the US for their established name in terms of design flair, service and products. After discussions with the directors of American Creations, Bill Moneypenny has produced the following forecast. Under average economic growth conditions, the American Creations operating forecasts (in $*1000) for the next five years are based on the following: Income:from Sales: $7500 in 2013, rising by 12% per annum for the foreseeable future. from real estate sales commissions: $2850 in 2013 increasing by 15% per annum for the foreseeable future. Manufacturing variable costs: Labour: $1250 in 2013, expected to increasing by 8% per annum. Materials: $3800 in 2013, expected to increasing by 5% per annum. Fixed costs excluding depreciation: Manufacturing O/H: $2065 in 2013, increasing by 5% per annum. General O/H: $1850 in 2013, increasing by 2% per annum. Depreciation:Factory, machinery vehicles: $500 per year. Office/Design Studio fixtures: $200 per year. The beta of Bellingham plc is believed to be 1. 65 , the risk-free rate of return is 5. 5% and the return for the last year on the FT All-share index is 2%. UK corporation tax is currently 32% payable 9 months after the end of the accounting year in question (you may assume for the purpose of this case that accounting profit and taxable profit are identical. ) Bellingham’s directors estimate that the after-tax profits of American Creations could be allocated as follows: 70% as retained earnings and 30% as dividends. This has been the pattern under the under the present ownership. There would be no restriction on the transfer of the appropriate share of these dividends to the UK. The US corporation tax rate applicable is 20% payable in the year in which the profit arises. There is no double taxation of profits of US origin in the UK. (For the purpose of this case, ignore the possibility of any withholding taxes and the effects of foreign exchange risk. It is considered possible that, as the US economy develops further, even higher wages than those forecast may be demanded by the workforce. Required: Evaluate the American Creations proposal on behalf of Bellingham plc, supporting your arguments with relevant theory and calculations and indicating any non-financial matters you feel should be taken into consideration. Your report should consider the following areas: 1. An analysis of Bellingham’s current position using relevant financial ratios. You should show the calculation of the ratios and provide interpretation of the results. . Calculation of Bellingham’s cost of capital, using alternative methods and arriving at the most appropriate figure. 3. An investment appraisal of the American Creations proposal assuming the valuation suggested in the case, using a variety of methods and evaluation of the results. 4. A sensitivity analysis of the proposal and interpretation of the results. 5. Calculation and discussion of alternative valuations for acquiring the share in American Creations and how these would impact on the investment appraisal. 6. A discussion of the various available methods of financing the acquisition and consideration of which is the most appropriate. Your calculations and arguments should be supported by relevant theory, with evidence of wide reading around the subject. You should provide a complete bibliography with appropriate referencing in your report. Submission requirements: Your answer should take the form of a written report of approximately 2500 words excluding appendices and the reference list. Deviations from the word count exceeding plus or minus 10% will attract a penalty of 5%. The hand-in deadline for submission is 23. 0 on 25th November 2012. Submissions up to 24 hours late will attract a 10% penalty whilst those beyond 24 hours but less than 1 week late will be capped at 40%. Reports submitted more than one week late will attract a mark of zero. Submit one electronic copy via Studynet. This is an individual assignment and the report submitted should be entirely your own work. Appendix 1:B ellingham plc| | | | | | | Abridged Trading, Profit Loss Account for the year ended 30th June 2012:| All amounts are in thousands of pounds sterling| | | | | | | | | | | | | | | | | | | 2012| | 2011| | 2010| | Sales| 9606| | 7564| | 6100| | Production Cost| 4034| | 3101| | 2240| | Gross Profit| 5572| | 4463| | 3860| | | | | | | | | Selling Expenses| 1467| | 1250| | 1080| | Installation Expenses| 1689| | 1300| | 980| | Administration Expenses| 960| | 630| | 597| | Operating Profit| 1456| | 1283| | 1203| | Debenture Interest| 53| | 53| | 53| | Profit Before Tax| 1403| | 1230| | 1150| | Corporation Tax| 449| | 394| | 368| | Profit After Tax| 954| | 836| | 782| | Dividends| 341| | 280| | 220| | Retained earnings| 613| | 556| | 562| | Balance Sheet at 30th June 2012:| | | | | | | | | | | | | Fixed Assets (net):| | | | | | | Land Buildings| 2300| | 2400| | 2500| | Plant Machinery| 1700| | 1186| | 552| | Fixtures Fittings| 700| | 600| | 402| | Motor Vehicles| 185| | 140| | 105| | Office equiptment| 250| | 185| | 100| | | 5135| | 4511| | 3659| | Current Assets:| | | | | | | Stocks: Raw Materials| 216| | 208| | 182| | Work in Progress| 200| | 205| | 190| | Finished Goods| 150| | 128| | 97| | Debtors| 1775| | 950| | 595| | Bank/Cash| 230| | 136| | 104| | | 2571| | 1627| | 1168| | Current Liabilities:| | | | | | | Trade Creditors| 1190| | 788| | 270| | Corporation Tax| 449| | 394| | 368| | Final Dividend| 171| | 140| | 110| | | 1810| | 1322| | 748| | | | | | | | | Net Current Assets| 761| | 305| | 420| | Net Assets| 5896| | 4816| | 4079| | | | | | | | | Long-term Liabilities:| | | | | | | 9% Debentures 2016| 750| | 750| | 750| | | | | | | | | | 5146| | 4066| | 3329| | | | | | | | | Shares reserves| | | | | | | ?1 ordinary shares| 1000| | 1000| | 1000| | 6% Preference shares of 50p ea,| 500| | 500| | 500| | Retained pr for yr| 613| | 556| | 562| | Profit loss| 3033| | 2010| | 1267| | Shareholders funds| 5146| | 4066| | 3329| |

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