My Fascination with Biotechnology Application Essay

Learning about living things always makes me fascinated. The uniqueness of each structure and their functions always brings curiosity and many questions in me to probe deeper about them. My interest in biotechnology area was first aroused during my first degree. In my agricultural biotechnology class, when my lecturer exposed me with genetic engineering, proteins, and plant tissue culture, I am likely was mesmerized by them and at the same time, I began to realize my enthusiasm towards biotechnology application. Since then, I started to read few books about biotechnology application in many fields. Among of them was â€Å"The Forever Fix: Gene Therapy and the Boy Who Saved It† written by a genetic counselor and journalist named Ricki Lewis.†¦show more content†¦Besides that, I was very impressed with the achievement and quality of education in the Imperial College London which has been known for its excellence in both, teaching and research along with their excellent facilities and laboratories provided. Besides that, the university also provides top class facilities and varieties of extra-curricular activities that can help me towards becoming a well-rounded individual. I strongly believe that, this institution will offer me precious and unique opportunity to experience effective education as well as to pursue a world standard education. I graduated my first degree in Plantation Technology Management with second upper class (with overall CGPA of 3.33). I realized that my background of study is insufficient to pursue postgraduate study in biotechnology. This is because, in agricultural biotechnology class, we are mostly exposed with the theoretical of biotechnology application. Therefore, as an alternative, I have decided to work as a temporary research assistant for six months (starting from August 2013 until the end of February 2014). Currently, I am working asShow MoreRelatedApplying for a Master ´s in Microbial Biotechnology Essay993 Words   |  4 Pages Program: Master’s in Microbial Biotechnology Statement of Purpose Having pursued relevant projects, courses and considering my aptitude, I find myself interested in life sciences and more specifically in Microbiology. I believe that pursuing Masters in Microbial Biotechnology at North Carolina State University will help me to widen my knowledge, hone my technical and managerial skills and provides me an opportunity to contributeRead MorePersonal Statement Of Purpose By Mr. Thomas H. Huxley812 Words   |  4 PagesThomas H. Huxley. The unyielding quest for boundless knowledge has been my motivating and driving force throughout my career pursuit. It’s the same quest that prompted me for higher studies. The dedication to finding solutions and a thirst for creating new tools to benefit humanity has molded me into a seeker of advanced knowledge. I commence this statement with a bit of my personality which has a direct bearing on my academic pursuits. I have always felt a strong need for achievement, whichRead MoreMy Path to Choosing a Career741 Words   |  3 Pagestennis academy. Now, my mornings are free and my afternoons are filled teaching the fundamentals of tennis to young players as I hope to transition towards a career in law. How did I arrive at this juncture? What motivated me to leave the lab and embark on this new path? To answer these questions, let me first explain what motivated me initially to pursue a career in research. With an interest in science well before college, I entered Emory University as a chemistry major. In my introductory coursesRead MoreEssay on Ms Biomedical Engineering Sop1183 Words   |  5 Pagesfamily of doctors. From my early childhood, my frequent visits to the hospital (run by my grandfather) have had an impact on me .As a ten year old boy, I once walked into the X-ray room and was thoroughly fascinated by the machines, which were huge, when compared to my tiny self. Since then my fascination and interest in medical equipments and instruments have been growing day by day. I have always believed that every moment in life is a learning experience I’m proud to say my learning experienceRead MoreThe Physiological Effect Of Angiotensin Renin System821 Words   |  4 PagesDuring my undergraduate years, I came across a drug class called Angiotensin Converting Enzyme (ACE) inhibitor. This medicine interferes in a production of angiotensin II via the enzyme inhibition, ultimately lowering the blood pressure. Understanding the physiological effect of angiotensin-renin system greatly fascinated me how our body is sophisticated in its structure and function, and it intrigued me further that our current knowledge allows us to design ACE inhibitor to combat high blood pressureRead MoreI Love Reading Essay69689 Words   |  279 Pagesfactors that could further encourage and facilitate even greater growth. Deï ¬ nition: For the purposes of this study and keeping in mind its key role in creating value, NKC deï ¬ nes Entrepreneurship as follows: ‘E ntrepreneurship is the professional application of knowledge, skills and competencies and/or of monetizing a new idea, by an individual or a set of people by launching an enterprise de novo or diversifying from an existing one (distinct from seeking self employment as in a profession or trade)Read More65 Successful Harvard Business School Application Essays 2nd Edition 147256 Words   |  190 PagesBUSINESS SCHOOL HARVARD SUCCESSFUL 65 APPLICATION SECOND EDITION E S S AY S APPLICATION BUSINESS SCHOOL HARVARD SUCCESSFUL 65 ECSNS A IYI O N S SE O D ED T With Analysis by the Staff of The Harbus, the Harvard Business School Newspaper ST. MARTIN’S GRIFFIN NEW YORK 65 SUCCESSFUL HARVARD BUSINESS SCHOOL APPLICATION ESSAYS, SECOND EDITION. Copyright  © 2009 byThe Harbus News Corporation. All rights reserved. Printed in the United States of AmericaRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesof Effective Managers 7 Essential Management Skills 8 What Are Management Skills? 9 Improving Management Skills 12 An Approach to Skill Development 13 Leadership and Management 16 Contents of the Book 18 Organization of the Book 19 Practice and Application 21 Diversity and Individual Differences 21 Summary 23 SUPPLEMENTARY MATERIAL 24 Diagnostic Survey and Exercises 24 Personal Assessment of Management Skills (PAMS) 24 What Does It Take to Be an Effective Manager? 28 SSS Software In-Basket ExerciseRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pages The Individual 2 3 4 5 6 7 8 Diversity in Organizations 39 Attitudes and Job Satisfaction 69 Emotions and Moods 97 Personality and Values 131 Perception and Individual Decision Making 165 Motivation Concepts 201 Motivation: From Concepts to Applications 239 3 The Group 9 10 11 12 13 14 15 Foundations of Group Behavior 271 Understanding Work Teams 307 Communication 335 Leadership 367 Power and Politics 411 Conflict and Negotiation 445 Foundations of Organization Structure 479 v vi

The Changing Meanings Of Religion - 975 Words

The research article: The changing meanings of religion. Sociological theories of religion in the perspective of the last 100 years was written by Irena Borowik and published on March 2011. The purpose of this article is to discuss the conceptual framework for defining religion from a sociological perspective. The target population the article is geared towards is†¦... Borowik begins the article by talking about how the views on religion were diverse due to the fast-changing society in the second half of the nineteenth century. Sociologists witnessed the rapid changes in production, social organization, structure and political legitimacy and because of that they tried to be objective while being aware of their own biography, political and other views and the zeitgeist in which they constructed their theories. More than 100 years ago of theoretical reflection on religion in the framework of sociology may be organized in a few ways in order to highlight the dominant characteristic s. In the first chronological approach, there are three periods of development in the sociology of religion, which are: classical, post-classical and contemporary. In the second approach, there are three theories of religion that in different ways find the reasons or seed of religious changes that occurs in modernity. The classical period is about the different theories about religion that many sociologists came out with. For example, Karl Max with his criticism of religion, Herbert Spencer with hisShow MoreRelatedHow Socialization Is Defined As The Process Of Learning And Internalizing The Values, And Gender Roles Essay1415 Words   |  6 Pagesbut varies in all societies. Religion is another popular social group that dates back several years. According to the Pew Forum, the Census Bureau’s director during the 1950s (Vincent P. Barabba) decided to eliminate the question of religion out of fear that its inclusion would lead to controversy over the separation of state and church. Later that year, Congress passed a law stating that mandatory questions of religion were banned. Though, sociologists define religion as any institutionalized systemRead MoreTo Live for God or for Meaning737 Words   |  3 Pagesexistence to thoughts on the â€Å"death of God† and ways to find meaning in life despite his absence. This shift is demonstrated by the changing tone of the writings of Anselm and Descartes to the writings of Feuerbach and Nietzsche. This change happened for a variety of reasons including but not limited to the proving of scientific facts that did not coincide with religious beliefs (evolution, the sun is the center of our galaxy, etc.), the changing societal structure that reduced religious involvement inRead MoreReligion as a Conservative Force Essay1132 Words   |  5 PagesReligion as a Conservative Force ‘Conservative forces’ in this context can be defined as forces, which protect the existing social order, and radical forces being the opposite of conservative forces are those, which promote change. ‘’ Religion is essentially a conservative force in society and if that is true than it would also be true that religion can also play a part in social change.’ To evaluate whether religion is a conservative force or a forceRead MoreReligion Essay1649 Words   |  7 PagesReligion Essay 1. What are the functions of religion? 2. Is it possible to be religious and accept the teachings of modern science? Based upon my opinion and research I believe that it is not possible to be religious and at the same time, accept the teachings of modern science. As explained in the two questions below, the idea of a religion is to seek the answer to the meaning of life, and after death, live in an eternity with their God. Many religions outline the beginning of the world andRead MoreEssay 1. In Modern Times, It Is A Crucial To Be Aware Of777 Words   |  4 Pagesdifferent types people, religions, and cultures everyday. Despite constant encounters with new religions and cultures, many people do not understand the significance of religious symbols and traditions. In order to combat this ignorance, Harvard University and Diana L. Eck founded the Pluralism Project. The Pluralism Project’s mission consists of four vital mission statements. The first statement is to continue the documentation and growth in the understanding of the ever-changing religious demographyRead MoreThe Four Characterist ics of Religion1212 Words   |  5 PagesCHARACTERISTICS OF RELIGION INTERACT TO CREATE A DYNAMIC, LIVING FAITH TRADITION† Religion is the belief and worship of an extraordinary and supernaturally controlling power that has developed and become an essential factor in the way humans have ordered and made sense of the world in which we reside in and is defined by its characteristics. To create a dynamic, living and breathing religion, it must have all of these characteristics that distinguish and separate a religion from others. TheseRead MoreThe Significance And Meanings Behind The Use Of Symbols1110 Words   |  5 PagesThe significance and meanings behind the use of symbols and iconography within Western Christianity and Buddhism has evolved in the depiction of Christ and Buddha. The purpose of this essay is to compare some key elements of Christian and Buddhist symbolism as pertaining to the meaning of concept of God, the soul, suffering, and their view of religious concepts. Concept of God First let’s look the idea of God. According to the Christian religion God is divine and is Omnipresent, Omnipotent, OmniscienceRead More`` Homo Religiosus `` By Karen Armstrong1416 Words   |  6 Pagesaccepted by the society around them. In â€Å"Homo religiosus† Karen Armstrong brings out the materialized definition of an â€Å"individual† through concepts such as religion, activities like yoga, the artistic features of caves, and most importantly the image of Brahma. The detailed notions placed on each concept yields the reassuring meaning that religion symbolically is a safe harbor, in which individuals can feel comforted and relieved. However the question that always comes up is if an individual is willingRead MoreThe Freedom Of The Free Love Movement Essay1582 Words   |  7 Pagesheavily influenced. During this period, the need for children to help maintain farmland was no longer necessary. Cities emerged and reproduction slowed. This peri od was a major turning point for the dominant meaning of sexuality; thus it has great significance. D’Emilio writes about this changing sexual ideology when he states â€Å"especially within the middle class, sexual desires had become increasingly fused with a romantic quest for emotional intimacy and even spiritual union† (84). Sexuality no longerRead MoreEssay on Modern Britain as a Secular Society886 Words   |  4 Pagesof whether or not Religion is losing its importance in todays Society. Bryan Wilson defined Secularisation as being The process whereby religious thinking, practices and institutions lose social significance. This definition itself and not just the topic alone causes problems, it might be argued that it is not possible to measure the significance of such a personal thing as religion and if it is possible it may not even be true that Religion held such a significance

Between the Wars Free Essays

The event that had significant impacts during the interlude between the First and Second World Wars would be the Great Depression. The effect of this financial crisis, not only in the United States but also in other parts of the world, was apparent both in the domestic front and in the international community. The Great Depression started during the late 1920s and would stretch until the next decade. We will write a custom essay sample on Between the Wars or any similar topic only for you Order Now This historical turning-point was triggered by Black Tuesday, which was the day when the stock markets had a major downturn. (Rothbard, 2000) The impact of this event, both positive and negative, was massive indeed as the country was forced into a state of great recession and then reassessment of economic and social policies. (Mcelvain, 1993) In the ground level, the people experienced difficulties, as employment becomes scarce, thereby leading to poverty and hunger, which was prevalent during that decade. The citizens in the grassroots were the ones that was most affected, for the depression was deeply felt by everyone. The length, lasting 10 years, was overwhelming indeed; the extent of the crisis was equally devastating. The agriculture and primary sectors industries experienced economic slumps even bankruptcies, which in turn burdened the people whose wages declined and employment opportunities disappeared. The end of this Great Depression coincided with the start of the Second World War. The implication of the financial crisis was not only social but also political, as policies were forced to be reassessed and eventually changed. The New Deal policy was a result of the crisis. Also, government officials debated the liberal policies in economics, as many abandoned liberal economics, and advocated more protectionist policies. The impact of the Great Depression is far-reaching and vast, as it is political, social and economic. References Mcelvaine, Robert. (1993). The Great Depression: America 1929-1941. United States: Three Rivers Press. Rothbard, Murray. (2000). America’s Great Depression. United States: Ludwig Von Mises Institute. How to cite Between the Wars, Papers

Business Economics Demand Pull and Cost-Push

Question: Describe about the Business Economics for Demand Pull and Cost-Push. Answer: (a) If the wages of cleaners is increased in a burger shop, the supply of burgers will be reduced due to increase in the cost of production. Figure 1: Decrease in Supply (Source: Created by Author) The graph shows that supply from S to S2 that in turn leads to excess demand at the old equilibrium cost P (Canto, Joines and Laffer 2014). (b) Since burger is considered as a normal good and as a result, with the fall in income the demand for burger will decrease. Most of the goods that we usually purchase are considered as normal goods. They are also considered as a superior commodity (Atkinson and Stiglitz 2015). Figure 2: Normal Good (Source: Created by Author) A single seller who sells a unique good in the market characterizes a monopoly market structure. The seller does not face any competition in the monopoly market, as he is the single owner of commodities with no close substitutes. On the other hand, an industry is a natural monopoly when a single firm can supply a commodity to a complete market at a subordinate cost (Askar 2013). Figure 3: Monopoly (Source: Created by Author) The above graph shows that more quantity Q2 can be sold at a lower price P2. The slope of the AR curve is downward sloping under monopoly that in turn implies that if the monopolist sets the high prices, the demand will decrease. Under the monopoly market structure, there is bound to be interaction between the forces of demand and supply (Anton and Biglaiser 2013). Under perfect competition price is equivalent to marginal cost at the equilibrium output. However, under monopoly the price is larger than average cost. When the Reserve Bank of Australia intervenes in the foreign exchange market, it generates demand as well as supply for the Australian dollar by purchasing or selling Australian dollars against a different currency. In the exchange market of the Australian dollar, the RBA always conducts its interference due to the fact that liquidity and earnings are utmost in that market. Most of the transaction of the foreign exchange intervention of the RBA takes place in the spot market. Traditionally, the Reserve Bank of Australia has usually chosen to intervene by performing in the foreign exchange market in its own name (Benes et al. 2015). The benefits to Australia of the appreciation of the Australian dollar are as follows: With the appreciation of the Australian dollar, Australian exports are bound to become more costly. The imports into Australia will become reasonable and as a result, there will be increase in demand for imports. This has the probability to worsen the current account deficit (Garton, Gaudry and Wilcox 2012). The preferential trade agreement that Australia shares with China mainly includes a currency deal. This in turn allows the Australian dollar to trade directly against the currency of China. China has also allowed RMB to be traded against the AUS dollar directly. As a result, if the foreign investors become optimistic about China, it would lead to an increase in the demand for RMB. The economic interaction between Australia and China is likely to provide a wider implication for the Asia-Pacific area both in terms of state capital flows as well as in terms of financial security (Bowman, Gilligan and OBrien 2015). The percentage change in the value of the Wholesale Price Index on a yearly basis is termed as inflation. It efficiently measures the change in the prices of a basket of commodities and services in a year. The imbalance between demand and supply of money as well as changes in the cost of production and distribution leads to inflation (Bresciani-Turroni 2013). The major cause of inflation is merely the growth in the quantity of money. The level of prices and the value of money also lead to inflation. There are mainly two types of inflation that includes demand-pull inflation and cost-push inflation. Figure 4: Demand-pull inflation (Source: Created by Author) Demand-pull inflation takes place when aggregate demand for commodities and services in an economy increases more rapidly as compared to the productive capacity of the economy (Addison and Burton 2013). Figure 5: Cost-push inflation (Source: Created by Author) On the other hand, cost-push inflation takes place when prices of production procedure inputs rise. Increasing wages are also a major factor that leads to cost-push inflation as wages are considered the most imperative cost for firms. The two economic policies that the government could apply to reduce inflation are as follows: Fiscal Policy: The government can raise taxes as well as cut spending. These in turn improves the budget circumstances as well as help to reduce demand in the economy (Auerbach and Gorodnichenko 2012). 2. Monetary Policy: The rate of interest could be increased by the Central Bank that will in turn make borrowings more costly and saving more attractive. The quantity theory of money states that the wide-ranging level of prices of goods and services is directly comparative to the amount of money in circulation or money supply. It mostly states that there is a direct relationship between the quantity of money in an economy as well as the level of prices of commodities and services sold (Su et al. 2016). According to Quantity Theory of Money, if the amount of money doubles in an economy, the level of price also doubles. According to the economists, a rapid increase in the money supply leads to a rapid rise in inflation. Money growth that exceeds the expansion of economic output results in inflation. If the makers of the monetary policy decrease the supply of money, the rate of interest will get increased. If the rate of interest are determined by free economy it becomes more attractive in order to deposit funds as well as to diminish borrowing from the Central Bank. One of the rate of interest that is advertised in the free economy is the coupon rate. As per the economists, competitive markets allocate resources efficiently. According to the economists, efficient allocation of resources takes place when individuals are able to choose the commodities and services that they desire. Resources are being allocated effectively mostly when they are being used to manufacture the appropriate amount of goods as well as services that is desired mostly by the customers. Allocative efficiency requires that an individual produces each commodity up to the point where the advantage it conveys to the society. According to the economists, an efficient allocation of resources is the combination of distribution of inputs as well as outputs such that any alter in the economy that makes an individual better off. Efficiency is also obtained when there is efficiency in the production. In other words, the manufacturing of the largest value of commodities as well as services with available resources. It also takes when all mutual benefits gained from busin ess are exhausted (Rancire and Tornell 2016). The non-price determinants of demand are as follows: Branding: Sellers make use of advertising, product quality, and customer service as well as product differentiation. That in turn leads to strong brand images and as a result, the purchasers have a strong preference for their commodities. Hence, the demand curve shifts towards the right as the demand for products increases. Market Size: With the rapid expansion of the market, the demand of the customers for the goods is likely to increase (Verheyen 2015). Complementary goods: The demand for a commodity is influenced by the change in the price of the product. As a result, the demand for movies is likely to get impacted by the price of popcorn in the movie theatre. Similarly, the demand for movies in the particular theatre is also likely to get influenced due to the price of nearby parking. Available Income: If the amount of income of the purchasers alters, the propensity to purchase will also change. Thus, irrespective of price, if there is an economic boom, an individual is more likely to purchase. Seasonality: The requirements for commodities alter by time of year. As a result, there is a powerful demand for grass mowers in the spring, but not in the fall. Future Expectation: The purchasers are likely to purchase more commodities in the future, if they expect that the price is likely to increase in the future. The value of money is determined by the supply of money as well as demand for money that is similar to that of the price of a commodity. Quantity Theory of Money states that the general level of price (P) is directly relied on the supply of money (M). In other words, if M doubles, P will also double. On the other hand, if M is diminished, P will also diminish by the similar quantity (Cline 2015). The growth of the money supply determines the inflation rate. According to Quantity Theory of Money, if the amount of money doubles in an economy, the level of price also doubles. This in turn leads to inflation in the economy. As inflation increases, the value of money diminishes. References Addison, J.T. and Burton, J., 2013. The demise of demand-pull and costpush in inflation theory.PSL Quarterly Review,33(133). Anton, J.J. and Biglaiser, G., 2013. Quality, upgrades and equilibrium in a dynamic monopoly market.Journal of Economic Theory,148(3), pp.1179-1212. Askar, S.S., 2013. On complex dynamics of monopoly market.Economic Modelling,31, pp.586-589. Atkinson, A.B. and Stiglitz, J.E., 2015.Lectures on public economics. Princeton University Press. Auerbach, A.J. and Gorodnichenko, Y., 2012. Measuring the output responses to fiscal policy.American Economic Journal: Economic Policy,4(2), pp.1-27. Benes, J., Berg, A., Portillo, R.A. and Vavra, D., 2015. Modeling sterilized interventions and balance sheet effects of monetary policy in a New-Keynesian framework.Open Economies Review,26(1), pp.81-108. Bowman, M., Gilligan, G. and OBrien, J., 2015. The China-Australia Free Trade Agreement and the Growing Acceptance of Chinese State Capital Investment.Asian Journal of Public Affairs,8(1), pp.03-24. Bresciani-Turroni, C., 2013.The Economics of Inflation: A study of currency depreciation in post-war Germany, 1914-1923. Routledge. Canto, V.A., Joines, D.H. and Laffer, A.B., 2014.Foundations of supply-side economics: Theory and evidence. Academic Press. Cline, W.R., 2015. Quantity Theory of Money Redux? Will Inflation Be the Legacy of Quantitative Easing?.National Institute Economic Review,234(1), pp.R15-R26. Garton, P., Gaudry, D. and Wilcox, R., 2012. Understanding the appreciation of the Australian dollar and its policy implications.Economic Round-up, (2), p.39. Rancire, R. and Tornell, A., 2016. Financial Liberalization, Debt Mismatch, Allocative Efficiency, and Growth.American Economic Journal: Macroeconomics,8(2), pp.1-44. Su, C.W., Fan, J.J., Chang, H.L. and Li, X.L., 2016. Is there Causal Relationship between Money Supply Growth and Inflation in China? Evidence from Quantity Theory of Money.Review of Development Economics. Verheyen, F., 2015. The role of non-price determinants for export demand.International Economics and Economic Policy,12(1), pp.107-125.

My Most Frightening Day free essay sample

My Most Frightening Day Most people don’t have any idea when their most frightening day will be, it could have been when they were young or maybe it has not quite happened yet. I did not have the luxury of surprise although I also didn’t exactly have a day marked on my calendar. I knew my most frightening day would come when a doctor called my house and informed my family that my great grandpa Papahualo had two weeks to live, and my dad informed me that we were going to fly out there to be with him.He was like a father to my dad and he traveled with us most everywhere we went and now, we were going to be with him before his greatest journey yet. I had been planning to go to New York during winter break; I was hoping to spend time with Papahualo as I went around sight-seeing and getting to know the city. This was not the trip I had planned at all. It wasn’t during winter break, it was two weeks before classes would begin for me, and this was not how I wanted to see him.The last time I had seen Papahualo was one year before when he was strong as a horse and could still pick me up when he gave an extra strong hug. We bought the tickets two days in advance and everything happened so fast that it almost seemed like a dream. Papahualo was one of the healthiest, strongest people I knew. He was not the frail old man the doctor described over phone with his organs slowly shutting down. On the plane everything felt normal, like any other trip, I am used to traveling, but never like this.Even though the flight was short it felt like a nerve racking eternity of uncertainty, I couldn’t get a wink of sleep. I was sure I would break down sometime on the plane, if not then maybe once we got there and everything stopped feeling like a dream and became real but that moment never came. We went almost immediately to the hospital and although I ran scenario after scenario in my mind of what it would be like, I had no idea what to expect.My Papahualo’s lungs were filled with water and due to his organs shutting down, especially the kidneys and liver he didn’t look pale but instead a slight yellow color took over. As of the day before he had stopped being able to talk, he was so weak and fragile he barely resembled the man I knew wrinkle by wrinkle in my memories. He was so sedated for the pain that he was only capable of sleeping, I was told he had been slightly delusional and I wasn’t sure if he would even know who I was. The nurses and doctors had been having issues with him wanting to get up and leave.They just could not understand that nothing ever stopped him from being independent and able to live just like them only weeks before. He had raised or taken care of so many children, grand children, nephews, nieces and even great grandchildren but had never had to be taken care of to this extent. I spent the first night at his bedside on a reclining chair, it was not the most comfortable sleeping arrangement but it was better than the chair my aunt kindly offered to sleep in. The first time he opened his eyes I filled with excitement and fear all at the same time. I leaned in and asked if he knew who I was, he whispered â€Å"of course† and squeezed my hand as if he would never let go. That’s what I wanted deep down, I never wanted to say goodbye I had never even so much as given a thought to it. How do you say goodbye to someone who has always been there and watched you grow? How do you let go of someone who has meant so much to you for so long that a future without them seems impossible? I was holding my breath waiting for him to take his last. It is the scariest thing I have ever had to do.The second night I spent the same, just holding his hand and staying awake until around six in the morning when my aunt or uncle would wake up and take over my shift, the nurses were not the only ones up around the clock. By the third night my family may as well have locked me up in my aunts’ house, they insisted I need to take care of myself too and finally go home, eat a good meal and get some real rest. The fourth night was my last night in New York. My great grandpa had finally been transported to a hospice and we knew it was now only a matter of time.It was decided that my two aunts and uncle would stay overnight with him but I begged and was allowed to stay instead of my uncle. He was surrounded by family from the beginning but now even more than ever with people from the area were even coming to visit trying to give their last goodbyes and sharing memories with the rest of us. He was so respected, admired, and loved; no one ever had anything bad to say of him and this was not just because of the circumstances. As it got later the family proceeded to clear out, leaving me with my aunts.I was reading my book and positioned myself as usual by his bedside until the familiar sound of his peaceful breathing began to change and slow down. Was this the moment everyone has been dreading? I put my book down, got out of my chair and walked closer. I wasn’t alone because my aunts immediately were asking him if he was okay and comfortable enough and the mandatory things they’d say when he opened his eyes or got their attention. As he was breathing slower and slower my heart raced faster and faster, I squeezed his hand and I felt him still holding on.I looked into his eyes and tried to find a conscious mind behind the stare but there was none. My aunt called her sister and explained their dad wasn’t breathing the same â€Å"he’s breathing too slowly, he’s taking so long to breathe †¦he’s not breathing anymore†. I closed his eyes for him, which I felt was an honor because only one person could ever put you at your final peace like that. I didn’t say anything because there was nothing left to say, I had been talking to him in the few moments we had alone and he knew I loved him very much. Words were not needed at the moment just a few silent tears. Then came the duty of delivering some phone calls out to family, and I had to maintain calm. I cannot describe all the emotions I went through in those four days; twenty six letters in different combinations could not possibly express the love, pain, exhaustion and fear that passed through me. I have never seen someone losing their life slowly before my eyes, but it’s a feeling I will never forget and one that scared me beyond what I can explain. I don’t wish it on anyone but in a way I also do feel special to have truly been there until the very end. Rest in peace Marino Eduardo Pacheco Alegre, better known as my Papahualo.

Essay and the Third Person Story Essay Sample

Essay and the Third Person Story Essay SampleA third person essay is a pretty easy task to perform. All that is needed is for the student to come up with a story in which they have an element of influence. There are different types of stories that can be considered here, and the various exercises can be performed with the help of a third person essay sample.The first level of the exercise can be done by coming up with a story from a book which can be considered like the first person literature. In this case, you would have to come up with an account of what you have read. At the end of the story, you will have to explain why it was so good.The second level of the exercise can be done by coming up with an amendment to an article or book which was written in the first person. In this case, you would have to come up with an explanation of why the writer made a change in the story, the scenes and other elements which were not well executed in the original. This can be done by coming up w ith a new version of the story. This is one of the best examples of a third person essay in which you can also come up with a new definition of the terms which were not used in the original.The third level can be done by writing a story based on any subject which is related to the same topic as the original and comes up with the same conclusion. This is one of the better cases where the teacher can use the third person essay sample.The fourth level of the exercise can be done by coming up with a new understanding of the whole event. This would be done by coming up with a narrative which is entirely different from the one which the teacher gives in the class. This is where the reader can come up with a new understanding and interpretation of the whole story.The fifth level of the essay sample can be done by coming up with a story which revolves around the person from whom the author got the information. In this case, the teacher can come up with the response to the question asked by the student. This is one of the best and easiest forms of the story in which the student can come up with a new perspective of the events which he had already been exposed to in the class.The sixth level of the essay sample can be done by coming up with a new strategy in the same manner as the previous levels. At the end of the story, the teacher will have to explain the strategy used in the story. This is another one of the best ways of coming up with a third person essay in which the student can come up with a new understanding of the situation.

Factors Affecting the Changes in Oil Price

Introduction Statement of the thesis The decline in oil prices is likely to cause an increase in consumption, a decrease in inflation, and an increase in real GDP growth rate in the next few years. In recent times, oil prices have been falling and seem to stabilize at around 40 dollars a barrel.Advertising We will write a custom research paper sample on Factors Affecting the Changes in Oil Price specifically for you for only $16.05 $11/page Learn More This paper will examine factors determining the changes in oil price and how it affects the country’s economy, with a focus on the U.S. economy. There are uncertain reasons regarding this recent steep fall in oil prices, such as temporary and permanent shifts in oil demand and supply, such as the entrance of the United States as a leading producer in the market. We will further investigate how changes in oil prices affect a country’s GDP and its economy as a whole, considering selected economi c indicators such as nominal and real interest rates, real GDP growth rate, real wages, and final consumption. If the change in oil prices has a strong influence on the rate of inflation, there is a need to specify the actions that policy makers should consider in response to the changes. Statement of the problem/ issues The main problem is to find out whether there is a strong association between crude oil prices and other economic indicators, such as interest rates, final consumption, real GDP growth rate, and inflation rate. If there is a strong correlation between oil prices and selected macroeconomic indicators, the government should consider an intervention to protect the economy from fluctuations in oil prices and the rate of inflation.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The decline in oil prices is likely to cause a decline in export demand because of reduced i ncome from oil exporting countries. The decline in oil prices is also associated with a decline in investment in the oil gas sub-sector (Baffes at al., 2015). Reduction in investment in the sub-sector may have a small negative impact on aggregate demand. There is uncertainty on how long the low prices will last. It may prevent interest rates from dropping further when interest rates have a correlation with oil prices. If the low prices are short-lived, any intervention from the government will cause a distortion that may last longer than expected. Blinder Rudd (2008) suggest that a rise in inflation raises concern in a similar manner to disinflation. Nelson (2004) discusses that the economic policies should not react to the changes in oil prices in a similar manner it had reacted in the past oil shocks. Hypothesis There are multiple graphical presentations in existing literature that portray that inflation and oil prices follow the same trend line. This paper seeks to establish wh ether there is a strong correlation between changing oil prices and the selected macroeconomic indicators. It follows the first impression they give when one studies the graphical presentations. We state the following hypotheses to assist in finding a solution to the strength of the influence of oil price changes to the economy.Advertising We will write a custom research paper sample on Factors Affecting the Changes in Oil Price specifically for you for only $16.05 $11/page Learn More H0: There is no strong correlation between changes in oil prices and selected macroeconomic indicators. H1: There is a strong correlation between changes in oil prices and selected macroeconomic indicators. The hypotheses are derived from the perception that inflation rates respond quickly to oil supply shocks. When historical data is plotted on graphs, the trend lines indicate that key economic indicators follow the same trend as that of oil prices. However, some economic indicators tend to move in an opposite direction, such as real GDP and real interest rates. The periods of oil shocks have been followed by periods of recession. Proponents claim it is the U.S. government’s response that caused the recessions (Blinder Rudd, 2008). Opponents claim that the government’s response did not increase the intensity of the oil shocks. They blame the delayed policy in response to the oil shocks (Nelson, 2004). Policy makers can determine the level of intervention to similar oil shocks by finding the strength of the influence of changing oil prices to key economic indicators. A disproportionate application of policy may intensify the effects of oil price changes. Literature review and analysis of historical data Effects of the 1970s oil embargo and other oil shocks on the level of the GDP and employment. Oil prices are affected by the supply and demand of crude oil on the global market. In the 1970s, the supply of oil reduced when the OPEC coun tries reduced their oil production (Baffes et al., 2015). They also banned member states from selling oil to the U.S., and other countries that supported Israel in the Arab-Israel conflict.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More It was labelled as OPEC I, which saw the oil prices quadruple within a short period (Blinder Rudd, 2008). OPEC II developed as a result of Iraq invading Iran in the late 1970s. At the time, the U.S. was more reliant on oil for energy than it is today. Figure 1, shown below, shows that a recession followed the periods of oil shocks. Figure 1 Data sources: World Bank (2015), BEA (2015), and EIA (2015a). Figure 1 shows that the real GDP annual growth rate and the trend of oil prices moved in opposite direction in the 1970s. According to the graph, there were recessions in 1970s, early 1980s, early 1990s, and towards 2010 (the 2008 financial crisis). The Real GDP dropped to touch the 0% growth rate line when the purchase price of oil increased. The percentage of those who were unemployed also increased side by side with the increase in oil prices (see Appendix A for tables). In the 1970s, the trend lines in the graph indicate that unemployment levels took similar turns as the trend li ne of oil prices. The graph also shows that the influence of the changes in oil prices weakened in the period that followed the mid 1990s. Annual oil consumption in the U.S. over the last four decades In the beginning of the study, we expected that the production of oil in the U.S. had increased while the consumption had declined. Figure 2 shows that the U.S. still needs to import crude oil. However, the size of oil import that needs to be imported has declined to levels that are similar to those in the mid 1970s and mid 1980s. By the end of 2013, oil production was on a steep upward trend. Figure 2 Data sources: EIA (2015b), and EIA (2015c) From Figure 2, it can be seen that oil production in 2013 rose above the level it was in the 1980s. The difference between oil production and consumption also approached zero, which indicates a reduced need to import crude oil (see Appendix A for tables). The reduced need to import reduces the demand for oil in the global oil market. It may als o result in a further strengthening of the dollar against foreign currencies, as it creates a less supply of ‘petrodollars’ to the global market. The effects of cost-push inflation and the phenomenon of stagflation arising from the oil shock of the 1970s Based on the graphs, there is a strong indication that inflation rates rose during periods of higher oil prices. Blinder Rudd (2008) discuss that the 1970s and 1980s experienced two periods of double-digit inflation rates, which were attributed to oil prices. Blinder Rudd (2008) mostly relied on trend lines to elaborate that the movement in oil shocks is similar to that derived from inflation rates. As it can be seen in Figure 3, inflation follows a similar trend to changes in oil prices. The periods with the highest inflation rate in the four decades include the 1973-1974 period and 1978-1980 period (Blinder Rudd, 2008). During the 1973-1974 period, inflation rate varied between 11.04% and 9.13%. During the 1978-198 0 period, it varied between 7.65% and 13.51% (World Bank, 2015, see Appendix A for tables). There is a strong indication that inflation rates are influenced by changes in oil prices. Inflation has never been higher than it was during the two periods over the forty-year period. Blinder Rudd (2008) link the high inflation rates in the early 1970s to the increase in food prices, oil prices, and the removal of price controls during Nixon’s administration. While higher food prices were linked to the shortage in food supply, it is visible that food prices are also affected by oil prices in the current oil supply shocks. Energy prices were the main source of inflation in the late 1970s (Blinder Rudd, 2008). Cashell Labonte (2008) explain that energy prices may affect the prices of other products because it is a key input in the production of many other products. Low inflation rate targets and low unemployment rates may be a challenging combination for policy makers (Nelson, 2004) . The 1970s’ economic condition was known as stagflation. It is a term used to describe rising inflation rates and high unemployment rates occurring at the same time. Cashell Labonte (2008) explain that the belief that policy makers had on Phillips curve made them experience a dilemma in dealing with rising inflation levels in the 1970s. The Phillips curve predicts that inflation will rise and unemployment will fall in an inverse relationship. An expansionary monetary policy increases demand, but it also stimulates inflation. The economy needs growth in demand to drive investment and economic growth. Nelson (2004) discusses that monetary policy was not viewed as an appropriate instrument to restore stability during the 1970s cost-push inflation. Cashell Labonte (2008) suggest that stagflation should not raise a lot of concern because the economy will return to its natural level of full employment, despite supply shocks. The periods of high oil prices are also known to be th e periods with the highest levels of inflation. However, in the last decade, the inflation rates appear not to respond with the same magnitude as the changes in oil prices. It may be an indication of an effective application of monetary and fiscal policies. In 2008, oil prices changed because of a decline in demand derived from the global recession. The increase in oil prices, after 2008, can be seen as a retraction of the lost upward trend. It may explain the reason for less volatility in inflation rates. In the last decade, there has been a decline in oil-intensity in energy production in the U.S. Figure 3 Data sources: BP (2015), EIA (2015a), and World Bank (2015) Figure 3 elaborates that the changes in the selected macroeconomic indicators do not match the volatility of oil price changes in magnitude. Nominal lending rates and inflation rates were more volatile to changes in the 1970s and 1980s than they have become in the last decade. The figure elaborates that real GDP growth rate reduced each time there was an increase in oil prices. It is only in 2008 that real GDP growth rate fell, despite a fall in oil prices. The growth rate of final consumption also declined in a similar manner. In the 1970s, it was expected that the reduction in employment levels would reduce the demand for oil. Reduction in demand would reduce the level of inflation (Blinder Rudd, 2008). Different views held that the rising oil prices only accounted for about a third of the inflation experienced in the U.S. (Blinder Rudd, 2008). Figure 3, shown above, may contribute to the argument because there is a big difference between the size of the percentage change in oil prices and the percentage change in key macroeconomic indicators. The main reason for the low impact in the U.S. is that local production cushioned against the effect of oil supply shocks. The price of oil increased four times in the global markets, but the refiners’ acquisition cost increased by about 100% in the U.S. (Blinder Rudd, 2008). In the future, as the economy turns to renewable energy alternatives, the effect of oil shocks may be reduced further. Some authors blamed the government for the delay in using monetary policy to reduce demand for oil (Nelson, 2004). Blinder Rudd (2008) discuss that the government should not be blamed because the inflationary pressures did not originate from its monetary policy. Historical data also shows that the supply of money almost declined during the period (Nelson, 2004). Cashell Labonte (2008) discuss a research carried out by Bernanke and other authors that indicates that policy responses may make the effects of oil shocks to have a larger impact on prices. The change in oil prices has a small impact on overall price levels when there is no intervention. The government is expected to overlook the effect of oil shocks when proposing policies. In response to Bernanke’s findings, some authors propose that it is unreasonable to withdraw economic policy when the economy is experiencing higher inflation levels (Cashell Labonte, 2008). Bernanke and his colleagues separated the effects of oil shocks on the economy using a simulated model. Opponents suggest that it is problematic to separate the effects of oil shocks from the effects of monetary policy in reality. It requires the government to respond, even when oil prices fall. One of the limitations of using a contractionary monetary policy to contain inflation is that reducing the U.S. demand will not affect the demand of other countries. However, the U.S. contributes a lot to global demand, reducing its demand would have an impact on reducing global demand. Another weakness of monetary policy is that there is a lag between application and effects, which may take time before they affect aggregate demand (Cashell Labonte, 2008). The 1978-1980 oil supply shocks lasted a shorter period. Using monetary policy, in trying to stabilize the economy, would have effects occu rring in a period they are not needed. It is more appealing to allow the short-term market shocks to be restored through the market mechanism, back to the equilibrium price. Oil prices have an impact on inflation when they are changing. Once they have adjusted and are stable, Cashell Labonte (2008) explain that it should not be of concern to policy makers. Higher oil prices have no effect on inflation, provided they are stable. Market forces will take the economy back to the natural rate of employment. The only challenge is that there are different levels of the natural rate of employment in different periods and countries. The Current Oil Prices Causes There are a number of periods in which oil prices have fallen since the 1970s. Oil prices fell in 1985, 1990, 1998, 2001, and 2008 (Baffes et al., 2015). In 2008, the fall in oil prices was associated with the fall in demand as the world economy sank into recession (McCafferty, 2015). In 1997-98, it was caused by the Asian economic crisis (Baffes et al., 2015). In all the oil shocks, the market was affected by either the supply of oil or its demand. The current sharp decline in oil prices is caused by increased supply. The other causes act through their effect on demand and supply. In the historical periods, one of the causes of the fall in oil prices has been an increase in production. In 2014, the fall in oil prices responded to a similar cause. Prior to the fall in prices, there was an increase in oil supply, followed by an accumulation of oil reserves. There has been an increase in production in the U.S. as shown in Figure 2. There has been an increase in oil supply since 2010 (McCafferty, 2015). In the global market, disruptions in supply only occurred in 2013 through the political instability in Libya and Iraq. The difference between the falling prices in 2014-2015 and other periods is that the supply has not been cut by OPEC as it has been happening in similar situations. Saudi Arabia used to play a cru cial role of reducing supply, which allows prices to stabilize. In the recent period, Saudi Arabia intends to push back firms that supply oil from high production cost rigs into cutting their supply. Baffes et al. (2015) discusses the point as a change in OPEC objectives. They have shifted from using oil prices to keep their market share to keeping their current production levels and relying on their competitiveness. Saudi Arabia holds the advantage of producing oil using one of the lowest costs in the global market. In the U.S., some drilling firms have postponed production in high production cost rigs (McCafferty, 2015). The current increase in oil supply may last a longer period than previous oil shocks because of the presence of new producing countries that want to capture a larger market share. Another reason is that the non-OPEC producers account for 58% of the global oil production, which may reduce the influence of OPEC. Baffes et al. (2015) predict that the lower oil prices will stabilize before the end of 2016. The high prices that followed the 2008 recession were one of the drivers of an increase in investment in oil production. McCafferty (2015) explains that the high oil prices made high production cost oil rigs to become economically viable. An increase in oil rigs caused the supply of oil to increase. The introduction of new technology in the U.S. for the extraction of oil and gas also increased supply in the U.S. In the 1980s, the venture into deep sea drilling and harsh climate environments caused an increase in supply in a similar manner (McCafferty, 2015). The U.S. shale oil production has been able to increase global production levels by about 1% annually since 2011. The demand for oil declined in the global market fell by about 0.8 million barrels per day while the U.S. oil supply increased by 0.9 million barrels per day (Baffes et al., 2015). It has resulted in increased supply and reduced demand. The appreciation of the U.S. dollar again st major currencies is cited as one of the contributing factors to falling oil prices. Baffes et al. (2015) explain that simulations indicate that a 10% appreciation in the USD will cut oil prices by between 3% and 10%. The impact of an appreciating USD is felt through a loss in purchasing power from countries that use the dollar to engage in international trade. Baffes et al. (2015) discuss that there was about a 10% appreciation of the USD in the last half of 2014, which may contribute to falling oil prices. A stronger dollar reduces the demand for oil in the global market through the loss of purchasing power. Effects The downward trend in oil prices may increase global economic growth in the next two years. According to the IMF, the recent fall in oil prices may result in the world economy growing by about 3.5% in 2015 and 3.7% in 2016 (McCafferty, 2015). Baffes et al. (2015) discuss that models have been used to estimate that a 30% decrease in oil prices will result in about 0.4 % to 0.9% decline in global inflation. Oil prices affect the economy through three channels, which include input costs, changes in real income, and the response of policy makers (Baffes et al., 2015). These channels directly and indirectly affect other economic indicators. In the UK, lower oil prices have been associated with a fall of inflation below targeted levels. In 2015, the inflation rate was 0.5% in January and 0.3% in February (McCafferty, 2015). Cheaper oil increases the purchasing power of workers through real wages. As the prices of other products fall, workers will be able to purchase more commodities using the same level of nominal income (McCafferty, 2015). It may increase aggregate demand, which will stimulate increased production. There are also negative effects of higher real wages. Blinder Rudd (2008) discuss that higher real wages relative to productivity will put pressure on wage rates and reduce employment demand. In the medium-term, high real wages will incre ase unemployment. In recent years, wages are considered to have absorbed most of the prices changes derived from oil shocks than it was in 1970s (Blinder Rudd, 2008). McCafferty (2015) supports the notion that lower oil prices does not translate into higher capital accumulation and higher productivity. Other factors have to be used to increase income levels. According to McCafferty (2015), there is a lack of a model that elaborates how to set interest rates in response to sharply falling oil prices. The lack of a clear level of interest rates may cause policy makers to avoid using interest rates in response to the current fall in oil prices. An inappropriate level of response may have adverse long-term effects on the economy. The study by Bernanke and co-authors gives a finding almost similar to the simulation by the Bank of England, which suggests that lower oil prices have a very small impact on the level of GDP (McCafferty, 2015). Bernanke and co-authors estimated that GDP would rise by 1.3% and inflation by 0.13% when oil prices rose by 10%, if there was no intervention from monetary policies (Cashell Labonte, 2008). The Bank of England estimated that a 10-percent fall in oil prices would increase the GDP by 0.1% in two years (McCafferty, 2015). These studies tend to indicate that the effect on oil prices on the GDP is minimal without the interference of government policies. Cashell Labonte (2008), as well as Blinder Rudd (2008), highlight the notion that the government’s effort in trying to control inflation from oil prices has been the source of recessions in the past. Previously, Figure 3 has shown that the effect of oil prices fluctuations on economic indicators was small and is becoming smaller. It shows that government intervention should be minimal in response to oil shocks. One of the reasons that the U.S. has become less sensitive to oil shocks is that the economy has become less oil-intensive than it was in the 1970s (Blinder Rudd, 20 08). The U.S. has also reduced its reliance on imported oil through the years. Figure 4, shown below, shows that the reliance on oil for energy production has reduced as a percentage of energy needs. Figure 4 Source of data: World Bank (2015) A less percentage of the U.S.’s energy consumption is derived from oil. Baffes et al. (2015) discuss that the impact of falling oil prices may have an impact of varying magnitude on different countries depending on the intensity of oil consumption in a country. In Asian countries, the fall in oil prices is weakening their currencies and causing an increase in capital outflows (Baffes et al., 2015). It is one of the ways oil shocks may affect financial markets. Policy in response The effect of the oil shocks has grown weaker in the last decade. According to Baffes et al. (2015), the effect of oil prices may end in 2016. Central banks do not need to respond to the fall in oil prices through a monetary policy because the phenomenon will be short-lived. However, in the European countries, the rate of inflation was maintained at low levels, an expansionary monetary policy may be needed to maintain inflation closer to the targeted levels. Disinflation may not be preferred. In countries such as Egypt, the lower oil prices provide countries, which usually support oil consumption through subsidies, to withdraw subsidies if it is part of their long-term goals (Baffes et al., 2015). In response to lower oil prices, the U.S. does not need to respond with a cut in the government expenditure. Methodology Explanation of theoretical model The paper starts with an examination of the literature review of the causes and effects of oil shocks to the economy. There was examination of policies in response to changes in oil prices. In line with existing literature, the paper has used graphs for analysis. The graphs were developed from historical data, which covers four decades on economic indicators. Percentages are used for most indica tors because they allow a better comparison of effects than the use of absolute values. Spearman’s rank correlation has been applied in trying to find out whether there is a strong association between oil prices and other macroeconomic indicators. One of the reasons for applying the rank correlation is that the curves are non-linear. There is the presence of outliers. Rank correlation has been used by Blinder Rudd (2008) to analyze the effects of oil shocks to the U.S. economy. Pearson product moment correlation has been used by Baffes et al. (2015) in describing the association between changes in oil prices and macroeconomic indicators. In this paper, the product moment correlation has been used to compare results from the rank correlation. Correlation is preferred because it is difficult to separate the effects of oil shocks from the effects of government policy. Baffes et al. (2015) analyze trends in oil prices using correlation and finds out that only the core inflation rate may have a negative correlation with oil prices. Inflation derived from the CPI should have a positive correlation with changes in oil prices. In line with the literature review, changes in oil prices should be used instead of oil prices to assess their impact on the economy. The results show that using absolute values in oil prices results in findings that are contradictory to existing literature. Statistical analysis In the results, the Spearman’s rank correlation indicates that there is a weak positive correlation between inflation and changes in oil prices over the forty-year period. However, the Pearson product moment correlation indicates that there is a strong relationship between changes in oil prices and the inflation rate. The results conform with existing studies that inflation responds to changes in oil prices rather than higher oil prices. Cashell Labonte (2008) and Baffes et al. (2015) suggest that once prices have stabilized, high oil prices have no impac t on inflation. Table 1 There are a few reasons for contradictory results when absolute prices are used. The reason for negative correlation is evident from the fact that the forty-year period is a long period, the highest inflation rates are in the 1970s and the highest oil prices appear after 2009. It causes the rank correlation to be negative. Another reason for the negative correlation is the nominal oil prices. Result would be different if oil prices were chained to a base year. There is an accumulative inflation rate that makes oil prices in recent years higher than in the 1970s. The result leads to the acceptance of the null hypothesis (H0) that there is no strong association between changes in oil prices and selected macroeconomic indicators. However, inflation rates show a strong positive correlation with changes in oil prices under the Pearson product moment correlation. There is a weak negative correlation between changes in oil prices and real GDP growth rate, final con sumption, and real interest rates. Changes in oil prices have a weak positive correlation with nominal lending rates. Data collection Data used in the paper was collected from government agencies’ databases and corporate databases. The World Bank (2015) database provided a large group of data, in Excel format, from which data on real GDP growth rate, nominal lending rates, real interest rates, inflation rates, and annual growth rate of final consumption was obtained. The EIA (2015a) provided data on the first purchase price of crude oil from 1970 to 2014. The EIA (2015b) and EIA (2015c) provided data on consumption and production of oil from 1980 to 2013. The BP (2015) database filled the gap by providing data for oil production and consumption from 1970 to 1979. There was a negligible difference between data provided by EIA and BP databases on oil production and consumption. The BP database worksheet also included data on oil prices, though it was not used in the analysis. P reference was given to the EIA historical data on oil prices. BEA (2015) provided data on the level of GDP. Conclusion Summary of the results There is a weak relationship between changes in oil prices and key economic indicators. The weak correlation may be explained by the reduced impact of oil shocks in the last decade. In 2008 recession, changes in oil prices and changes in key economic indicators moved in a different direction than it was expected. The effect is also reduced by the fact that the government has implemented policies that keep the nominal interest rates at a fixed lower level. It has also used an expansionary monetary policy that may overshadow the effects of increasing oil prices since 2009. Existing theories indicate that only about a third of the effect of changing oil prices may be reflected on the macroeconomic indicators. One of the limitations of the study is that it is difficult to separate the effects of changing oil prices from the effect of government po licy using historical data. They are applied simultaneously and the effects are spread across different macroeconomic indicators, which have a second-wave of effects. As a matter of fact, the correlation results only measure the extent to which macroeconomic indicators have a similar trend to changes in oil prices. Inflation rate is the macroeconomic indicator that appears to be greatly influenced by changes in oil prices. Recommendations Policy makers do not need to respond to current changes in oil prices. One of the reasons is that the falling oil prices are expected to stabilize by the end of 2016. It makes the oil shock to be considered a short-term phenomenon. Monetary policy has time lags between application and effect, which may cause an unwanted effect in the long run. The literature review indicates that government policies may intensify the effect of an oil shock. It is an opportunity to implement fiscal policies that cut expenditure on oil subsidies in countries that re lied on them. The contraction of fiscal policy should only be used when it is regarded as a long-term objective. The fall in oil prices may be followed by an increase in unemployment when there are higher real wages relative to productivity (Blinder Rudd, 2008). It may cause a decline in the demand for labor. The government can ease its monetary policy by a small margin to contain rising real wages. It should be done in a timely manner to prevent the lagging effects. References Baffes, J., Kose, A., Ohnsorge, F., Stocker, M., Chen, D., Cosic, D., Gong, X., Huidrom, R., Vashakmadze, E., Zhang, J., Zhao, T. (2015, January). Understanding the plunge in oil prices: Sources and implications. Global Economic Prospects. Retrieved from http://www.worldbank.org/content/dam/Worldbank/GEP/GEP2015a/pdfs/GEP201 5a_chapter4_report_oil.pdf BEA. (2015). National data: gross domestic product. Retrieved from www.bea.gov/national/xls/gdplev.xls Blinder, A., Rudd, J. (2008). The supply shock explan ation of the great stagflation revisited. Retrieved from http://www.princeton.edu/ceps/workingpapers/176blinder.pdf BP. (2015). BP statistical review of world energy June 2013. Retrieved from http://www.bp.com/statisticalreview Cashell, B., Labonte, M. (2008). Understanding stagflation and the risk of its recurrence. Retrieved from http://assets.opencrs.com/rpts/RL34428_20080331.pdf EIA. (2015a). Petroleum and other liquids: U.S. crude oil first purchase price (dollars per barrel). Retrieved from http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PETs=F000000__3f=A EIA. (2015b). Total petroleum consumption. Retrieved from http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=5pid=5aid=2cid=r1, syid=1980eyid=2013unit=TBPD EIA. (2015c). Total petroleum consumption. Retrieved from http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=5pid=5aid=2cid=r1, syid=1980eyid=2013unit=TBPD McCafferty, I. (2015). Oil price falls – what consequences for monetary policy? Retrieved from http://www.bankofengland.co.uk/publications/Documents/speeches/2015/speech 806.pdf Nelson, E. (2004). The great inflation of the seventies: What really happened? Retrieved from https://research.stlouisfed.org/wp/2004/2004-001.pdf World Bank. (2015). United States: World development indicators. Retrieved from http://data.worldbank.org/country/united-states This research paper on Factors Affecting the Changes in Oil Price was written and submitted by user Charity Beasley to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.