Racial Prejudices :: essays research papers

Racial Prejudice What is prejudice? - set of learned beliefs and values that lead a person to be biased against other members of other groups. -prejudices are convenient(bequem,brauchbar,passend) and inaccurate. ----> people are not seen as individuals, biased people label other people to special groups -prejudice is mostly based on inaccurate information about people Prejudice originates from three common parts(these parts make up a prejudiced belief): 1.Generalisations -a very broad , simple statement about a group of people -here is perhaps an appropiate point to provide an example:"All catholics" or when the word "they" figures strongly -key words for generalisations are "all" and "they" --->generalisations are also very inaccurate , because we are not justified in saying that all members of these group or race share the same characteristic features. G. are unfair descriptions of people and they are mostly based on very incomplete information. Having met one member from a different group with an extraordinary behaviour ,we often assume that all mebers of this group show this same extraordinary behaviour. 2.Stereotyping -exaggerated,often negative image of a particular group of people -a stereotyp often contains a grain of truth , but this grain of truth is combined with an exaggerated and undue image of this group. Ethnocentricity -there are two types of prejudices: 1.prejudice against all outsiders-->your group is the only right and proper,all other groups are excludud,other groups are portrayed as being strange and inferior. 2.prejudice against specific groups----> you are able to cope with some other groups,but you disapprove a special group of their religion-->that's why you have a prejudice against this particular group.But this kind of prejudice does not express that your religion is the best and that all other religions are worser than your own one.You are only biased against this particular religion. ---->prejudice against all other groups is called ethnocentricity Prejudice and discrimination Discrimination: -Speaking of Discrimination against a special group we mean the combination of prejudice with actions - In this sense the word "discriminating" means that we are treating a group in a negative way. -the effect of people are discriminated against:loss in terms of money ,housing,education -the forms of Discrimination: 1.verbal abuse(anti-locution)--->through specific terms--->undermines their confidence-feeling of "I am not desired in this society" 2.Discrimination in jobs--->Refusal of jobs to a group-->disadvantage in terms of jobs,income,personal decline. 3.Attack on property-->destruction of cars-->Expulsion because there is a lack of physical security 4.Physical attack---->Assaults on group members;stabs;deaths--->further lack of security;anger;frustration;formation of self-defence groups 5.Genocide--->mass murder of all--->extermination of whole families and cultural groups Racial prejudice or racism -always aimed at special groups -racism bases on the belief that

Environment Analysis of Toy Industry

Doing business in the worlds toy industry today, is anything but plain sailing, with the toy industry as a whole generating $21.47 Billion in 2009 and $21.65 Billion in 2008 (Riley, 2010) This producing a fiercely competitive market, but a market that is very open to new entrants,right throughout the industry. The market is also growing year on year with birth rates rising throughout the world, with the U.K. Birth rate growing this year (2014) by 13%.Risk of entryThe barrier of entry to the Toy industry is very low, this given new and up and coming entrepreneurs and companies a chance of success in this very fast paced and fiercely competitive market, to create products to capture the attentions of children and adults alike. The market environment has also pushes many well known brands to invest a major part of their budgets on research and development, allowing them to introduce new products continuously. Many well known brands such as as Hasbro, Mattel, BanDia and many other compan ies also invest huge amounts of money to compete for licensing of products connected to characters from TV shows, Films and video games,to expand their market share.Power of the BuyersThe toy industry is very concentrated, this leaving manufacturers I a very weak bargaining position with its customer, for example fives stores including Wall-mart and Toys â€Å"R† Us make up 54% or Hasbro's net Revenue in 2009. (Hasbro inc., 2009) Target, Wall-mart and Toys†R† Us also had 43 % of Net Sales of Mattel, (Datamonitor, 2007)these both figures being massive  amounts of products and given these companies power on pricing. The rise in online activity had also gave the manufacturer a door to sell direct to customer, but most of the large manufacturers still use the traditional route through supply chain.Power of the SuppliersThe materials used within the production of 1UpToys products, for example plastics, paper, cardboard, computer chips and cables, are available from a wide range of suppliers , but are susceptible to market related pricing, (e.g., copper for wiring, plastics etc.) some of which are controlled by legislation due to the chemical compounds (like Phthalates and BPA) Which could incur higher taxation brackets and could be subject to government legislation.Threat of substitute productThe threat of substitutes are growing with the continuous growth in demand, with children at a very young age having access to high technological gadgets and platformsThis has driven toy companies to incorporate more technology within their products, as toy companies are now in direct competition not only with other toy products but also with traditionally non toy products such as, Tablets, computers, smart phones and even Mp3,s offering gaming within their technological platforms. The risk from these platforms is very high and is on the increase, as with prices continue to drop on cell phones and technological other gadgets, children are adopting to them earlier in their lives, with these devices offering gaming and entertainment at a very low cost and on occasions no cost at all to download.The phenomenon of these technological devices has added extra pressure to the toy industry as a whole , to create toys with enough bells and whistles to compete with these digital device alternatives, with the cost of traditional toys significantly much higher to invent and manufacturer in comparison to  the digital format. As a result to this the profit margins of the more traditional product is significantly lower, adding to the need to sell more units per product to make profit in today’s toy market.Another major factor for the toy industry is that children at different ages have shifted preferences. Young children are expecting more stimulation from their playthings than before to capture and hold their attention. Hasbro calls this phenomenon of kids â€Å"Getting older, younger.† This threatens everyone in the toy industry b ecause the window toys and games have to make their way into children’s lives keeps shrinking. The toy industry also relies heavy on the intellectual properties of any given toy business, which they may not be able to protect from countries with loose copyright laws and regulations.This may not be a problem throughout the E.U and the United States, but is very rampant within emerging economies, for example China where products such as, DVD’s, Action Figures and nearly every other product thinking able can be copied and reproduced at a fraction of the retail price though piracy, which is a huge problem for the toy industry and a great threat to any companies looking to soften their domestic revenue losses by expanding to China or any other emerging economy.Competitive Rivalry in the IndustryThe Completive rivalry in the toy industry is fierce and diluted with numerous alternatives popping up everyday, with new platforms arising contentiously within this business sector, with companies and new toy products fighting for the limited shelf space, within all the same stores throughout the retailing world, with companies using all the resources possible to gain the competitive advantage over their competitors.This competitiveness has seen all toy companies jockeying for position and has over all lowered companies profit margins, as they compete with pricing with each other, using lower pricing strategies and offering exclusives and unique features to their customer base, at a cost to them.There is also fierce competition within the supply chain, with most toy companies have the majority of its manufacturing done in China, it can only stock as much shelf space as there is available space on large cargo container ships., with many companies fighting for the space, especially just before the holiday season, the price per TEU (twenty-foot equivalent unit) may go up in these peak seasons and shipping costs are also very vulnerable to changes in fuel pricing, which is forever on the rise.SLEPT Analysis (see appendix 2),we can look at the (Macro) external environment for the toy industry.Social EnvironmentThe social environment of today’s toy customer base is increasingly becoming more technically driven, with children and â€Å"tweens† spending more and more of their time on the internet and social media platforms, as accessibility to these high speed internet and mobile devices enter more homes everyday. A study released in January 2010 by the Henry J. Kaiser Family Foundation found that young people, aged 8-18, spent seven and a half hours seven days a week consuming media (Music, videos, blogs, social media, etc.) While consuming, they are also multitasking. So they can fit almost eleven hours of media into that seven and a half hours (Rideout, Foehr, & Roberts, 2010) and this is growing year on year, with easier accessibility and reduced cost to online access.This has rising to in 2013 and said to be having serious con sequences , with kids ages 8 to 18 spending on average 44.5 hours per week in front of screens, with parents being increasingly concerned that screen time is robbing them of real world experiences. Nearly 23% of youth report that they feel â€Å"addicted to video games† (31% of males, 13% of females.) These are the results of a new study of 1,178 U.S. children and teens (ages 8 to 18) conducted by Harris Interactive (2007) that documents a national prevalence rate of pathological video game use.Dr. Douglas Gentile, Director of the Media Research Lab at Iowa State University reports, â€Å"Almost one out of every ten youth gamers shows enough  symptoms of damage to their school, family, and psychological functioning to merit serious concern.†The industry could be more drawn to the needs of the consumer and promote games and toys that cross over online and offline platforms,and also incorporate a educational value or the use of learning a musical instrument or techniqu es involved in doing so.Legal EnvironmentThere are increasingly tight rules and regulations about the materials that need to go into toy construction in order to make them safer and more resistant to fire hazards. This has had the impact of raising costs on production within the industry, but these regulations can vary in different countries, but are generally set the same throughout the EU, with safety at the forefront of production.The Toy industry has to be very careful to follow these regulations, especially when out sourcing to places such as China who have generally a loose safety standards and could have serious consequences to any company importing products from theses areas. Loose safety standards in Chinese factories caused the massive toy recall of 2007 which over 10 million toys that contained unsafe levels of lead and small magnets which, if swallowed, could cause serious injury or death. This recall cost not only millions of dollars but severely damaged the costumer co nfidence. A problem like this looms over every toy company that uses manufacturing plants in China.The Legal environment of the toy industry is also continuously protecting and fighting for its copyright on its products. This can be very complicated and confusing for example both Mattel and Hasbro have the rights to the board game Scrabble (Hasbro has rights in North America, Mattel has them everywhere else.) Two India based brothers and programmers created free to play version of Scrabble on Facebook called Scrabulous. At the height of its popularity, Scrabulous attracted a half million players a day. Mattel and Hasbro both sued the Argawalla brothers and forced them to remove the game  from Facebook.Hasbro then made a slow and clunky official version bemoaned by fans of Scrabulous.The official version now draws 90,000 players daily. Instead of working with the creators of the knock-off and bringing the game into the fold of officially licensed content, Mattel and Hasbro caused r esentment and hard feelings in customers on the world’s most popular social network. These actions of putting a substitute cheap version of the game, could have a negative impact on your customer base, especially in the public eye, on a network like facebook that has billions of users and potential customers.Economic EnvironmentThe manufacturing of products for the toy industy for any years has mainly relied on Chinese manufactering, due to the combination of cheap labor and undervalued currency has been a very attractive recipe for keeping production costs as low as possible. This arrangement might be very profitable to the toy industry, but does make them very susceptible to problems within in China itself.In recent times with the up and coming working classes of Chinese people are demanding more pay and benefits, some that we in the UK take for granted on a daily basis (health and safety, Severance pay, etc.) in the working environment. These demands can have explosive aff ects, with the toy company Hasbro feeling the full effects. In November, 2008,a worker riot broke out at a Hasbro factory in Dongguan, China (Foreman, 2008). 80 senior migrant workers, who felt they were being jilted by management on their severance pay, quickly organized a mob of 500 people that overturned a police car, stormed the factory offices, and damaged computers.Political EnvironmentThe politiacl envirment is more driven towrds trade restriction within China and Chinese currency develpoments, as most of toy trade is manufactoered within its counry. This has been mentioned by the US in recent times, with the Chinise undervalued currency being a target by plolicy makers within the  US. Recently, the U.S. House of Representatives Speaker Nancy Pelosi brought up the possibility of a new China currency bill that would give the â€Å"†¦ the [Obama] administration leverage in its bilateral andmultilateral negotiations with the Chinese government so that U.S. businesses and workers have a more level playing field in world trade.† No one really knows how much this would affect export prices from China, but it is an issue that should remain onthe radar.Technological EnviromentThe Technological Environment of the toy industry is very highly paced ,with toy fads coming and going within the toy market continiusly. Toy companies need to innovate and keep moving forward with demand and try to create the next big toy breakthrough.The toy customer in today’s market are mostly looking for intractability within the game, with many offering these platforms, such as Wii, Xbox, Playstation for example, using various platforms do so, even smaller toys such as Furbbie and tamagotchiis being very popular in their time, selling millions of units in their day or Fad as its known.This fast moving technological environment relies on getting product to the market first and is very prone to company espionages fast moving technological environment relies on gett ing product to the market first and is very prone to company espionage, which is wide spread throughout the toy industry.

A False Image Of Freedom The American Dream - 1515 Words

A False Image of Freedom: The American Dream The American Dream has been a beacon of hope for people in the US for decades now, and has inspired them to seek a lifestyle that excels their current one. However, this idealistic belief possesses a biased and dishonest nature that is undetectable to those blinded by this idea . F. Scott Fitzgerald, through his novel The Great Gatsby, lifts the veil on this American Nightmare, and shows readers it’s true nature. Rooted directly to the Declaration of Independence in 1776, the concept of the American Dream claims that all men are born equal and possess the right to pursue happiness through hard work and dedication. In spite of its reputation, this false perception of freedom, in many cases, is unjust, futile, and more closely related to one’s relations rather than dedication. In accordance to the setting of The Great Gatsby, the postulate that states everyone has an equal chance at achieving the American Dream is proven false, as one’s gender and ethnicity can greatly alter their chances at success. In The Great Gatsby, an overall disrespect is held for those with a different cultural background, compared to the background of the main characters, preventing them from achieving the American Dream. Tom Buchanan is one of the characters that directly expresses his feelings on different cultural backgrounds through his words to other characters. He considers himself to be â€Å"the dominant race† (13), and expresses his negative feelingsShow MoreRelatedThe American Dream977 Words   |  4 PagesThe American dream is a subjective idea that can mean money and fame for some or just the idea of freedom to others. What we believe is our path to reach this dream determines whether or not we are blinded by corporations’ image of the â€Å"American Dream†. Corporation’s main goal is to subtly coerce consumers into believing in the corporate world’s idea of the â€Å"Americ an Dream†. They accomplish this by placing consumer’s into general categories which depicts how they will consume and place them in aRead MoreThe American Dream : A New Nation1617 Words   |  7 PagesThe American dream is an ideology that has been around, known, and praised for a long time. It is an aspiration many long to achieve and protect with their lives. A story that has been written out for us and embed in our minds. As children, we begin school and are taught the pledge of allegiance and how important it is for everyone to take a moment to praise and thank what the nation for what it has to offer. 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She is indefinitely describing the United States of America, however there are many that would say the contrary. Yet there is no denying America’s greatness and accomplishments, is the American Dream that gives its country the valor and beauty it wears actually true? The American Dream serves as the foundation of ideals that cloaks the nation, and inspires the belief that anyone is able to build themselves a better future from the bottom up through hard work and determination by theRead MoreSeptember 11, 2001. A National Newspaper Journalist Had1132 Words   |  5 PagesSeptember 11, 2001. A national newspaper journalist had taken an infamous image during the destruction of the attacks on the twin towers. The image depicted an unknown man jump from one of the towers, choosing which way he wanted to die, because he was going to even if he didn t jump. The image was published in a newspaper the next day, shocking the nation. 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America has also held the false belief of upward mobility, which is the idea that one person can rise up the economic ladder and that each generation has become better equipped to greater the economy is a falsehood. The average American will not jump economic classes, and the stories of those who do are very rare. The media focus on big business, salaries, extravagant celebrities

The Exploration Of The British Petroleum Essay - 1664 Words

Introduction British Petroleum is among the largest producers of oil and gas in the world. Headquartered in London, England it is one of only seven â€Å"supermajors† in the production of petroleum, in fact its performance in 2012 made it the sixth largest producer in its field and by market capitalization. It is also considered a vertically integrated company which operates in all areas of oil production including exploration, refining, distribution, and marketing. It has also recently expanded into biofuels and wind power. [2] A crisis for BP began in the middle of 2010, in the Gulf of Mexico on a British Petroleum project. The Deepwater Horizon Oil Rig exploded, sunk, and began leaking oil into the ocean for 87 days. It was finally capped on July 15th, 2010 after more than one failed attempt. Due to the explosion, eleven people went missing and were never found. This is among the most damaging ocean oil spills in the history of the oil industry, approximately 8% to 31% more volume than the previously recorded leak. The American government concluded that the amount of oil leaked was more than 4.9 million barrels or 210 million US gallons. [3] Stakeholders Employees are essential to most any operations. Organizations that keep their employees knowledgeable on current events transpiring within said organization are much more effective than employees kept in the dark. Employees who feel secure in their jobs are typically much more inclined to be productive than those whom areShow MoreRelatedThe Exploration Of British Petroleum1435 Words   |  6 Pagesi. Cover Page ii. Table of Content iii. Executive Summary iv. Report v. Work Cited â€Æ' Summary British Petroleum is one of the biggest oil and gas organizations around the world. British Petroleum had the rights to investigate the Macondo all around, situated in the Gulf of Mexico in 2009. 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Graduation Speech Essay - 1978 Words

I want to say CONGRATULATIONS to the class of 2012. I greatly appreciate sharing my journey with you. I believe the greater the difficulty, the greater the glory and the glory is what we celebrate tonight. When I was first asked to speak in front of the graduation committee, I said to myself, I cant do this, what do I have to say anyway, I dont have time, Im in the middle of midterms and its just something else I have to prepare for. After pondering over all these excuses, Im here and I have an answer to my own questions. The reason Im here is because my achievements are much greater than me. I owe most of my success to the faculty, staff, and students of Shelton Community College. I need to show my gratitude and†¦show more content†¦It was a whole new world to me. It wasnt dirty, burnt, and there was no graffiti on the walls. I didnt even see any students pants sagging (well, I did) but it wasnt due to the gun located in their belt buckle. That was when I first realized that just maybe I MIGHT not hate college as much as I currently hated high school. I left Washington and went back to California after my summer visit to finish out my last two years at Milor High School. I graduated, completely disgusted with my environment. I knew the only way I would become someone that people could look up to and respect would be if I left California. I packed up my 1986 Ford Escort with over 200,000 miles on it and drove to Washington state. I got my own apartment, supported myself, worked full time, and finally decided it was time to go to college. What college did I choose? Shelton Community College, the school that made a huge impression on me as a teen-ager. This was the most challenging experience in my life, at the time. I worked from 8 a.m.-5 p.m., went to class on my lunch hour, took night classes until 10 p.m., and did homework on the weekends. Some may wonder if I had a social life, the answer is NO, but I maintained a 3.5 GPA for 31/2 years. In the words of Washington Irving, LittleShow MoreRelatedGraduation Speech : My Graduation E ssay1022 Words   |  5 Pages My Graduation A Graduation ceremony is one of the major steps in life, it marks the start of new changes in our lives. It ushers us into growing up and be responsible for our actions. It marks a new dawn of embracing life experiences, cultivation of good work ethics and eventually culminates in chasing our dreams. On my graduation day, I woke up to the sweet aroma of the breakfast my sister was making. I sat down to eat when the food was ready. It took me about 2 hours to finishRead MoreGraduation Speech1128 Words   |  5 PagesSasenarine Tomby Graduation Speech 2011 Good afternoon [name of members of the head table], teachers, parents, students, fellow graduates and distinguished guests. I must first and foremost thank God for this blessing and honor to stand before you today as Valedictorian of the Class of 2011. Yet, today is not only my day to shine. Every graduate present here is deserving of high praise and recognition and I would like to congratulate each of you on reaching this milestone in life. IRead MoreGraduation Speech650 Words   |  3 PagesCongratulations everyone, congratulations. If youre participating in this graduation ceremony, youve taken the next step toward your future goals and dreams. For those of you that just finished your transfer degrees, congratulations. To those of you that came back to school after a few years off to get a better education, congratulations. To those of you that came to get a certificate or learn IT or computer programming so you can get a better job, congratulations. 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And, if just for a moment you think that that is bad, just be thankful you have never attended or will attend a Bar Mitzvah. The only ceremony I think anybody would truly enjoy attending is a funeral. But, onlyRead MoreEssay on Graduation Speech830 Words   |  4 Pagesthe senior class president. A few weeks ago, I was told that I would be speaking at graduation. I was asked to put together a speech for tonight -- Ive become experienced at speech writing over the past couple of weeks. The speech that you are hearing is the fourth one Ive written, the recycle bin needs to be emptied at home and I need a new highlighter. Thank you, Mr. Mier, you get an A+ for your help as my speech teacher but an F for saving trees. Tonight Id like to talk to three groupsRead MoreAn Example of a Graduation Speech653 Words   |  3 Pageswriting papers, doing homework, taking an occasional pop quiz, and of course taking countless exams, it is that time that we all anticipate†¦Graduation! Purpose Statement: Since the majority of us are seniors, and graduation is a little less than a month away, I am going to provide you with some historical background information and some fun facts about graduation in order to make the occasion even more meaningful than it already is. Road Map: Most of you could probably agree that high school wasRead More Graduation Speech Essay1516 Words   |  7 Pagesstudy abroad, and with the great help of the Turner family, Ms. Joy Fitzpatrick who is the international student program coordinator, and my parents, I entered America as an international student on March 11, 2001, only one week after my high school graduation in Japan. It seems as though yesterday when I saw my host mom crying at the airport to see me landed to America safely, as if she were welcoming back her own daughter. I still recall the very first class I took. I was so scared and nervous thatRead More Graduation Speech Essay1115 Words   |  5 Pagesthis graduation speech, several people suggested including a profound quote offering â€Å"encouraging advice to the young graduates†, and then there were others who said, â€Å"eh don’t worry about it, no one listens to those anyway.† Fortunately, I was actually able to take from both suggestions and found a happy balance. You see, I won’t tell you today to: â€Å"Dare to dream† or â€Å"Find your own vision† or even to â€Å"Strive for excellence,† or any trite clichà © that’s ever been said in a graduation speech. SoRead More Graduation Speech Essay560 Words   |  3 PagesWhen they were trying to find someone to give this speech they first asked the most intelligent, smart person they could find. But she turned them down. So then they asked the most beautiful, lovely, attractive person they could find. She also turned them down. Next they asked the nicest, sweetest, kindest, most sincere person they could find. Then I decided it would be rude to turn them down three times in a row, so here I am. How many people here like tomato soup? Come on, raise your hand if

Comparison Between Market Structures Free Essays

string(7666) " from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero\) †¢ Since MR=P\(=D=AR\), when MR=MC, P=MC †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms †¢ MR = MC where MC is rising \(revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero\) †¢ Since PMR, when MR=MC, PMC MR = MC where MC is rising \(revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero\) †¢ Since PMR, when MR=MC, PMC †¢ MR = MC where MC is rising \(revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero\) †¢ Since PMR, when MR=MC, PMC M eaning of SR Equilibrium †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms Meaning of LR Equilibrium Profitability in SR †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Perfect Competition \$ MC AC P0 Supernormal Profits †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Monopolistic Competition \$ MC AC Supernormal Profits †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Oligopoly \$ MC †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Monopoly \$ MC AC Supernormal Profits AR=MR=DD P0 P0 AC Supernormal Profits P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity 3 Perfect Competition †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Perfect Competition \$ MC AC P0 AR=MR=DD Monopolistic Competition †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Monopolistic Competition \$ MC AC P0 Oligopoly †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Oligopoly \$ MC AC P0 Monopoly †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Monopoly \$ MC AC P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Perfect Competition \$ MC AC Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Monopolistic Competition \$ AC MC Subnormal Profits †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Oligopoly \$ MC AC Subnormal Profits †¢ Subn ormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Monopoly \$ AC MC Subnormal Profits P0 Subnormal Profits AR=MR=DD P0 P0 P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity Profitability in LR Necessarily makes normal profit because of free entry and exit from the industry †¢ Supernormal profits – beyond optimum capacity \(Overutilisation where AC is rising\) †¢ Normal profits – optimum capacity \(Full utilisation where AC is at its minimum\) †¢ Subnormal profits – below optimum capacity \(Underutilisation where AC is falling\) Necessarily makes normal profit because of free entry and exit from the industry †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Normal profits – below capacity \(Underutilisation where AC is falling\) †¢ Subnormal profits – below optimum capacity \(Underutilisation where AC is falling\) Can be making either normal or supernormal profits because of the presence of entry to the industry †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Normal profits – below capacity \(Underutilisation where AC is falling\) †¢ Subnormal profits – below optimum capacity \(Underutilisation where AC is falling\) Can be making either normal or supernormal profits because of the presence of entry to the industry †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Normal profits – below capacity \(Underutilisation where AC is falling\) †¢ Subnormal profits – below optimum capacity \(Underutilisation where AC is falling\) Plant Utilisation in SR 4 Perfect Competition Plant Utilisation in LR Normal profits – optimum capacity \(Full utilisation where AC is at its minimum\) Monopolistic Competition Normal profits – below optimum capacity \(Underutilisation where AC is falling\) Oligopoly †¢ Normal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) Monopoly †¢ Normal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) Allocative Efficiency Allocative efficiency is attained where P=MC Allocative efficiency is NOT attained because PMC Allocative efficiency is NOT attained because PMC Allocative efficiency is NOT attained because PMC EXCEPT when the monopolist is practising first degree \(perfect\) price discrimination Productive Efficiency \(NEW vs OLD definition\) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is attained where profit-maximising level of output is at the minimum LRAC NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC \(underutilisation\) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC \(underutilisation\) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC \(underutilisation\) Distinction between Firm and Industry †¢ Industry consists of many small firms producing an identical product\." A COMPARATIVE STUDY OF MARKET STRUCTURES Perfect Competition No. of Firms A large number, each being small. Monopolistic Competition A large number, each have some amount of market power. We will write a custom essay sample on Comparison Between Market Structures or any similar topic only for you Order Now Oligopoly A small number, each being mutually interdependent. Monopoly Only one firm, possessing full control in the market. Size of Firms Small. Therefore each is a price taker. Relatively small but possessing some ability in setting price. Relatively big but bases its decision on other firms. Very large and is able to influence price or output but not both simultaneously. Nature of Product Homogeneous Differentiated Differentiated Unique Knowledge of Product Perfect knowledge of market by buyers and sellers Imperfect knowledge of market by buyers and sellers Imperfect knowledge of market by buyers and sellers Imperfect knowledge of market by buyers and sellers Barriers Free entry and exit from industry Free entry and exit from industry Barriers of entry and exit from industry Barriers of entry and exit from industry Mobility of Factors Perfect Mobility Perfect Mobility Imperfect Mobility Imperfect Mobility Extent of Price Control/Pricing Policy None by individual firms who take the market prevailing price Firms may either set price or output, constrained by its demand curve Firms may either set price or output, constrained by the actions of rival firms Firms may either set price or output, constrained by its demand curve Non-price Competition No advertising or other forms of promotion because of perfect competition †¢ Perfectly price elastic – each firm is a price taker because of all the above conditions †¢ D=P=AR=MR †¢ Price is constant at all levels of output †¢ The industry’s demand and supply determine the market price Advertising and other forms of promotion may take place Advertising and other forms of promotion may take place because of price rigidity †¢ Kinked demand curve – price rigidity exists because of all the above conditions †¢ D=AR and ARMR †¢ The oligoplistic firm determines the market price or output, taking into account its competitor’s reaction No advertising or other forms of promotion because of the absence of competition †¢ Relatively price inelastic – firm is a price setter because of all the above conditions †¢ D=AR and ARMR †¢ The monopolist determines the market price or output but not both simultaneously because it is constrained by the demand curve Demand Curve/Price Line/AR curve †¢ Relatively price elastic – each firm has some ability to set price because of all the above conditions †¢ D=AR and ARMR †¢ The monopolistically competitive firm determines the market price or output but not both simultaneously because it is constrained by the demand curve 1 Perfect Competition Relationship between the demand curves of the Firm and Industry Price Price S P2 D1 D2 D0 P0 P1 AR2 AR0 AR1 Monopolistic Competition Demand Curve of the Firm $ Oligopoly Demand Curve of the Firm $ Monopoly Demand Curve of the Firm / Industry $ P2 P0 P1 MR Quantity Firm Quantity AR=DD Quantity MR AR=DD Quantity MR AR=DD Quantity Q1 Q0 Q2 Industry TR Curve †¢ TR = P x Q †¢ Because P is constant, TR curve is a linear upward-sloping from left to right Revenue Curves under Perfect Competition $ $ 60 TR †¢ TR = P x Q †¢ Because P falls when Q rises, TR curve is an inverted U-shape Revenue Curves under Monopolistic Competition $ †¢ TR = P x Q †¢ Because P falls when Q rises, TR curve is an inverted U-shape Revenue Curves under Oligopoly $ TR = P x Q †¢ Because P falls when Q rises, TR curve is an inverted U-shape Revenue Curves under Monopoly $ 10 AR=MR=DD AR=DD Quantity $ AR=DD Quantity MR Quantity 6 Quantity $ MR AR=DD Quantity $ MR TR Quantity TR Quantity TR Quantity MR Curve †¢ Identical to P and AR, that is, D=P=AR=MR †¢ Constant †¢ MR is less than AR, with the gradient of the MR curve twice as steep as the AR curve (implying that the MR cuts the quantity axis at half the length at which the AR cuts the quantity axis) †¢ Downward sloping, that is, is falling as quantity increases MR is less than AR, with the gradient of the MR curve twice as steep as the AR curve (implying that the MR cuts the quantity axis at half the length at which the AR cuts the quantity axis) †¢ Downward sloping, that is, is falling as quantity increases †¢ Presence of a broken line, implying the presence of price rigidity †¢ MR is less than AR, with the gradient of the MR curve twice as steep as the AR curve (implying that the MR cuts the quantity axis at half the length at which the AR cuts the quantity axis) †¢ Downward sloping, that is, is falling as quantity increases 2 Perfect Competition MC/AC Curves †¢ U-shaped in SR because of Law of Diminishing Returns †¢ U-shaped in LR because of internal economies and diseconomies of scale Monopolistic Competition †¢ U-shaped in SR because of Law of Diminishing Returns †¢ U-shaped in LR because of internal economies and diseconomies of scale Oligopoly †¢ U-shaped in SR because of Law of Diminishing Returns †¢ U-shaped in LR because of internal economies and diseconomies of scale Monopoly †¢ U-shaped in SR because of Law of Diminishing Returns †¢ U-shaped in LR because of internal economies and diseconomies of scale Profit-maximising Condition †¢ MR = MC where MC is rising (revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero) †¢ Since MR=P(=D=AR), when MR=MC, P=MC †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms †¢ MR = MC where MC is rising (revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero) †¢ Since PMR, when MR=MC, PMC MR = MC where MC is rising (revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero) †¢ Since PMR, when MR=MC, PMC †¢ MR = MC where MC is rising (revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equ al to zero) †¢ Since PMR, when MR=MC, PMC Meaning of SR Equilibrium †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms Meaning of LR Equilibrium Profitability in SR †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Perfect Competition $ MC AC P0 Supernormal Profits †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Monopolistic Competition $ MC AC Supernormal Profits †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Oligopoly $ MC †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Monopoly $ MC AC Supernormal Profits AR=MR=DD P0 P0 AC Supernormal Profits P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity 3 Perfect Competition †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Perfect Competition $ MC AC P0 AR=MR=DD Monopolistic Competition †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Monopolistic Competition $ MC AC P0 Oligopoly †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Oligopoly $ MC AC P0 Monopoly †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Monopoly $ MC AC P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Perfect Competition $ MC AC Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Monopolistic Competition $ AC MC Subnormal Profits †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Oligopoly $ MC AC Subnormal Profits †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Monopoly $ AC MC Subnormal Profits P0 Subnormal Profits AR=MR=DD P0 P0 P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity Profitability in LR Necessarily makes normal profit because of free entry and exit from the industry †¢ Supernormal profits – beyond optimum capacity (Overutilisation where AC is rising) †¢ Normal profits – optimum capacity (Full utilisation where AC is at its minimum) †¢ Subnormal profits – below optimum capacity (Underutilisation where AC is falling) Necessarily makes normal profit because of free entry and exit from the industry †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Normal profits – below capacity (Underutilisation where AC is falling) †¢ Subnormal profits – below optimum capacity (Underutilisation where AC is falling) Can be making either normal or supernormal profits because of the presence of entry to the industry †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Normal profits – below capacity (Underutilisation where AC is falling) †¢ Subnormal profits – below optimum capacity (Underutilisation where AC is falling) Can be making either normal or supernormal profits because of the presence of entry to the industry †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Normal profits – below capacity (Underutilisation where AC is falling) †¢ Subnormal profits – below optimum capacity (Underutilisation where AC is falling) Plant Utilisation in SR 4 Perfect Competition Plant Utilisation in LR Normal profits – optimum capacity (Full utilisation where AC is at its minimum) Monopolistic Competition Normal profits – below optimum capacity (Underutilisation where AC is falling) Oligopoly †¢ Normal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) Monopoly †¢ Normal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) Allocative Efficiency Allocative efficiency is attained where P=MC Allocative efficiency is NOT attained because PMC Allocative efficiency is NOT attained because PMC Allocative efficiency is NOT attained because PMC EXCEPT when the monopolist is practising first degree (perfect) price discrimination Productive Efficiency (NEW vs OLD definition) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is attained where profit-maximising level of output is at the minimum LRAC NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC (underutilisation) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC (underutilisation) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC (underutilisation) Distinction between Firm and Industry †¢ Industry consists of many small firms producing an identical product. Therefore, there exists a distinction between firms and industry †¢ Firm’s demand curve is perfectly elastic because it is a price taker; industry’s demand curve is downward sloping †¢ SHORT-RUN – Price ? Average Variable Cost (Total Revenue ? Total Variable Cost) †¢ LONG-RUN – Price ? Average Total Cost (Total Revenue ? Total Cost) The portion of MC curve that is above the average variable cost †¢ Industry consists of many relatively small firms producing differentiated products. Therefore, there exists a distinction between firms and industry †¢ Firm’s demand curve and the industry’s demand curve is both downward sloping Industry consists of a few large firms producing differentiated products. Therefore, there exists a distinction between firms and industry †¢ Firm’s demand curve and the industry’s demand curve is kinked implying the presence of price rigidity †¢ Industry consists of only one firm producing a unique product. Therefore, there exists NO distinction between firms and industry †¢ Firm’s demand curve is the industry’s demand curve and it is downward sloping Shut-down condition †¢ SHORT-RUN – Price ? Average Variable Cost (Total Revenue ? Total Variable Cost) †¢ LONG-RUN – Price ? Average Total Cost (Total Revenue ? Total Cost) Cannot be determined because there is no unique price to a quantity and viceversa †¢ SHORT-RUN – Price ? Average Variable Cost (Total Revenue ? Total Variable Cost) †¢ LONG-RUN – Price ? Average Total Cost (Total Revenue ? Total Cost) Cannot be determined because of the presence of price rigidity †¢ SHORT-RUN – Price ? Average Variable Cost (Total Revenue ? Total Variable Cost) †¢ LONG-RUN – Price ? Average Total Cost (Total Revenue ? Total Cost) Cannot be determined because there is no unique price to a quantity and viceversa Supply Curve in SR 5 How to cite Comparison Between Market Structures, Papers

Doctrine Of Precedent Essay Research Paper This free essay sample

Doctrine Of Precedent Essay, Research Paper This essay outlines the manner in which tribunals use the system of case in point in make up ones minding instances. Different methods of law-making will be identified, and the authorization of Judgess to do Torahs will be described. It will province the operation of philosophy of case in point, including binding and persuasive case in point, every bit good as ratio decidendi and obiter pronouncement. Explained besides, is the jobs encountered with the philosophy of case in point and the methods available to get the better of case in point. Case jurisprudence is made by the Judgess in the tribunals either when a new instance is before them or when the justice interprets a legislative act. The tribunals are limited in their power to do jurisprudence, nevertheless, through the tribunal hierarchy and the philosophy of case in point. Judge-made Torahs are recorded determinations of Judgess that have been written down and collected over clip. There are two chief countries of judge-made Torahs. The first country is Common jurisprudence, which is judge-made jurisprudence in countries where no statute law applies, whilst the other country is Judicial Interpretation, which is justice made jurisprudence relating to the reading of the words used in statute law. A case in point is the determination of a tribunal that is used as an authorization for making the same determination in a ulterior instance. The regulation that similar instances should be decided in a similar manner International Relations and Security Network t the centre of our thought of justness. If people are to be treated every bit before the jurisprudence, so legal rules or past determinations must be followed and applied to later instances. There are rigorous regulations that guide Judgess in doing and using case in points. First if tribunals are to be consistent in the application of case in points, Judgess must cognize what earlier determinations are case in points. In other words, these determinations need to be recorded. Merely major instances are of all time recorded. Recorded instances, which contain some new development, are published in a lasting signifier known as jurisprudence studies. Law studies enter the judgement in a instance. This is a formal statement by the justice which gives the facts of the instance, the determination between the parties and the grounds given by the justice for the determination reached. This will frequently include a drawn-out treatment of other beginnings of information or other instances, which support the ground for the determination, which is known as the ratio decidendi, which will be discussed in more item further on in the essay. The philosophy of case in point is a set of rules regulating the manner in which tribunals must cover with instances they are make up ones minding. The philosophy is besides known as the philosophy of Stare Decisis. Let the determination base. The following paragraph explains the operation of philosophy of case in point. The philosophy of judicial case in point is at the bosom of the common jurisprudence system of rights and responsibilities, developed through determinations of the tribunals. The philosophy of case in point is of import because it allows for a system of entreaties, where by person who is dissatisfied with a determination can appeal to a higher tribunal. When a determination is reached, the ground for the determination bases and is portion of the jurisprudence that is adhering on, or guides the tribunals in ulterior instances. Consistency and predictability is promoted by the system of following old instances because it means that all instances are decided in a similar mode. The philosophy of case in point requires that similar instances be decided likewise. If a instance before the tribunal has facts and raises issues similar to those of a antecedently distinct instance, so the present instance will be decided in the same manner as the earlier one. In this manner, the earlier instance, referred to as a case in point will hold provided a legal footing on which the later instance and subsequent instances could be decided. By and large, lower tribunals are bound to follow the determinations of tribunals higher than them in the same hierarchy. The closely affiliated rule of the philosophy of case in point is defined as the policy of tribunals to stand by case in point and non to upset a settled point. Adhering case in point is a case in point that must be followed. A case in point will be considered to be adhering when the facts in the old instance are similar to the instance being considered by the justice, or the case in point was set by a higher tribunal in the same tribunal system. If a justice fails to use a binding case in point, that failure will supply the land for an entreaty. Merely the ratio decidendi of a instance is adhering. Obiter pronouncement are neer adhering. Decisions from other hierarchies or from a tribunal lower in the same hierarchy can move as persuasive case in point. This is influential on other tribunals but non adhering. In such a instance, a tribunal may be persuaded by the determination but it is non bound to follow it. In every tribunal instance the presiding justice is required to show to the tribunal a statement that outlines his or her judgement and the legal logical thinking behind that judgement. Within this judgement are two classs of statements of legal rule which must be considered. These are ratio decidendi, or ground for make up ones minding ; and obiter pronouncement, something said by the manner. Often it is hard to separate between the ratio and pronouncement within a judgement, which creates jobs for a justice trying to follow that rule. The ratio decidendi, the ground for make up ones minding, is the land or evidences upon which a instance was decided. The ratio is a proposition of jurisprudence that may do a peculiar instance a case in point for the hereafter. The ratio of a instance is deducted from an analysis of the facts of the instance and the written judgements of the Judgess. A ulterior tribunal will use the ratio, or regulation, when they use the earlier instance as a case in point. It is sometimes rather hard to work out what is the ratio of a instance. Where a figure of Judgess have heard a instance, they might hold reached the same decision but for really different grounds, or it might be hard to work out what facts each of the Judgess saw as of import to his or her determination. For illustration in Donoghue v Stevenson [ 1932 ] AC 562, the Judgess of the House of Lords were non consentaneous as to the issue of whether a maker would be responsible for the harm caused to a consumer through the careless production of a merchandise, in this instance a bottle of ginger beer. The bulk of their Lordships held that the maker was apt for negligent/careless production that caused harm to a consumer ( she became badly ) where the consumer used the merchandise in the mode intended by the maker ( she drank it ) . This duty or responsibility of attention existed even though the consumer had non straight purchased the merchandise from the manufacturer. Other members of the House of Lords required there to be a contractual relationship before the maker was apt. The ratio of this instance has been taken from the bulk position. Even though the instance dealt specifically with the production and ingestion of a bottle of ginger beer, the ratio or rule of the instance that emerges from the determination has a broader significance. The ratio of the instance could be stated as follows. A maker has a responsibility of attention to guarantee that what they produce will be safe to devour. Therefore, the ratio is the chief legal point that has to be decided. A helpful expression was suggested for the ratio decidendi. Suppose that in a certain instance, facts A, B and C exist, and say that the tribunal finds that facts B and C are material and fact A immaterial, and so reaches decision X ( e.g. judgement for the complainant, or judgement for the suspect ) . Then the philosophy of case in point enables us to state that in any future instance in which facts B and C exist, or in which facts A and B and C exist, the decision must be X. if in a future instance A, B, C and D exist, and the fact D is held to be material, the first instance will non be a direct authorization, though it may be of value as an analogy. Obiter pronouncement, a thing said by the manner, is a statement made by a justice of rules of jurisprudence which relate to conjectural facts, instead than to the peculiar facts of the instance being determined. Often, a justice raises relevant comparings or illustrations in obiter comments. An illustration of the difference between ratio and obiter is seen in Cohen v Sellar [ 1926 ] 1 KB 536. in that instance, the complainant and suspect were engaged to be married but the battle had come to an terminal. Both parties claimed to be entitled to the diamond battle pealing given by the suspect, Mr. Sellar, to the complainant, Miss Cohen. The justice held that the complainant, Miss Cohen, was entitled to maintain the ring, because the suspect, Mr Seller, had breached his promise to get married her. This was the ratio of the instance. The justice remarked that in instances where the adult female has refused to transport out her promise to get married, or an battle is broken off by common consent, the adult female is bound to return the battle ring to the adult male. These statements by the justice were obiter. There are many jobs involved with construing past determinations. The philosophy of case in point is basically rather simple, although it may be hard to follow established rules developed by tribunals in earlier instances. Judges and attorneies frequently encounter many jobs in following and using case in points. There are a figure of grounds for this. It is D ifficult to happen the ratio decidendi. A Judgess concluding judgement is normally rather drawn-out, incorporating many remarks and comments about the facts of the instance, mention to other instances, statements about what the justice considers might be or should be, every bit good as the grounds for the concluding determination. It may be hard to find what is obiter and what is the ratio of a instance. Some instances consist of multiple ratios. Most instances affecting a new case in point will be heard in a tribunal before a figure of Judgess, possibly three, five or seven Judgess. While the Judgess may hold on the concluding result of the instance, each justice may hold different grounds for that determination or legal sentiment. This makes it really hard to make up ones mind which is the cardinal rule of the instance. In some cases, one or more Judgess may dissent from the concluding determination. It becomes progressively hard to pull out the ratio in state of affairss where Judgess dissent or disagree with the concluding determinations. In some cases, a instance may hold more than one ratio, doing it necessary to give precedence to the more important and cardinal ratio of the instance. No two instances are precisely the same. There may be a figure of factual and legal similarities. Each instance has its ain distinctive features that distinguish it from earlier instances. Consequently, it may be hard to use rules established in one instance to a new set of fortunes or facts. The volume of jurisprudence and instances creates a trouble in turn uping the instance that will be most applicable to the 1 before the tribunal. Over clip, there may be a figure of instances affecting a peculiar country of jurisprudence, and happening the most appropriate instance may be hard. A justice or attorney may hold failed to follow all the relevant instance jurisprudence, or a peculiarly important instance, where the facts in inquiry are important. In some tribunals, case in points may conflict. Where a justice is faced with conflicting governments, a determination will hold to be made about which authorization to follow. Factors that may act upon this determination may be the position of the tribunal, position of the justice, the figure of Judgess presiding over the old instances, and whether subsequent tribunals have followed that determination. Many Judgess are loath to go from long-established case in points, even when the result of the instance before them would ensue in an unfairness. There may be jobs with taking history of all parties. Any determinations will necessitate to be reasoned one that considers the parties before the tribunal, any relevant yesteryear case in points, that the determination will stand up to any unfavorable judgment, and the consequence of the concluding result. In condemnable instances, the ultimate consequence of the determination may affect penalty or puting the individual free. Another job may be listening and groking all entries. While it is assumed that Judgess by their assignment are capable of this, it must be remembered that the legal issues that confront tribunals have become progressively complex, raising hard inquiries of jurisprudence, and may affect proficient affairs pertinent to a specialist country. Many instances may take yearss, hebdomads or months to be determined. When a case in point is adhering, a lower tribunal must follow that determination. However, the application of the philosophy of case in point is non every bit stiff as it appears. It is possible for the determinations established in the higher tribunals to be overcome, should the facts of the instance warrant it. There are several methods available to get the better of case in point. These methods are: overruling, change by reversaling, disapproving, and distinguishing. When a determination is adhering on a lower tribunal that determination must be followed. However, the instance can be appealed to a higher tribunal and, where the facts or fortunes have changed ; the case in point is out of day of the month or irrelevant for case, the higher tribunal can overturn the determination. This so creates a new case in point. Change by reversaling involves the same instance, foremost heard in the lower tribunal, and so heard on entreaty in a higher tribunal. The original determination is overturned, or reversed, puting aside the first legal rules in favor of the new rules. Disapproving is simply showing an unfavorable sentiment of a legal rule in an effort to oppugn the authorization of that rule. This method is peculiarly utile when a tribunal of lower or equal standing can non overturn or separate the recognized rule. Hopefully, the parties will appeal to the instance to a higher tribunal with the authorization to overturn the bing authorization. Distinguishing involves looking at the facts of the instance and happening stuff differences between them. Consequently tribunals lower in the hierarchy, of equal standing or higher in the hierarchy can get the better of an constituted legal rule. The justice must sketch where the facts are different and explicate why it would non be merely to use the bing legal rules to those facts. Rylands v Fletcher [ 1868 ] LR 3 HL 330 is an illustration of a instance that subsequent tribunals have sought to avoid by separating. In Rylands V Fletcher the suspect had constructed a reservoir on his land from which H2O escaped, doing the complainant s mine to inundation. The House of Lords held the suspect apt in amendss, on the land that individuals who accumulate things on their land which are likely to make mischief if they escape, must be purely apt if an flight occurs. The fact that the suspect was personally free from incrimination was held to be irrelevant. In Rylands V Fetcher the House of Lords established a new rule of tortious liability, which was perceived to run harshly. Much later, the High Court abolished this Rule in Rylands V Fletcher in the Australian context for this really ground. Fifty old ages after Rylands instance, in Rickards V Lothian [ 1913 ] AC 263 the complainant sought compensation on the footing of the regulation in Rylands V Fletcher. In Rickards V Lothian an flood from a H2O basin on the suspect s premises caused extended harm to the complainant s premises on the floor below. The Privy Council agreed with the complainant that the suspect had accumulated something on his land that was probably to make damage if it escaped ; that H2O had escaped and it had caused harm to the complainant s belongings. However, the tribunal besides found that an unknown 3rd party had stopped up the suspect s basin and turned on the pat. This unlawful intercession by a 3rd party, which had non occurred in Rylands V Fletcher, was a material fact upon which the case in point could non be distinguished. The suspect was held non apt for the flight of the H2O. In Australia, there is still a demand to keep the usage of the philosophy because it provides a degree of coherence and consistence in the jurisprudence and society. Many initiates believe that some of the recent determinations handed down by the High Court have departed from the Doctrine of Precedent, this could non be further from the instance. The tribunal has ever departed from case in point, in 1913 the High Court concluded that it could go from the case in point, and should such a proper instance arise, they would make so. When the High Court overrules adhering case in points, this does non propose a lessening in the usage of case in point as a rule. Some believe the philosophy of precedent brings inflexibleness and limits the tribunal s ability to follow rapid alterations in society. Such advantages are overridden by warrants of nonpartisanship and the proviso of certainty and stableness. Precedent besides underpins the function and public outlooks of Judgess as to their nonpa rtisanship and rigorous attachment to the jurisprudence. There are strong statements against the unrestrained power of the high tribunal to map in its originative capacity, as an extreme of this would endanger the usage of the Doctrine of Precedent. Unlike parliament, tribunals do non hold consultative commissions nor are they accountable for their determinations. However, in the terminal it is up to parliament to make up ones mind, through a system of cheques and balances inherent in the Australian system of authorities and jurisprudence. If parliament is dissatisfied with a determination of the high tribunal it can simply overturn its determination every bit long as it does non impeach upon the commissariats contained within the fundamental law. With the dynamic nature of the High Court as Australia s highest tribunal has come the demand for a alteration in the precedential stature of many of its past determinations from purely adhering to persuasive. The tribunals attachment to and usage of the philosophy of case in point as a cardinal rule of common jurisprudence has non decreased. The philosophy has encompassed both binding and persuasive determinations despite the accent upon those which are important. A system based on case in point will be rational, will be adaptative to varied and altering fortunes, will take into history all the assortments of human experience, will be extremely practical and will be composed by the finest heads of many coevalss, tuned to a all right balance and learned in the art of observing legal issues and deciding legal jobs. As the Court enters the following century, so excessively will the foundations upon which Australia became a state and with it, the beliefs of an full thaw pot of people ev ery bit diverse as the universe itself. 332