Corporate Social Responsibility ( Csr ) - 1370 Words

Business personalities, government officials, and loans are hedging more attention on the concept of Corporate Social Responsibility (CSR). The core issue is the appropriate responsibility of business. In as much as firms ought to obey the law, but beyond complete compliance with environmental laws, the question is whether firms have extra social responsibilities to commit part of their resources to environmental preservation voluntarily. This memo provides an exploratory investigation of the link between corporate social responsibility and the benefits accruing to a firm. The paper poses fundamental research questions being: what valuable and rare resource does the corporate gain through corporate social responsibility? How corporates’†¦show more content†¦As such, it can be argued that CSR is the aggregate of the economic, legal and ethical actions coupled with the philanthropic responsibilities expected of a firm by the society.’ Firms perceived to have a strong commitment to CSR tend to have an increased ability to attract and retain their employees (Turban) which reduces turnover and retraining costs. Similarly, it is normal for employees to evaluate the CSR performance of their firm to determine the relationship between their personal values and those of the firm. Peters (40) argues that firms that improve the working environment and labor practices tend to experience increased productivity and curtailed error rates. Periodic controls in the production plants ensure that employees work in conducive environments. Though search practices might be costly, the increased productivity of the workforce and increased quality of the output generate positive cash flows that cover the incurred costs. As such, a firm can benefit from the actions of CSR in terms of worker morale and productivity (Moskowitz) N Ãâ€"ykà ¼ argues a firm regarded as socially responsible similar benefits from the reputation it gains within the business community through increased ability to attract capital and trading partners. However, reputation is hard to quantify making it also hard to determine how much it enhance the value of aShow MoreRelatedCorporate Social Responsibility And Csr1566 Words   |  7 PagesSocial responsibility or also called Corporate Social Responsibility (CSR)- is the firm’s engagement (voluntarily initiated) in and its compliance (legally mandated) to environmental, social, and governance issues (The Foundation, 2014). Also, is based on stakeholder’s needs being financially sustainable, and CSR can come from both corporate or not-to-profit organizations. CSR has seven categories; Leadership, vision and values; Marketplace activities; Workforce activities; Supply chain activities;Read MoreCorporate Social Responsibility ( Csr )1167 Words   |  5 PagesCorporate Soc ial Responsibility Introduction Corporate social responsibility (CSR) is a concept which is also known as corporate citizenship, corporate conscience or in a simple way a responsible business. It is an integrated concept of self-regulatory business model for any organisation. Corporate Social Responsibility has been in practice for more than fifty years now, which has been adopted not only by domestic companies but also by transnational company with voluntary CSR initiativesRead MoreCorporate Social Responsibility : Csr1232 Words   |  5 PagesCorporate social responsibility has become a buzzword within the industry in the last few years. Following the financial market crash investors and stakeholders began looking at corporations to act more socially responsible. The meaning of social responsibility differs across regions. Western countries are the ones who are pushing for corporate social responsibility -thesis-- A broad overview at corporate social responsibility (CSR) looks to corporations to make a change in the society or the environmentRead MoreCsr : Corporate Social Responsibility1598 Words   |  7 Pages CSR stands for Corporate Social Responsibility. Corporate Social Responsibility (CSR) is defined by many groups like, Tata steel, Coca Cola, Reliance, Videocon etc. Although they all stand for similar meanings connecting to taking responsibilities of the society as a business individual, its definition has been getting broader from a established point of view, corporate social responsibility is a type of business instruction included in a business demonstration. CSR policy functions as a self-regulatoryRead MoreCsr : Corporate Social Responsibility Essay1285 Words   |  6 PagesCSR stands for Corporate Social Responsibility and it is a concept with many definitions and practices and also a buzzword in the media. In general, corporate social responsibility is the policies and progra ms of business corporations which tend to benefit society while improving a corporation’s public image and profitability at the same time. The meaning of it is implemented in different countries and companies differently. Warren Buffet said that it takes 20 years to build a reputation and onlyRead MoreCorporate Social Responsibility ( Csr )863 Words   |  4 Pagestechnology in the last century. The term of Corporate Social Responsibility appears more often into public’s concerned and it has become a hot issue in recent years. This essay is going to discuss and provide an overview of corporate social responsibility (CSR) by debate some key issue in this area. 1.2 What is Corporate Social Responsibility? In 1953, Bowen’s Social Responsibility of the Businessman firstly discusses the idea of corporate social responsibility. He states the relationship between societyRead MoreCorporate Social Responsibility ( Csr )1314 Words   |  6 PagesSocial responsibility has become a primal interest to the humankind for the past two decades. In the earlier days, the firms and organizations concentrated only on the financial part of the business and ignored the ethical, social and moral sectors. But in the recent times, the businesses are getting a grip of the significance of the social, ecological and environmental effects on their success. This has resulted in the emerging interactions between organizations and social segments thus giving riseRead MoreCorporate Social Responsibility ( Csr )1173 Words   |  5 Pages Corporate Social Responsibility (CSR) is highly important to Millennials. If a company is lacking a CSR plan, now it a good time to start one. Millennials are looking for ways in making a positive impact on the world and are expecting the same from companies. They are looking for companies that contribute to the betterment of communities and the environment. Millennials put great value in supporting such brands, companies and organizations that share these values. Companies without a CSR in placeRead MoreCorporate Social Responsibility : Csr979 Words   |  4 PagesThe notion of Corporate Social Responsibility is a phenomenon globally known for many years. In spite of the fact that CSR has been neglected for quite a long time, nowadays several authors deal with this issue, as revealed by the development of theories in recent years concerning the topic. In spite of the fact that there has been a huge growth of literature it is still impossible to simply define CSR. Many definitions trying to capture the concept of CSR exist, but their content varies (MattenRead MoreCorporate Social Responsibility ( Csr )1549 Words   |  7 Pagesgovernments to take responsibility for the problems but also the corporations. One outcome of this is corporate social responsibility (CSR). CSR refers to voluntary actions of companies or corporations to contribute to the welfare of society and the health of the environment. Some ways it can be accomplished are through philanthropy, working with NGOs in local communities on humanitarian and/or environmental projects, supporting workers’ unions, and investing in green technologies. CSR is not a new concept

The Effects Of Nuclear Energy On The World Essay - 1670 Words

There are different views concerning the use of nuclear energy around the world, there is also some varying attitudes when it comes to the development in nuclear energy. The nuclear energy proponents tout it as clean energy, since it does not emit the harmful gasses that are associated with fossil fuel. Moreover, the construction of nuclear power stations does not also emit much CO2 such since other sources of energy are used in powering the instruments used. The UAE has embarked on the construction of nuclear energy plant in a close construction with the International atomic agency. This decision was meant to substitute the already existing gas and oil that are being used by the large population percentage. The rate of electricity demand is growing by 9% and the statistics indicate that the country will require 40GWe capacity of electricity by 2020. UAE relies on the available electricity produced via the use of oil and gas to provide portable water, by desalination. By April 2008, the UAE had established a comprehensive policy for nuclear energy that was to be used for evaluation and potential development of a peaceful nuclear power. This policy has been built under consideration of the most exacting standards of transparency, safety and security; hence it makes the UAE a role model in the nuclear power development across the globe. The move to import coal as a substitute for the existing gas and oil was rejected since coal is not friendly to the environment and there areShow MoreRelatedThe Viability of Nuclear Energy Essay1197 Words   |  5 PagesThe world as we know today is dependent on energy. The options we have currently enable us to produce energy economically but at a cost to the environment. As fossil fuel source will be diminishing over time, other alternatives will be needed. An alternative that is presently utilized is nuclear energy. Nuclear energy is currently the most efficacious energy source. Every time the word ‘nuclear’ is mentioned, the first thought that people have is the devastating effects of nuclear energy. GrantingRead MoreNuclear Energy Pros and Cons783 Words   |  4 PagesNuclear energy Nuclear energy in scientific terms defined as the inhaustible energy derived from the nucleus of an atom by the process of nucleus break up through nuclear fission and nuclear fusion. Nuclear fission is a process where the nucleus of an atom splits and releases radioactive materials such as uranium which are used in many ways. Nuclear fusion is a process s when the two atoms of an element get together and large amount of heat is generated. in this way the nucleus releases tremendousRead MoreNuclear Energy is a Dangerous Distraction1172 Words   |  5 Pagesenvironmentalists are concerned with preserving the planet Earth by using different forms of energy resources. The interest of scientists and environmentalists motivate them to wonder about the Nuclear energy as one of the most destructive energy resources of the world. For most, it is compulsory to stress that the attempts to understand the uses of nuclear energy are mainly based on assumptions. The genuine uses of nuclear energy , however, are still not applicable. Firstly, this is due to the high cost requiredRead MoreNuclear Power As A New Form Of Energy947 Words   |  4 Pagesclass will be more accepting to the idea of using nuclear power as a new form of energy. Central Idea: Today, you will learn about the devastating effects our current forms of generating energy causes and how nuclear energy can help fix those effects. Introduction: We live in a world that is crumbling and being destroyed all around us at an increasing rate. Humanity is now on a collision course with the natural environment. Using an alternative energy source can prevent all this, rather than the primitiveRead MoreKnowledge Gained from Destruction Essay1581 Words   |  7 Pagesexperimentation in nuclear technology because of its dangerous capabilities. However, America’s fear of the destruction does not stop it from researching into safe side of nuclear energy. America has learned from the destruction of Hiroshima and Nagasaki, fear of nuclear energy, and the affliction of the Three Mile Island Accident. America today has learned from these life-changing incidents by taking political, military, and revisional actions. The science of atomic manipulation, atomic radiation, nuclear fissionRead MoreNuclear Energy Is Defined By The Website1316 Words   |  6 PagesNuclear energy is defined by the website ‘ofnuclearenergy.com’ as the energy within the nucleus of an atom. Atoms are the smallest particles in a material that can be broken down. At the core of each atom there are two types of particles (neutrons and protons) that are held together. Nuclear energy is the energy that holds neutrons and protons together. Nuclear energy canRead MoreNuclear Power : An Alternative Clean Energy1545 Words   |  7 Pagesalternative clean energy to replace part of the burden of fossil fuels production becomes necessary. Nuclear power turns out to be the solution to this problem. Unlike other kinds of clean energy, nuclear energy can produce great amount of electricity and pow er without releasing any greenhouse gas. Although nuclear energy has become the alternate energy option because of its low emission of greenhouse gas and its productive efficiency, it has brought up unanticipated problems such as nuclear terrorism.Read MoreThe Growing Demand for Energy1219 Words   |  5 PagesIntroduction: The growing demand for energy is one that the supply has never been able to match. This constant search for new and viable energy sources has led to the advent of very unconventional and often controversial sources. One such source is nuclear energy. Since its first commercial introduction in 1960, nuclear energy has grown to become a major player in the energy sector generating 14 percent of the worlds electricity. However, some countries are more dependent on this power source thanRead MoreEssay The Nuclear Power Debate804 Words   |  4 Pages The Nuclear Power Debate   Ã‚  Ã‚  Ã‚  Ã‚  In 1953, nuclear energy was introduced into America as a cheap and efficient energy source, favoured in place of increasingly scarce fossil fuels which caused air pollution. Its initial use was welcomed by the general public, as it was hoped to lower the price of electricity, and utilise nuclear power for its potential as a resource, not a weapon. However, as people became aware of the long term dangers involved in storing nuclear waste, its use was criticisedRead MoreNuclear Energy : Using Fusion Reactors And Breeder Reactors1410 Words   |  6 PagesStudent Number: 201417008 NUCLEAR ENERGY Introduction Nuclear energy is the energy released in the nucleus of an atom during nuclear fission or fusion, and it also uses the fuel which makes from processed uranium and mined to generate electricity. There are some advantages and disadvantages of nuclear energy. Firstly, the advantages are considered. It has the low pollution because the amount of greenhouse gases has reduces significantly as a result of the prevalence of nuclear power. It is also have

Brian Moore †the Donegal connection Free Essays

Belfast-born Brian Moore left Ireland a young man, and spent more than fifty years In Canada and the US. However, as Martin McKinley found out (belatedly he had strong links with Dongle. The great Brian Moore and the Dongle connection So I mention to Muriel that I’m doing an article about Brian Moore, the writer, and she says, â€Å"His mother was from Dongle, wasn’t she? † It seems that the world has been aware for some time that the man regarded as one of the great Irish novelists had Dongle connections and, even better, Courthouse connections. We will write a custom essay sample on Brian Moore – the Donegal connection or any similar topic only for you Order Now If only I’d known that when I saw him read in a lecture theatre in Queen’s university in Belfast, more than ten years ago. I could have asked him something original, like about the influence of Courthouse on his work. Instead, I asked him if he’d thought about coming back to live in Belfast. I mean, the man lived in Malibu at the time. He died there In January, 1 999, which was a shame for people like myself who waited for his new novel every two years or so. It was hard to believe there would never be another Brian Moore book. But he had a long publishing career. His first novel, ‘The Lonely Passion of Judith Hearse’, from 1955, Is probably still the one he’s best known for. Four others were also made into films – The Luck of Ginger Coffey, ‘Catholics’, ‘Cold Heaven’ and ‘Black Robe’. He won many literary prizes, and was shortlist three times for the Booker Prize. He also worked with Alfred Hitchcock, writing the screenplay for Torn Curtain’, starring Paul Newman and Julie Andrews. It’s not really regarded as a classic, but Brian liked to take the credit for a particularly drawn-out – and famous – murder scene. He told Hitchcock he had learned from his father, a actor, that â€Å"people didn’t always die as quickly as they did in movies. † Hitchcock took him at his word. Dentally Lodge The story of Brian Moor’s Dongle connection begins back in another age, 1889, when his mother Eileen McFadden was born outside Courthouse, apparently in the download of Clashes. Her parents were Pat and Grace (nee McGee). She was among the youngest of a large family, and grew up in the family home in Dentally, a little way along the Courthouse to Carrier road. The McFadden were quite a notable family. Linen’s grandfather Edward had a corn mill at Dentally. His brother was FRR Hugh McFadden UP Challenge, who died in 1868. He was the priest who accompanied some of those evicted in Terry. ‘each to Dublin on the first leg of their dinner arranged for them in a Dublin hotel. Linen’s father Pat had two brothers who also became parish priests in the Arapaho diocese – Dean Hugh McFadden, UP Dongle and Vicar General, who died in 1908, and Archdeacon James, UP Challenge, who was known as ‘James of Glenda’. Eileen Moore attended Loretta Convent in Lettermen. She would have been fifteen when her father Pat died in 1905. As was fairly common in those days, she spent some time living with a relative, n her case Dean Hugh McFadden. It seems that he left her some money when he died and she used this to fund her nurse’s training in Belfast. FRR John Silks, the well- known historian and diocesan archivist, recalls his mother Susan (nee McKinley from Boomer in Courthouse) telling of three girls from the parish who went to Belfast and all â€Å"married well†. One of them was Eileen McFadden. In 1915, when she was 25, she married a doctor more than twenty years her senior, James B. Moore, a Bellman man who worked in the Mater Hospital. In the next 12 years she had nine children, with Brian coming in number four on 25th August, 1921. The family lived in no 11 Clifton Street in North Belfast until they were bombed out of the house by the Germans in the Second World War. The house was eventually demolished in 1995, in spite of a campaign to save it because of its associations with Brian Moore. Briar’s father also came from a strong Catholic background, if it was a bit more unusual than most. James Bi’s father, James B. Senior, was a Presbyterian law clerk in Bellman who decided to become a Catholic even before he got married to one, Eleanor O’Hare. Their house was stoned every year on the Twelfth. It seems James B. Enron brought up his family with the zeal of a convert. All in all, it seems hardly surprising that Brian Moore spent a good part of his writing career exploring the whole idea of Catholicism, religion and the question of the afterlife. Holidays in Courthouse Growing up in the ass and ass, Brian spent quite a bit of time on holiday around Dentally and Courthouse. His sister Nun Maguire, who lives in Alular, says he had very fond memories of it. He stayed in Dentally with his mother’s brother Jim Pat and his wife Martha. Patricia Craig writes – â€Å"The farmhouse was called Dentally and stood above a glen; it contained a stone-floored kitchen with huge iron cooking-pot; it was pervaded by the pungent smell of turf-smoke, and not far away was the fifteenth- century Doe Castle, an enticing ruin in those days . † Brian himself wrote – â€Å"l seemed to be in an older Ireland, a place where life was elemental and harsh, yet close to a reality which was timeless and true. I would see a pig slaughtered, its blood running in rivulets in the yard outside the kitchen door. I would see a stallion mount a mare, its hooves scraping at the barrel of her rib-cage †¦ I would be butted by allow-eye d goats, kicked by donkeys when I tried to climb on their backs. I would see people drink tea, not from teacups as in Belfast, but from large china bowls I nth eighteenth-century manner. I would sit by the hob of the kitchen turf fire watching as floury potatoes were doled out to the men coming in from the fields for their noonday dinner . I would see long white clay pipes and plugs of tobacco laid out near Jugs Jim McFadden, a grandson of Linen’s brother Jim Pat, is one of the older McFadden, and has a well-known shop in Strange. He doesn’t really remember Brian at Dentally, but does recall the McFadden getting ready for the Mores’ visits a few times. â€Å"One thing I do remember – Dry Moore smoked cigars. It was a very unusual thing for me to see anybody smoking cigars in those days. † Jim thought that the Mores didn’t really feel at home in Dentally. â€Å"It wasn’t really what they were used to, although the house was a lot better than most of us had at the time. † It may have been the profits from the McFadden cornmeal which helped the family build Dentally well over a hundred years ago. It was regarded as one of the finest houses in the rear, certainly a cut above the ordinary with its sitting room, bedrooms and an outside toilet. Michael McFadden, who lives in the modern Dentally now with his wife Caroline and their children Bobbie (12), Doran (6) and Michael (5), says wedding receptions used to be held in the sitting room. A couple recently returned to mark their golden wedding anniversary by getting their photograph taken in front of the marble fireplace. However, as Brian Moore recalled it in an article in 1980, Courthouse was still a big change from city life – â€Å"Dongle is an extremely wild and rocky-looking place in the west of Ireland. I used to go there when I was a boy, to a farm owned by a poor Irish subsistence farmer. I would move from our middle-class world to an absolutely peasant environment. † Loved the country Jim recalls him going to a farm belonging to an uncle-in-laws brother around Darwinian to help out during the summer. â€Å"l don’t think he liked it very well – I think he said they cut the bread too thick! † But Brian Moor’s sister Nun Maguire says he had very fond memories of Dentally. â€Å"He loved the country. Going there on his holidays as a child gave him a great sense of freedom. We grew up in a four storey house in Belfast, but we had no garden. The freedom in Dongle appealed very much to him. He could wander about in a way that we wouldn’t be allowed to in the city. † Brian Moore left Belfast a young man and traveled around theatres of the Second World War as a civilian working with the British Ministry of War Transport. He lived for eleven years in Canada and became a Canadian citizen. He moved to the United States in 1959, and it was his base for forty years. His writing career began with a series of detective potboilers under various names, which he reckoned sold about 800,000 copies. ‘Judith Hearse’ was his first ‘serious’ novel in 1955. An early ‘review in the summer of that year came in a letter from his mother. She said about some of the more explicit bits – muff certainly left nothing to the imagination, and my advice to you in your next book leave out parts like this. You have a good imagination and could write books anyone could read. † She added, â€Å"l am glad to find you were kind to the Church and clergy. † The book was later banned in the Republic. In 1995 Brian and his wife Jean built a house in Nova Scotia, on the coast. He said at the time – â€Å"It’s beautiful. It looks out on a bay that looks Just like Dongle. It’s very wild He was quite a regular visitor to Ireland over the years, but recognition came fairly late here. This was the man who went into a Dublin bookshop at one point and asked if they’d anything by an Irish novelist Brian Moore. He was told no, but they did have one or two books by a Canadian novelist of the same name. It seems that Brian Moore didn’t re-visit Dongle very often, although he and Jean stayed with Brian Fries and his wife at Mobile on at least one occasion. His brother Seam’s, a doctor in Belfast who also died in recent years, did keep up contact with the Courthouse connection. Michael McFadden says that Briar’s late sister Pebbling, who lived in Manchester, also visited in recent years. Final farewell Briar’s final visit to Dentally came with Jean and his sister Nun, she thinks about twelve or so years ago. They visited Challenge Castle, and then went across to Courthouse and over to Dentally. Brian thought the house was â€Å"spruced up† a lot from how he remembered it. He knocked on the door, but there was no one in. Brian went across the road and spent a while looking over the bridge at the spectacular gorge with its trees and fast-flowing water, as he’d done in his childhood. â€Å"He had ere, very happy times there,† Nun said. Both Brian and Jean loved the west coast, and on one of their tours came across a tiny graveyard in Connector. Brian was surprised to find in this beautiful spot the grave of Bubble Hobnobs, a Belfast Quaker, one-time vice-president of Sin Feint, and a good friend of his father and his uncle Neon O’Neill. Later when Brian and Jean talked of where their ashes would end up, they both wrote their choice separately on a piece of paper. The pieces said the same thing – the Connector graveyard. It seems that Brian Moor’s remains will finally return to the west of Ireland, which he came to know as a boy. How to cite Brian Moore – the Donegal connection, Papers

Governments and Businesses use Economic Models

Question: Discuss about the Governments and Businesses use Economic Models. Answer: Introduction: Economic models are an indispensable part of economic decision making in the modern world. Governments and businesses use economic models in making decisions about production and performance. Essentially, economic models are simplified frameworks used in describing the operation of a business or the economy as a whole (Zenghelis, 2014). Today, they are used in making simulations on how the economy would respond following variations in certain variables. In addition, they are useful in making forecasts about future conditions. Furthermore, they are essential in examining the impact of transformative change on the entire economy. Most importantly, they are useful in making decisions on matters pertaining to production and trade. In this regard, it is noteworthy that economic models are useful economic instruments and their predictions should be implemented by governments to achieve efficiency. To begin with, economic models are imperative as they help governments in making production decisions within the economy. Precisely, the Production Possibility Frontier model acts as a useful tool in the determination of the various combinations of two products that can be produced within a country efficiently (Beggs, 2011). More specifically, this model helps economic agents to determine all the maximum output possibilities of two goods that can be produced efficiently given the available set of resources. Hence, it helps the government to decide on the mix of commodities that can be produced in the country without being wasteful. Moreover, it allows agents to achieve Pareto efficiency by producing within the nations PPF curve. In this regard, businesses and the government strive to ensure that production occurs within their PPF since any production below the curve results in inefficient use of resources. The Production Possibility Frontier Apart from helping in production decisions, economic models may be used in determining the economys absolute advantage. Particularly, the absolute advantage of a country is important as it helps in deciding which commodities should be produced in the economy (Khan, n.d.). Essentially, the absolute advantage arises when a country can produce more and better quality goods than its rivals. Thus, agents can use this concept to determine goods that can be produced within the nation a lower cost per unit than the cost at which its trading partners can produce the same product (Beggs, 2014). Afterward, using this knowledge, they can decide to specialize in the production of this product. Consequently, specializing in the production of a commodity that the country has an absolute advantage allows the country to export more of the product and reap greater proceeds and profits. In turn, this benefits the nations economy. In addition, these models play a significant role in helping the government to make decisions about international trade. Typically, the government utilizes the concept of comparative advantage to determine the products that the country can sell in the international market. Characteristically, a state has a comparative advantage if it can manufacture a given commodity at a lower opportunity cost than others (Comparative Advantage, n.d.). By using this model, government agents can distinguish the commodities which can be produced at a lower relative marginal cost compared to its trading partners. In effect, the country can specialize in the production of the commodity that it has a comparative advantage and export the product to the international community. Consequently, this allows the country to benefit more from trading in the product. Illustration of comparative and absolute advantage Country 1 Country 2 Wheat 200 50 Television 100 50 In this case, country 1 has an absolute advantage in the manufacturing of both goods. However, it has a comparative advantage in the production of wheat only. Specifically, this is because the opportunity cost associated with the manufacture of wheat is one unit of television. Contrariwise, if it were to specialize in producing TV, it will have to give up 2 units of wheat for every one unit of TV manufactured. All in all, all things considered, economic models play a significant role in the modern economy. As illustrated, these models help businesses and the government in making decisions about production and international trade. For this reasons, their predictions should be not be ignored. Instead, governments should strive to understand and implement them to achieve economic efficiency in the country. The price elasticity of demand of a product plays a significant role in the modern economy. Often, consumers make purchasing and consumption decisions based on the price of the product. Thus, the willingness of a consumer to purchase a product after its price changes depends on the need of the consumer for that product (Khan, n.d.). For this reason, essential goods and services have a relatively inelastic demand while luxury products have a relatively elastic demand (Russo et al., 2013). Notably, food products are essential and necessary commodities. Thus, even when the price of food changes by a large proportion, the demand for the product changes only by a small percentage. Profoundly, a majority of food commodities have a relatively inelastic demand. According to the Food and Agricultural Policy Research Institute (FAPRI) database (2017), Barley has an own-price elasticity of -0.47 in Australia. Predominantly, the magnitude of the responsiveness of buyers to changes in the price of the product is 0.47 units. Thus, an increase in the price of barley by one unit results in a drop in its demand by 0.47 units (FAPRI, 2017). In this case, it is rational to conclude that barley has a relatively inelastic demand. PED for Long Grain Rice Notably, rice is an essential product in most households. For this reason, changes in the price of the product results in a small shift in in its demand. According to the FAPRI (2017), the magnitude of change in demand following fluctuations in the price of rice is only 0.01. That is to say, an increase in the price of rice by unit results in a 0.01 change in its demand (FAPRI, 2017). Thus, one can deduce from this data that rice has an almost unitary elastic demand in the United States. Just like other food products, corn is a primary commodity in a majority of households in China. In this regard, the FAPRI (2017) reports that the PED for corn has a magnitude of 0.06 units. Hence, a unit change in the price of corn results in a change in its demand by 0.06 units only. In this regard, the commodity has a relatively inelastic demand. References Beggs, J. (2014). Absolute and Comparative Advantage. ThoughtCo.com. Retrieved from https://www.thoughtco.com/absolute-and-comparative-advantage-1146792. Beggs, J. (2014). The Production Possibilities Frontier. ThoughtCo.com. Retrieved from https://www.thoughtco.com/the-production-possibilities-frontier-1147851. Comparative Advantage. Library of Economics and Liberty. Retrieved from https://www.econlib.org/library/Topics/Details/comparativeadvantage.html. FAPRI - Elasticity Database (2017). Food and Agricultural Policy Research Institute. Retrieved from https://www.fapri.iastate.edu/tools/elasticity.aspx. Khan, S. Comparative Advantage and Absolute Advantage. Khan Academy. Retrieved from https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/gains-from-trade-tutorial/v/comparative-advantage-and-absolute-advantage. Khan, S. Price elasticity of demand. Khan Academy. Retrieved from https://www.khanacademy.org/economics-finance-domain/microeconomics/elasticity-tutorial/price-elasticity-tutorial/v/price-elasticity-of-demand Russo, C., Green, R., Howitt, R. (2013). Estimation of Supply and Demand Elasticities of California Commodities. Department of Agricultural and Resource Economics University of California, Davis. Retrieved from https://www.cdfa.ca.gov/files/pdf/DemandSupplyElasticityMajorCACrops.pdf. Zenghelis, D. (2014). What do economic models tell us? The London School of Economic and Political Science. Retrieved from https://www.lse.ac.uk/GranthamInstitute/news/why-economic-models-tell-us-so-little-about-the-future-2/.