The growth of the banana market in Australia

The growth of the banana market in Australia The bananas market in Australia has been expanding since 1993 to 2008. In 20 March 2006, a Tropical Cyclone Larry has caused a damage in banana industry and affected the bananas market. The explanation of effects happened will be provided by looking into price equilibrium, price elasticity of demand and supply and price ceiling imposed by government. In a perfectly competitive market, there is no government intervention in the market. The price is usually established when the equilibrium price and quantity is achieved (Jackson,J Mclver.R 2007). Equilibrium means that consumers are willing to buy at this price and producers are willing to supply. By referring to the graph Figure 1, we can see the equilibrium is at the intersection point between demand curve and supply curve. Pe means the price equilibrium and Qe means quantity equilibrium. In an equilibrium state, problems like shortage and surplus will not happen in the market because the quantity demand and quantity supply are in balance. Shortage will usually happen when the price is below the price equilibrium, we can see that when price drops from Pe to P0, the quantity supply will decrease because suppliers are willing to supply at this price where they have low revenue while quantity demand will increase because consumers find bananas is really cheap and they should buy it. Demand exceeds supply. Surplus will happen when the price is above the price equilibrium. From the graph, when price increase from Pe to P1, the quantity demand drops because consumers find it very expensive and the bananas doesnt worth that price while quantity supply increase because the suppliers are willing to supply as much as they could as the high price of bananas would help them to generate more revenue. Demand exceeds supply. The natural disaster, cyclone has caused the supplies of bananas to decrease tremendously. The price elasticity of demand in bananas market is said to be inelastic when we look into the determinants. First of all, Bananas are Australias No.1 selling fruit, it means there is a huge demand for bananas in Australia.(ABGC n.d) Bananas industry appears to be one of the largest fruit growing industries in Australia and also an important contributor to the economies. Bananas are among Australias top 10 supermarket lines. First determinant would be the availability of substitute goods and for bananas, there is lack of substitutes for it. Apparently the demand would be inelastic when there is no substitutes. Second determinant is proportion of income. Bananas price has shot up from around $3 per kg to $15 per kg (ABCG n.d). Consumption of bananas would be still a small fraction of income although the price has increased. Therefore, consumers are not sensitive towards the price changing. Third is Luxury versus necessity. Bananas can be considered as a necessity in Australia because people still consume bananas although the price has increased. According to the Australia Banana Growers Council, they estimated that 28 million of bananas are consumed each week, which means a person consume 60-70 bananas and is around 13kg averagely (ABCG n.d). Fourth determinant would be time. The time would be in a short run because consumers are difficult to change income and preference immediately right after the cyclone. People would still think that the price is acceptable and they will still buy it in short run. It would be an elastic supply for bananas market because there are around 800 banana growers in Australia (mainly from Queensland and New South Wales) that are estimated to produce about 23 million 13 kilogram cartons of bananas (ABCG n.d). When there are a lot of supplies, its price elasticity of supply would be elastic and long run. However, the supply has decreased as the c yclone has caused a critical damage on banana farms. The price has shot up because there is a shortage in bananas market. Banana consumers will tend to compete and bid up the market price for bananas. As the supply curve shifted to left, it shows that the price has gone up from P0 to P1 and quantity demanded has decreased from Q0 to Q1.(refer to figure 2) It then moves to the new price equilibrium from e0 to e1 and it shows that a large change in price has resulted a small proportionate change in quantity. Quantity demanded falls means many customers cant afford the new equilibrium price. Total expenditure on bananas is equal to total revenue gained by sellers. From the graph, the R1 shaded area means revenue gained, R2 shaded area means revenue loss. Since the demand is inelastic, the revenue gained will be more than revenue loss when the price increases. Therefore, the total revenue of sellers increased. In economy, whenever the supplies is found limited and couldnt satisfy all the demands in market, suppliers would tend to increase the price as high as possible to maximize their profit. It would be a benefit to suppliers but a disadvantage for the consumers. In such situation, government intervention is needed to set up a price ceiling in the market of bananas. Price ceiling means a maximum legal price level that suppliers can set for the goods they are selling Jackson,J Mclver.R 2007). Price ceiling for this case would be a protection for the consumers as they dont have to pay for unreasonable high price set by suppliers. However, putting a ceiling price in the market doesnt settle the problems. It may cause a bigger shortage. The shortage would cause difficulty in rationing the limited supply of bananas. From graph Figure 3, we can see that quantity supply is falling further from Qe to Qs and Quantity demand has increased from Qe to Qd. Apparently, the quantity supply contributed more to shortage compare to consumers. Besides that, black market price will increase further. Setting a ceiling price is actually encouraging black market. All these consequences such as black market and shortage will cause the market efficiency to become inefficient. Supplier will not be happy to supply because they have low income selling bananas at ceiling price. The government will receive less sales tax from banana industry as well. In conclusion, there are pros and cons if government intervenes the market by implementing price ceiling. However, the price ceiling would only have short-term effects because the supply could recover in within 6months to 12 months period. Reference Lists Australian Banana Growers Council Inc. (ABCG) n.d, Media Kit, available through www.australianbananas.com.au/public/media/downloads/media_kit.pdf, viewed at 2 September 2010. Jackson,J Mclver.R 2007, Microeconomics , 8th edn, McGraw-Hill, Australia.

Comparison of Islamic Banking and Conventional Banking Essay

The foundation of Islamic bank is based on the Islamic faith and must stay within the limits of Islamic Law or the Shariah in all of its actions and deeds. The original meaning of the Arabic word Shariah is ‘the way to the source of life’ and is now used to refer to legal system in keeping with the code of behaviour called for by the Holly Qur’an (Koran). Amongst the governing principles of an Islamic bank are : * The absence of interest-based (riba) transactions; * The avoidance of economic activities involving oppression (zulm) * The avoidance of economic activities involving speculation (gharar); * The introduction of an Islamic tax, zakat; * The discouragement of the production of goods and services which contradict the Islamic value (haram) On the other hand, conventional banking is essentially based on the debtor-creditor relationship between the depositors and the bank on one hand, and between the borrowers and the bank on the other. Interest is considered to be the price of credit, reflecting the opportunity cost of money. Islamic law considers a loan to be given or taken, free of charge, to meet any contingency. Thus in Islamic Banking, the creditor should not take advantage of the borrower. When money is lent out on the basis of interest, more often that it leads to some kind of injustice. The first Islamic principle underlying for such kind of transactions is â€Å"deal not unjustly, and ye shall not be dealt with unjustly† [2:279] which explain why commercial banking in an Islamic framework is not based on the debtor-creditor relationship. The other principle pertaining to financial transactions in Islam is that there should not be any reward without taking a risk. This principle is applicable to both labor and capital. As no payment is allowed for labor, unless it is applied to work, there is no reward for capital unless it is exposed to business risk. Thus, financial intermediation in an Islamic framework has been developed on the basis of the above-mentioned principles. Consequently financial relationships in Islam have been participatory in nature.

Roles Of Botanical Garden In Plant Conservation Environmental Sciences Essay

The subject for this essay is the functions of botanical garden in works preservation. The essay will be divided into four chief parts. The first portion discuss about the botanical garden. This portion will include the debut, history and development, web and map of botanical garden. Second portion will explicate the importance of works preservation and the planetary scheme for works preservation. The 3rd portion is the function of botanical garden in works preservation. The 4th portion will be the illustration of botanical garden in Malaysia and its functions in works preservation. The last portion will be the decision of the essay. 2.0 Botanic Gardens 2.1 Introduction Botanic gardens or botanic gardens are by and large well-tended Parkss exposing a broad scope of workss labelled with their botanical names. They may incorporate specializer works aggregations such as cacti and succulent workss, herb gardens, workss from peculiar parts of the universe, and so on ; there may be nurseries, once more with particular aggregations such as tropical workss, alpine workss or other alien workss. Botanic gardens are frequently run by universities or other scientific research organisations and frequently have associated herbaria and research programmes in works taxonomy or some other facet of botanical scientific discipline. In rule their function is to keep documented aggregations of life workss for the intents of scientific research, preservation, show and instruction, although this will depend on the resources available and the particular involvements pursued at each peculiar garden.2.2 History and DevelopmentThe beginning of modern botanical gardens can be traced to European mediaeval medicative gardens known as physic gardens, the first of these being founded during the Italian Renaissance in the sixteenth century. This early concern with medicative workss changed in the seventeenth century to an involvement in the new works imports from geographic expeditions outdoors Europe as vegetation bit by bit established its independency from medical specialty. In the eighteenth c entury systems of terminology and categorization were devised by phytologists working in the herbaria and universities associated with the gardens, these systems frequently being displayed in the gardens as educational â€Å" order beds † . With the rapid rise of European imperialism in the late eighteenth century botanic gardens were established in the Torrid Zones and economic vegetation became a focal point with the hub at the Royal Botanic Gardens, Kew, near London. Over the old ages botanical gardens, as cultural and scientific administrations, have responded to the involvements of vegetation and gardening. Nowadays most botanical gardens display a mix of the subjects mentioned and more: holding a strong connexion with the general populace there is the chance to supply visitants with information associating to the environmental issues being faced at the start of the twenty-first century, particularly those associating to works preservation and sustainability.2.3 NetworkWorldwide there are now about 1800 botanical gardens and botanical garden in approximately 150 states ( largely in temperate parts ) of which about 400 are in Europe, 200 in North America, 150 in Russia and an increasing figure in East Asia. These gardens attract about 150 million visitants a twelvemonth so it is barely surprising that many people gained their first exciting debut to the admirations of the works universe in a botanical garden. Historically, botanical gardens exchanged workss through the publication of seed lists. This was a agency of reassigning both workss and information between botanical gardens. This system continues today although the possibility of familial buccaneering and the transmittal of invasive species have received greater attending in recent times. The International Association of Botanic Gardens was formed in 1954 as a world-wide administration affiliated to the International Union of Biological Sciences. More late coordination has besides been provided by Botanic Gardens Conservation International ( BGCI ) which has the mission â€Å" To call up botanic gardens and engage spouses in procuring works diverseness for the wellbeing of people and the planet † . BGCI has over 700 membersA – largely botanic gardensA – in 118 states and strongly supports the Global scheme for works preservation by bring forthing a scope resources and publications, and by forming international conferences and preservation plans. Communication besides happens regionally. In the United States there is the American Public Gardens Association and in Australasia there is the Botanic Gardens of Australia and New Zealand ( BGANZ ) .2.4 Role and FunctionBotanic gardens have had a altering function throughout history, get downing frequently as medicative gardens for the survey and cultivation of workss with mending belongingss and traveling through many stages including of class as pleasance gardens. But the fact that their aggregations are more or less scientific means they are continually accommodating and functioning the demands of their societies in germinating ways as new challenges face those societies. In current times, they are going cardinal participants in both the preservation of workss and in the instruction of the people who come to see them.A They are besides get downing to play a function in the extenuation of the effects of clime alteration, and could be perfectly critical to the endurance of the planet as they are absolutely placed to assist travel species around and assist ecosystems to accommodate to new climes in different parts.3.0 Plant preservation3.1 ImportancePlants are universally recognized as a critical portion of the universe ‘s biological diverseness and an indispensable resource for the planet. In add-on to the little figure of harvest workss used for basic nutrient and fibers, many 1000s of wild workss have great economic and cultural importance and potency, supplying nutrient, medical specialty, fuel, vesture and shelter for huge Numberss of people throughout the universe. Plants besides play a cardinal function in keeping the planet ‘s basic e nvironmental balance and ecosystem stableness, and supply an of import constituent to the home grounds for the universe ‘s carnal life. At present we do non hold a complete stock list of the workss of the universe, but it is estimated that the entire figure may be in the order of 300,000 species. Many of these species are in danger of extinction, threatened by habitat transmutation, over-exploitation, foreign invasive species, pollution and clime alteration. The disappearing of such critical and big sums of biodiversity poses one of the greatest challenges for the universe community: to hold the devastation of the works diverseness that is so indispensable to run into the present and future demands of world. Plant preservation, long the hapless relation of the preservation universe, has started to come into its ain since the rise of preservation biological science as a recognized subject in the 1980s. Plant preservation, and the heritage value of exceeding historic landscapes, was treated with a turning sense of urgency. Specialist gardens were sometimes given a separate or bordering site, to expose native and autochthonal workss.3.2 Off-site works preservationOff-site preservation is the preservation of workss off from their countries of natural happening. The term ex situ is often used to depict the off-site preservation. Off-site preservation non merely include turning the workss in botanic gardens, the construct extends every bit good to field cistron Bankss, clonal aggregations, and source plasma Bankss where propagating tissues and seeds are preserved for turning in the hereafter. Off-site preservation can affect a scope of works parts-the whole works, seed, other tissues, or famil ial stuff in civilization. Whole, populating workss have peculiar value for preservation and will go on to be a major concern of off-site preservation. But conserving whole workss is non simple. To capture the scope of familial fluctuation, such aggregations require big figure of workss ; these are expensive to set up and keep. If the workss are annuals, they will necessitate seasonal reproduction. Outside their natural habitat some workss may necessitate manus pollenation and particular intervention of fruit and seeds to guarantee sprouting. It is fortunate that bettering engineering is doing storage as seeds, seedlings, rootstocks, tissues in civilization, and even DNA an option for many workss.3.3 Global Strategy for Plant ConservationThe entry point for the scheme is works preservation ; other facets such as sustainable usage, benefit-sharing and capacity edifice are besides included. The Strategy provides an advanced model for actions at planetary, regional, national and local degrees. The scheme is suppo rted by a broad scope of organisations and establishments – authoritiess, intergovernmental organisations, preservation and research organisations ( such as protected-area direction boards, botanic gardens, and cistron Bankss ) , universities, research institutes, nongovernmental organisations and their webs, and the private sector. The most advanced component of the Strategy is the inclusion of 16 outcome-orientated marks, aimed at accomplishing a series of mensurable ends by 2010.3.3.1 AimsThe ultimate and long-run aim of the Global Strategy for Plant Conservation is to hold the current and continuing loss of works diverseness. The Strategy will supply model to ease harmoniousness between bing enterprises aimed at works preservation, to place spreads where new enterprises are required, and to advance mobilisation of the necessary resources. The Strategy will be a tool to heighten the ecosystem attack to the preservation and sustainable usage of biodiversity and concentrate on the critical function of workss in the construction and operation of ecological system and assure proviso of the goods and services such systems provide.4.0 Role of Botanical Gardens in Plant ConservationBotanic gardens have jointly accumulated centuries of resources and expertness that now means they play a cardinal function in works preservation. Many of these activities contribute to ex situHYPERLINK â€Å" hypertext transfer protocol: //www.bgci.org/ourwork/ex_situ/ † preservation, but botanic gardens besides play an of import function in in situHYPERLINK â€Å" hypertext transfer protocol: //www.bgci.org/ourwork/Ecosystems/ † preservation Gardening and cultivation accomplishments allow us to turn workss that might be lost in nature, which means their workss ‘ diverseness can be conserved in the gardens, but besides allows us to see Restoration and rehabilitation of debauched home grounds. Populating aggregations of workss cod species under assorted groupings, to keep a life shop of familial diverseness that can back up many activities in preservation and research. Seed Bankss and aggregations of life workss allow species to be safeguarded. Plants must be carefully collected stored to guarantee maximal familial diverseness is retained, and much research is required to find the best manner of hive awaying each species. This is the preservation of works diverseness in situ, and botanic gardens are cardinal to this scheme ‘s capacity and success.. Research and development into works taxonomy and genetic sciences, phytochemistry, utile belongingss, informing choice of workss that can defy degraded and altering environments ( particularly of import in face of the menaces posed by clime alteration ) . Education is a strength of botanic gardens that allows them to pass on the importance of conserving workss, making out to diverse audiences, and besides to pass on how this may be achieved. Associating workss with the wellbeing of people, and besides assisting conserve autochthonal and local cognition, to promote the sustainable usage of works resources for the benefit of all, as portion of sustainable development. The preservation of works diverseness is critical for sustainable development and botanic gardens are playing a cardinal function as Centres of preservation action. Gardens maintain a broad scope of species as life workss, in seed Bankss and tissue civilization ; harmonizing to appraisal of BGCI, there are likely over 80,000 species in cultivation in botanic gardens of the current estimation of 270,000 known works species in the universe. Botanic gardens contain aggregations of workss for instruction, scientific intents and show ; they can be: Taxonomically-based – aggregations of a peculiar household, genus or group of cultivars ; Collections of native workss ; Plants which portion a common geographical or ecological beginning such as Mediterranean, desert or alpine ; Wild relations or cultivars of utile species such as medicative, aromatic or textile workss ; Shared wont or life signifier such as an grove, botanical garden or lush aggregation. Botanic gardens besides have of import preservation aggregations peculiarly of rare and threatened workss. Harmonizing to the IUCN Red List of threatened workss 34,000 taxa are considered globally threatened with extinction. Presently, over 10,000 threatened species, about a 3rd, are in botanic garden cultivation. These workss contribute to species recovery programmes and supply long-run backup aggregations. Botanic gardens undertake research – from works taxonomy, ecology to engendering systems. With their expertness in gardening, botanic gardens develop extension and cultivation methods for workss which have ne'er been in cultivation. All these countries are indispensable for species recovery programmes and reintroduction of workss into the wild, such as developing techniques to re-introduce the Dragon Trees into the natural state. A major cause of biodiversity loss is the over-collection of wild workss for gardening, medical specialty and nutrient. Bringing workss into cultivation can take the force per unit area off the wild populations, and besides back up supports by bring forthing income and promote trade Botanic gardens besides manage protected countries within and outside their garden to advance biodiversity. These ecosystems such as woods, shrub land, catchment countries, and coastal countries provide indispensable services from the coevals of H2O, cycling of foods and refilling of dirt birthrate and bar of eroding which are critical to the supports of all people. One of the major causes of species decline is invasive foreigner species which threaten workss, works communities and ecosystems. Botanic gardens with their accomplishments in designation and gardening proctor invasive species and work locally and nationally to reconstruct home grounds that are of import for diverseness. Botanic gardens work with their local communities and visitants on instruction and environmental preservation programmes which promote environmental consciousness and sustainable life. Globally, botanic gardens receive more than 200 million visitants a twelvemonth. Further, botanic gardens are cardinal establishments working with their authoritiess and other administrations on cardinal policies, national biodiversity schemes and action programs.5.0 Botanic Garden in Malaysia – Rimba Ilmu5.1 IntroductionRimba Ilmu is a tropical botanical garden, set up in the University of Malaya campus in Kuala Lumpur, Malaysia. It is modelled after a rain forest garden construct instead than a formal flower garden. It emphasises the vegetation of the Malaysian and Indonesian part. Together with the life aggregations of over 1,600 species, the Rimba Ilmu besides houses the University of Malaya herbarium ( acronym KLU ) and has its ain Environmental Education Programme. The Rimba Ilmu is a member of the Botanic Gardens Conservation International ( BGCI ) and the South East Asia Botanic Gardens Network.A Rimba Ilmu means â€Å" The Forest of Knowledge † in the Malay linguistic communication. The garden, established in 1974, occupies an country of 80 hectares. It is partially buffered by old gum elastic plantings and the life aggregations, largely from Malaysia, are one of the most of import biological conservatories in Malaysia. There are besides works species from other parts of tropical Asia, the Pacific islands, Australia, South America, Africa and Madagascar.A Rimba Ilmu ‘s mission is to bring forth and advance consciousness and cognition of tropical works life and its environment, ecology and preservation through the development and direction of installations and activities appropriate to its map in a university located within Malaysia ‘s most developed and populated landscape. The Herbarium ( a mention library of preserved works specimens ) is Malaysia ‘s largest university aggregation incorporating some 63,000 accessions. In the Garden, there are several chief show aggregations, including medicative workss, thenars, and the citrous fruit and citroid aggregation. The Conservatory of Rare Plants and Orchids, opened in 2000, and the Fernery, with seting constitutions made over several old ages and commissioned in 2003, are accessible merely to particular group visits and research contacts, and a new bambusetum ( populating aggregation of bamboos ) was completed at the terminal of 2003 and by and large accessible to the populace. There is besides a little research aggregation of bananas. A high spot in the development of the Rimba Ilmu is the constitution of a particular botanical garden ( populating aggregation of trees ) get downing in 2001 as the ground tackle for our â€Å" Millenium Forest † undertaking, which seeks to prosecute friends and concerned parties in set uping biologically diverse forest plantings in doing a new wood within the metropolis of Kuala Lumpur.A Besides holding a general aggregation of species from a assortment of works households selected for instruction, Rimba Ilmu is besides developing assorted particular aggregations runing from those of medicative workss, wild orchids, thenars, pandan, tropical fruit trees, gingers, aquatic workss, wild citrous fruit relations to rare and endangered workss in demand of preservation.5.2 Role in Plant ConservationRimba Ilmu is an of import depository for many types of workss, including preservation aggregations of rare and endangered workss, and particular aggregations of the utile workss ( such as citrous fruits and starch thenar ) and their wild relations. In 2001, two other particular aggregations, bamboos ( sponsored by the International Plant Genetic Resources Institute ) and bananas ( anchored by one of the university ‘s research groups in banana cytology ) , were besides begun. Over 2004-5, with the aid of DHL and affecting their employees, a particular aggregation of Malayan wood trees has besides been established. Outside of the Rimba Ilmu, it may be really hard to detect so many different species of some groups, and the home grounds of some of these workss may hold already been altered or damaged. Conservation besides involves public consciousness, and visitants are foremost treated to a lasting exhibition on Rain Forests when they start to acquire familiar with the Garden.A6.0 DecisionBotanic gardens maintain a broad scope of species as life workss, in seed Bankss and tissue civilization. Therefore, botanic gardens contain aggregations of workss for instruction, scientific intents and show. In decision, the botanical garden drama an of import function as the ex situ preservation for works and besides in situ preservation site. The preservation of works diverseness is critical for sustainable development and botanic gardens are playing a cardinal function as Centres of preservation action.

Essay about Arguments against Physician-assisted suicide

The United States is a nation founded on freedoms and liberties, giving each citizen the ability to make their own life decisions. This freedom includes all aspects of one’s life, including medical care. With freedom comes responsibility, and this is true in terms of physician-assisted suicide. The ongoing struggle between those in favor and those opposed to this subject has ravaged the medical field, bringing into question what is morally and ethically right. The fact of the matter is that physician-assisted suicide is neither morally nor ethically acceptable under any circumstance. Not only is it a direct violation of a doctor’s Hippocratic Oath, but it is not constitutionally binding. Physician-assisted suicide would also lead to†¦show more content†¦This line directly refutes the idea of a doctor assisting in the suicide of another living being. By promoting physician-assisted suicide, doctors invalidate their pledge to be the best healer they possibly can. This, in essence, ruins their credibility and their reputation as a physician. The opposition to this idea states that the no harm claim within the Hippocratic Oath allows for a doctor to end a patient’s life if they are suffering. They claim that it is more harmful to the patient to suffer the pain and agony of a terminal illness than for doctors to assist in the death of their patient (Humphry). The problem lies with the definition of no harm. Hippocrates intended for doctors to heal their patients, not kill them. The Hippocratic Oath is clear when it states that no lethal drugs or other methods of assisted suicide should be practiced (â€Å"Greek Medicine†). Ignoring these principles goes against the Hippocratic Oath, degrading a doctor’s credibility and character. Not only does physician-assisted suicide discredit a doctor, but it is not constitutionally sound. Physician-assisted suicide has been brought to the attention of the Supreme Court on several occ asions, in order to test the constitutional backing. The result is always quite similar: the Supreme Court rules against physician-assisted suicide. There was one particular supreme court case, Washington v. Glucksberg. The state ofShow MoreRelatedRichard Doerflinger s Argument Against Physician Assisted Suicide1465 Words   |  6 Pages1) Compare and Contrast †¢ a) Richard Doerflinger is the first author and is against physician-assisted suicide. In his article he starts by saying that killing an innocent person is against the Jewish and Christian worldviews. He argues that those in favor of assisted suicide put less, if no, value on human life. 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