Numerical Analysis Using Sofistik Software - 2346 Words

CHAPTER FIVE: Numerical analysis using SOFISTIK software 5.1. Introduction: In chapter 2, literatures of concrete modelling have been reviewed. The scope of this chapter is to describe the finite element software SOFISTIK to simulate the nonlinear behavior of the foam balls lightweight concrete. The results from this numerical technique are presented and validated with the experimental results obtained from the laboratory tests. The results obtained from these experimental and numerical investigations are taken to predict the nonlinear behavior of 150x150x150 mm FBLWC cube. The damage plasticity concrete concept is used to model the foam balls lightweight concrete cube in the SOFISTIK. Meanwhile, a spring elements are considered to reproduce the nonlinear FBLWC behavior. They are taken into account to develop the F.E.M. structural analysis to obtain stress-strain responses. 5.1.1. Finite element method: The finite element method is a numerical technique that has been successfully adopted to study special cases where, for instance, stress-strain distribution is required. In the past, due to the complexity of the problems, it was difficult to describe them in the same manner because they took much time and effort. However, the development and the use of sophisticated software have now improved this situation. (Zienhiewicz, 1977) The F.E.M. concept is then applied to simulate the performance of the experimental FBLWC tested at laboratory. The numerical evaluations areShow MoreRelatedFinite Element Results Of The Beams Model1553 Words   |  7 PagesPrincipal strain II for B4 Figure (5.148): Principal strain II for B5 Figure (5.149): Principal strain II for B6 Figures (5.150) to (5.155) show the shear stress for B1, B2, B3, B4, B5 and B6. A comparison of the concrete crack patterns from the numerical results and experimental results is shown in same figures. Diagonal cracks occurred at supports. When the applied loads increase, diagonal flexural cracks spread from the support to upper loading plate. Figure (5.150): Shear stress results for

The One Percent Research Paper Free Essays

Running Head: THE ONE PERCENTPage 1 THE ONE PERCENT Ryan M. Kerrick March 18, 2012 THE ONE PERCENTPage 2 Ryan M. Kerrick Mr. We will write a custom essay sample on The One Percent Research Paper or any similar topic only for you Order Now Richard Cannella English Composition II March 18, 2012 A good friend of mine recently recommended me to watch a documentary called â€Å"The One Percent. † I do not usually watch documentaries unless I am gaining some type of knowledge out of the information presented. Unsure of what it was about and what I was going to get out of it, I turned on NetFlix and proceeded to watch the film. I soon came to realize I was enamored by this film, â€Å"The One Percent,† and it remains one of my favorite documentaries of all time. The documentary deals with the disparity between the wealthy elite and the citizenry and how they are both so far removed from one another. â€Å"As of 2010, the top 1% of households (the upper class) owned 35. 4% of all privately held wealth. † (Domhoff, 2010, The Wealth Distribution, para. 1). The producer and interviewer presents this film through many wealthy American businessmen, critics, economists and even his own family to explain this major social gap that exists on our home front. When looking at the differences side-by-side, it is hard to grasp that we all live in the same place, the United States of America. The film was created by Jamie Johnson, the heir to one of America’s most affluent families. Being born with a â€Å"silver spoon,† Jamie never really had anything to worry about in life– from private schools to private jets, equestrian clubs and charitable dinner parties. But, he always felt something was missing in his life and he couldn’t quite put a finger on it. The fortune that Jamie inherited on his 21st birthday was from one of the wealthiest family-owned companies in the United States, Johnson and Johnson. THE ONE PERCENTPage 3 Ryan M. Kerrick Mr. Richard Cannella English Composition II March 18, 2012 His great grandfather â€Å"started the company in 1886† (Johnson and Johnson, 1997) and it continued to grow well beyond imagination. Jamie would always wonder what made him deserve this prosperous lifestyle. After self-examination, Jamie was determined to investigate some of the questions haunting him in his head about the wealth disparity in America. Attempting to bring his mind to ease, he decided to create this documentary, â€Å"The One Percent. † Within the first few minutes of the film I noticed a sign labeled â€Å"Private Property Members Only. To me the sign is showing how the wealthy pride themselves in being part of such an elite club. Meanwhile, on the other side of the spectrum, the working class feel like they are not truly part of society at all. In the beginning of the documentary you see the Johnson’s having a family meeting. At first it looks normal, but they are not discussing chores around the house. It is a â€Å"family meeting† with their financial wealth and money management advisors. The meeting is centered on managing their wealth and assets and essentially turning their millions in to more millions. The consensus from the advisors is that every year the family fortune tenfold and they continue to become richer and richer. Jamie seems to be upsetting his father with the making of this documentary and the advisors seem hesitant to talk about money and wealth on camera. THE ONE PERCENTPage 4 Ryan M. Kerrick Mr. Richard Cannella English Composition II March 18, 2012 His father’s initial reaction is that his son’s documentary is nonsense, but something that might have a huge ripple effect if taken seriously. Jamie does a great job trying to get answers and asking difficult questions to the wealthy elite of America. The footage he presents is of people giving their most honest views and thoughts and it is evident there is a huge gap between the wealthy and the poor. Jamie Johnson interviewed numerous people within different social classes. They ranged from Milton Freedman and Steve Forbes, who owns his own private cruise ship, to some local residents of the south side of Chicago, who live in poverty without locks on their mailboxes. Jamie is presenting the social gap with visuals– broken down buildings compared to mansions, a homeless man asking for money compared to fancy beach resorts and post hurricane Katrina victims with private country clubs. A poignant moment that stood out to me in the documentary was when Jamie interviewed Nicole Buffet, the granddaughter of Warren Buffet through marriage (his son Peter’s ex-wife’s daughter. ) It was comforting to watch and I feel even Jamie felt a sense of self-awareness as he interviewed the young female. She seemed so confident in who she was but most of all peaceful, content and happy with the simple things in life. In this situation, you can see money seems to be the root of all evil. Even to the point of ridding someone of your family that has great memories of you. THE ONE PERCENTPage 5 Ryan M. Kerrick Mr. Richard Cannella English Composition II March 18, 2012 She talked of her â€Å"grandpa† as the loving man she knows him as (not as multimillion dollar business man. ) In response to her participation in the documentary, he wrote to her â€Å"I have not emotionally or legally adopted you as a grandchild, nor have the rest of my family adopted you as a niece of cousin. † (Schroeder, 2008, p. 976) He disclaims her as a granddaughter despite all the good she says about him just because of her role in the film. People argue that Buffet was not out of place because Nicole was adopted or a step child and was not part of his immediate family. I thought the same until I stumbled upon an article written in The Wall Street Journal. The article stated â€Å"Susan Buffett, Warren’s first wife, who died in 2004, named Nicole in her will as one of her â€Å"adored grandchildren† and left her $100,000. She added that Nicole â€Å"shall have the same status and benefits †¦ as if they were children of my son, Peter A. Buffett. † Also, â€Å"a source close to the family says Nicole spent â€Å"very little time† with Warren Buffett over the years but that he paid for Nicole’s school and living expenses until she was 28. Nicole says that Mr. Buffett’s reaction may have reflected his philosophy about wealth. â€Å"Sharing my experience as a Buffett was stepping outside the box,† she says. † (Frank, R. 2008). Another part of the film that stood out to me is when Jamie interviewed the taxi cab driver and I did like what the man had to say. He said, â€Å"My family is one of the richest families in the world, but not with money. With love, kindness, tolerance and patience. Qualities that are worth more than money and you can’t buy that. † THE ONE PERCENTPage 6 Ryan M. Kerrick Mr. Richard Cannella English Composition II March 18, 2012 This showed the much clear distinction in values between the rich and the working class. Comparing what the taxi driver had said to the values of Warren Buffet who wrote his granddaughter disclaiming because she did not support the family lifestyle, which would you prefer? Watching this documentary I came to find that with money also comes a fear of losing that money and becoming consumed by it. Along with money comes the changing of your values and whole aspect on life. It allows families in America to move up in class, often times allowing them to adopt different ideas and different family values. After viewing this documentary my analysis on the disparity of the wealth gap is that it is reality and there isn’t much we can do about it. I am able to see what people have to go through to make it to the top. Business men do not become who they are by being nice to people. They have to be aggressive in the business world, cut throat, sharp and willing to do whatever it takes to achieve their dreams. That might come with risks or even mean walking all over people. But, sometimes to make a difference, you have to ride through hell to make it to heaven. This might be a hard pill for some people to swallow, but, it is reality and it is the truth. People have not become moguls overnight singing KUM-BAH-YA and dancing around a fire. Las Vegas was built on mob money before it was cleaned up and presented with a new face by entrepreneur investing. This is business. You have to be able to stomach it and it is not for the weak hearted. I would therefore have to agree with what I have seen in the documentary regarding Jamie’s father and his behavior. THE ONE PERCENTPage 7 Ryan M. Kerrick Mr. Richard Cannella English Composition II March 18, 2012 He did what he had to do to get to where he is today even though he inherited his thrown. In my personal opinion, if you look hard enough you will always find dirt and the top of the social ladder. You do not only have to be rich for that either, all of humanity is flawed in its own way. I do not believe that everyone was born to be a millionaire. However, I do believe that in our own way, if we preserve and strive to work hard, we are all able to be â€Å"millionaires† in our own eyes and live fulfilling lives and contribute to making our society a better place to live. Being unemployed, uneducated and living off welfare is not fair to the people who work hard to pay taxes to support their fellow citizens. I consider it to be a lazy and irresponsible way of life. However, it is a choice in life you have. The money is out there for the taking so it is also your prerogative whether you choose to go out and get it or not. Make your decision wisely and keep your values in mind while climbing the social ladder if that is the route you decide to take. THE ONE PERCENTPage 8 Ryan M. Kerrick Mr. Richard Cannella English Composition II March 18, 2012 REFERENCES Johnson and Johnson. (1997). History of Johnson and Johnson. Retrieved from http://www. jnj. com/connect/about-jnj/company-history/ Schroeder, A. (2008). The Snowball: Warren Buffet and the Business of Life. Domhoff, G. (2010). Wealth, Income, and Power: The Wealth Distribution. Retrieved from http://whorulesamerica. net/power/wealth. html Frank, R. (2008). The Wall Street Journal: The Rich Man’s Michael Moore. Retrieved from http://online. wsj. com/article/SB120371859381786725. html? mod=fpa_mostpop How to cite The One Percent Research Paper, Essays

Mental Health-Case Study-Free-Samples for Students-Myassignment

Question: Discuss about the Case Study of Samuel. Answer: Introduction This assignment deals with the mental health study of a person named Samuel. He is 25 years old gay and single man who lived in a shared house. He works at his locality as a barber. He used to drink frequently at nights and smokes the weed regularly for reducing stress. He also went to gym at his leisure time for doing some workout. Samuel is having some mental problems as he reports of feeling guilty of not being a typical son as everyone as he doesnt want to marry and have children. His mother had a history of anxiety and depression. At his school level he became a victim of brutal assault in which he got a scar beneath the chin and his nose was broken which took 3 days to recover from the hospital (Akiskal, 2016). During the past eight years he got some thought of self harm and anxiety and while diagnosis it was found he is suffering from Post Traumatic Stress Disorder. Before that he does not have any such issues. The doctor had prescribed him a low dose of antidepressant and had counselling sessions. Mental status examination Whenever a patient is admitted to a hospital the first step a nurse used to do is assessment. It is a process of collecting data, then organizing them for the evaluation and finally the documentation of the data of the patient. This assessment process is one of the important tasks for the health care experts as they must know the physical, mental and social status of a patient (Coombs, Curtis, Crookes, 2013). An assessment is necessary to do for obtaining the information for creating the detailed history of the patient and distinguishing the problems so that a suitable diagnosis plan can be made. The mental health status examination is a process that provides a structure about the condition of the mental health of an individual. The MSE deals with some key elements which are being addressed. They are: Appearance Behavior Mood Speech Cognition Pattern of thought Consciousness level Appearance behavior * Appearance Looks similar to his age, is friendly and co-operative, body is of moderate build as he goes to gym at his free time for doing work out * Motor behavior Seems to be sad and have a guilt feeling * Attitude to situation and interviewer Friendly to the interviewer Speech form * Rate Speaking very fast * volume Volume is high * Quantity While telling his problems his words are repetitive Mood and affect * Mood Sad, guilty * Affect Form of thought * Excess, absence Presence of various bad thoughts * Continuity of ideas Nil Content of thought * Delusions Nil * Suicidal thoughts Nil Perception * Hallucinations He is thinking that he was being by a gang. * Illusions Nil Sensorium and Cognition * Level of consciousness Conscious * Memory Having his past memories * Orientation Nil * Abstract thinking Thinking that he was being beaten by a gang Insight and Judgment * Extent of individual awareness of the problem Awareness of the extent of the problem is too much effective. * Can they make rational decision No Risk Assessment * Potential for harm to self No * Potential for harm to others No * Potential for absconding No Clinical Formulation Table The clinical formulation is a process in which the patients information is explained which is obtained from clinical assessment. This process offers a hypothesis about the cause of the disease, its nature and the process of diagnosis. The case formulation can be done by the 5P table: 5 Ps Patient condition Presenting factors Post Traumatic Stress Disorder Precipitating factors Caused from a brutal assault when he was in school Predisposing factors It makes him remind of his past where he had been beaten and his nose was broken. Perpetuating factors It increased when he saw a television report on a school student being beaten by some others. Protective factors Samuel strength was the community case manager who helps him in the counseling and his habit of drinking alcohol together with smoking weed, which helps him to reduce stress. Plan for nursing care The plan of nursing care for the psychology patients mainly depends on the MASLOWS HEIRACHY OF NEEDS. It is a motivational theory for the psychological patients which mainly depend on five different features generally shown by a pyramid (Tanner, 2016). By this theory Maslow explained that people are having some basic needs and these needs sometimes become very important from the others. In case of Samuel the two main prior needs are love needs and psychological needs. As Samuel is not so much attached to his parents he feels lonely and also he is having a feeling of guilty that he is unable to satisfy his parents demands. At this point if Samuels parents will give him love and support, then he can get recover himself from his guilt feelings. Also he can recover from his childhood trauma and will able to lead his normal life (Dallos, 2017). One nursing intervention PTSD is a mental disorder that leads to stress which causes life threatening nature of the patient. Cognitive behavioral therapy is being used for the management of PTSD. CBT has been proved as a safe and an effective treatment for both acute and chronic trauma. As Samuel is suffering from post traumatic stress disorder, the cognitive behavioral therapy is the best intervention plan. PTSD is the most dangerous health hazard in a persons life. Therefore, its very important to provide treatment as soon as possible so that the trauma of PTSD can be reduced from both the individual and society (Adam, 2017). From the studies it can be stated that the effects of PTSD from child abuse and fight are more harmful than the others. CBT is the best and most widely used approaches for reducing stress, depression, sleeplessness, anxiety, relationship problems, and various other problems. Cognitive behavioral therapy can be done individually or in groups together with the people having similar problems (Ryu et al., 2016). It generally includes the learning process in which the mental health condition of a patient can be learned and to apply the techniques such as relaxation, stress management and assertiveness. Steps in CBT Identifying the condition of the patient - Firstly the nurse must identify the situation of problem in Samuels life. In case of Samuel the problems detected were trauma, stress, depression, anxiety, fear, tiredness and sleeplessness. His therapist Mary used to do his counselling (Johnstone, 2017). To be aware of the thoughts for these problems After the identification of the problems Mary asked Samuel to share his thoughts about the problems. During this session Samuel described that he feels like he was in the middle of the gang which was beating him and it is causing a fear inside him (McLeod, 2016). Identification of negative thinking Samuel told Mary that he is having the feeling of getting exhausted, feeling restless and speaks very quickly with tremble in his voice. He is also getting tired and becoming sleepless at nights (Adelufosi et al., 2017). Reshape negative or inaccurate thinking Mary asks Samuel to get engaged in the counselling process. In this process the person is told to view his situation of trauma, which might be difficult. But with practice and control over the behavior patterns will help Samuel to recover from his negative thinking. Therapeutic relationship The therapeutic relationship is referred as an alliance between healthcare expert and a patient. It is the way of therapy in which the professional tries to engage with the other and hopes that this engagement will bring a change which will be beneficial to the patient. This type of relationship is different from others and are valuable to the clients those who have problems in making good relationships with others. It is also beneficial to the patients, those who had experienced some traumatic events in the childhood. As Samuel is suffering from post traumatic stress disorder which has caused from his past incident of bashing, he is being treated by his case manager carefully. The therapeutic relationship between Mary and Samuel is based on trust and respect between both of them. As given in case study that when Samuel was suffering the most from the trauma he called for his case manager Mary and she as soon as possible appeared in Samuels house (Rizvi, 2016). Cultural safety While treating with CBT the nurse must look after the cultural safety of a patient. There are various ways which we will help to improve the sensitivity of culture and the usual features of CBT. There are seven steps to maintain patient safety: To build the safety culture for the treatment To support the patient and providing them the best ways of treatment To incorporate the activity of risk management. To help in promotion of CBT. Getting involved with the patients by communicating with them Learning and sharing of the safety lessons For preventing harm of the patients, implementation of some strategies. In case of a mental disorder a nurse or the care manager can think of different ways for generating a therapeutic treatment which includes the process of understanding the patients problem. In addition to this the care manager can also organize some counselling sessions and some process to reflect the problem of the patient (Cleary et al., 2017). Recovery oriented nursing care The recovery oriented nursing care is a type of care which is used to provide prevention to the disease by the help of screening, then the diagnosis is done, treatment is provided accordingly and then the patient is sent for the rehabilitation of posttraumatic stress disorder (PTSD) (Van der Kolk, 2017). Three dimensions of access to PTSD care in Department of Defense (DoD) and Department of Veterans Affairs (VA) are consideredavailability, accessibility, and acceptability. Availability is used to measure the amount of resources a health care system has, such as manpower and technology for fulfilling the needs of patients. To make sure that an effective care is available to a PTSD patient (Coombs, Curtis, Crookes, 2013). Accessibility is referred to accumulating the needs of the patient, which will satisfy them for the treatment and their stay in hospital (Dallos, 2017). Acceptability refers to the patient-centered care and diagnosed the patient, treating the health issues and other social factors which can motivate the patients needs and priorities for care. References Adam, S. (2017). Critical care nursing: science and practice. Oxford University Press. Adelufosi, A., Edet, B., Arikpo, D., Aquaisua, E., Meremikwu, M. M. (2017). Cognitive behavioral therapy for post?traumatic stress disorder, depression, or anxiety disorders in women and girls living with female genital mutilation: A systematic review. International Journal of Gynecology Obstetrics, 136(S1), 56-59. Akiskal, H. S. (2016). The mental status examination. In The Medical Basis of Psychiatry (pp. 3-16). Springer New York. Cleary, M., Lees, D., Molloy, L., Escott, P., Sayers, J. (2017). Recovery-oriented Care and Leadership in Mental Health Nursing. Issues in Mental Health Nursing, 38(5), 458-460. Coombs, T., Curtis, J., Crookes, P. (2013). What is the process of a comprehensive mental health nursing assessment? Results from a qualitative study. International nursing review, 60(1), 96-102.) Dallos, R. (2017). Reflections on assessment, diagnosis and formulation. Johnstone, L. (2017). Psychological Formulation as an Alternative to Psychiatric Diagnosis. Journal of Humanistic Psychology, 0022167817722230. McLeod, S. (2016). Maslow's Hierarchy of Needs. Simply Psychology Website. Rizvi, S. (2016). The essential aspects of building a therapeutic relationship. Indian Journal of Positive Psychology, 7(3), 359. Ryu, J. H., Kredentser, M. S., Bienvenu, O. J., Blouw, M., Sareen, J., Olafson, K. (2016). Post-Traumatic Stress Disorder in Survivors of Critical Illness. Comprehensive Guide to Post-Traumatic Stress Disorders, 263-280. Tanner, R. (2016). Motivation: Applying Maslows hierarchy of needs theory. Van der Kolk, B. A. (2017). Developmental Trauma Disorder: Toward a rational diagnosis for children with complex trauma histories. Psychiatric annals

Major Economics Concepts

Introduction The economy is a complex intertwined system consisting of many parts that work collectively to produce output. Principles of economics are wide and diverse. They help in explaining the complexities associated with the economic system, besides providing crucial indicators for economic direction and wellbeing. Though these principles change with economic dynamism, their basic meanings are static and understanding them is crucial to understanding economics phenomena.Advertising We will write a custom essay sample on Major Economics Concepts specifically for you for only $16.05 $11/page Learn More Taking the above into account, this discussion will briefly highlight on some of the major economic concepts, to aid in increased understanding of the discipline. These concepts include economic growth, unemployment, hyperinflation, deficit vs debt, exchange rate and great depression and great recession. Economic growth Economic growth refers to the in creasing of an economy’s capability to sufficiently meet a particular population’s needs in terms of goods and services (Wessels 98). Economists normally measure economic growth by determining the increase in productivity as reflected in the Gross Domestic Product (GDP) normally, economic growth leads to a drop in costs of economic indicators such as labor, capital and materials. Additionally, increased demand for goods and services and growth in the average income of the population indicates economic growth. The graph below shows how different countries compare in GDP growth rates. Source: International Monetary Fund In the recent past, Asia and Africa have been experiencing phenomenal economic growth rates. Besides the Asian tiger economies, China has posted consistent high growth rates effectively making it the biggest economy in the world behind only the US. Though the Asian Tigers are doing well, China is doing better in terms of economic growth. For instance, th e GDP of China rose by 2.3% in the third quarter of 2011 on a seasonally adjusted quarter on quarter basis as the graph below illustrates.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More China’s GDP expansion in 2011. Source Tradingeconomics.com Due to the rapid growth, estimates put China’s economic worth at slightly over $10 trillion compared with that of Hong Kong at slightly over $2 trillion. One of the most important economic growth indicators is employment. The employment rate shows the number of eligible people in the labour force being absorbed into the job market. Unemployment Unemployment or joblessness on the other hand refers to a situation where people are without jobs after actively engaging in job search within a specified time (McConnell et al 235). Unemployment rate measures unemployment through division of the number of unemployed people by the entire labou r force. High unemployment rates have for a long time been synonymous with developing countries. However, the global financial crisis has led to loss of jobs in developed nations raising the unemployment rates to unprecedented highs. The Table below illustrates unemployment rates of selected countries. Country Unemployment Rate % (2011 estimates) US 8.6 Spain 21.5 UK 8.3 Kenya 40 China 4.1 Unemployment rates for selected countries Source: Division of International Labor Comparisons The US for instance was one of the most affected countries in the crisis with unemployment rate surpassing 9% for several months due to layoffs resulting from closed down businesses. As of November 2011, the US unemployment rate stands at 8.6%. The US however does better compared to other countries such as Spain and Greece with unemployment rates of 21.5% and 18.4% respectively.Advertising We will write a custom essay sample on Major Economics Concepts specifically for you f or only $16.05 $11/page Learn More The two European nations’ unemployment rates have especially risen due to near total collapse of their economic systems whose origin is the global financial crisis and economic mismanagement. Another important economic indicator besides unemployment is inflation (McConnell et al. 138). Hyperinflation Economists use inflation rates to determine the amount of money in circulation as well as the cost of living. Hyperinflation refers to inflation that is out of control (Baumol 146). Normally, the currency involved loses its real value at an accelerating rate that monetary institutions like central banks can hardly control. According to the International Accounting Standards Board, cumulative inflation that stretches over three years and approaches or reaches 100% becomes hyperinflation. In the above scenario, every cycle of inflation creates the necessity for printing of more money to an extent that money supply is not regulated a s was the case in Zimbabwe. In Zimbabwe’s case, local currency, Zimbabwean Dollar devaluation triggered the hyperinflation. The devaluation resulted from falling exports hence little or no foreign currency reserves. The government then printed money with face value of up to 100 trillion-dollar notes to pay for its bills leading to hyperinflation of over 11,000%. Government spending is critical in economic growth and development. Every government has a financial year where it lays its estimates on revenues and expenditure. Receipts are the collections the government makes while outlays are the expenditure. A negative difference between the two is the deficit. A deficit represents a shortage in revenue when outlays are more than the receipts. In that case, the government borrows money through sale of T-bills and notes, effectively creating debt. Given its nature, it is safe to refer to debt as accumulated deficits. It is important that national debt does not pass a certain perc entage of the GDP. However, countries like the US have public debt amounting to almost 97% of its GDP, a precarious situation that can easily cause economic collapse. The US however is better off compared to other countries such as Japan with a national debt, 228% of GDP and Italy with a national debt, 115% of GDP (Baumol 209). Great Depression and Great Recession In the market economy, that is dominant in the world today, economic cycles have become a norm. Economic shocks such as lack of credit or rise in oil prices lead to slump or growth periods of the economies hence cycles such as the Great Depression and the Great Recession. The stock market crashes of 1929-1930 and 2008-2009 led to a slump in the economic activities in many nations. The great depression was more severe compared to the 2008 great recession.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The great depression affected trade and capital flows as well as commodity prices. The great recession on its part affected credit flow as well as collapse of the housing and financial markets. The US which is still making a painfully slow recovery was the most affected in the great recession with over 14 million Americans losing their jobs and major financial institutions collapsing. In other countries like Japan, industries such as manufacturing experienced a slump, whose effect is still felt today (Baumol 397). Exchange Rate All economic activities use medium of exchange i.e. money whose design depends on a particular territory’s currency. International transactions between nations take place through currency exchange as determined by the exchange rate. The exchange rate therefore is the rate at which one currency will exchange for another (McConnell et al. 49). In essence it’s the value of one country’s currency in terms of another. The most dominant currenc y in the world is the Dollar. Many transactions take place using the dollar and numerous central banks have the dollar as their reserve currency. Many countries as a result have little choice but to peg their national currencies to the dollar. Besides the Dollar, other major currencies include the Euro, the Pound and the Japanese Yen. Many currencies appreciation or depreciation takes place against these currencies. The Euro for instance has appreciated against the Dollar and currently (05th December 11:52 am GMT+3) trades at 1 Euro = 1.3462 U.S. dollars. The Chinese currency is weaker than the dollar and currently (05th December 11:52 am GMT+3) it trades at 1 U.S. dollar = 6.36290174 Chinese yuan, though the US believes depreciation of the Yuan is through manipulation. Conclusion Despite the above principles being important, they hardly form the bulk of economic concepts needed for full comprehension of economics. Nevertheless, the information contained on the discussion is crucial in understanding the basic economic variations that people encounter every day. Perhaps to underscore their importance, the above concepts are the most discussed currently, thanks to the Great Recession and the looming European recession. While understanding concepts such as economic growth, unemployment, hyperinflation, exchange rate and cycles such as the Great Depression and Great Recession is important, understanding how they work together to for the overall wellbeing of the economy is crucial as well. Works Cited Baumol, William. Economics: Principles and Policy. London: Sage Publications, 2011. Print. McConnell, Campbell et al. Economics. New York: Cengage Learning, 2011. Print. Wessels, Walter. Economics. New York: Routledge, 2006. Print. This essay on Major Economics Concepts was written and submitted by user Iman1 to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.