Slumdog Millionare Essay Example for Free

Slumdog Millionare Essay In the late 1800’s there lived well-known Hindu monk by the name of Swami Vivekananda. It was his reputation to be wise and many people looked to him for guidance. One of his most famous quotes states, â€Å"the great secret of true success, of true happiness, is this: the man or woman who asks for no return, the perfectly unselfish person, is the most successful. † This statement is one that can have many different meanings to different people. One may find that this quote is enough to bridge the gap between the western mindset and a fundamental ideology of a belief found amongst the people residing in India. In some senses there can be made a correlation between Vivekananda’s quote and a boy who plays the main character named Jamal, in the 2008 film â€Å"Slumdog Millionaire† directed by Danny Boyle. Jamal’s story of success can be related to Vivekananda’s quote as well as the topics discussed in class through many ways. A few of these ways include the belief of karma, dharma, and oneness. It is arguable that Vivekananda is discussing the idea of both karma and dharma in his quote. Jamal follows his dharma throughout the film by being a good brother to Saliam to spite some of the wicked ways his brother has treated him growing up. He is also following his dharma by caring for Latika even though situations are not always ideal for the couple. Jamal’s ridged childhood has scared him emotionally, but he managed to make a negative into a positive. Jamal learns, grows, and develops an optimistic outlook on life trying to make the best of what he had given his situation. Even when Jamal’s situation was worsened by external forces in addition to internal conflict he did not allow negativity to stand in the way of what he knew was right and wrong. Through following his moral compass Jamal followed his dharma. Following his dharma had a definite influence on Jamal’s karma. Throughout the film. Jamal does good things because he knew that they were the right thing to do, and not because he is trying to get anything in return. One example of an act of good karma belonging to Jamal might be said to be the first time that he helped friend Latika. Through comforting her after the loss of her parents, looking out for her as â€Å"the third musketeer† and sheltering her in the rain he was incurring good karma. In addition to the goodness of Jamal’s actions that radiate through the theme of the film, Jamal exemplifies truly trying to achieve oneness. Jamal’s innocence as a child and his selflessness as an adult are just two things that truly helped him to achieve oneness. It might even be said that after the film was viewed one can make the assumption that oneness was achieved for Jamal at the end. Once the couple reunites after being torn apart many times through their lives it might be said that when the couple finally walks into their future together there is a notable sense of harmony that can be observed. Conclusively, the film â€Å"Slumdog Millionaire† it is arguable that the main character Jamal achieves oneness, inherits good karma through his actions, and truly strives to do good therefore having a positive effect on his dharma. Jamal can even be said to have reached true success according to Vivekananda’s quote. This is true not because he has made it so far in the game show, but rather because he has found happiness by being an unselfish person and asking for nothing in return for his good deeds.

An Over View Of Samsung Electronics Company Marketing Essay

An Over View Of Samsung Electronics Company Marketing Essay Samsung is the third largest South Korean company which was established in 1969 as the flagship company of the Samsung group or Samsung corporation. Samsung achieved fast growth through exports. Samsung decided to venture into the television market. It started production of black and white television sets for the local markets in 1972. However, Samsung realized that it can become a global brand. They searched and analized the global market opportunities and challanges with the help of customers and employees feedbacks. Samsung decided to change the concept of its brand .It had to change the perceptions of consumer with a new brand image. During the olympics in Seoul, South Korea in 1988, Samsung decided to become an official sponsor for the wireless technology in order to associate its image with global sports brand. Through the help of promotion and physical evidence Samsung is currently recognized as a worldwide brand. Every country especially the member of olympic games then, now knows about the brand. In this way, Samsung was successful in changing the concept of its brand image and now has a good customer base. Nowadays, Samsung has 25 production base worldwide and more than fifty sales subsidiaries in nearly about 50 countries. Their global strategy involves eight main regions Southeast Asia, Central Asia, Africa, and Middle East, China, North America, Europe and Latin America The brand vision of samsung is to totally different and unique from other brands like: Sony,LG and Panasonic. Leading the digital convergence revolution is the vision of the Samsung brand.This case study is totally based on the electronics side of the Samsung brand.The word Samsung is written in korean language Operation management Operation management is the management process to product and distribute process and service .Basically, in the process of operation management includes creation of products, development of production and distribution. All the operation of the organization has been managed by the operation management .As an operation manager; we have to manage the purchase quality and quantity control, storage, logistic and evaluation. Operation management depends on product and service. It is combination of product management and service management. Strategic management is the combination of managerial decision and action that determines long range of performance of employers. Operation management is the most important for every business and it determines the success of business. After the SWOT analysis any company has to make separate and unique operation strategic of company. We know that competition in all domestic and international market has appeared to be new markets challenge and new phase. Whenever performance of company, company brand and product quality are becoming more important to the customer and consumer then product price. The product development and promotion strategic is the essence of competitive advantage. After the market analysis , swot analysis , the operation management capabilities of Samsung electronics in vital of the ever stiffening competition in the electronics employers. Role of operation manager of Samsung electronics The role of operation manager of Samsung electronics are follows: 1) Responsible for managing the day by day business activities with supply chain, sales and Chanel marketing 2) They will be individual Responsible for managing plans, stack levels, and sell through inventory at different accounts. 3) There are also responsible for working direct finance and supply. Operation management strategies and Analysis Operation management is the process of management of the any company which manage the all internal factors. It is like a bridge of the employers and costumers. It manage finance, marketing, employers skills, performances of company as well employees, employees insurance etc.Its also manage the product capacity, costumer demands and satisfactions. It creates and manage the rule and regulation and the agreement between employers, employees as well costumer. Operation management is the field which direct concern and deals with the production of goods and services. Operation strategy is the functional strategy; it should help and provide the guide line and road to operation and management for any company. It is guided by the business strategic The goal of operation management of any company is to make more money, and objectives are cost, quality, delivery, flexibility and customer satisfaction. Samsung electronics have focuses on five business areas they are semiconductor, digital media, digital applications, lcd and telecommunication network, the globalisation and new trends of business operation performances of Samsung electronics in last ten years, It means (from 1993 to 2003) we found that there were totally changes within the employers that lead successfully developments. In 2007 Samsung electronics become the world second largest mobile phone manufactures. The success in strategic is direct concern to the different market players and customers. When we saw the regarding Samsung electronics ability of the management skills and marketing management ,product design .Samsung electronics development of DRM products creates impacts to their progress ,When the learning of micron to make the DRM products directly effects the sales of company .When the some Chinese electronics company also popular in the worldwide market due to the low cost as well as quality ,in this time Samsung manager are quite afraid regarding the Chinese competiterors .Samsung electronics forecasts to innovate strategic since these new Chinese company entrances and attacking the DARM market shows vital revenue performances ,compared to other Samsung electronics competitors. They extensive improved R and D to maintain cost effective production and product manage. Their success plane and operation management ability to make innovation through the DRAMS is one of the cost advantage of the employers .The quality of the products and remarkable customers desired and satisfactions and Samsung brands image on the worldwide market and original electronics goods is one of the source of their premium price. Today there are a lot approaches and system available for process innovation. Samsung electronics wants to know the test and desired of diversity customer because they need to develop products that fits diversity customer life style. In the past Samsung was focus the physical design but now a day and the coming future the user interface will be emphasized more. Samsung is one of the worlds most respected companies for its designs and quality. Recommendation Samsung Company may sell its products consumer and customer. People can buy its goods direct on internets also. Samsung groups have direct sells models and telephone network. They may also maintain the negative cash conversation cycle from this model. The company should receive the payment before when they have to pay for new raw-materials. They may also use just in time management. They should be able to provide their products (electronics goods) in the right time, right places, right cost in the right way. By the JIT approaches they may make computers and other electronics goods only after customer local area orders and the requesting materials which are direct concern to customer needs and satisfaction. Samsung electronics should maximise their stockholders value by marketing for balance their financial sides. They should emphasis their standards based technologies as well as customer services and customer desired. They should offer skims, more warranty as well as guaranty .customer insurances, electronics materials insurances. They should design and marketing strategic according to diversity and different economic, environments, their business strategic should focus on their enterprises business. They should products their electronic goods on the base on customers desired, needs and demands of times. It means they should change their design base on the required markets and new technologies as well as marketing policy. If they want to become the world largest and number one quality able electronics brands, then they should adopt TOYTA, SONEY, LG and PANASONIC groups also. It is better for them, they should manufacture theirs goods as same quality but different prices and it means they should focus their market not only high and rich people but also poor and medium as well like Chinese electronics markets. They may produce their products in different quality and different prices on the base on their capacity and design. They should management their recruitment and selection process. They must be focusing their recruitment and selection of employees on flexibility, diversity, equal opportunity, sample selection etc. They should motive their employees on the base on their performance and work efficiency. They should improve their market and marketing policy. They should increase their shareholders as well as stockholders. The standard base, skilful employees and best performances shows that, they will able to success to become the world number one electronics brand as well as mobile. The process design of Samsung electronics is good. The product has so many designs in the base on price and quality and customer desired, different diversity. The supply network design is also good. People can buy through the online also. By the help of Samsung website, we can find out a lot of information of Samsung electronics, about its goods, management system, and supply chain. The company have to own websites. We can apply for the job through the online. Conclusion Sumsung brand is famous allover the world because of its service, excellent employees, Innovative reliable product. A responsible approach to business and global citizenship and globlelisation with partners and customers. Samsung is taking the world in progressive direction for new generations. The mission of samsung is to be the best Digital electronic company.It complys with low and ethical standard care s environmental health and safety. Mentain a clean organized culture value and respect to customer share holders ,steakholders , employees and socially responsiable co oppertative citizens. So It is trying to be the best brand in the field of electronices materials in the world by improving its size , price quality, capasity or power of the devices.

Business Analysis of Comcast Corporation Essay -- Comcast Business Mar

Business Analysis of Comcast Corporation Comcast Corporation, based in Philadelphia, Pennsylvania, is the largest cable company in the United States. Comcast develops broadband cable networks and are involved in electronic retailing and television programming content. Comcast was founded in 1963 by Ralph J. Roberts, Daniel Aaron, and Julian A. Brodsky in Tupelo, Mississippi. Entrepreneurs who transformed Comcast from a small cable company to a massive corporation that employs over 68,000 people. Of course, with mergers as well as buying other companies, they were taking a great risk. Their risk taking has been a proven success. The company was incorporated in Pennsylvania in 1969 under the name Comcast Corporation from American Cable Systems. Over the next 30 years, Comcast grows to become the well-known company it is today. Moving into the area of programming content, Comcast became majority owner of Comcast-Spectacor, Comcast SportsNet (In Chicago, Philadelphia, and Washington/Baltimore area), and E! Entertainment Television and Style Network, G4, The Golf Channel and the Outdoor Life Network over a period of years. The UK division was sold to NTL (National Transcommunications Limited) in 1998, a European cable/cellular company. After the sale of their cellular division to SBC Communications of San Antonio and the acquisition of Greater Philadelphia Cablevision in 1999, Comcast and MediaOne announced a $60 billion merger, which occurred three years later. In 2001, Comcast announced they would acquire the assets of AT&T Broadband (AT&T’s cable TV service). In 2002 Comcast acquired all assets of AT&T Broadband, thus making Comcast the largest cable television company in the United States. In 2002, Comcast paid the University of Maryland an undisclosed amount for naming rights to the new basketball arena built on the campus, named Comcast Center. In staying competitive with other companies, Comcast has always tried to have the advantage by offering the latest technology. In 2001, Comcast launched HDTV (High Definition Television). HDTV is a form that provides crystal-clear quality wide-screen pictures with compact disc-quality surround sound. The aspect ratio of HDTV pictures is 16:9 as opposed to today’s 4:3 format. Comcast also launched Video-On-Demand service (VOD) in 2001. VOD, which is now simply called On Demand, allows one to play news, TV progra... ...t losses of affiliates (22) (27) (88) (60) Other income 312 11 394 71 74 (132) (1,098) (2,091) Income (Loss) from Continuing Operations before Income Taxes and Minority Interest 785 610 1,810 (137) Income tax (expense) benefit (360) (215) (826) 16 Income (Loss) from Continuing Operations Before Minority Interest 425 395 984 (121) Minority interest (2) (12) (14) (97) Income (Loss) from Continuing Operations 423 383 970 (218) Income from discontinued operations, net of tax (1) - - - 168 Gain on discontinued operations, net of tax (1) - - - 3,290 Net Income $423 $383 $970 $3,240 Diluted earnings (loss) per common share Income (loss) from continuing operations $0.19 $0.17 $0.43 ($0.10) Income from discontinued operations - - - 0.08 Gain on discontinued operations - - - 1.46 Net Income per common share $0.19 $0.17 $0.43 $1.44 Diluted weighted average number of common shares outstanding 2,228 2,269 2,250 2,256 1) On September 17, 2003, the Company completed the sale of its approximate 57% interest in QVC, Inc. Accordingly, the results of QVC are presented as discontinued operations. REFERENCE Comcast Website – www.comcast.net Business Analysis of Comcast Corporation Essay -- Comcast Business Mar Business Analysis of Comcast Corporation Comcast Corporation, based in Philadelphia, Pennsylvania, is the largest cable company in the United States. Comcast develops broadband cable networks and are involved in electronic retailing and television programming content. Comcast was founded in 1963 by Ralph J. Roberts, Daniel Aaron, and Julian A. Brodsky in Tupelo, Mississippi. Entrepreneurs who transformed Comcast from a small cable company to a massive corporation that employs over 68,000 people. Of course, with mergers as well as buying other companies, they were taking a great risk. Their risk taking has been a proven success. The company was incorporated in Pennsylvania in 1969 under the name Comcast Corporation from American Cable Systems. Over the next 30 years, Comcast grows to become the well-known company it is today. Moving into the area of programming content, Comcast became majority owner of Comcast-Spectacor, Comcast SportsNet (In Chicago, Philadelphia, and Washington/Baltimore area), and E! Entertainment Television and Style Network, G4, The Golf Channel and the Outdoor Life Network over a period of years. The UK division was sold to NTL (National Transcommunications Limited) in 1998, a European cable/cellular company. After the sale of their cellular division to SBC Communications of San Antonio and the acquisition of Greater Philadelphia Cablevision in 1999, Comcast and MediaOne announced a $60 billion merger, which occurred three years later. In 2001, Comcast announced they would acquire the assets of AT&T Broadband (AT&T’s cable TV service). In 2002 Comcast acquired all assets of AT&T Broadband, thus making Comcast the largest cable television company in the United States. In 2002, Comcast paid the University of Maryland an undisclosed amount for naming rights to the new basketball arena built on the campus, named Comcast Center. In staying competitive with other companies, Comcast has always tried to have the advantage by offering the latest technology. In 2001, Comcast launched HDTV (High Definition Television). HDTV is a form that provides crystal-clear quality wide-screen pictures with compact disc-quality surround sound. The aspect ratio of HDTV pictures is 16:9 as opposed to today’s 4:3 format. Comcast also launched Video-On-Demand service (VOD) in 2001. VOD, which is now simply called On Demand, allows one to play news, TV progra... ...t losses of affiliates (22) (27) (88) (60) Other income 312 11 394 71 74 (132) (1,098) (2,091) Income (Loss) from Continuing Operations before Income Taxes and Minority Interest 785 610 1,810 (137) Income tax (expense) benefit (360) (215) (826) 16 Income (Loss) from Continuing Operations Before Minority Interest 425 395 984 (121) Minority interest (2) (12) (14) (97) Income (Loss) from Continuing Operations 423 383 970 (218) Income from discontinued operations, net of tax (1) - - - 168 Gain on discontinued operations, net of tax (1) - - - 3,290 Net Income $423 $383 $970 $3,240 Diluted earnings (loss) per common share Income (loss) from continuing operations $0.19 $0.17 $0.43 ($0.10) Income from discontinued operations - - - 0.08 Gain on discontinued operations - - - 1.46 Net Income per common share $0.19 $0.17 $0.43 $1.44 Diluted weighted average number of common shares outstanding 2,228 2,269 2,250 2,256 1) On September 17, 2003, the Company completed the sale of its approximate 57% interest in QVC, Inc. Accordingly, the results of QVC are presented as discontinued operations. REFERENCE Comcast Website – www.comcast.net

Postmodernism: Myths and Realities Essay -- Postmodernism Philosophy E

Postmodernism: Myths and Realities A number of theorists and scholars have proclaimed that we now live in a postmodern world--a world better explained by theories and concepts different from those of the modern world dating from the Enlightenment and before. The theories and concepts of postmodernism are widely and prominently applied in adult education. So, how do postmodernists characterize postmodernism? What are the critics' critiques? Do proponents and critics agree on anything? Characterizing Postmodernism Discussing postmodernism and continuing education, Leicester (2000) writes that "postmodernism is not a systematic theory or unified movement so much as a loose umbrella term for a perspective" incorporating reactions against "the sovereignty of science, the dominance of 'western traditions' and the assumption of epistemological progress" (p. 73). However, some key features "overlap and criss-cross, appear and disappear in discussions about 'postmodernism' (ibid., p. 74): †¢Plurality of Perspectives. Multiple perspectives, accounts, and theories are respected. Eclectic thinking, drawing on and synthesizing multiple cultural traditions is encouraged. †¢Antiessentialism. A text (be it an individual word, a message, a concept, or any significant structure) has no inherent, essential meaning--no "one thing in common that makes us use the same word and which would give us the essence of the concept" (ibid., p. 74); rather, it is open to multiple interpretations. †¢Antifoundationalism. Truth and knowledge of it are not based on a fixed foundation of objective reality. Instead, truths are located in specific sociocultural contexts, outside of which no vantage point exists. †¢Antiscientism. In particu... ...The Postmodern Perspective on Home Economics History." Journal of Family and Consumer Sciences 92, no. 1 (2000): 81-84. Sokal, A., and Bricmont, J. Fashionable Nonsense: Postmodern Intellectuals' Abuse of Science. New York: Picador USA, 1998. Stufflebeam, D. L. "Conflicts between Standards-Based and Postmodernist Evaluations: Toward Rapprochement." Journal of Personnel Evaluation in Education 12, no. 3 (September 1998): 287-296. Thomas, R. M. "A Glossary of Postmodern Educational Terms." 1997. (ED 410 577) Tisdell, E. "Poststructural Feminist Pedagogies: The Possibilities and Limitations of Feminist Emancipatory Adult Learning Theory and Practice." Adult Education Quarterly 48, no. 3 (Spring 1998): 139-156. Usher, R.; Bryant, I.; and Johnston, R. Adult Education and the Postmodern Challenge: Learning beyond the Limits. New York: Routledge, 1997.

jacksonian :: essays papers

jacksonian Although the flood waters of poverty, unemployment, and famine known as the Great Depression began to recede under Hoover’s administration, it was Franklin Delano Roosevelt and his administration who saw to the retreat of the destitute ways of life that had enveloped the nation. When FDR took office, he intended to change the government in order to include help for the plight of the â€Å"forgotten man†. He had a plan for the change known as the â€Å"New Deal†. Roosevelt’s New Deal programs aimed at three R’s - relief, recovery, and reform. Also, through his New Deal programs, one can see all he did during the Depression to relieve suffering and jump start the economy. In the New Deal program, Roosevelt had short and long - range goals. One of his first short-range goals was relief - especially in the first 100 days. At the time of Roosevelt’s inauguration, one out of every four people was unemployed. Since FDR was intent upon ending human suffering first and foremost, he decided to be open about using federal money to aid the unemployed. With the okay from FDR, the Hundred Days Congress passed much legislation in order to help in the first short range goal - to give immediate relief. In 1933, Congress created the Civilian Conservation Corps (CCC), which provided employment in fresh - air government camps for about 3 million uniformed young men. Their work included reforestation, fire fighting, flood control, and swamp drainage. Also new in 1933 was the Federal Emergency Relief Act (FERA). It was the first major effort of Congress to deal with the unemployed adults, and its chief purpose was immediate relief rather than long-range re covery. Other legislation passed by Congress included the Agricultural Adjustment Act (AAA), the Home Owners’ Loan Corporation (HOLC), and Civil Works Administration (CWA). Roosevelt’s other short - term goal, recovery, was also off to a good start in the first 100 days of FDR’s administration. There were many legislative acts passed by Congress in order to allow for a quick recovery for the nation. The two best examples of recovery in the first 100 days would be the Emergency Banking Relief Act, which allowed the president to regulate banking transactions and foreign exchange and to reopen solvent banks, and the National Industrial Recovery Act. The National Industrial Recovery Act, which created the National Recovery Administration (NRA), designed to assist industry, labor, and the unemployed, and the Public Works Administration (PWA), intended for industrial recovery, as well as unemployment relief.

Dogfight over Europe: Ryanair Essay

A. What is Ryanair’s strategy and why has it been successful so far? In 1911, Ryanair faced cash flow problem, and was going to be bankrupted. However, it found the way to overcome this crisis by transform themselves from ordinary high-price airlines into the lowest price airline in the EU. They focused on 5 things to rebirth their company. 1. Focused on cut down the costs: Ryanair aggressively cut most of its costs in many ways. Found the routes and airports that charged low landing fees, and low turnaround costs Chose routes to Secondary airports, low airport fee Eliminated all in-flight amenities Used metal stairs instead of â€Å"air bridge† Paid lower commissions to travel agents Saved cost in its internal operations Implemented economies of scale by using one model aircraft and treating all customers equally 2. Focused on operating efficiency: Ryanair carefully allocate all of its resources and assets to get the highest performance outcome. Optimized airplanes usages by relocating the planes used in loss-making routes to gain-making routes. Attempted to increased aircraft turnaround rate in many ways Operated only one type of aircraft Provided the newsletter to employees, which contained its and its competitors’ movements 3. Focused on customer satisfactions: Ryanair sustained customer care. Even though they are mostly middle-to-low classes who expected less services due to the lowest airfares, they would receive more than their expectation. There were 160 full-time reservation agents at its call enter at Dublin answered calls Maintained its record for on-time flight due to good-performed aircraft turnaround Received airfares in other currency Had fewer restrictions to change the tickets 4. Focused on ancillary income: Ryanair gained extra revenue from other sales and services. In-flight sales: beverages, snacks, and traditional items Advertised spaces renting Other referred fees 5. Focused on its employees: Ryanair never forgot to sustain and motivate employees. Imprinted its values to employees. â€Å"the firms as brutally cost conscious† Gave its stock options to employees Rewards system varied with performance, commission, and corporate profits Had lots of job opportunities, e.g. promotion or rotation Had no bureaucracy and hierarchy Compared to its competitors, Ryanair became succeed because it was the first low-cost airlines which provided low airfares that generate increased volume of customers. At the same time, it had maintained a continuous focus on customer satisfactions, cost management and operating efficiencies, leading to the great reputation that transfer â€Å"from mouth to mouth† by its loyalty customers. That created more customer and more income, being its sources of fund for reinvest. Also, the extra revenue from sales, advertised spaces renting, and referral fees could support its financial health and accommodate it to sell the ticket more lower price. Moreover, started with people, Ryanair’s employees shared the same values and goals with their company, â€Å"cost-conscious† with â€Å"good-services†. Sharing the company’s benefit with them also motivated them to work better and better. This was the other important foundation for its success. That’s why, Ryanair was success and became very high competitiveness in this market. B. Looking to the future, what should be the strategic concerns of Ryanair? What recommendations would you make to the top management? In my opinions, the most strategic concerns of Ryanair is its competitors. Assuming we were in 1999, at that time, no carrier that were Ryanair’s primary competitor. However, in this year, no-frills carriers accounted for 3% of the European air travel market. This implied that the competition would be more intense. I would like to go through each competitors one-by-one. Virgin Express: It was most harmful competitor. It had many features as same as Ryanair, and some of them were better than Ryanair’s, e.g. nine languages services in ticket reservations, no physical tickets (lower its costs), etc. Virgin Express’s financial lost in 1998 might be resulted from only a shortage of pilots. If Virgin Express could fix that problems, continuously improve its features, and fully implement cost control, it would become very competitiveness to the market. Suggestion for Ryanair: Sustain doing the  ways Ryanair was, improve quality of service, innovate the ways to reduce costs, and focus more in marketing and creating brand awareness easyJet: It was also harmful competitor. It had the same business model concerned about cost control, it gradually grew and was going to change from subcontracting to their own operation by reinvesting. However, its philosophy was â€Å"won’t complete with other low-fare guys†. Suggestion for Ryanair: Quickly expand the flying routes and grasp that benefits before easyJet does. British Airway’s Go: British Airway’s Go had powerful backups and great brand values. It provided better service in-flight but also sold ticket at the cheap price. Leading to the price competition in the future. Suggestion for Ryanair: The company have to innovate its new unique point to eliminate the problem that it would have faced the loss of its customers to the competitors. It also need to in-depth its group of customers to find the ways out. Also, Ryanair have to be alert all the time. As the market become more intense, only dynamic organization can survive.

Oil and Natural Gas: Its Effects to America and the Global Economy Essay

Oil and natural gas have a very important role in the lives of almost all people in the world. These have been the primary source of energy that fuels the technological civilization that exists at the present. Its importance could be seen in the everyday lives of most individuals. The moment someone wakes up in the morning and read the newspaper up to the time that same person would sleep in the comforts of his/her home, the utilization of petroleum products are present. The newspaper is produced out of ink coming from oil as well as the printing machine that is operated by the same means of energy. Similarly, oil-operated machineries also create the various infrastructures like the houses people live in. Furthermore, even computers, which are widely used today in terms of government services and even in mere personal purposes, are run by electricity coming from natural gas. According to Pfeiffer, the present civilization is built on oil and that economic progress will continue as long as there is a continuous supply of this energy. This is also the reason why the volatile and fluctuating prices of oil and natural gas affect numerous countries as well as its citizens. Its status in the international market has implications in the economies of countries like the United States of America and basically, the whole world. Oil and natural gas that are the backbone of this society’s economy has a long history behind it. These sources of energy come from the earth’s ground as either solids, liquids, or gases. Crude oil or petroleum is liquid source of energy that is considered as a commercial fossil fuel. Natural gas as well as propane comes in gaseous form. Coal, on the other hand is a solid form of energy (Nonrenewable Energy). These energy sources are formed in the earth millions of years ago when it was still covered by water. Combine remains of animals and tiny plants that are layered together with sand and mud are also present. During the time that the earth underwent drastic changes, intense amount of heat and pressure were present, which have been the caused for these fossils to turn into hydrocarbons. Basically, what are simple remnants of plants and animals have turned into valuable deposits of crude oil and natural gas inside the crust of the earth (Discover the wonders of natural gas). Natural gas is often defined as a combustible, gaseous mixture made up of simple hydrocarbons. It is a very light portion of petroleum that includes both natural gas as well as crude oil. Natural gas often rise through the surface by means of natural openings in the earth’s crust or it can be brought to the surface by man-made wells. Thousand of years ago, it was discovered that this gas could be burned and be utilized for heat and light. At present, natural gas is still one of the safest, efficient, and abundant source of energy in the world (Discover the wonders of natural gas The importance of oil and natural gas to the world’s economy is very vital, which is why a decline in its resources would mean a devastating crisis which would affect countries not only with the likes of the United States of America but also the whole world. According to the Energy Information Administration and the Department of Commerce and Bureau of Economic Analysis (Pfeiffer), United States’ was able to acquire its status as a superpower in the global economy due to the availability of oil, natural gas, and coal. The increase in the energy consumption is directly proportional with the income of the U.  S. because the higher the amount of energy consumed, the annual gross domestic product (GDP) also increases. However, a large amount of the country’s GDP becomes reliant in the consumption of energy. If a decline in energy consumption takes place then this will eventually have an adverse effect in the annual gross domestic product of the country. What is even worst is the idea that the decline of consumption is suspected to change abruptly rather than gradually. This could lead to the collapsed of the market especially when the investors realized that the decrease in energy resources could not be reversed. The outcome of this situation would entail a crisis that is worse than the Great Depression of 1930s (Pfeiffer). The adverse effect in the lack or limited supply of oil resources is greatly felt during the 1973 Oil Crisis. The Organization of Petroleum Exporting Countries that is mostly composed of Arab nations decided to imposed an oil embargo in western countries especially in the United States of America. This action is brought about by the participation of western countries in the Yom Kippur War wherein they supported Israel in this armed conflict. Another reason of the embargo is the realization of member countries of the OPEC of the important position they have in the global economy. They started to increase the prices of oil and at the same time decrease its supply. Basically, OPEC utilized the oil embargo as both a political tactic as well as a means of empowering themselves. In doing so, they were able to punished the western countries for supplying arms to the Israelis and at the same time realized their potential due to the effects of their action towards other countries (Horton). United States of America experienced an abrupt increase in the prices of petroleum products. The prices quadrupled from a mere 25 cents to almost a dollar within the span of a few months. The country was in complete disarray. A nation that was so accustomed to driving vehicles in their everyday lives was now powerless with the high prices of oil. People have to wait for about two to three hours in line just to get their car’s fueled. The consumption of oil dropped about twenty percent due to the high prices of oil as well as the efforts of the citizens to conserve money (Horton). The U. S. government did extreme measures in order to conserve oil. The congress issued a speed limit of 55mph that reduced fuel consumption and reports of fatalities. Even the practiced of the daylight savings time happened during that period in order to conserve energy. Tax credits were also given to those people who could devised new sources of energy like solar and wind power. Moreover, President Nixon, who was the president during that time, created the Energy Department and made it a part of the cabinet office. Its main purpose is to developed energy policy that could make the U.  S. energy independent. The oil companies also cooperated in Nixon’s call for energy conservation as they voluntarily closed on Sundays and they only cater to their regular customers. They only sell ten gallons of gasoline or less at a time. Being the case, they believed that these would contribute in making the American citizens thriftier in using petroleum products (Horton). Arab countries especially the members of the OPEC once again exported oil to western countries. However, the shipment of petroleum products has inflated prices. One of the crucial effects of the oil crisis is the economic decline the world experienced due the an inflation rate that remained above ten percent as well as the record high unemployment rate. After World War II, economic growth, which was happening worldwide, has been observable but this was no longer the case due to the oil embargo that took place. According to Horton, at present, the effects of the 1973 oil crisis are still being felt. This can be seen in the practices of most people. Nowadays, fuel-efficient vehicles are more patronized as compared to big cars that are very gas consuming. Most appliances that are used today require less energy consumption as compared before. Furthermore, the exploration of resources and other means of energy also increased in the U. S. The series of armed conflict in the Middle East change the pattern of consumption of oil products. Oil is responsible for approximately one-third of the energy used in the world. The series of wars starting from the Iranian revolution in 1979-1980 up to the Iran-Iraq war in 1980 had caused a drop in the over all consumption of oil in the world. In 1980, 63 million barrels are consumed per day but it decreases into 59 million barrels per day in 1983. However, the consumption of petroleum products in the world has increased ever since with 84 million barrels per day in 2005 (United States Government Accountability Office, p. 9). The United States of America also experience an increase in the consumption of petroleum products since 1983 to 2004, from 1. 65 percent annually to an averaged of 20. 6 million barrels per day in 2005. The country consumes one-quarter of the world’s oil consumption. According to the projections of the Energy Information Agency, U.  S. consumption will continue to increase up to 27. 6 million barrels per day by the year 2030 (United States Government Accountability Office, p. 9). The duration of the oil crisis has also paved the way for a new idea in the international economy in terms of monetary and the oil industry. Dr. Ibrahim Oweiss, a professor of economics at the Georgetown University coined the term â€Å"petrodollar†. This word connotes the money being paid by western countries in exchange for petroleum products that mostly comes from west Asian countries or the Middle East. This took place during the time where there is a significant increase in dollar surpluses. Most countries especially the developing ones are exchanging their commodities for dollars (Washington Affairs). According to the Washington Report on Middle East Affairs, the petrodollar poses a new threat in the American economy as well as the world’s. If during the oil crisis of 1973, petroleum products were utilized in order to punish western countries from its participation in the Yom Kippur War. At present, petrodollar could be a viable weapon for Middle Eastern countries to once again affect the economic situation of the world. This would become possible if an Arab nation would pull out its investment from New York Banks, which will trigger a tremendous shift in the U. S. economy. However, Dr. Oweiss himself warned that if ever such incident would take place the U. S. government would implement the International Emergency Economic Powers Act, which would freeze the asset instead of allowing it to be removed. The investment of the Middle East in the U. S. is then considered as a form of â€Å"capital hostage†. The politics behind the supply and demand for oil could be attributed to the important role that it has in the economy of the world especially in countries like the United States of America. However, petroleum products are considered to be finite resources or non-renewable source of energy. Non-renewable resource like petroleum products are sources of energy that cannot be replenished, regenerated, or re-made in a short span of time. It exist in a particular fixed amount which could be totally consumed before it could be re-made again by nature (Nonrenewable Energy). The finite or limited source of oil and natural gas has a huge effect on the pattern of supply and demand, which will eventually affect the price for these commodities. The price of oil in the world market determined based upon the balance between the world’s demand and supply. Recently, the production of oil has reach its near capacity because of the continuous increase in demand, which is also the reason why there is an upward pressure in oil prices (United States Government Accountability Office, p. 0). Oil consumption is inversely proportional with oil prices. Higher oil prices caused consumers to reduce their oil consumption. Increases in crude oil are also reflected in other petroleum products like gasoline, diesel, home heating oil, as well as petrochemicals. Consumers’ adaptability to the increase in oil prices is greatly dependent on the cost of changing their activities and shifting their lifestyle in order for them to utilized less oil. In connection with that, consumers are believed to have more options in adapting to the high prices of oil in the long term rather than in the short-term situation. Reducing the amount of oil consumed in the short terms would be possible by merely driving less or more slowly as compared to the long term solution wherein people could actually purchase a more fuel-efficient vehicle or moved closer to work so that their consumption of oil would be reduced (United States Government Accountability Office, p. 11).