Individual Performance Appraisal Paper

Individual Performance Appraisal Paper Introduction Individual performance appraisal is a way of evaluating the level of an employee’s performance in workplace. In healthcare, the 360-degree feedback is the commonly used individual performance appraisal tool; also known as multisource assessment or multi-rater feedback because it can involve external organizations in some cases. Advertising We will write a custom research paper sample on Individual Performance Appraisal Paper specifically for you for only $16.05 $11/page Learn More Any appraisal system should be â€Å"relevant and applicable to everyday work, acceptable and fair, and a mutual collaboration between workers and employers† (Duraisingam Skinner, 2005, p. 2), and 360-degree feedback is not different; it meets all these requirements. As the name suggests, 360-degree is an all-round system that encircles an employee with feedback coming from supervisors, peers, or subordinates. In some cases, individuals carry self-asses sment while in other instances outside sources like customers are involved in the evaluation process. After getting the feedback from the involved parties, the evaluator uses this information to plan training, make administrative decisions, or make developments among others functions. The 360-degree feedback tool operates in a simple manner. An organization is required to form small groups of workers within different departments to fill in essay questionnaires, a task that takes less than 20 minutes. After carrying out the survey, the results are sent to an external organization, which conducts an analysis of the information provided, and gives a feedback. The external organization/company then sends the analyzed information back to the evaluating company after which it calls for employee meetings to discourse the report and come up with ways of improvement by either designing training programs or any other improvement strategies. This is relatively cheap method; nevertheless, it h as both merits and demerits. Merits and Demerits of this Tool This method has several advantages. The 360-degree appraisal method provides a wider view of worker’s performance as compared to the other appraisal tools (Atkins Wood, 2002, p. 875). This is true given the nature of its evaluation; there are many people involved in the assessment and this may run from top management to peers thus allowing all-rounded assessment â€Å"It is more comprehensive than other appraisal methods since they may only need the manager to do the evaluation† (Seifert, Yukl, McDonald, 2003, p. 565). This appraisal method increases the believability of the appraisal result. The many people used in this assessment reduce chances of unfair assessment. Biases are minimized for not all people can be biased towards an individual hence making it a credible tool. Therefore, some administration decisions like promotion are done on merit.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Given the fact that this tool involves one’s peers, the individual under evaluation can enhance his/her personal self-development. This factor emanates from the fact that an employee spends more time with his/her peers than his/her manager; therefore, any form of appraisal will be positively taken without the notion of bias. In such situation, the employee under evaluation will most likely embark on a self-development program for he/she will know the results are true. Finally, through 360-degree feedback, employees get the chance to air their views and complain without following the normal bureaucratic complaint chain (Seifert, Yukl, McDonald, 2003, p. 565). Employees can indicate their complaints when filling in the questionnaires and this eliminates normal and long procedures of airing complaints. On the other side, there are also few demerits of this system. This is a time consuming exercise. The element of including numerous people in the process implies more time consumption thus eliminating the possibility of frequent appraisal exercises. This system may yield cynicism and suspicion in workplace (Smither, London Reilly 2005, p. 39). Management may fail to cooperate in the appraisal process hence undermining their authority. Staff members may become de-motivated if they do not get positive appraisals from their workmates. This calls for an honest environment, which may be lacking in many institutions. This system poses the risk of revealing confidential information to other companies (Pfau Kay, 2002, p. 56). This factor comes because of outsourcing the analysis stage of the evaluation process. The external company receives all the information about a given company and this is dangerous in confidential matters. Effects on Employees This personal performance management system draws mixed reactions from employees. These reactions are tied in t he merits and demerits of the same. If well implemented, employees serve customers well and become gratified by their work. Employees are able to know their performance quite well if they take 360-degree feedback results positively. If employees choose to focus on the positive side of the results then they can develop themselves quickly by working on their weak points as indicated in the results. Areas where an employee scores poorly are areas that call for attention and improvement and by so doing, personal performance improves significantly. Nevertheless, some employees will fail to admit the results and resort to complaining citing sabotage. Advertising We will write a custom research paper sample on Individual Performance Appraisal Paper specifically for you for only $16.05 $11/page Learn More In this case, the effects will be debilitating and personal performance may drop significantly due to loss of focus and self-confidence among other issues associa ted with negativity. Therefore, the effects of this system on employee depend on how the employee in question views and responds to the results. Effects on Departmental Performance The effects of this appraisal method on departmental performance are similar to that of individual performance. This is true given the fact that individuals make departments and the outcome of any appraisal depends on how people in those departments view the results of the same. However, these appraisal effects falls on the departmental heads feel they are responsible of running departmental matters. Therefore, any effect at departmental level will be determined by the perception of departmental heads towards the 360-degree appraisal system. According to Full Circle Feedback, (2004), the entire department will then ‘react’ to the head’s perception; if it is positive, it will build the department but if it is negative it will call for drastic measures causing tension within the involv ed department in most cases. Improvement Suggestions/ Conclusion Taking into consideration the challenges facing this system, people may consider using technology to avoid the issue of time wastage. Designers of questionnaires may decide to do it online. Moreover, institutions should consider encouraging individuals not to personalize appraisal results but to work on them for they are honest. However, this calls for honesty and openness in the whole process. The 360-degree feedback system is an all-round appraisal system involving several individuals who fill questionnaires concerning different issues. After filling in the questionnaires, they are sent to an external company for analysis before coming back to the evaluating company for discussion. This system has both merits and demerits; like offering wider view of employees performance and time consumption respectively; nevertheless, incorporating technology and promoting honesty could solve some shortcomings of this system.Adve rtising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Reference List Atkins, P., Wood, R. (2002). Self-Versus Others Ratings as Predictors Of Assessment Center Ratings: Validation Evidence for 360-Degree Feedback Programs. Personnel Psychology, 55(4), 871–904 Duraisingam, V. Skinner, N. (2005). Performance Appraisal. In N. Skinner, A.M. Roche, J. O’connor, Y. Pollard, C. Todd (Eds.), Workforce Development Tips (Theory into Practice Strategies): A Resource Kit for the Alcohol and Other Drugs Field. National Centre for Education and Training on Addiction (Nceta), Flinders University, Adelaide, Australia Full Circle Feedback. (2004). 360 Degree Feedback. Retrieved From, Http://Www.Fullcirclefeedback.Com/Our-Services/360-Degree-Feedback-Explained.Htm Pfau, B. Kay, I. (2002). Does 360-Degree Feedback Negatively Affect Company Performance? Studies Show That 360-Degree Feedback May Do More Harm Than Good. What is The Problem? Hrmagazine, Jun 2002. 47, 6; 54–60. Seifert, C., Yukl, G., McDonald, R. (2003). Effects of Multisource Feedback And A Feedback Facilitator on the Influence of Behavior of Managers Toward Subordinates. Journal of Applied Psychology, 88(3), 561–569. Smither, J.W., London, M., And Reilly, R.R. (2005). Does Performance Improve Following Multisource Feedback? A Theoretical Model, Meta-Analysis And Review of Empirical Findings. Personnel Psychology, 58, 33–66

October Writing Prompts for Classroom Journals

October Writing Prompts for Classroom Journals October begins with students and teachers still happily enjoy the summer holidays and ends with the excitement of heading back to school. Feel free to use these writing prompts for each day in October as daily warm-ups or journal entries. October Holidays Adopt-a-Shelter-Animal MonthComputer Learning MonthFamily History MonthNational Dessert MonthEnergy Awareness Month Writing Prompt Ideas for October October 1 - Theme: World Vegetarian DayAre you a vegetarian? Why? If not, would you ever consider becoming one? Why or why not?October 2 - Theme: Peanuts Comics Strip First PublishedWhy is your favorite character from Peanuts: Charlie Brown, Snoopy, Linus, Peppermint Patty, or another character? Explain your answer.OR October 2- Theme:  International Day of Non-ViolenceNon-violence has been used to bring about social change.Read up on Gandhi. What social change would you suggest should be brought about?October 3 - Theme: Family Television DayIs there any television show that you watch together as a family? If so, what are they? If not, explain which TV show is your favorite.October 4 - Theme: Toot Your Own Flute DayWhat is something that you are really proud about? What are you good at? For todays writing assignment, brag about yourself.October 5 - Theme: Fast Food (Ray Krocs Birthday)What is your favorite fast food restaurant? Why?OR October 5 - Theme: World Teachers DayEstablishe d by the United Nations Organization for Education, Science and Culture (UNESCO) in 1994.Write a teacher from your past (or present) a heartfelt â€Å"thank you† letter or card. October 6 - Theme: Thomas Edison Showed the First Motion PictureExplain how movies have changed the world OR consider the economics of the motion picture industry (MPAA).   What is the significance of this industry that employs roughly  2.1 million jobs while paying out $49 billion to local businesses across the country?October 7 - Theme: Computer Learning MonthAre you a gamer? A coder?  On a scale of 1-10 with 10 being the highest, how would you rate your skills using a computer?October 8 - Theme:  Columbus Day  -(celebrated)Should Columbus Day still be celebrated as a national holiday?Explain your answer.October 9 - Theme: Explorer Leif Erikson DayCelebrate the explorer who found America!No, not Columbus. The other explorer, the Viking, Leif Erikson, who beat Columbus by 400 years. Why do you think we do not celebrate this explorer?October 10 - Theme: Cakes (Cake Decorating Day)If you could have any cake for your birthday, what would it be?Describe the type of cake, the t ype of icing, and how it would be decorated. October 11 - Theme: Eleanor Roosevelts BirthdayEleanor Roosevelt was born on this date in 1884. She is considered one of the most influential First Ladies. In your opinion, what kind of influence should the First Lady have on the government?October 12 - Theme: Indigenous Peoples Day (traditionally Columbus Day)Indigenous Peoples Day  began as a counter-celebration to  the U.S.  federal holiday  of  Columbus Day.   Indigenous Peoples Day is intended to celebrate North and South American peoples, and to bring attention to  Native Americans who  continue to practice their cultures today. Do you know which indigenous peoples are associated with your town, city, or state?October 13 - Theme: Train Your Brain DayAre you a fan of crosswords, sudoku, or other mind games? Why or why not?OR  October 13 - Theme: National MM DayThere are over 340 million MMs produced daily.Which  is your favorite kind of MM candy? (plain, peanut, etc) If they had to invent a new MM, what would you suggest?October 14 - Theme: Chocolate Covered Insect DayThe  U.N. Food and Agriculture Organization notes that  there are more than 1,900 edible insect species on Earth. Insects may be one way to feed the world population in the future.Would you ever consider eating a chocolate covered insect? Why or why not? October 15 - Theme: National Poetry DayT. S. Eliot said, Genuine poetry can communicate before it is understood. What do you think he meant by this?October 16 - Theme: Dictionary DayBased on the life and times of Noah Webster of the Merriam-Webster Dictionary, this day celebrates words. Over 800 words are added annually to our language.  Look up some of the new additions or make a suggestion for the adoption of a new word.October 17 - Theme: Wear Something Gaudy DayDescribe the gaudiest outfit imaginable. Would you wear it?OR October 17 - Theme: Chess​In 1956, a 13-year old Bobby Fischer won the a chess match against the   26-year-old champion Donald Byrne  in what is called the chess Game of the Century.Do you play chess or other strategy games (board or video)? Do you think age makes a difference in who is a champion in a game of strategy? Why or why not?October 18 - Theme: Adopt-a-Shelter-Animal DayAccording to the ASPCA, approximately 6.5 million companion animals en ter U.S. animal shelters nationwide every year.If you were to buy a dog or cat, would you go to a shelter to adopt one or buy from a breeder? Explain your reasons. October 19 - Theme: Thomas Edison Demonstrated the Electric LightA survey taken at the end of the 20th Century found that Edison was the most influential figure of the millennium..... Do you agree or disagree?   Describe at least five things that would be different about life if there were no electric lights.October 20 - Theme: Sweetest DayDescribe at least three nice things that you can do for someone you care about.October 21 - Theme: Reptile Awareness DayReptiles can an  alternatives for people who are allergic to furry  or feathery animals. There are some drawbacks, however, as there are many species of  Ã‚  reptiles that will bite. Some species are venomous.Would you own a snake or other reptile as a pet? Why or why not?October 22 - Theme: National Color DayWhat is your favorite color? How would you describe your favorite color to a blind person?OR October 22- Theme: RiskOn  this day in 1779, the French balloonist Andrà ©-Jacques Garnerin was the first person to use a parachute when he jumped out of a balloon over Paris using a silk parachute that he made himself.What is the riskiest thing you have ever done? Would you do it again? October 23 - Theme: Mole DayMole Day is an unofficial holiday for chemistry enthusiasts celebrated between 6:02 a.m. and 6:02 p.m., or 6:02 10/23 (a measuring  unit in chemistry).What are three ways in which chemistry has made the world a better place?October 24 - Theme: United Nations DayIn 1971, United Nations General Assembly recommended that the day be observed by Member States as a public holiday.If you could visit one foreign country, which would it be and why?October 25 - Theme: Sarcasm (Sarcastic Month)Are you a fan of sarcasm? Are you personally sarcastic? Explain your answers.October 26 - Theme: Make a Difference DayPick an area of your life: family, school, work, friends, or society. Explain 5 ways you can make a positive difference in that area.October 27 -Theme:  US Navy DayThe US Navy was created  by the Second  Continental  Congress  passed a resolution  but it was not until 1794 after an engagement with Barbary pirates in the Mediterranean that the Navy showed its prowess. What do you know about this branch of the military? Would you ever consider a career in the military? October 28 - Theme: Statue of Libertys BirthdayThe Statue of Liberty, or Liberty Enlightening the World, was a   symbolic gift from the people of France to the people of the United States in 1886.What does this the Statue of Liberty symbolize today?October 29 - Theme:  National Cat Day68 percent of all households in the United States own  a pet cat, making the number of pet cats close to  95.6 million.Are you a cat pet person or are you a dog pet person? Or do you even want a pet? Why or why not?October 30 - Theme: National Candy Corn DayWhats your favorite Halloween candy? Why?October 31 - Theme: HalloweenThe National Retail Federation estimates that over $9 billion dollars will be spent on Halloween. Do you plan on spending money for Halloween? Do you like Halloween? Dressing up? Why or why not?

Ethical Issues in Business IP Week 5 Essay Example | Topics and Well Written Essays - 1000 words

Ethical Issues in Business IP Week 5 - Essay Example Another vital aspect of ethics in business is ensuring safety in the workplace. Based on the fact that employees are major resources in any company, employers should take initiatives to safeguard them from high temperatures, poor ventilation, fire and poor lighting. In this way, illnesses that may increase the rate of absenteeism will be significantly reduced. Introduction As businesses engage each other in a stiff competition, some employers have taken initiatives to enhance the payments of their employees and senior managers as a way of retaining them and improving their productivity. However, some managers have little or no concern of the welfare of their employees thus rising the question of how much are investors willing to emulate ethics in the work places. One of the major ethical concerns is the amount of compensation and benefits provided to their employees and their immediate family members. In the same way, safety in the work places is a key issue that employers should not overlook. In this regard, I have chosen the topic of ethics in compensation of the employees and safety in the work places as a way of ensuring that employees are fairly treated in the work places. Similarly, my target audience is the employers and the investors who are focused at increasing their profits at the expense of their employees. ... Wages and benefits To ensure that employees remain loyal towards their companies, employers have major role to play of ensuring that salaries and benefits paid to their workers are sustainable and motivating. One of major issue that creates poor relationship between the employees and the employers is the high compensation paid to the executives while other employees are not taken into consideration. Majority of employers have various options about the amount of compensation and wages that is paid to their employees. For example, some companies believe that the mandated minimum salaries by the federal government are sufficient to maintain their employees (Robbins & Judge, 2007). In the same way, some employers believe they are at liberty to pay anything to the workers and as such employees should take any job regardless of the wages they receive. Investors should ensure ethics are upheld in their companies by providing flexible benefits. Some of the major benefits that a firm should g ive their employees include health insurance, paid vacations, training, paid sick leaves as well as retirement benefits among others. Additionally, employers should ensure flexible working hours to ensure that their employees address private matters that may affects the concentration of the workers thus reducing their productivity (Resnik, 2009). To develop professional abilities of their employees and make them focused on achieving their goals as well as those of the entire company, managers should apply advancement programs. Such programs should be undertaken during annual leaves or in the evenings after work. To ensure adequate compensation and flexible

Ethics Essay Example | Topics and Well Written Essays - 1250 words - 2

Ethics - Essay Example Rawls’s argument that we should maximin instead of maximize leads to a fascinating standoff, whereby the argument for maximin appeared not compelling, but it was straight additive maximization of utilitarian in a way that revealed the possible function associated with morality that people are expected to maximize. In fact, according to Rawls, the utilitarianism is not straight based on taking maximandum, which refers to the things that are to be maximized that is utility instead of the primary social goods. Moreover, the idea of maximizing the key social goods is not appealing, since it fails to pursue the maximization of utility. Therefore, the espousal of the ideal legitimacy in political Liberalism does not have an effect on the conclusions and arguments that are developed to reinforce the ideal with respect to justice as fairness in utilitarianism and Rawlsian theories (Arneson, 2000). There is another problem with the utilitarianism, which is associated with the tenuous a ssociation with liberalism, whereby in prominent situations of aggregate goods of numerous, people outweigh the few individuals. Moreover, utilitarianism appears to be committed to the majority over the minority, and it seems to be unfair or violating the fundamental rights and liberties. Therefore, utilitarianism retort is unfair since the mere handovers from outdated and pernicious moral conversions. On the other hand, Rawls’s arguments are in the first part, whereby he focuses on the conflicts between utilitarianism and people’s beliefs concerning justice and fairness. In fact, he provides diagnosis, which is unflattering in order to appeal to utilitarianism. Therefore, utilitarianism may seem to be appealing by taking over the model of decision-making that individuals make relating to their lives. However, there is a significant difficulty associated with implementing the model in a society with people suffering from sacrifice, whereby they are denied the chance to obtain the benefits. In this case, the official arguments, in the parties in the original state prefer the Rawlsian Maximin Principle, by turning the choice between rules related to making the decision under uncertain circumstance of maximizing expected utility instead of maximin. The formal argument of the Rawls’s assertion is supported by the psychological arguments related to parties in the original state that prefers the principles. In fact, ideas of psychological arguments related to Rawls’s principles do not have limitations of the strains of commitment, like utilitarianism. Moreover, Rawls maintains that people growing in a society governed by principles Rawls’s principles, they would end up valuing the principles and complying with them. Rawls’s principles are concerned with the worst off, whereby the society is committed to the well being of the well off. However, this is not the case with the utilitarianism, whereby it is easier to have the all egiance to a society, which is governed Rawls’s principles, compared to the society governed by utilitarianism. Making a comparison between the Rawls principles with the maximin rule and utilitarianism, there is a chance of utilitarianism given

The French Revolutionary War of 1848 Essay -- French Revolution of 184

The numerous revolutions and uprisings that took place in Europe at the beginning of the eighteenth century signified the onset of more than a few liberalistic revolutions that shaped this continent’s governance to this date. This revolutionary wave was very significant, as it marked the collapse of traditional authorities and the establishment of more political and democratic forms of government. This year 1848; has been recognized by many as the ‘year of revolution’ because of the great number of political revolutions that took place allover Europe at this time. These 1884 revolutions started of in the French republic before spreading out to the other Western European nations. The 1884 revolutions were very significant to the French republic given the fact through them, the Orleans kingdom authority over France came to an end and the second French republic was born. The 1884 revolutionary war in France was motivated by factors like a disapproval of the political leadership, widespread ideology of nationalism across Europe, and a greater demand for democracy among others. This war lasted only for less than five years, with several thousands of people dead and other thousands being forced into exile. This paper gives a discussion of the origins and causes of these 1848 revolutionary wars in France. History of France Before 1848 1. Ancient France The French nation is thought to have been founded at around 297 AD when the Salian Franks were given the authority to settle in the region occupied by the Batavians, a Germanic tribe during the era of the Gallic wars. The first king from the historical information was Clodio who began his reign at around 426 AD. However, it was not until the early nineteenth century that Franc... ...48: Revolution and Reform. New York, NY: Berghahn Books, 2001. Fortescue, William. France and 1848: The End of Monarchy. Abingdon, Oxiford: Routledge, 2005. Hessels, John. Lex Salica: The Ten Texts with the Glosses, and the Lex Emendata. London: Adamant Media, 2005. Merriman, John. A History of Modern Europe: from the Renaissance to the present, 3rd edition. New York, NY: W.W. Norton, 2010. Rao, Raghavendra. History of Modern Europe Ad 1789-2002. New York, NY: Sterling Publishers Pvt, 2005. Roberts, Williams. France: A Reference Guide from the Renaissance to the Present. New York, NY: Infobase Publishing, 2004. Sperber, Jonathan. The European Revolutions, 1848-1851. New York, NY: Cambridge University Press, 2005. Winders, James. European Culture since 1848: From Modern to Postmodern and Beyond. Sydney, NSW: Palgrave Macmillan, 2001.

Emirates Airline: Penetrating the North American Market

Emirates Airline is known for going against conventional thinking when running its business. Thus far, this strategy has been profitable for the company. In November 2001, the airline announced that it would begin a 13 ? non-stop flight from Dubai to New York starting in June of 2003. However a postponement in the delivery of the Airbus A380-800 aircraft that would service the new route has caused a delay. This will be Emirates’ attempt at penetrating the North American market. In the current politically charged climate there is debate as to whether or not it will be profitable to expand service to this new route from Dubai to New York. Tensions between Washington and the Arab world create restraints as to when Emirates will be able to expand service. However, the main question currently facing Emirates is whether it should expand to New York at this point in time. Unlike many other airlines, Emirates sees no threat surrounding the tensions in the Middle East. The climate has been this politically charged for the past ten years. In fact, during the first Gulf War in 1991, Emirates Airlines was the only airline that did not cancel any of its flights. They continued flying to Kuwait when a majority of its competitors stopped. Emirates continued business as usual and picked up additional business from those airlines that downsized and stopped flights in the region. This strategy exemplifies how Emirates has gone against conventional thinking and come out ahead. Country Risk Analysis Middle East Region Overview The Middle Eastern region is characterized by economies that are over-dependent on oil; however, they differ on size, wealth, and political agendas. A few of the key players in this region include: Iran, Iraq, United Arab Emirates, Qatar, and Saudi Arabia. Of these countries, the United Arab Emirates is quite comparable in many aspects to its neighbors. The UAE and Qatar are not expected to suffer from as much government instability in the threat of war as the other countries. Iran and Iraq, however, have had their share of political unrest, which has drastically affected their oil exports and prices. To counterattack these effects, Iraq has put pressure on the other OPEC countries to increase oil prices and decrease oil exports to the US and Great Britain. As a result, the GDP of all Middle Eastern countries will decrease due to the heavy reliance of oil revenues in exports and as a percentage of GDP. While oil is what makes these countries wealthy, the UAE, Saudi Arabia, and Qatar enjoy higher GDP per capita over Iraq because of their political situations. Dictatorial governments in Iraq allocate funds to programs that will not necessarily aid the country in the long-run. Literacy rates of Saudi Arabia, Qatar, Iran, and the UAE have increased steadily over the past decade. This is mostly owed to government beliefs that educated citizens will 3 augment the status of the country in all aspects. All five countries export to and import from similar countries including; Japan, Italy, China and the US. The main export for these countries is oil and the main imports are machinery and equipment, chemicals and food. United Arab Emirates The United Arab Emirates (UAE) is located in the Middle East between Oman and Saudi Arabia, bordering the Gulf of Oman and the Persian Gulf. The country is slightly smaller than the state of Maine, which makes it a very small country within the Middle East region. The population of the UAE is approximately 3,480,000 people. The literacy rate for the UAE is 79. 2% for the total population above 15 years. When categorized by sex, men and women have comparable literacy rates, a rarity in the Middle East region. The population is predominantly Muslim (96%), with the remaining 4% of the population consists of Christians, Hindus and others. Although Arabic is the official language of the country, Persian, English, Hindi and Urdu are also spoken. The UAE is a federation state formed on December 2, 1971 and is composed of seven emirates. The emirates included in the UAE are Abu Dhabi, Dubai, Ajman, Fujairah, Sharjah, Ras AlKhaimah, and Umm Al-Qaiwain. Prior to the formation of the federation state, the UAE existed as the Trucial States that belonged to the British for the previous 150 years. The Rulers and the British signed a Perpetual Treaty of Maritime Truce in the 1850s that guarantees peace and protection from external threats. In exchange, the British had direct involvement in its foreign affairs and external defenses. When the British intended to withdraw from the Gulf in 1968, the rulers of the seven emirates came together and formed the federation state with hopes to increase their role in global politics. Economic Environment United Arab Emirates’ economy is heavily dependent on oil production. Abu Dhabi is the largest producer, followed by Dubai, and to a much lesser extent, the remaining emirates. Although oil’s contribution to GDP has been declining in the past few years, government revenue and the non-oil economy continue to be heavily reliant. GDP for the year ending 2001 was 67. 6(US$bn) and 21,000(US$bn) per capita, and 70% of government revenue resulted from oil production. Fluctuations in oil prices impact the growth and volatility of the UAE’s economy. The UAE is a member of the WTO, but has been slow to comply with its requirements for liberalizing trade and competition. The banking sector is closed to foreign investment and other ventures must be 51% owned by a local partner. The exceptions to these rules are in free zones, where 100% foreign ownership is permitted. The limitations on foreign direct investment deter the process of economic diversification. Abu Dhabi is the most resistant to opening its economy, but it has pursued private sector involvement to improve infrastructure regarding water and power. Dubai has chosen to focus its efforts on expanding its services sector by creating Dubai Internet City (DIC) and Dubai Media City (DMC), which are free zones where investors can retain 100% ownership. Dubai also allows foreign investors to own property and purchase shares in UAE listed companies. The UAE typically runs a budget deficit, and the 2002 budget projects one of Dh2. 17bn. Federal spending is expected to increase by 2. 2%, and revenue is expected to grow by 3%. Abu Dhabi, Dubai and the UAE Central Bank are the main contributors to the federal budget.

A Study On Economic Growth - 877 Words

Robert Lucas, the 1995 Nobel laureate, has stated, â€Å"Once you start thinking about economic growth, it is hard to think about anything else.† (On the Mechanics of Economic Development) This is a subject that has been studied by many economists over the years. Economic growth is important to understand because it relates to how people will live along with how society will succeed in the future. â€Å"Without economic growth, higher income levels and living standards cannot be achieved.† (Macroeconomics) What is economic growth? Economic growth is the increase of goods and services produced over a period of time. This is important because as the economy grows people begin to prosper and have higher standards of living. Studies have also shown that as people begin to prosper they become more concerned with their environment and with their health. In areas where incomes levels have increased, money is being invested on cleaner air and water. A higher income prov ides for a higher quality of life by allowing people to have the funds to make their lives better. Economic growth is measured by the ratio of GDP to population, which means more goods and services per person. As a country experiences economic growth income levels grow and studies have proven that life expectancy also extends. The rule of 70 is a tool that assists with the understanding of sustained growth and to determine how many years it will take for income levels to double at various rates of growth. TheShow MoreRelatedA Study On Economic Growth1313 Words   |  6 PagesThe study of economic growth focuses on the long-run trend in aggregate output as measured by potential Gross Domestic Product (GDP). Increasing the growth rate of potential GDP is key to raising the level of income, the level of profits, and the living standard of the population. 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