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Topic Review
Biography
Topic Review
Anchoring
Anchoring or focalism is a cognitive bias where an individual depends too heavily on an initial piece of information offered (considered to be the "anchor") when making decisions. Anchoring occurs when, during decision making, an individual depends on an initial piece of information to make subsequent judgments. Those objects near the anchor tend to be assimilated toward it and those further away tend to be displaced in the other direction. Once the value of this anchor is set, all future negotiations, arguments, estimates, etc. are discussed in relation to the anchor. This bias occurs when interpreting future information using this anchor. For example, the initial price offered for a used car, set either before or at the start of negotiations, sets an arbitrary focal point for all following discussions. Prices discussed in negotiations that are lower than the anchor may seem reasonable, perhaps even cheap to the buyer, even if said prices are still relatively higher than the actual market value of the car. The original description of the anchoring effect came from psychophysics. When judging stimuli along a continuum, it was noticed that the first and last stimuli were used to compare the other stimuli (this is also referred to as "end anchoring". This was applied to attitudes by Sherif et al. in 1958 in their article "Assimilation and contrast effects of anchoring stimuli on judgments".
1.0K
18 Oct 2022
Topic Review
LICRA V. Yahoo!
Ligue contre le racisme et l'antisémitisme et Union des étudiants juifs de France c. Yahoo! Inc. et Société Yahoo! France (LICRA c. Yahoo!) is a France court case decided by the Tribunal de grande instance of Paris in 2000. The case concerned the sale of memorabilia from the Nazi period by Internet auction and the application of national laws to the Internet. Some observers have claimed that the judgement creates a universal competence for French courts to decide Internet cases. A related case before the United States courts concerning the enforcement of the French judgement reached the 9th US Circuit Court of Appeals, where a majority of the judges ruled to dismiss Yahoo!'s appeal. Criminal proceedings were also brought in the French courts against Yahoo!, Inc. and its then president Timothy Koogle; the defendants were acquitted on all charges, a verdict that was upheld on appeal.
405
18 Oct 2022
Topic Review
Real Estate Broker
A real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. In North America, some brokers and agents are members of the National Association of Realtors (NAR), the largest trade association for the industry. NAR members are obligated by a code of ethics that go above and beyond state legal requirements to work in the best interest of the client. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency, and many states require written disclosures to be signed by all parties outlining the duties and obligations. Generally, real estate brokers/ agents fall into four categories of representation: A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S. this commission can generally range between 5-6% of the property's sale price for a full service broker but this percentage varies by state and even region. This commission can be divided up with other participating real estate brokers or agents. Flat-fee brokers and Fee-for-Service brokers can charge significantly less depending on the type of services offered.
333
17 Oct 2022
Topic Review
Division of Labour
The division of labour is the separation of tasks in any economic system or organisation so that participants may specialise (specialisation). Individuals, organizations, and nations are endowed with or acquire specialised capabilities and either form combinations or trade to take advantage of the capabilities of others in addition to their own. Specialised capabilities may include equipment or natural resources as well as skills and training and combinations of such assets acting together are often important. For example, an individual may specialise by acquiring tools and the skills to use them effectively just as an organization may specialize by acquiring specialised equipment and hiring or training skilled operators. The division of labour is the motive for trade and the source of economic interdependence. Historically, an increasing division of labour is associated with the growth of total output and trade, the rise of capitalism, and the increasing complexity of industrialised processes. The concept and implementation of division of labour has been observed in ancient Sumerian (Mesopotamian) culture, where assignment of jobs in some cities coincided with an increase in trade and economic interdependence. Division of labour generally also increases both producer and individual worker productivity. After the Neolithic Revolution, pastoralism and agriculture led to more reliable and abundant food supplies, which increased the population and led to specialisation of labour, including new classes of artisans, warriors, and the development of elites. This specialistion was furthered by the process of industrialisation, and Industrial Revolution-era factories. Accordingly, many classical economists as well as some mechanical engineers such as Charles Babbage were proponents of division of labour. Also, having workers perform single or limited tasks eliminated the long training period required to train craftsmen, who were replaced with lesser paid but more productive unskilled workers.
2.9K
17 Oct 2022
Topic Review
2008–2009 Kenya Drought
Template:Infobox famine Between 2008 and early 2010, Kenya, one of the countries of Eastern Africa, was affected by a severe drought, which put ten million people at risk of hunger and caused a large number of deaths to livestock in Kenyan Arid and Semi-Arid Lands (ASALs), constituting around 88% of the country. The areas which experienced the worst effects were Northern Kenya, Somalia and Southern Ethiopia, most severely in Kajiado and Laikipia. These predominantly pastoral regions reported deaths of up to half of the livestock. Droughts in Kenya have become more frequent causing crop failures and devastation as three-quarters of the population are sustained by agriculture.
528
17 Oct 2022
Topic Review
Hypothecation
Hypothecation is the practice where a debtor pledges collateral to secure a debt or as a condition precedent to the debt, or a third party pledges collateral for the debtor. A letter of hypothecation is the usual instrument for carrying out the pledge. A common example occurs when a debtor enters into a mortgage agreement, in which the debtor's house becomes collateral until the mortgage loan is paid off. The debtor retains ownership of the collateral, but the creditor has the right to seize ownership if the debtor defaults. The main purpose of hypothecation is to mitigate the creditor's credit risk. If the debtor cannot pay, the creditor possesses the collateral and therefore can claim its ownership, sell it and thus compensate the lacking cash inflows. In a default of the obligor without previous hypothecation, the creditor cannot be sure that it can seize sufficient assets of the debtor. Because hypothecation makes it easier to get the debt and potentially decreases its price; the debtor wants to hypothecate as much debt as possible – but the isolation of 'good assets' for the collateral reduces the quality of the rest of the debtor's balance sheet and thus its credit worthiness. The detailed practice and rules regulating hypothecation vary depending on context and on the jurisdiction where it takes place. In the US, the legal right for the creditor to take ownership of the collateral if the debtor defaults is classified as a lien. Rehypothecation occurs mainly in the financial markets, where financial firms re-use the collateral to secure their own borrowing. For the creditor the collateral not only mitigates the credit risk but also allows refinancing more easily or at lower rates; in an initial hypothecation contract however, the debtor can restrict such re-use of the collateral.
401
17 Oct 2022
Topic Review
System Center Operations Manager
System Center Operations Manager (SCOM) is a cross-platform data center monitoring system for operating systems and hypervisors. It uses a single interface that shows state, health, and performance information of computer systems. It also provides alerts generated according to some availability, performance, configuration, or security situation being identified. It works with Microsoft Windows Server and Unix-based hosts.
851
17 Oct 2022
Topic Review
Democratic Socialism
Democratic socialism is a political philosophy that supports political democracy and some form of a socially owned economy,({{{1}}}, {{{2}}}) with a particular emphasis on economic democracy, workplace democracy, and workers' self-management within a market socialist economy, or an alternative form of decentralised planned socialist economy. Democratic socialists argue that capitalism is inherently incompatible with the values of freedom, equality, and solidarity and that these ideals can only be achieved through the realisation of a socialist society. Although most democratic socialists seek a gradual transition to socialism,({{{1}}}, {{{2}}}) democratic socialism can support either revolutionary or reformist politics as means to establish socialism.({{{1}}}, {{{2}}}) Democratic socialism was popularized by socialists who were opposed to the backsliding towards a one-party state in the Soviet Union and other nations during the 20th century.({{{1}}}, {{{2}}}) The history of democratic socialism can be traced back to 19th-century socialist thinkers across Europe and the Chartist movement in Britain, which somewhat differed in their goals but shared a common demand of democratic decision making and public ownership of the means of production, and viewed these as fundamental characteristics of the society they advocated for. In the late 19th to the early 20th century, democratic socialism was also heavily influenced by the gradualist form of socialism promoted by the British Fabian Society and Eduard Bernstein's evolutionary socialism in Germany.({{{1}}}, {{{2}}}) Democratic socialism is what most socialists understand by the concept of socialism;({{{1}}}, {{{2}}}) it may be a very broad (socialists who reject a one-party Marxist–Leninist state)({{{1}}}, {{{2}}}) or more limited concept (post-war social democracy).({{{1}}}, {{{2}}}) As a broad movement, it includes forms of libertarian socialism,({{{1}}}, {{{2}}}) market socialism,({{{1}}}, {{{2}}}) reformist socialism, and revolutionary socialism,({{{1}}}, {{{2}}}) as well as ethical socialism,({{{1}}}, {{{2}}}) liberal socialism,({{{1}}}, {{{2}}}) social democracy,({{{1}}}, {{{2}}}) and some forms of state socialism and utopian socialism, all of which share commitment to democracy.({{{1}}}, {{{2}}}) Democratic socialism is contrasted with Marxism–Leninism, which opponents often perceive as being authoritarian and undemocratic in practice.({{{1}}}, {{{2}}}) Democratic socialists oppose the Stalinist political system and the Soviet-type economic planning system, rejecting as their form of governance the administrative-command system that formed in the Soviet Union and other Marxist–Leninist states during the 20th century. Democratic socialism is also distinguished from Third Way social democracy[nb 1] on the basis that democratic socialists are committed to systemic transformation of the economy from capitalism to socialism.[nb 2] While having socialism as a long-term goal,({{{1}}}, {{{2}}}) some moderate democratic socialists are more concerned about curbing capitalism's excesses, and are supportive of progressive reforms to humanise it in the present day,({{{1}}}, {{{2}}}) while other democratic socialists believe that economic interventionism and similar policy reforms aimed at addressing social inequalities and suppressing the economic contradictions of capitalism would only exacerbate the contradictions,({{{1}}}, {{{2}}}) causing them to emerge elsewhere under a different guise.({{{1}}}, {{{2}}}) Those democratic socialists believe that the fundamental issues with capitalism are systemic in nature, and can only be resolved by replacing the capitalist mode of production with the socialist mode of production through the replacement of private ownership with collective ownership of the means of production, and extending democracy to the economic sphere in the form of industrial democracy.({{{1}}}, {{{2}}}) The main criticism of democratic socialism is focused on the compatibility of democracy and socialism. Several academics and political commentators tend to distinguish between authoritarian socialism and democratic socialism as a political ideology, with the first representing the Soviet Bloc, and the latter representing the democratic socialist parties in the Western Bloc countries that have been democratically elected in countries such as Britain, France, and Sweden, among others.({{{1}}}, {{{2}}}) However, following the end of the Cold War, many of these countries have moved away from socialism as a neoliberal consensus replaced the social democratic consensus in the advanced capitalist world.
4.6K
17 Oct 2022
Topic Review
Enterprise Modelling
Enterprise modelling is the abstract representation, description and definition of the structure, processes, information and resources of an identifiable business, government body, or other large organization. It deals with the process of understanding an organization and improving its performance through creation and analysis of enterprise models. This includes the modelling of the relevant business domain (usually relatively stable), business processes (usually more volatile), and uses of information technology within the business domain and its processes.
482
17 Oct 2022
Topic Review
Marketing Information System
A marketing information system (MKIS) is a management information system (MIS) designed to support marketing decision making. Jobber (2007) defines it as a "system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis." In addition, the online business dictionary defines Marketing Information System (MKIS) as "a system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization or a store." Furthermore, "an overall Marketing Information System can be defined as a set structure of procedures and methods for the regular, planned collection, analysis and presentation of information for use in making marketing decisions." (Kotler, at al, 2006)
3.1K
17 Oct 2022
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