Deat Adam Smith and the Wealth of Nations Essay Example for Free

Deat Adam Smith and the Wealth of Nations Essay They would do this not as a means of benefiting society, but in an effort to outperform their competitors and gain the greatest profit. But all this self-interest would benefit society as a whole by providing it with more and better goods and services, at the lowest prices. To explain why all society benefits when the economy is free of regulation, Smith used the metaphor of the â€Å"invisible hand†: â€Å"Every individual is continually exerting himself to find the most advantageous employment for whatever capital he can command. It this own advantage, and not that of society, which he has in mind, but he is in this, as in many other cases, led by an invisible hand to promote and end which was no part of his intention, for the persuade of his own advantage necessarily leads him to prefer that employment which is most advantageous to society. † The â€Å"invisible hand† was Smith’s name for the economic forces that we today would call supply and demand, or the marketplace. He sharply disagreed with mercantilists who, in theft quest for a â€Å"favorable balance of trade,† called for regulation of the economy. Instead, Smith agreed with the physiocrats and their policy of â€Å"laissez faire† letting individual and businesses function without interference from government regulation of private monopolies. In that way, the â€Å"invisible hand† would be free to guide the economy and maximize production. The Wealth of Nations goes on to describe the principal elements of the economic system. In a famous section, Smith turned to the pin industry to demonstrate how the division of labour and the use of machinery increased output. One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head; to make the head requires two or three distinct operations. † Also modern technology has improved the methods by which pins are produced; the principles pertaining to the division of labour remain unchanged. Similarly, other section dealing with the factors of production, money and international trade are as mea ningful today as when they were first written. You can see, therefore, hat Thomas Jefferson’s Declaration of Independence and Adam Smith’s The Wealth of Nations have more in common that a birthday. More importantly, both contain some of the best descriptions of the principles upon which our political and economic systems are based. 2. Comprehension 2. 1. Fill in the gaps with the necessary prepositions. 1. The year of 1776 associates †¦ the signing †¦ The Declaration †¦ Independence. 2. It earned the author the title â€Å"the father †¦ economics,† Smith objected †¦ the principal economic believes †¦ his day. 3. He disagreed †¦ the mercantilists who measured the wealth of a nation †¦ its money supply, and who called †¦ government regulation of the economy †¦ order †¦ promote a â€Å"favorable balance †¦ trade. † 4. It this own advantage, and not that †¦ society, which he has †¦ mind, but he is in this, as †¦ many other cases, led †¦ an invisible hand to promote and end which was no part of his intention, †¦ the persuade †¦ his own advantage necessarily leads him to prefer that employment which is most advantageous to society. 5. †¦ that way, the â€Å"invisible hand† would be free †¦ guide the economy and maximize production. . Also modern technology has improved the methods †¦ which pins are produced; the principles pertaining †¦ the division †¦ labour remain unchanged. 7. Thomas Jefferson’s Declaration †¦ Independence and Adam Smith’s The Wealth of Nations have more †¦ common that a birthday. 8. Both contain some †¦ the best descriptions †¦ the principles †¦ which our political and economic systems are based. 2. 2. Answer the questions to the text. 1. When and where was The Wealth of Nations by A. Smith published? 2. What is a famous nickname of Adam Smith and why? 3. What economic issues did Adam Smith deny? 4. What does a nation’s wealth depend upon according to A. Smith? 5. What was the heart of his economic philosophy? 6. In what way did he explain why society benefits when the economy is free of regulation? 7. What is â€Å"invisible hand† in the text? How do we call it today? 8. What physiocrats’ policy did Smith agree with? 9. What is described in Adam Smith’s â€Å"The Wealth of Nations†? 10. How can the division of labour and the use of machinery increase output according to Smith? 11. Is there anything common in Thomas Jefferson’s Declaration of Independence and Adam Smith’s The Wealth of Nations? 2. 3. Find in the text English equivalents for: , 3. Lexico-grammatical exercises 3. 1. Find out the correspondent definition to the given English business colloquialisms. Give the Ukrainian variants. Make up a dialogue about your business using 5 of the given English business colloquialisms. ColloquialismDefinition All in everything included in the price Big notesa very important person Book of wordsgenerally

Impacts of Urban Tourism Essay -- Economics Society Tourism

During the past few decades, traveling has greatly increased. Purposes of travel vary, some travel for business, some for leisure, some for the experience of different cultures, some for specific interests, or just for the pursuit of entertainment. More than half of the globe's population now lives in urban areas, these places are now the world's stage for many civilizations. They are centers of arts, entertainment and food, gateways to traditional customs and modern society, focal points for commerce, industry and finance, culture and people, icons and architecture, uniqueness and unity, and of course they give tourists a chance to experience diversity and creativity. However, to know what the city's strategies to attract the attention of tourist, there are cretin elements of urban tourism need to identify that lead to attract visitors to a city. Tourism is often associated with traveling to places away from home. Tourism has a big impact on the economic growth of some countries, which define the shape of their cities by producing different sectors like historic districts, convention centers, museums, malls, hotels, restaurants, and the list can be endless. Furthermore, tourism elements have been developed by cities for a variety of reasons including: situating themselves in the world by drawing a positive image and attracting visitors and for their money. As a result, by defining the primary and secondary elements in the tourist bubble, it could determine what effect urban tourism has on cities. Therefore, primary elements include: cultural facilities (museums and art galleries, theaters, cinemas, concert halls and convention centers), sport facilities, amusement facilities (night clubs, casinos and festivals), p... ...Marketing cities for Tourism†, page 54 Houston, and Sydney opera house all these icons play a big role in marketing their cities to attract tourists to visit. Overall, travel can change the spiritual as well as the physical existence of both visitors and host, therefore urban tourism refers to the consumption of city spectacles and cultural amenities by visitors. Also, it is important to point out that the tourist elements developed by most cities are portraying a product â€Å"the city† to promote it for consumers â€Å"visitors† in order of stimulating the urban economy. Works Cited 1. Bosley , Holly Elizabeth, Ph.D. Spatial conceptualization of the urban tourist bubble 2. Dennis R. Judd â€Å"Constructing the Tourist Bubble†, The tourist city. 3. Holcomb, Briavel â€Å"Marketing cities for Tourism†, The tourist city. 4. http://www.scholars-on-bilbao.info/

Heroes Robert Cormier Atmosphere and Mood Essay

Francis has entered LaSalle’s tenement with the intentions of killing LaSalle. Francis is very quick to declare the reason for his presence at Larry’s tenement. Ever since Francis came back from the war, killing Larry is all Francis has wanted to accomplish. ‘Say your prayers†¦ I rehearsed those words so many times through the years.’ Straight away we see this sense of determination within Francis. Francis has been ‘rehearsing’ this moment ever since Larry raped Nicole. He’s been waiting for LaSalle’s return to Frenchtown for ‘years’ so that he can seek revenge. Here Cormier creates a sense of violence and tension. ‘I’ve decided to aim for the heart’ Francis’ thoughts towards Larry are quite violent and he wishes to ‘shatter his heart the way he broke Nicole’s’. Francis wants nothing but revenge and intends to attain it. Cormier’s use of Similes is very clever . Francis wants to do physically what Larry did to them mentally. Despite Larry’s horrific character, he knows Francis very well. Larry knows that no matter how angry Francis is, he will never be able to physically murder someone. Larry ‘withdraws a pistol’ knowing that Francis won’t be able to fulfil his ‘mission’. The pistol was a ‘relic from the war’; it seems as if everything bad that happened in Francis’ life lies right there in that tenement. ‘Leave me here, leaver everything here†¦ leave it all behind with me’ We can see how quickly the mood changes, from Francis’ violent words to Larry’s words of comfort. Francis ‘suddenly wants go get out of there’ he wants no part in Larry anymore and the ‘aroma of the soup is sickening and the tenement is too warm.’ Cormier creates a rather nauseating atmosphere; Larry’s tenement is a place no one would want to be in. ‘The sound of a pistol cracks the air.’ The theme of innocence runs throughout the whole book, just like the world innocence was shattered by the war and Nicoles innocence was shattered by Larry, Frenchtown is now also shat tered by a ‘pistol shot’ cracking the air.

Most Common Book or Essay Organization Patterns

To improve your ability to understand a difficult book or passage, you might start by finding the organization pattern. This may sound more difficult than it is. There are a few ways that writers can choose to organize their work, and the organization depends very much on the topic. If you were writing a description of your bedroom, for example, you would most likely use a spatial organization pattern. In other words, you would most likely start by describing one space and move on to another space, and keep going until youve covered the entire room. Spatial organization would be a suitable type of pattern for real estate professionals to use when describing a property.   Then again, if you were required to describe the events that led up to a certain event in history, your most likely organization pattern would be chronological. Chronological refers to the order that things happen in time. You might describe the legislation that set the stage for a particular event, followed by the public response to that legislation, and followed again by social conditions that changed because of the previous events. So, one of the first things you should do when trying to understand a difficult text is to figure out the particular organization pattern. This helps you frame the entire work in your brain or on paper, as when youre writing  an outline. Chronological Organization A chronological organization is used by writers when they want to describe what happened or happens in a particular order. Your entire history book is most likely written in a chronological patter. Some of the types of work that might follow this patter include the following. You can see that this type of organization is best when describing things that happen over time. History chaptersBiographiesSummer vacation essaysLegal case studies Logical Organization A logical organization might be used in many ways. Logical organization refers to works that express a point or position using evidence. Argument essaysComparison essays Functional Organization A functional organization system is used to explain how or why things work. The following types of writing might use this organization pattern most effectively. How-to essaysStep-by-step essaysInstruction manuals  Recipes Spatial Organization Spatial organization is used in essays that describe or give direction concerning a physical location. DirectionsDescriptionsLayoutsAnatomy essayDescriptions in fiction The purpose of developing and understanding organization patters is to help our brains set the stage and know what to expect. These patterns help us to build a framework in our minds and place information in the correct places on that framework. Once you determine the overall organization of any text, youll be better equipped to process information as you read. When writing your essays and chapters, you should keep your intended organizational pattern in mind as you work, to provide your readers with a clear message that is easily processed.

The Value Of Teaching Bioethics - 781 Words

The value of teaching bioethics does not have a long history, as indicated by Siegler (2001,10), who places the onset in the 1970’s, with little data to indicate its success. Adam, Diekema, and Mercurio (2011, 8) , when referring to pediatric residents, cite: â€Å"45% of pediatric residents queried in a 2004 study rated their ethics education as fair to poor (Kesselheim et al).† From an individual perspective, Dr. Atul Gawande, in his book, Being Mortal (2014), drives home several important points as a 50-year-old practicing surgeon at Brigham and Women’s Hospital in Boston. In his introduction, Gawande points to the weekly seminar he attended, â€Å"called Patient-Doctor—part of the school’s effort to make us more rounded and humane physicians†, indicating that, in his case, â€Å"the purpose of medical schooling was to teach how to save lives, not how to tend to their demise†. Furthermore, Gawande explains that his concept of me dical school was about knowledge; of diagnosing, treatment, anatomy and physiology, and new technologies. Dr. Gawande, in dealing with mortality throughout his entire medical career, only truly learned the â€Å"bioethical† part of medicine when his own, beloved, father was dying. These are merely a few indicators of the historical dearth of the teaching of bioethics to clinicians, and leads us to the questions of whether there is a need for the teaching of bioethics, and, if there so, who should teach it and when should it be taught? There is aShow MoreRelatedHistory Of American Medical Ethics825 Words   |  4 Pageshistory of American medical ethics dates back four centuries (Baker, 2013), it is critical to differentiate between what was strictly medical ethics; the ethics between physician and patient, physician and physician, and physician and community versus bioethics: all of the aforementioned with the addition of scientific research involving human subjects â€Å" †¦in reaction to researchers’ exploitation of vulnerable populations, most notably the 399 African-American males deceived into serving as research subjectsRead MoreChristianity Report1518 Words   |  7 Pageswoman at the time of Emperor Augustus. He grew up in a human family, worked as a carpenter in Nazareth for most of his life and died experiencing pain and suffering. However, to others, he was truly believed as a divine being, the Son of God. His teachings, the miracles he performed and the healing of many was truly seen as the power of God and people later realized Jesus’ role on Earth, for all humanity to receive salvation and resurrect and ascend to heaven after defeating death. Jesus’ dual natureRead MoreThe Cultural Issues Of Christianity863 Words   |  4 Pagespeace and not war and that they do intend to be part of society. The last cultural issue which Shah (2014: p245) shows is that there are Muslims in the UK that tend to stay together with their particular groups as a means of keeping their cultural values, faith and their identity and this is not for themselves, but for the upcoming generation on a patrilineal basis. This means the Muslim families would want to cluster together have their generation have the same practices and beliefs which would maintainRead MoreEthics and Technology1492 Words   |  6 Pagesdictate our values, morals and ethics? Accompanied by these questions is the responsibility for us to make decisions within the boundary of our ethical standards to negate the negative impacts brought about by the onset of the technological race. While the word ethics has been seen and defined across the centuries, there still is no uniform definition that will describe the word perfectly. In the â€Å"Studies of Christian Ethics Syllabus†, Tardo defines ethics as a set of personal values and principlesRead MoreBiography of Socrates, An Annotated Bibliography1581 Words   |  6 Pagesand an exploration of his ideas. Through his research in the writings of Aristophanes, Xenophon, Plato and Aristotle, Navia tries to provide a clear picture of the enigmatic philosopher Socrates. He focuses on Socrates’ search for the essence and value of the soul as that aspect of his philosophical journey that animated and structured all his activities. The writing is very structural and easy to understand. Plato. The trial and death of Socrates: Euthyphro, Apology, Crito, death scene from PhaedoRead MoreFree Vs Affordable Healthcare Is Ethically Obligatory1396 Words   |  6 Pagesstage of diabetes and identifying whether the patient have high risk of getting it. Diabetic health coverage came with various plan types; the coverage varies from 40 percent to no coverage. In Christianity, one of the most fundamental Christian values are the moral and intellectual virtues. Some theologian said there are three while other said there are seven. However, they all agree upon that love is the essential virtue because it is the perfect love of God. Moral and intellectual virtues areRead MoreEssay on Teaching Morals in Public Schools1128 Words   |  5 Pagesappearance in the character of todays youth. Teaching morals in public school could only result in the betterment of our society. American public schools started walking away from their moral educators about a generation ago, around the 1960s. They feared possibilities of being accused of imposing religion or indoctrinating children, so they left moral instruction to parents and the community, and stuck strictly to academics (Smith). Teaching morals has been misconceived as a violation ofRead MoreWhat Do The Hindu, Buddhist, Jewish And Christian Scriptures?1025 Words   |  5 Pagesvariety of ancient and modern interpretations of abortion, this essay will explore the foundational scriptures that form the basis of the belief for each of these four faiths. In doing so, this work will focus on contemporary interpretations of the value placed on life, and in particular, will attempt to dissect and explain modern stances on abortion within a religious framework. Hinduism Hinduism is a belief that can suit a large variety of people. Based on personality type or choice, a person canRead MoreHumans and the Fight for Equality1208 Words   |  5 Pagesstrain the amount of dignity a person deserves. â€Å"Protection of human life and dignity is a natural instinct of all people and stands at the core of Catholic social teaching. The life and dignity of the human person is foundational to Catholic social teaching precisely because without it, no other rights have meaning.† (Catholic Social Teaching) Catholicism teaches the importance of respecting a human’s dignity. Studies like biochemistry and stem cell (cloning), deteriorate the human’s dignity. These studiesRead MoreReligion s Terms Of Social And Cultural Issues1575 Words   |  7 Pagesof Christianity B. Brief Description of Islam II. Social Issues with Christianity A. Abortion B. Bioethics C. Euthanasia D. Fostering E. Family and marriage F. Education III. Social Issues with Islam A. Drinking B. Marriage with Non-Muslims C. Poverty D. Education IV. Cultural Issues with Christianity A. Losing their Christian values in Christian holidays B. Having Christian values being eradicated from schools V. Cultural Issues with Islam A. Islam being associated by terrorism

The Other Side Of Castro - 850 Words

The Other Side of Castro In my 27 years on this planet, I have heard little to nothing about the revolutionist and Cuban leader Fidel Castro. Of the small amount of conversation which has occurred in front of me, Castro was always described in a negative way. He was described as a cruel, selfish Communist dictator who is against the ideas and beliefs of my own country. For those reasons, I have never bothered educating myself about Castro and his life. Now that I am older, my education has presented the opportunity for me to get to know Castro and see things from his perspective, the non-American perspective. Because I am curious about Castro s rise early life, rise to power, and accomplishments during his rule, I have decided to research him due to the social movement which he represents for his people and the world. In order to understand a leader, one must start from their beginning. Fidel Alejandro Castro was born, out of wedlock, in August 13, 1926. His mother was Lina Ruz Gonza lez, and she was the housekeeper to his father s first spouse, Maria Luisa Argota. Castro s father, Angel, made a living from his sugar plantation. In Cuba, the sugar plantations were a major source of income for many people and their country. Castro had five siblings in total, all born out of wedlock. It was not until Castro was fifteen years old that his father decided to end his marriage with Maria to wed his mother Lina (â€Å"Fidel Alejandro†). Many critics of Castro s life comment on hisShow MoreRelatedModern Dictator Analysis on Louis XIV of France and Fidel Castro1268 Words   |  5 Pagesof France and Fidel Castro the modern dictator of Cuba. Castro gets a lot of hate thrown his way but this is really a one sided view because Castro is only seen from Americas point of view. Sadly Castro doesn’t get any recognition for all the good things he has done for Cuba. Somehow Louis is seen as a great leader while he abused his people and left his successor with no all y’s and the kingdom of France a mess. Common beliefs in these leaders are all misleading because Castro is clearly a betterRead MoreSoviet Union : The Cold War1150 Words   |  5 PagesCuba who has dictated the Cuban people from the universities to the press and as well as the Congress, has faced a rebellion from the people lead by a man named Fidel Castro. He decided to unite a movement to overthrow his presidency to free the Cuban people from the manipulation of the dictatorship of the General. Now that Fidel Castro has taken the Cuban nation, the United States has become unsettled from the new leader. As Cuba slowly becomes a nation of a possible ally of the Soviet Union and asRead MoreA â€Å"Cold War† has the definition of, â€Å"a conflict characterized by the use of means short of1700 Words   |  7 Pagesyears of 1945 and 1990. The U.S. tried to keep communist contained so that it would not spread, but the U.S.S.R. had other plans. Though no large scale mili tary attack between the two directly, there were several small skirmishes in which both countries had a hand in and high, war threatening moves were made by both sides. These small skirmishes and threatening movements by both sides caused the closest thing to WWIII publicly known to date during the Cold War. This event is called the Cuban MissileRead MoreWhat Major Events in the Cold War Caused Fidel Castro to Side with the Soviet Union Super Power?805 Words   |  4 PagesWhat major events in the Cold War caused Fidel Castro to side with the Soviet Union Super Power? In the 1960’s the world was largely dominated by the Cold War which was a long period of tension and hostility that only occasionally broke out into open warfare. This conflict was caused by the rivalry of two superpowers - the United States and the Soviet Union and emerged after the Second World War. Both super powers had different ideologies - the United States was a capitalist democracy, whereasRead MoreThe Ecology Of The Deep Sea Species1522 Words   |  7 Pagesand then the Deep sea which extends from a depth of a 1000 meters to the sea floor (Castro Huber, 2010). The Deep sea can then be divided into a further three zones (Figure 01) Bathypelagic which extends from a depth of a 1000 meters to 4000 meters, Abyssopelagic which extends from a depth of 4000 meters to 6000 meters and Hadopelagic which extends which extends from a depth of 6000 meters to the sea floor (Castro Huber, 2010). Figure 01: Ocean depth layers (http://e08595.medialib.glogster.com/)Read MoreHeaven versus Hell in the Film Latin America since Independence692 Words   |  3 Pageseven though people were unsatisfied, while others were and still remember to proclaim about the Revolution. In this film, we see how Oliver Stone interviews Fidel Castro in different issues affecting the Cuban people and this conversation provides an intolerant to the propaganda of the United States to make Fidel Castro seems as a bad guy. Dawson expresses the two conflicting sides of the Cuban Revolution. First let me start by saying that Fidel Castro created an opposition that helped to overthrownRead MoreThe Significance of the Cuban Missile Crisis Essay1686 Words   |  7 PagesWhen speaking about the Cuban Missile Crisis, President Kennedy said, It is insane that two men, sitting on opposite sides of the world, should be able to decide to bring an end to civilization† (â€Å"Nuclear Test Ban Treaty† 1). the Cuban Missile Crisis was a time where these two men, Kennedy and Khrushchev, had the power in their hands to end civilization. In order to understand the importance of the Cuban Missile Crisis one must understand, the Cold war drama; the dangerous crisis; and its importanceRead MoreThe Ecology Of The Cookie Cutter Shark1541 Words   |  7 Pagesthen the Deep sea which extends from a depth of a 1000 meters to the sea floor (Castro Huber, 2010). The Deep sea can then be divided into a further thre e zones (Figure 01) Bathypelagic which extends from a depth of a 1000 meters to 4000 meters, Abyssopelagic which extends from a depth of 4000 meters to 6000 meters and then the Hadopelagic which extends which extends from a depth of 6000 meters to the sea floor (Castro Huber, 2010). Figure 01: Ocean depth layers (http://e08595.medialib.glogsterRead MoreThe Cuban Missile Crisis Of 19621575 Words   |  7 Pagesthe world of a potential nuclear war. This period of time would come to be known as the Cuban Missile Crisis of 1962, which occurred from 16 to 28 October of that year. This crisis was building up due to the failed operation of overthrowing Fidel Castro with the â€Å"Bay of Pigs† and staging offensive nuclear weapons in Turkey which could strike the Russian homeland. The US Intelligence Community (IC) worst fear that the Soviets could strike the US soil within matter of minutes; this was achieved throughRead MoreComparing Peron And Castro On A Political And Economic Standpoint956 Words   |  4 PagesEssay: Compare and contrast Peron and Castro on a political and economic standpoint. Throughout their power, Peron and Castro both had incredible impacts on their country s economy and political aspect. However, these impacts could be seen on both a negative and positive standpoint. Peron transformed Argentina’s economy, social structure and political culture in ways that continue to shape Argentina to this day. On the other side, Peron’s political actions as well as his legacy cannot be characterized

Legal Claim for Businesses

Question: Discuss about the Report for Legal Claim for Businesses. Answer: 1 (a) There also are some important areas in which M?ori businesses may differ from those of general businesses in New Zealand. Differences between M?ori businesses and general business operations can be broken down into two main categories: Legal Differences M?ori businesses must comply with all New Zealand laws that apply to businesses generally. However there are some laws that apply only to M?ori businesses. For example, the M?ori Reserved Lands Act (1997); Te Ture Whenua M?ori Act (1993) and the M?ori Fisheries Act (2004) set rules and establish structures and processes that many M?ori businesses, based on collectively owned assets (such as M?ori land and fishing quota), must follow. Cultural differences M?ori culture and values may be woven throughout M?ori businesses in clear and obvious ways, or in a more subtle and less visible manner. For example, some businesses openly promote M?ori language, culture and products; or are based on tribal assets. Other M?ori businesses may appear to operate like general businesses, but may incorporate M?ori values such as manaakitanga, whanaungatanga and tuhonotangaion. 1(b) It is imperative to note that the Maori companies are run based on moral values. As such it is important to note that Principles and a guiding philosophy based on values can determine how a company wishes to operate, and organize internally, how it relates to others, how it wishes to be seen by others, and help establish a company culture indigenous branding is also practiced by the Maori and can be used by other corporate entities as a way to tell a story, create a distinct cultural identity, express culture, express company concepts and values, or illustrate company philosophy, but believed indigenous branding should be carefully controlled. 1(c) The major cultural challenge for the Maori businesses is the people who are adamant to change. The people have made their minds and thinking to rigid cultural beliefs instead of opening up to the modern aspects that are applied in business. This has cased a gradual growth and development of majority of the corporate entities. The legal challenge that faces the Maori business is the lack of skilled human resource that will comply with the general legal standards. Lack of quality strategic planning and implementation has also been regarded as some of the legal challenges. 1(d) The legal challenge that the non Maori people face when approaching Maori corporate entities is the fact that there are too many owners and thus fulfilling the legal requirement that a consent and approval must be sought from all owners is burdensome. Issue The issue for determination here is whether the Ms., Clarks actions were valid as an agent of the two companies. The fundamental question that lies here is whether she had authority to represent both companies. Rule The applicable law in this case will be the indoor management rule only which has scope for operation if it can be established independently that the person purporting to represent the company had actual or ostensible authority to enter into the transaction. (Northside Developments Pty v Registrar-General) Application The doctrine of necessitous intervention asserts that an individual may act on behalf of the firm out of necessity. Mrs Clark can claim that she acted out of necessity and therefore the contracts are valid. It can also be argued that Ms. Clarks acted for the purposes of the business efficiency and to ensure that the business does not lose it customers. In ANZ Bank v Ateliers (1966) the court held that Helios had the authority to act as an agent of the business where it would be efficient and beneficial to the company. The authority may also be an apparent authority where the company made the impression to other outside parties that Ms. Clarks was representing the company in the position of a managing director. (Freeman and Lockyer v Buckhurst Park Properties (Mangal) Ltd 1964) It is of interest to note that section 18 of the companies act connotes that when the person has knowledge or ought to have knowledge of the affairs in the company then the agency relationship will not be presumed.in this case. If the third parties have the knowledge that the agent has no such authority then the actions of the agent will be invalidated. The requirement is that the third party ought to have actual knowledge of the true facts (Brick and Pipe Industries Ltd v Occidental Life Nominees Ltd. Supreme Court of Victoria). Conclusion It can be concluded that if the actions of Mrs. Clarks were also ratified by the board there can be valid contract if she was acting for the benefit of the company and not for her own personal interest. It should also be noted that the companies will be liable for actions or omissions of a person who was acting as an agent of the company if the act was committed during the course of the work authorized to perform (Blake v JR Perry Nominees Pty Ltd, 2012). It can thus be concluded that contractual liability will attach where it can be shown that Ms. Clarks was acting in the normal authority permitted by the company. As part of the Corporate Social Responsibility the company should ensure that goods or services provided by the enterprise meet all legal standards required for maintaining the consumer's health and safety, including health precautions and product safety regulations, in addition to providing informative labels on the products. All reasonable precautions should be employed or taken to ensure the quality and safety of its services and goods', taking into consideration the entire life cycle for each product, as the objective is to ensure safe utilization, The company should ensure that it manages the concerns of the stakeholders. It should employ Stakeholder Analysis which is a technique used to identify and assess the influence and importance of key people, groups of people, or organizations that may significantly impact the success of your activity or project. Stakeholder is a person who has something to gain or lose through the outcomes of a planning process, programme or project. Therefore the company should ensure that they reduce any risks that may be available to the stake holders by providing consumer guarantees that the goods are of acceptable quality to protect the stake holders from any harm (Consumer guarantee Act section 41). In Nesbit v Porter [2000] goods may be of merchantable quality under SOGA but not of acceptable quality under the CGA. A higher standard seems to have been taken by the Consumer Guarantee Act. However, everything would be tested against a reasonable consumer well acquainted with the nature of the goo ds and defects and have regard to section 7. The overarching rule entrenched by the law of negligence is that one should reasonably foresee acts or omissions that are like to cause harm to a neighbor (Donoghue v. Stevenson, 1932). Ideally, Lording Artkin in the foregoing case defines a neighbor as persons who are likely to be affected by ones act or omissions and should therefore be put in their contemplation. Additionally pursuant to Section 15 of the Sale of Goods Act, the company should thus ensure that the products are safe for use and their content matches the description that has bee provided. This position was also restated in Taylor v Combined Buyers [1924]. Social protection programme within a company should be much more sensitive to child protection issues by including elements that ensure that the products that are manufactured are not harmful to children. UNICEF, the UN Global Compact, and Save the Children developed the Childrens Rights and Business Principles (the Principles). The Principles call on business to respect and support childrens rights throughout their activities and business relationships and build on the Protect, Respect, and Remedy framework outlined in the U.N. Guiding Principles on Business and Human Rights. The Principles illustrate that companies can impact the rights of the child through actions in the workplace, the marketplace, the community, and the environment. Question 6 Issues The issue here is whether mini can bring a claim pursuant to the Companies Act 1993 despite the fact the she is a minority share holder. Rule The general rule is that if a company suffers a wrong then prima facie it is the company that should seek redress for that wrong (Foss v Harbottle 1843). The proper plaintiff in challenge against any wrong in the company is the company itself. Howevr, the derivative action in the Companies Act 1993 creates an exception. Application A derivative action confers standing on a single director or shareholder of a company to seek the leave of the High Court to bring proceedings in the name of or on behalf of a company or related company, or, to intervene in proceedings to which the company or related company is a party (Section 165(1) of the Companies Act 1993). Section 165(2) of the Companies Act 1993 provides that, when determining whether to exercise its discretion to grant leave to an applicant shareholder or director, the Court shall have regard to: The likelihood of the proceedings succeeding: The costs of the proceedings in relation to the relief likely to be obtained: Any action already taken by the company or related company to obtain relief: The interests of the company or related company in the proceedings being commenced, continued, defended or discontinued as the case may be. Fisher J first considered the criteria in s 165(2) in the High Court in Vrij v Boyle (1995) .Here the applicant's complaint on behalf of the company was that Boyle, the defendant director and majority shareholder, had diverted custom and opportunities of the company to another business he and his family had set up. The plaintiff sought leave to commence proceedings in the company's name for breach of fiduciary duty against Boyle, Boyle's wife (also a shareholder), and Boyle's children who were involved in the new business. Fisher J considered all of the criteria in s 165(2) but that in s 165(2)(a) - the likelihood of the proceedings succeeding - received the greatest attention. Conclusion. It can be concluded that Mini can bring a legal claim towards the action of the Dux who is the sole director of the company. However fro the action to be successful it must satisfy the test above.