The The Souls Of White Folks - 1104 Words

India was under imperialistic rule by the British Empire or the â€Å"Bristish Raj† from 1858 to 1947.The region under British control—commonly called â€Å"India† in the British period included areas directly administered by the United Kingdom as well as the â€Å"princely states† ruled by individual rulers under the paramount of the British throne. In my recent visit to London precious jewels and Indian made goods are displaced in Windsor castle under high security. Most of the goods accumulated from India were under Queen Victoria’s reign; the other monarchs who were reigning during this imperialistic time were Edward VII, George V, Edward VIII, and George VI. W.E.B Dubois writes in â€Å"the Souls of White Folks,† â€Å"We see Europe’s greatest sin precisely where we found Africa’s and Asia’s,—in human hatred, the despising of men; with this difference, however: Europe has the awful lesson of the past before her, has the splendid results of widened areas of tolerance, sympathy, and love among men, and she faces a greater, an infinitely greater, world of men than any preceding civilization ever faced.† England took advantage of its darker counterparts by showing superiority through color, religion, and technological advances. In the Photograph Album of Cashmere Ladakh,1886, H.W.B depicts the age of imperialism through his photography of the 1st Batallion East Surrey Regiment of Great Britain. The photos allow one to make observations without any biased inputs such as writings. Using one’s ownShow MoreRelatedThe Souls Of Black Folk1466 Words   |  6 PagesW.E.B DuBois wrote the book titled The Souls of Black Folk in 1903 as a response to the condition of black people in America. The book predates the 1920s Harlem Renaissance, but can be viewed as a precursor to the New Negro Movement. Prior to 1903, blacks lived primarily in the South, but by the 1920s the black population in New York City rose by 115 percent. The movement of blacks from the South to the North occurred for various reasons; discontent with life in the Jim Crow South, widespread violenceRead MoreThe Souls of Black Folk1595 Words   |  7 Pagesand teacher in Northern New Mexico. In the following essay, she examines ways that the text of The Souls of Black Folk embodies Du Bois experience of duality as well as his peoples. In Du Bois Forethought to his essay collection, The Souls of Black Folk, he entreats the reader to receive his book in an attempt to understand the world of African Americans—in effect the souls of black folk. Implicit in this appeal is the assumption that the author is capable of representing an entire peopleRead MoreAnalysis Of The Book Three Of The Souls Of Black Folk 1192 Words   |  5 PagesIn Chapter three of The Souls of Black Folk, W.E.B Du Bois discusses Booker T. Washington and some of his accomplishments for African Americans and also criticizes some of his lack of understanding in his propaganda that he could have done more in his position to progress African Americans status instead of trying to be accepted by the white community. Washington has been criticized by Du Bois because of his â€Å"submission† to the white view on African Americans and their rights Du Bois calling himRead More W.E.B. DuBoiss Thoughts on Education Essay740 Words   |  3 Page sW.E.B. DuBois’s Thoughts on Education The Souls of Black Folk, written by W.E.B DuBois is a collection of autobiographical and historical essays containing many themes. DuBois introduced the notion of â€Å"twoness†, a divided awareness of one’s identity. â€Å"One ever feels his two-ness – an American, a Negro; two souls, two thoughts, two unreconciled stirrings: two warring ideals in one dark body, whose dogged strength alone keep it from being torn asunder† (215). There are many underlying themesRead MoreW.E.B Dubois Thoughts on Education Essay762 Words   |  4 PagesW. E. B DuBoiss thoughts on education The Souls of Black Folk, written by W.E.B DuBois is a collection of autobiographical and historical essays containing many themes. DuBois introduced the notion of twoness, a divided awareness of ones identity. One ever feels his two-ness Ââ€" an American, a Negro; two souls, two thoughts, two unreconciled stirrings: two warring ideals in one dark body, whose dogged strength alone keep it from being torn asunder (215). There are many underlying themesRead MoreDouble Consciousness as Defined by Du Bois in The Souls of Black Folk: An Analysis1737 Words   |  7 PagesDu Bois in The Souls of Black Folk: It is a peculiar sensation, this double-consciousness, this sense of always looking at ones self through the eyes of others, of measuring ones soul by the tape of a world that looks on in amused contempt and pity. (The Souls of Black Folk, pp.453-470) harkens to the double consciousness felt by Lae Choo in In the land of the Free by Sui Sin Far. Like Du Bois, Far illustrates through the personal experiences of the characters the way whites saw people of colorRead MoreBlack Folk Analysis On The Double Consciousness Theory Essay908 Words   |  4 Pages Re-examining W.E.B Du Bois’ Souls of Black Folk analysis on the double consciousness theory INTRODUCTION: In 1903 the brilliant historican and sociologist W.E.B Du Bois’ introduced his theory known as the Double-Conciousness in Souls of Black Folk Bois provides his readers with insight on the treatment of people of color, and supports this notion by giving personal examples of his experiences. He writes with the hope that many will understand the diffculty of having to be obtain two personalitiesRead MoreThe Souls Of Black Folk By William E. B. Dubois1066 Words   |  5 Pagesâ€Å"The Souls of Black Folk† was written in 1903 by William E. B. Dubois (4). Dubois was an activist for civil rights and an author of many pieces regarding the lifestyle, struggle and historic patterns of African Americans (4). Though Dubois was born after the abolition of slavery, he knew the prospects of the African American struggle were most likely formed due to the conditions of black lives during slavery. Dubois was also an educator and advocate for educational opportunities in black comm unitiesRead MoreAnalysis Of The Poem The Souls Of Black Folks By Audre Lorde Essay1054 Words   |  5 Pageswho tries to create her own identity but does not know which identity is truly hers’. Lorde develops the idea of the speaker’s dual identity through juxtaposition as well as imagery. W.E.B DuBois’ piece, â€Å"The Souls of Black Folks†, talks about the struggles African Americans face in a white dominated world. Dubois develops his theme by using eloquence as well as magniloquence language to develop a persuasive central idea to ultimately destroy the double-identities. Both Lorde and DuBois develop aRead MoreAnalysis Of The Poem The Souls Of The Black Folk 954 Words   |  4 Pages269). Together, these concepts not only described past experiences of blacks in American society (e.g., slavery) but also continue to remind us that the relation of whites and people of color remains complex. In Du Bois’s own words, â€Å"the Nation has not y et found peace from its sins† (273). In his essay, â€Å"The Souls of the Black Folk† Du Bois (1903) states that â€Å"the problem of the Twentieth Century is the problem of the color-line,-the relation of the darker to lighter races of men in Asia and Africa

Essay on Leaders And Organizational Culture - 995 Words

Leaders and Organizational Culture In today’s dynamic business environment leadership must understand the value and importance of their organizations’ culture. While it may never be formally defined, leadership must have a vision of their intended culture and a plan for creating and maintaining it. This vision will serve as the potter’s clay that determines everything from the dress code to the organizational structure. This paper examines two methods organizations can choose to create and maintain a healthy culture. One of the most powerful ways to create and maintain a healthy work environment is by cultivating the next generation of leaders to lead by the example he or she sets. Every generation of leaders is influential in molding†¦show more content†¦Countless times leaders operate on instinct that has grown from what they have seen in the past. What leaders see others do sets the stage for what they may do in the future. A leader of sound character will exhibit that character at all times.† (p. 7-13) The adage says â€Å"character is doing right when no one is looking.† That is the bottom line of leading by example, developing a character that will make the right decisions when no one is watching. This kind of integrity and character is indicative of most corporations’ culture. Corporate culture should also be reflected in the company vision, mission, and values statement (VMV). One way to change from a culture of individualism to that of enterprise first is to change the work environment. Balerdi (2007) says a corporate culture of conservatism and individualism results in a hierarchy that rewards status with space and walls. In a traditional office setting the grade level of the employee can be determined by the size and location of the office. For example, the lowest grade employee would occupy an interior office with no windows. The next grade higher would occupy an office against the outside wall with one window, the next grade two windows until the highest grade level would receive the corner office with two walls of windows. As the window count increases so does the floor space, size of the furniture,Show MoreRelatedLeaders and Organizational Culture1191 Words   |  5 PagesRunning head: Leaders and Organizational Culture. †¢ †¢ †¢ ..; †¢ . Leaders and Organizational Culture Prepared for There are many definitions of organizational culture. The most basic definition is an organization’s shared values, attitudes, beliefs, and assumptions on how members of the organization should behave which gives meaning to how the organization functions. Organizational culture should enhance performance, internal integration, and bring all staff of all levels togetherRead MoreLeadership and Organizational Culture Essay1310 Words   |  6 PagesLEADERSHIP AND ORGANIZATIONAL CULTURE In this paper I will discuss the effects and responsibilities leaders have on an organizational culture. I believe leaders have an enormous effect on the well-being of an organizational culture. Leaders must take an active role within their organizations culture. Whether positive or negative, in an organization, things tend to follow suit down hill. A leader has the power and influence to maintain, create, or repair an organizational culture. However, thisRead MoreThe Importance Of Culture And Organizational Culture1647 Words   |  7 PagesThe importance of culture in the organization The organization culture as a leadership concept has been identified as one of the many components that leaders can use to grow a dynamic organization. Leadership in organizations starts the culture formation process by imposing their assumptions and expectations on their followers. Once culture is established and accepted, they become a strong leadership tool to communicate the leader s beliefs and values to organizational members, and especially newRead MoreLeadership Theory And Organizational Culture1361 Words   |  6 Pagescharacteristics of the leader and have shifted to focus on the leader’s behavior, skills and style. Emerging leadership theories continued to shift focus to team leadership and subordinate motivation. Organizational culture is exists in all organizations and influences the work environment. Researchers have studied leadership and organizational culture individually; however there have been less focus on gaining an understanding of the relationship lea dership and organizational culture. In this paper,Read MoreEmployee Organizational Culture Essay667 Words   |  3 Pagescreate what is known as organizational culture. A strong culture constructs a unified employee atmosphere, whereas a weak culture lacks a shared sense of distinction between employees. An employee’s heritage or individual culture, although different than, affects the overall organizational culture of companies. Like society, sub-cultures exist within organizations. Formed by departmental function, geographical location, and/or the personalities of employees, sub-cultures include employees who continueRead MoreOrganizational Diversity And Cultural Diversity1582 Words   |  7 Pagesthere are different levels of organizational workforce satisfaction. Even though women have a much greater likelihood of leaving their position, current organization, the organizational cultural differences build high turnover rates. The cultural obstacles preventing occupational development and growth are th e prime accounts used when women of all ages are dissatisfied and leaving a position (Cox Blake, 1991). Additionally, when organizations do not change the culture successfully, the competitiveRead MoreConcept Of Culture And Organizational Analysis1269 Words   |  6 Pages3.0 LITRATURE REVIEW 3.1 Concept of culture and organizational analysis: The concept of culture has been linked increasingly with the study of organisation (Graves and Rouse, 1990). Nevertheless, Organisational culture is a set of beliefs, values, and norms, together with symbols like dramatized events and personalities, which represents the unique character of an organization, and provides the context for action in it and by it (Deshpande and Webster, 1989; Ravasi and Schultz, 2006; Xiaoming andRead MoreOrganizational Analysis : Organizational Structure1521 Words   |  7 Pagesthe week titled â€Å"Experiments in Organizational Structure† I noticed two themes, self-managed teams and organizational culture. There was a clear divide of organizational culture between the companies such as Moosewood Collective and Zappos versus Amazon and Enron. The readings for the week were well-rounded and demonstrated that each culture had positive and negatives. However, research can enhance what organizational culture has been found to be the best culture in c reating successful companiesRead MoreCitigroup : A Leading Multinational Investment Banking And Financial Services Corporation1653 Words   |  7 PagesAdministration as the â€Å"Export Leader of the Year† in 2014 (Citigroup, 2015). As the newly appointed Service Manager for the CCB West Texas market, my responsibilities include managing three virtual teams of five client service representatives and meeting the stated goals for the department. How well these teams perform will be a direct reflection of how effectively my leadership skills will influence our organizational culture. Empowering Leadership and Organizational Culture The expectations for today’sRead MoreEssay Management vs. Leadership1138 Words   |  5 Pagesdictates employees. A leader is focused on organizing and inspiring people to be entrepreneurs. The role and responsibilities of both leaders and managers in creating and maintaining a healthy organizational culture has differences and similarities, both a leader and a manager have the same goal to have a healthy organization but the approaches are different. An example from sums up the differences between a leader and a manager: The leader is followed and the manager rules. A leader is someone who people

E-Commerce Security Issues Free Essays

[pic] INTERNAL ASSIGNMENT Name of the candidate: ISHA Enrollment no. : 01215903911 Course: MBA Batch: 2011-13 Subject: E-business Subject code: MS-114 Topic of assignment: Is security a real or perceptual problem in Web commerce. Subject Teacher’s name: Ms. We will write a custom essay sample on E-Commerce Security Issues or any similar topic only for you Order Now Sneha Chopra ABSTRACT This project report contains the study of â€Å"is security a real or perceptual problem in web commerce†. The content includes the security related issues being faced by the companies or organizations in their business through e-commerce. The tools being available in market to cope with such issues and a company named ZANTAZ being involved in solving such issues like threats, hacking, frauds, and theft etc. The example of such company facing hacking issues (Facebook) is also included in the study. The emerging security related issues how been tackled and their impact on the business transactions are being discussed. Table of content |S. no |Content |Pg no | | | | | |1. Introduction |4 | |2 |Advantages disadvantages of e-commerce |5-7 | |3 |Security a real problem |7-9 | |4 |Security issues |10-11 | |5 |Security tools |12 | |6 |Ex-Facebook |13-14 | |7 |Conclusion |15 | |8 |Viper report |16 | |9 |Source |17 | INTRODUCTION According to Wiegand (1997): â€Å"Any form of economic activity conducted via electronic connections† is called e-commerce. Web commerce  is a form of  electronic commerce  that is conducted primarily through the  World Wide Web  and other aspects of the  Internet. In e-commerce the business transactions are carried out on internet and includes purchase and selling of goods and services. Many business firms set up their website in order to display their products services for consumers to purchase or to get access by using web browser. Websites present the consumer with various options for searching and selecting products and services, which offer speed and convenience of shopping from home or the office. The consumer gains benefits of shopping 24 hours a day. [pic] Recently the Worldwide E-Commerce Fraud Prevention Network was formed by American Express and e-tailers such as Amazon. com and Buy. com to establish common grounds for reducing the threats created by increasing reliance on the Internet for commerce. Membership has expanded swiftly to now include 375 large and small players united to promote the growth of e-commerce in large part by keeping fraud to a minimum. Consumer privacy is becoming the most publicized security issue replacing theft and fraud as top concerns in e-commerce. The DDOS attacks demonstrated that business sites did not maintain adequate security protection and intrusion detection measures. Security, however, is not just a matter of technology; implementing technology without the proper organizational processes will not solve security problems. There are a number of critical social and organizational issues with security. The first is that the weak link in security is often users or employees, rather than the technology. The second is software engineering management, or managing how security technology is deployed. The third is the development of adequate organizational processes for risk management, separation of duties, and development of security policies, access control, and security assurance. Advantages of E-commerce Lower Cost Doing e-business is cost effective; it reduces logistical problems and provides a small business with competitive advantage with giants such as Amazon. com or General Motors. E commerce helps in reducing cost of business as it enables to get access to large population. Economy It helps in development of economy. It provides the business an international platform to do transactions and get a competitive advantage in the economy and increase the productivity. Higher Margins E-business along with higher margins helps in gaining more control and flexibility and enables to save time when manual transactions are done electronically. Better Customer Service E–commerce means better and quicker customer service. Online customer service makes customers happier. Instead of calling your company on the phone, the web merchant gives customers direct to their personal account online. This saves time and money Quick Comparison Shopping E–commerce helps consumers to comparison shop. Automated online shopping assistants called hop bots scour online stores and find deals on everything from apples to printer ribbons. Productivity Gains Implementing the web throughout an organization means improved productivity. For example IBM incorporated the web into every corner of the firm – products, marketing, and practices. Teamwork It has made the interaction easier through e-mails. It has transformed the way organizations interact with suppliers, vendors, business partners, and customers–mail is one example of how people collaborate to exchange information and work on solutions Information Sharing, Convenience, and Control Electronic commerce improves information sharing between merchants and customers and promotes quick, just–in–time deliveries. They can interact at any time through internet without any traffic jams, no crowds etc. Disadvantages of E–commerce Security Security continues to be a problem for online businesses. A customer does not feel confident about the secrecy of the payment process before they purchase anything. Unauthorized access and hacking of information are the major concern. System and Data Integrity Data protection and the integrity of the system are serious concerns. Viruses cause unnecessary delays, file backups, storage problems, danger of hackers and other similar difficulties. System Scalability A business develops an interactive interface with customers with a website. A website must be scalable, or upgradable on a regular basis to make sure customers remain with them. E–commerce is not free Establishing a web based organization involves huge funds or investment by the management. Brands are expected to lower search costs, build trust, and communicate quality. Customer Relations Problems It is the foremost objective of the organization to maintain the customer’s loyalty with them because they cannot survive in the market for long term without them. Products People won’t buy online People mostly don’t prefer to buy furniture’s for ex, online because they want to sit on it feel the texture of the fabric and therefore a website called furniture. com or living. com, have failed. Fake sites There are many bad sites which eat up customers’ money. Product quality There is no guarantee of product quality as customers cannot touch or test the product before the deal. [pic] Security is a real problem in web commerce. Security issues are rising day by day in web commerce and have become a major problem in the economy. The opaqueness of data collection methods on the World Wide Web has given rise to privacy concerns among Internet users. The number of hacking cases has risen and fake sites are countless on net. From this we can assume how secure our business transactions on the internet. To overcome this problem many software such as firewall, etc has been developed and installed in the organizations database so that the information is been secured from outside users. Security means â€Å"freedom from risk and danger†. In e-business security is the main concern of the business. How safe you are while conducting business on internet is the issue of nowadays. Consumers fear the loss of their financial data, and e-commerce sites fear the financial losses. Studies have shown that consumers are concerned about the lack of privacy on the Web. For example, Ryker et al. [2002] quote a Price Water House Coopers study indicating that 92% of consumers are worried about privacy, with 61% refuses to shop online. Forrester research has found that privacy fears inhibit nearly 50% of consumers from shopping online and suggests that consumers often decline to provide data requested by websites and provide false information. Online privacy and online security are distinct. Privacy concerns arise when consumers’ personal information is retrieved online without the consumer’s consent or knowledge and is sold to third parties without the consumer’s consent or knowledge. Whereas, online security relates to the confidentiality of the information, system’s ability to secure itself against the conduct of unauthorized third parties, such us hackers, who attempt to access the Web site’s stored information. Security Issues in web commerce:- Three types of security threats 1. Denial of service, 2. Unauthorized access, and 3. Theft and fraud 1). Denial of Service (DOS):- Two primary types of DOS attacks: spamming and viruses a) Spamming Sending unsolicited commercial emails to individuals E-mail bombing caused by a hacker targeting one computer or network, and sending thousands of email messages to it. Surfing involves hackers placing software agents onto a third-party system and setting it off to send requests to an intended target. DDOS (distributed denial of service attacks) involves hackers placing software agents onto a number of third-party systems and setting them off to simultaneously send requests to an intended target. b) Viruses: self-replicating computer programs designed to perform unwanted events c) Worms: special viruses that spread using direct Internet connections d) Trojan Horses: disguised as legitimate software and trick users into running the program 2). Unauthorized access a) Illegal access to systems, applications or data b) Passive unauthorized access – listening to communications channel for finding secrets. May use content for damaging purposes c) Active unauthorized access. †¢ Modifying system or data. †¢ Message stream modification †¢ Changes intent of messages, e. g. to abort or delay a negotiation on a contract d) Masquerading or spoofing – sending a message that appears to be from someone else. †¢ Impersonating another user at the â€Å"name† (changing the â€Å"From† field) or IP levels (changing the source and/or destination IP address of packets in the network) e) Sniffers – software that illegally access data traversing across the network. 3). Theft and fraud a. Fraud occurs when the stolen data is used or modified b. Theft of software via illegal copying from company’s servers c. Theft of hardware, specifically laptops, pen drive, cds, hard disk etc. E-COMMERCE SECURITY TOOLS:- 1. Firewalls- software and hardware 2. digital certificates 3. digital signatures 4. ublic key infrastructure 5. encryption software 6. Biometrics- retinal scan, fingerprints, voice, etc. 7. passwords 8. Locks and bars- network operations centers. An example:- Driven by information preservation rules, corporations within the financial services sector have begun to seek assistance from companies such as ZANTAZ, a leading provider of Compliance Technology Solutions. With the help of companies like ZANTAZ, a corporation can deploy proactive compliance initiatives that: a) Automatically capture, archive and instantly retrieve email, attachments, and IM; b) Monitor and supervise email, IM and other electronic communication; and ) Quickly restore data from back-up tapes in the event of an audit, litigation or investigation. Companies like ZANTAZ have gone to great lengths to empower a corporation to quickly, efficiently, and cost effectively deploy proactive compliance solutions associated with electronic communication preservation, supervision, and record-keeping regulations. Example- â€Å"Facebook – security issues† One of the example of the company facing security issue worldwide is Facebook. Facebook has been under heavy attack since the last two year as the popular social networking site has become the victim of a severe hacking spree affecting nearly every user on the site. it has become a severe problem worldwide and is still increasing. The hacks do not seem to have specific targets but happen at random with some user’s newsfeeds being littered with objectionable content and others not seeing anything. This led to the temporarily blocking of site and unable to access the information by the users. Some of the hacks happen in the form of â€Å"click’ spam being sent out. A popular spam involves Kim Kardashian with a link to a video. It will say something like â€Å"After watching this video I lost all respect for Kim. † Upon clicking, the link takes the unsuspecting person nowhere, and hacks the account sending the same spam to all of the user’s friends. Other spams include mass messages and tagged photos leading people to believe they are in the link or involved with it because it is not personalized. Those will also have the same result, and continue the spamming of others walls. Impact on customer Users are outraged and some are considering deleting their profiles. Actress and director, Courtney Zito, told The ChristianPost, â€Å"I have 5000 friends. My feed is littered with porn. I can’t even check my news feed with anyone around because of it†. This led to the decrease in the market share and people have removed their pictures and are now afraid of posting anything on profile. Computer hackers attempt to break into at least 600,000 Facebook accounts using stolen username and password details every day, the social networking giant have revealed. The latest revelation came after Facebook issued a security announcement promoting its new ‘Trusted Friends’ password restoration technique. Many of the hackers are caught out by additional authentication questions, such as asking users to identify friends in pictures, but many attempts are successful. this problem has helped contribute to the demise of Myspace a couple of years ago. The spam ran rampant ultimately causing many of the users to switch to the â€Å"safer† Facebook. [pic] Conclusion Security is now understood to be largely imperfect, the continual cat-and-mouse game of security expert and hacker. Important technical developments have been deployed in the last five years; however, it is clear that organizational policies may play as an important role in site security. The results of this study provide support for the assumption that consumer e-commerce adoption/rejection decisions are determined by rational behavior in terms of channel net value seen as the perceived balance of power between the overall benefits that are likely to accrue by using the Internet, and the overall barriers encountered to using it or to deriving the sought benefits: Internet adopters, and especially the consumers who have embraced online shopping, perceive the total benefits of e-commerce as exceeding the total impediments to embracing/using e-commerce, whereas Internet non-adopters consider the impediments to e-commerce as drastically surpassing the benefits offered by the commercial Internet. VIPER REPORT [pic] SOURCES 1. http://www. allbusiness. om/technology/software-services-applications-online-security/11565464-1. html#ixzz1kNGJjj94 2. http://www. allbusiness. com/technology/software-services-applications-online-security/11565464-1. html 3. www. manjeetss. com/art icles/advantagesdisadvantagesecommerce. htm 4. http://www. allbusiness. com/technology/software-services-applications-online-security/11565464-1. html#ixzz1kNOllPwd 5. http://www. pcworld. com/article/160545/facebook_hit_by_five_security_problems_in_one_week. html 6. http://www. dailymail. co. uk/sciencetech/article-2054994/Facebook-hackers-attempting-crack-600-000-accounts-day. html 7. http://www. eecs. umich. edu/~ackerm/pub/03e05/EC-privacy. ackerman. pdf How to cite E-Commerce Security Issues, Papers

Economic Models as Analogies

Questions: 1.Economic models are false and so government should ignore their predictions. Explain, discuss and evaluate the accuracy of this statement? 2.Identify estimates of the price elasticity of demand for at least three different products.Provide full citations for the employed literature? Answers: 1. Not all Economic models are false. Few models help the government in regulating them towards achievement of goals as well as for framing policies. The modern economy is complex as the resources are scarce which needs to be allocated wisely so that it can be utilized properly. An economic model is a simplified description of reality, designed to yield hypotheses about economic behavior that can be tested (Bnabou Tirole, 2016). The economic models are mathematical representation of economic theories and are not based on real data and figures. The government should not totally ignore the predictions of economic models as it helps in understanding the important relationship. However, the government should also not blindly follow the models as it does not support the real data and figures. The supply and demand model of economics helps in determining the price of a commodity in the market. It is used in explaining the changes in prices of commodities such as change in price of gold either due to increase in demand or fall in supply (Gilboa et al., 2014). Few economic models also help in designing regularities that explains the structural issues persisting in the economy and its impact on the reforms. Economic models also help the government in determining the tax rate in the economy. The predictions of economic models are claimed to be wrong by some of the economists because it has no proof as science has (Hansen, 2014). However, if the predictions of economic models are adjusted with the reality then it will helps in understanding the present and the future scenario right. Economic models fail to include various concepts that are important for government to consider. It often excludes externalities such as pollution which can be harmful for the environment. The economic models fail to include the social cost which can be a earning for the government. If the government follows the model then it will fail to internalize the externalities. The models that are based on mathematical equations involves great amount of risk that can be harmful (Saltelli Funtowicz, 2014). The economic models also give different answers for different predictions. Hence, it can be concluded that few predictions of the economic models are false that the government should not follow. However, the economic models also help the government in framing economic policies, determining prices of the commodities and determining taxes. Government should not follow the predictions blindly without the support of the real data and figures. 2. Price elasticity of demand is the responsiveness of the change in total demand of the product due to change in the per unit price of the product. It helps in measuring the elasticity of the product and is expressed in percentage. The law of demand makes the price elasticity of demand to be negative always. However, the products that violate the law of demand such as Veblen and Giffen goods have positive price elasticity of demand. The demand for a product can either be relatively elastic or relatively inelastic A product have relatively inelastic demand is said to have price elasticity less than one which means that change in the quantity demanded of a product is not much affected with a change in price (Thimmapuram Kim, 2013). Examples of such products are necessary products such as food, and durable goods such as furniture. A product have relatively elastic demand is said to have price elasticity greater than one which means that change in the quantity demanded of a product is affected largely due to a change in price. Examples of such products are luxurious goods such as gold, television, refrigerator and many more. The formula to measure price elasticity of demand is given as follows: E(p) = dQ/Q dP/P where, dQ is change in the quantity and Q is the total quantity dP is the change in the price and P is the total price (Rossell, 2015). Figure: diagram of price elasticity of demand (Source: created by author) The price elasticity for the three different products are given as follows: Petrol: Petrol is a complement of car. Petrol has very less substitutes. It is one of the necessary products as car has become necessity for people now days. The alternatives or substitutes of petrol is travelling through train, bus or walking. Hence, the price elasticity of demand of petrol is said to be relatively inelastic. It is so because if the price of petrol rises then the demand is not much affected and vice versa. Hence, the price elasticity of demand of petrol is always less than one and it is also negative because it is a normal good (Lin Prince, 2013). For example, if the price of petrol rises by thirty percent then the demand for petrol will only decrease by ten percent. Therefore, the price elasticity of demand will be -0.33% Figure: price elasticity of demand of petrol (Source: as created by author) Porsche sports car- Car has many alternative brands. If the price of Porsche sports car increases then the consumers will switch over to other brands such as Jaguar or Audi. Hence, the price elasticity of demand of Porsche car is relatively elastic. This is so because even a small change in price of car will affect the demand by large amount (Rossell, 2015). For example, as the price of Porsche sports car increases by twenty percent then the demand will fall by eighty percent. Hence, the price elasticity of demand will be greater than one that is -4.0 in this case. However, the price elasticity is negative because Porsche sports car is a normal good. Figure: price elasticity of demand of Porsche (Source: as created by author) Salt- Salt is a necessity. The rise in the price of salt by large amount will not have any effect on the demand for salt as it has no alternatives. Hence, the price elasticity of demand of salt is perfectly inelastic where the value of elasticity will be equal to 0. The curve will be vertical as shown below (Nonnenmacher, 2017). Figure: price elasticity of demand of Salt (Source: as created by author) References Bnabou, R., Tirole, J. (2016). Mindful economics: The production, consumption, and value of beliefs.The Journal of Economic Perspectives,30(3), 141-164. Gilboa, I., Postlewaite, A., Samuelson, L., Schmeidler, D. (2014). Economic models as analogies.The Economic Journal,124(578), F513-F533. Hansen, L. P. (2014). Nobel lecture: Uncertainty outside and inside economic models.Journal of Political Economy,122(5), 945-987. Lin, C. Y. C., Prince, L. (2013). Gasoline price volatility and the elasticity of demand for gasoline.Energy Economics,38, 111-117. Nonnenmacher, T. (2017). ECONOMICS 100 01 Introductory Microeconomic. Rossell, J. (2015). Elasticity, demand and supply, tourism. Saltelli, A., Funtowicz, S. (2014). When all models are wrong.Issues in Science and Technology,30(2), 79-85. Thimmapuram, P. R., Kim, J. (2013). Consumers' price elasticity of demand modeling with economic effects on electricity markets using an agent-based model.IEEE Transactions on Smart Grid,4(1), 390-397.