International Business World Trading System

Question: Discuss about the International Businessfor World Trading System. Answer: Introduction During the year 2010, China was considered as the second largest economy in the world, taking the position of Japan in the world economy. The country has been able to stabilise and grow its position among the top economies in the world and has been foresee to be the worlds largest economy by the end of the year 2020. The economy has shown sharp developments that have helped the economy in generating high rate of growth and facilitates their pace of improving the conditions. Various implications are associated with China being the worlds largest economy in the future, which are discussed as follows: World trading system: China would stabilise in becoming the centre for the global production network. China would overtake the United States global market that would rise the influence of the country, thereby making the Chinese political influences more powerful (Carter Mol, 2013). World monetary system: Chinas reminbi would be a more powerful currency in the world rather than the dollar of United States. A shift among the investors would be noticed in the market that would account for a loss to the big economies of the world. Business strategy: the business strategies of the European and United States global corporations would be engrossed n analysing methods of increasing their ties with China. They would facilitate their production output to flow towards the acquisitions from China based companies. Global commodity prices: there would be sharp fall in the global commodity prices when China would come into power (Rodrik, 2014). This would hurt most of the large economies that would have traded their products at a much higher rate. Reference Carter, N., Mol, A. P. (2013).Environmental governance in China. Routledge. Rodrik, D. (2014). The past, present, and future of economic growth.Challenge,57(3), 5-39.

“Digging” Commentary Essay Example For Students

â€Å"Digging† Commentary Essay What determines the path a person chooses in life? In the poem â€Å"Digging†, Seamus Heaney expresses regret that he will not follow in his father, and grandfather’s footsteps in becoming a laborer, but instead would rather further his skills in writing. Heaney transmits this message through a variety of literary techniques. The central literary feature is the number of sensory images Heaney uses in order to convey all the aspects of the scene, which contribute to the reader’s understanding of the situation. Heaney also uses sound effects, unique structure, and shifts in verb tense to further communicate his message. â€Å"Digging† makes us consider the path we’ve chosen in life, and makes us understand that it’s okay to choose something different as long as it’s something we’re passionate about. In this poem, Heaney uses many sensory images in order fully convey his experience to the audience. The main tool he uses are visual images to create a picture in the reader’s mind. In line 4, he writes â€Å"gravelly ground†, which tells the audience the ground is probably not only soil, but also has sand and rocks in it. Another visual image is on lines 10-11, where the words â€Å"nestled†, â€Å"inside knee†, â€Å"levered firmly† show Heaney’s father was very comfortable with digging, and was second nature to him. In addition, on line 20, he writes â€Å"corked sloppily with paper.† which shows the paper was crumpled and corked quickly without much thought to the process. Finally, on line 26, the â€Å"curt cuts of an edge† create an image of the ground being divided perfectly into little squares. The second kind of imagery Heaney uses is tactile. On line 10, â€Å"coarse boot† provides something the reader can touch. Again, on line 14, we can feel the solidity and freshness of the potatoes: â€Å"their cool hardness in our hands.† Heaney allows us to feel exactly what he felt and makes us feel like we’re really there. Finally, the last tactile image he uses is on line 26, â€Å"Of soggy peat†, which produces a tingly feeling on your hands as if they were moist because of the peat. In order to complete our experience when reading this poem, Heaney also uses olfactory imagery. The â€Å"rasping sound† of the spade in the ground adds to the visual imagery because it provides two aspects of imagery to the scene, which creates a very clear picture in the reader’s mind. Also, the â€Å"squelch and slap† of the peat not only provides very specific sounds of the peat but also is an alliteration. Throughout the poem, Heaney uses many sound effects that add to the tone of the poem. In the first and second stanzas, he uses imperfect rhyming: â€Å"thumb†, â€Å"gun†, and also â€Å"sound†, â€Å"ground†, and â€Å"down†. However this rhyming scheme is only in the beginning of the poem because as the poem progresses, so does this scheme, and becomes less and less important to the message of the poem. In addition, the poet uses alliterations to add effect to the poem and keep it flowing while adding flair. The â€Å"spade sinks† into the â€Å"gravelly ground† creates a feeling of heaviness and emphasizes the weight of the soil. In stanza 6, the depth of the ground is emphasized through â€Å"down and down†, â€Å"digging†. This alliteration also produces a heavy atmosphere and adds to the challenge of digging. The structure of this poem is very important to the meaning and message Heaney is trying to convey. He starts out by talking about himself, then switches to his memory of his father digging which is where Heaney switches to the past. Halfway through the poem, he moves from his father, to his grandfather, and his skill at digging. Finally, in the last stanza, he switches back to the present, and brings the focus back to him and his career choice. .u5c068d92c3b0ef1ac22e6fe7abc05920 , .u5c068d92c3b0ef1ac22e6fe7abc05920 .postImageUrl , .u5c068d92c3b0ef1ac22e6fe7abc05920 .centered-text-area { min-height: 80px; position: relative; } .u5c068d92c3b0ef1ac22e6fe7abc05920 , .u5c068d92c3b0ef1ac22e6fe7abc05920:hover , .u5c068d92c3b0ef1ac22e6fe7abc05920:visited , .u5c068d92c3b0ef1ac22e6fe7abc05920:active { border:0!important; } .u5c068d92c3b0ef1ac22e6fe7abc05920 .clearfix:after { content: ""; display: table; clear: both; } .u5c068d92c3b0ef1ac22e6fe7abc05920 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u5c068d92c3b0ef1ac22e6fe7abc05920:active , .u5c068d92c3b0ef1ac22e6fe7abc05920:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u5c068d92c3b0ef1ac22e6fe7abc05920 .centered-text-area { width: 100%; position: relative ; } .u5c068d92c3b0ef1ac22e6fe7abc05920 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u5c068d92c3b0ef1ac22e6fe7abc05920 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u5c068d92c3b0ef1ac22e6fe7abc05920 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u5c068d92c3b0ef1ac22e6fe7abc05920:hover .ctaButton { background-color: #34495E!important; } .u5c068d92c3b0ef1ac22e6fe7abc05920 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u5c068d92c3b0ef1ac22e6fe7abc05920 .u5c068d92c3b0ef1ac22e6fe7abc05920-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u5c068d92c3b0ef1ac22e6fe7abc05920:after { content: ""; display: block; clear: both; } READ: 1914 war poem Essayâ€Å"Digging† is full of literary techniques, such as vivid imagery, specific sound effects, and exclusive structure, in order to emphasize the reasons for the poet’s path in life. Throughout the poem, Heaney realizes that his calling and skill in life is writing and not digging. He writes this poem in order to show off his skill and prove talent. This is truly shown in the last stanza when he presents the reader with â€Å"tool† which is his pen. Heaney will continue his work, digging apart his vivid memories through his expressive writing.

To the Lighthouse by Virginia Woolf

The introduction When discussing one of the most well-known novels written by Virginia Woolf, I would like to disclose some fundamentals of her production. First of all, I would like to point out that the techniques the author uses seem to be defensive, as Woolf is known for her feminist views.Advertising We will write a custom essay sample on To the Lighthouse by Virginia Woolf specifically for you for only $16.05 $11/page Learn More In other words, one is to keep in mind that the expressions of anger the author highlights in her novel are related to three issues. Thus, it should be pointed out that aggression in relation to the patriarchy; the aggression male characters express; and Mrs. Ramsay’s aggression are considered to be the key manifestations of anger. Generally, it is also necessary to clarify what reason of the author’s aggression and anger is. Thus, on the one hand, it seems that Virginia’s description of her parents is negative; however, on the other hand, a deep analysis of the novel gives us an opportunity to suppose that there are no parents who cause the author’s anger, but the oppressive patriarchal system the main characters live within. The body When speaking about the language and writing style the author uses, one is to keep in mind that affective and non-semantic qualities of language are rather complicated. Thus, Woolf mostly uses numerous passive constructions, and the pronoun one in her novel. The extraordinary sentence structure the author uses cannot be neglected too. For instance, when reading the second paragraph of the novel, (a description of Mrs. Ramsay), one can make a conclusion that the writer’s language is also based on numerous parenthetical phrases, clauses as well as modifying constructions. The gruff murmur, irregularly broken by the taking out of pipes and the putting in of pipes which had kept on assuring her, though she could not hear whatAdvertising Looking for essay on british literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More was said (as she sat in the window which opened on the terrace), that the men were happily talking; this sound, which had lasted now half an hour and had taken its place soothingly in the scale of sounds pressing on top of her, such as the tap of balls upon bats, the sharp, sudden bark now and then, â€Å"How’s that? How’s that?† of the children playing cricket, had ceased†¦. (Woolf 15) It is not the end of the sentence; generally, this sentence includes 260 words; so, it is obvious that the author’s language is rather difficult to understand. While reading the paragraph, the reader loses the full meaning of the sentence and cannot understand its importance. On the contrary, such complex constructions transform potentially clear meaning of the fragment into uncertain and delayed meaning. When analyzing Woolf’s languag e, particularly the second paragraph, it becomes obvious that the words the gruff murmur at the beginning of the sentence determine the main clause. Other descriptions are considered to be modifying phrases. Had ceased is recognized to be the main verb; however, all, which is placed between the words the gruff murmur and had ceased confuses our mind, as when analyzing emotional associations between the main clause and the main verb, the reader loses the thread of a story. That is why Virginia Woolf’s language is rather complicated. The conclusion In spite of the fact that the author’s language is quite complex, nobody will deny the fact that Woolf depicts not only external details, but also important inner feelings of her characters. Thus, she discloses the thoughts and ideas in people’s mind. The novel To the Lighthouse requires the readers’ attention, as the author depicts the current drama of a human existence. Works Cited Woolf, Virginia. To the Light house, Fort Washington, PA, Harvest Books: 1989. Print. This essay on To the Lighthouse by Virginia Woolf was written and submitted by user Dayton Bruce to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The future of warfare essays

The future of warfare essays Nuclear Deterrence and The Future of Warfare Throughout my life and in all of my history classes, I have heard about the Cold War. I would hear people talk of it on the news or would watch movies that took place in that specific era. I never had a course that was aimed to specifically teach national security or give organized lectures about the Cold War. Generally speaking, all I knew up to this course, was that the Cold War was a time when the United States and USSR were threatening each other by the action of using nuclear weapons. I was aware that there was much tension and citizens in this country were preparing for the worst. Not until I took this course did I learn about how much nuclear capability there was between the two countries and how close we actually came to a nuclear holocaust. The concept of deterrence is the most impacting and significantly interesting concept I have learned in this course. To say it was an effective defense policy is an understatement. The fact is, deterrence was the most effective a nd successful way to deter the use of nuclear weapons to this date. This paper will go in depth to explain the concept of nuclear deterrence; its effect in the Cold War and in the future, will it still work against the threats of today? The first nuclear explosion and the dawn of the nuclear age was born on July 16, 1945 in New Mexico when the Manhattan Project (name for atom bomb development) was tested. General Lesley Grove, commander of the Manhattan Project, was heard to say, This is the end of traditional warfare. This statement is false because traditional warfare still continued even after the new destructive capability was introduced. What did come about from the birth of the atom bomb was that this technology was going to dictate all wars in the future. The clear difference however, is that wars are now conducted under the shadow of the mushroom-shaped cloud, especially ...

Ballast Tank Repair Assignment Example | Topics and Well Written Essays - 1750 words

Ballast Tank Repair - Assignment Example Mild steel by nature offers poor resistance to corrosion because of its inherent heterogeneous impurities, which facilitate emergence of anodic and cathodic nodes on the surface of the steel. Oxygen and water react with these nodes vigorously causing the metal to lose its electrons to form metallic ions, represented by the anodic reaction: 4 Fe ? 4 Fe++ + 8 e? Iron Ferrous Electrons Atom Ion The above electrochemical corrosion process is feasible only if there is a suitable electron acceptor to combine with the electrons released by the iron atom. Seawater containing dissolved atmospheric oxygen readily serves this purpose. The oxygen is electrochemically reduced to hydroxyl ions in the following cathodic reaction: 2 O2 + 4 H2O + 8 e? ? 8 OH? Oxygen Water Electrons Hydroxyl Ions The heterogeneous character of steel allows for some of its sites to favour the anodic reaction and for others to the cathodic reaction. The ferrous ions and hydroxyl ions formed combine together to produce f errous hydroxide: 4 Fe++ + 8 OH? ? 4Fe (OH) 2 Ferrous Hydroxide The ferrous hydroxide formed reacts with more oxygen to form hydrated ferric oxide, the familiar reddish brown rust – the telltale symptom of corrosion. ... oxygen concentration, water temperature, pH and the presence of metals in the form of dissolved salts such as oxides, chlorides, carbonates, sulphates and sulphites in the mineral state of their stable oxidised condition. In view of the large amount of energy expended for the extraction of a metal by the reduction process, there is a sustained pressure on the metal to revert back to its stable low energy oxidised state in the given environmental conditions. The driving force for corrosion is the energy differential between the pure metal and its oxidised forms in the scenario of ever varying ambient conditions. Pitting Corrosion Penetrative localized attack resulting in formation of deep crevices causing thinning of the parent steel material and revealed by rust is characteristic of Pitting Corrosion. It takes place more often in submerged bottoms, inaccessible edges and corners, and at high temperature locations like in the hull of ships where diffusion is easy. The locations most s usceptible to corrosion in water ballast tanks are: upper surface of face plate of bottom longitudinals, bottom girders and bottom transverses; upper surface of shell and bulkhead longitudinals; Cut edges of slots and lightening holes in horizontal girders; upper surface of horizontal stiffeners and brackets; deck longitudinals; upper part of deck transverses; and, upper part of longitudinal and transverse bulkheads. If left unattended, rust can grow at the rate of 0.22 mm/year, though the assessed average rate is 0.005 mm/year. ASTM D 610 Standard, supported by ISO 4628: 2003 Standard provides further insight into the mechanics and assessment of the degree of rusting. Corrosion Prevention The popular prevention techniques in modern use have been logically derived from the manifestations of

International Marketing (Emaad) Essay Example | Topics and Well Written Essays - 2500 words

International Marketing (Emaad) - Essay Example McDonald’s has realigned its worldwide operations around its global strategy ‘Plan to Win.’ The retailer strives to continuously improve its business operations and thereby improve customer experience. McDonald’s realises that it exists because of its customers. It if for this reason that the foodservice chain’s aim is to provide quality, service, cleanliness and value (QSC&V) to every customer, every time. McDonald’s also ensures that it caters to the needs of all the stakeholders including the shareholders. McDonald’s, a publicly traded company, is a profitable business and provides superior returns to its owners. Its â€Å"three-legged stool†Ã‚  business model ensures that McDonald’s balances the interests of its operators, suppliers and employees. McDonald’s conducts its business in an ethical and responsible manner. The QSR also discharges its corporate social responsibility to make the world a better place to live in. The restaurant is well known for its hamburgers,  cheeseburgers, chicken sandwiches, French fries,  milkshakes, and  desserts. In response to the changing times, McDonald’s has also included various salads, wraps, smoothies and fruit items in its menu. The Big Mac, Quarter Pounder and Chicken McNuggets are some of its immensely popular products. The company attempts to create a standardised set of items that taste the same across all its business locations. In some cases, the taste and ingredients are deliberately altered to suit local tastes. McDonald’s has adopted a multi-domestic strategy while pursuing its strategy of Internationalisation. 2.0 Rationale behind Internationalisation McDonald’s grew by leaps and bounds in the 1950s and 1960s in the United States. The company had thus made inroads in its home market and was looking at greener pastures oversees. The rationale behind internationalisation was to become a dominant worldwide player and increase its revenue. In 1967, McDonald’s opened its first oversees restaurants in Canada and Puerto Rico. As things stand today, McDoanld’s has business operations in 119 countries around the world (McDonald’s, 2013). The food chain has set three growth priorities; optimization of menu, modernisation of customer experience and increased accessibility to the brand. The last of these three growth priorities acts as a propeller for International expansion (DeTar, 2012). In 2012, the company added 1439 restaurants in its established markets like United States, France and Germany as well as its emerging markets like India, China and Russia. The ensuing discussion is on McDonald’s foray and expansion in India which is one of the most promising markets for McDonald’s. 3.0 Mode of Entry McDonald’s has been able to grow rapidly throughout the world due to its astute use of franchising. The importance of franchising in McDonald’s growth can b e gauged from the fact that more than 80 percent of its restaurants are franchisees. McDonald’s has extremely standardised procedures which makes it easier to train franchisees. Standardisation in business operations enables McDoanld’s to provide the same product, the same taste all over the world. McDonald's set foot on Indian soil by forging a 50-50 joint venture partnership between McDonald's Corporation (United States) and two Indian companies; Hardcastle Restaurants Pvt. Ltd., and Connaught Plaza Restaurants Pvt. Ltd. It is noteworthy to mention that McDonald’

Economic Impact Of Marijuana Legalization Economics Essay

Economic Impact Of Marijuana Legalization Economics Essay Drug dealers in America have mastered the concept of supply and demand. They have identified their target audience and are doing an incredible job at keeping competition down. They rapidly work towards a monopoly in their respective areas. They even keep ahead of the game by obtaining the best product at the lowest price before hiking up the price to potential buyers. They are running an underground gold mine and the government hasnt been getting a penny of the proceeds. In fact, the government and taxpayers spend between 20 and 25 billion dollars a year (Osler, 2012), on prosecuting dealers and incarcerating those who possess marijuana. But facts are facts and this is how America works. It may be for this reason that voters in Washington and Colorado decided to legalize marijuana. On November 7, 2012, state legislators in both Washington and Colorado passed an initiative and an amendment, respectively, to allow for the possession, distribution, and private recreational use of cannabis. From an economic perspective, there would be numerous benefits to legalizing marijuana. The states expect to see a rapid decline in arrests for marijuana possession, saving money from the reduced need for law enforcement for marijuana prohibition. This proves to potentially save Colorado alone an average of $40.1 million, (Stiffler, 2012), in costs associated with incarceration. Not only will the economic impact of legalization of marijuana help save the government on law enforcement expenses, but it will also encompass the possibility of large sums of revenue from the market supply and demand of the newly legalized product, generating an impressive profit from sales tax. As a new industry emerges within the workforce, desperately needed employment opportunities will arise across the country, stimulating the economy by initially providing 4,200 new jobs (Fottrell, 2012). It will also help upsurge our Gross Domestic Product (GDP), as more goods will be produced and retailed. The economic impact of the legalization of marijuana covers many aspects of the economy. In Mark Oslers U.S. Should Honor States New Pot Laws CNN.com, Osler discusses the conflict that arises from a state passing a law that contradicts a federal law. He examines the sides of both the proponents and opponents to the federal government cracking down on drug use in Colorado and Washington. Osler goes in depth about how the federalists support the States and want the government to leave them alone to govern their states how they choose, and how the moralists would like to see the federal government enforce the federal narcotics laws despite the voters decisions in the states. The article also analyses how harder drugs deliver a lesser punishment than more minor drugs and how drug laws in the past have done little to permanently curb drug use. Amendment 64 would produce $60 million in new revenue and savings for Colorado, by Christopher Stiffler, presents a systematic approach to how the government will benefit from the passing of the amendment. The article discusses the various ways that the legalization of marijuana will positively affect the economy and also describes in detail the how tax revenue will be generated and utilized to benefit Colorado. Stiffler also focuses on the details of the amendment itself and how a shift in governmental thinking can save millions of taxpayer dollars. Quentin Fottrells How to Invest in Legalized Marijuana, describes the rapidly growing market demand for marijuana and marijuana related products. He gives descriptions of several marijuana centered companies and offers his opinion on the direction of the economy. Fottrell also mentions how the marijuana market is spreading over to other industries and explains the benefits and pitfalls of investing in marijuana related stock. Unperturbed Puffery, by B.A., is an article that focuses on the likelihood of the Obama administration to enforce federal laws in Colorado and Washington. B.A. takes a strong stance on the issue and sides with the federalists who prefer a hands-off approach from the federal government. The articles examines the costs related to incarcerating people with marijuana related charges and concludes with mentioning how the government should have more important issues to tend to than marijuana possession. Mike Moffatts Would Marijuana Legalization Increase the Demand for Marijuana?, answers a readers question about the demand for marijuana if it becomes legal. Moffatt consults the experts to form an opinion on the issue. The experts seem to believe overall that demand will increase unless the price goes up too much, in which case it will stay the same. The article also mentions how the legalization of the drug may have the opposite effect because the allure of marijuana comes in part from the fact that it is illegal. Moffatt also looks at other countries experiences with the legalization of marijuana and concludes that legal or not, people will continue to use it. Should Governments Legalize and Tax Marijuana? by Mike Moffatt discusses the economics of drug dealers and compares their profits to potential profits that the government could make by legalizing marijuana. He breaks down the profit percentage from street sales and considers a shift from street profit to governmental tax revenues. Moffatt also considers the health of the consumers and educational benefits that can arise from the legalization of marijuana. C. Whitakers The Economic Effects of Legalizing Marijuana, takes a look at the business aspect of legalizing marijuana. The article discusses how the underground business can become legal and even how former underground drug dealers can get off welfare and become legal entrepreneurs. Whitaker also examines the economic impact of the marijuana and how a lowered price would allow for funds to be spent elsewhere in the economy. Whitaker claims in the article that the legalization of marijuana will help put an end to poverty by creating business opportunity for drug pushers and will also save money for prisons everywhere. As stated before, the economic impact of illegal marijuana comes at an expense to us all. This expense is obtained from the costs associated with cracking down on those who are buying and selling drugs, prosecuting them in the courts, and providing food and shelter for them in jail cells. According to Mark Osler, the amount that has gone towards these efforts has been between 20 and 25 billion dollars a year for the past decade (Osler, 2012). When breaking these figures down, it is revealed that, 12.4% of federal prisoners convicted on drug charges were locked up for marijuana offenses. Thats about 11,630 people, at an average cost of $25,500 to $26,000 per person per year (B.A., 2012). Multiplying these figures yields a result of more than 290 million spent annually on jailing inmates, at the federal level, who were caught with marijuana. In the grand scheme of things, this is quite a sum of money that could be allocated towards other things. A reporter for The Economist says that, Prosecuting people for marijuana offenses is a waste of resources (B.A., 2012). The reporters sentiment is understood based on the fact that, Four out of Five of the 1.64 million people arrested for drug violations were accused of possession, and half of those arrests were for carrying what were often very small amounts of marijuana (Osler, 2012). When comparing the effects of marijuana, a schedule 1 narcotic, and the effects of cocaine and opium, schedule 2 narcotics (less offensive), (Osler, 2012), it makes little sense that a substance that has no known scientific death toll, cancer causing side effects, or even evidence of being an addictive substance should cause so many people to be put behind bars at tax payers expense. This is one reason why voters have decided to make marijuana legal in Washington and Colorado. The expense of police in Colorado alone shows substantial potential governmental savings. According to Christopher Stiffler and Colorados direct budget costs for enforcing marijuana prohibition, $40.1 million is spent annually enforcing marijuana prohibition, (Stiffler, 2012). This is seen in the chart below, (Stiffler 2012). Colorados direct budget costs for enforcing marijuana prohibition Agency Total spending Percent spent enforcing prohibition Amount spent enforcing prohibition Police $82,676,491 4.41 $3,646,033 Judicial $340,243,578 7 $23,817,050 Corrections $634,934,029 2 $12,698,681 Total $40.1 million As explained on a state and national level, legalizing marijuana has a very positive effect on the police expense, potentially creating a notable amount of revenue from savings alone. Not only are expenses a detriment from illegal marijuana; but forgone profit is a negative effect as well. An economist named Stephen T. Easton conducted a study using data from Canada to calculate the amount of tax revenue that legalizing marijuana could bring to the government (Moffatt, 2012). The study showed that the average price of .5 grams of marijuana sold for $8.60 on the street with a production cost of only $1.70. (Moffatt, 2012) These figures would amount to a $6.90 profit for drug dealers. Any survivor of an ECON 5003 course would know that with a profit like this, competition would be intense. What keeps these drug dealers with a local monopoly is the fact that the possession and distribution of marijuana is illegal and subject to serious jail time. This risk factor is what keeps others from trying to get in on the action. This also keeps supply restricted and demand high for the product, leaving drug dealers with hefty profits at the expense of the government. Now that marijuana has been legalized, it is expected that the demand for marijuana will increase. With the risk factor gone, far more people will engage in recreational activities involving marijuana. Drug dealers will no longer make as much profit due to the fact that anyone can potentially sell marijuana. With a larger supply, the prices from the once exclusive drug market will drop drastically resulting in a price much closer to the cost of production. With marijuana being legal, there will be government run distributers who will, based on basic supply and demand modules, offer the drug at a much lower base price. However, because marijuana will be closely regulated much like tobacco and alcohol, the taxes from licensing and distribution will drive the total purchase price up and revenue will rival that of current day drug dealers. When transferring the profit once enjoyed by drug dealers to the U.S. government in the form of taxes and distribution costs, and leaving transportation and marketing issues behind, the government would end up with revenue of $7 per .5 grams of marijuana, (Moffatt, 2012) With the collection of tax on each marijuana cigarette and again leaving transportation and marketing issues behind, this adds up to over a $2 billion profit, (Moffatt, 2012). Without the legalization of marijuana, the street price of marijuana will stay the same because there is a very limited and risky to purchase supply. The distributors or drug dealers enjoy a relatively stable quantity demanded because of this unchanging price. Now that marijuana has been legalized, the demand will increase due to the fact that consumers no longer have a risk in purchasing marijuana. Looking at a supply demand curve, Figure 1 shows the effect that legalizing marijuana would have. With the demand curve increasing in order to stay with equilibrium, the price equilibrium would increase. Figure 1: Effect of Legalizing Marijuana Although legalizing marijuana has great potential of increasing tax revenue, a sense of morality is likely to appear due to the perceived negative effect of health throughout the population. With this in mind the government can either decrease consumption by raising taxes or increase it by dropping taxes. Figure 2 shows the effect if taxes are increased and consumption of marijuana is decreased. Figure 2: Increase in Marijuana Tax As shown by the graph, if marijuana taxes are increased, the supply curve would shift to the left. The quantity supplied would decrease from Q*1 to Q*2. This shift in supply changes the equilibrium from E1 to E2 and the price is increased from P*1 to P*2. Increasing taxes too much can have a negative effect because if taxes get too high marijuana growers will want to sell in the black market to avoid the high taxes. In addition to law enforcement expenses and forgone profit, another aspect that illegal marijuana hinders is the emergence of a new industry and job opportunities across America. With the legalization of marijuana comes a plethora of career options and job opportunities. Also, those who were previously victims of incarceration from the distribution of cannabis can now possibly start a legal profitable business. One such business that has already taken off is the medical marijuana industry. According to Quentin Fottrell from Market Watch, the medical marijuana industry is, estimated to be worth about $1.7 billion as of 2011, (Fottrell, 2012). In Colorado alone, sales topped $181 million in 2010, and the business employed 4,200 state-licensed workers, (Fottrell, 2012). The new marijuana industry spans from medical producers, to agricultural-equipment firms, dispensaries, vaporizers, and even edible goods. Producers are now able to ship the drugs out to the customers, as drug trafficking is no longer be illegal. This is one of the many ways new jobs are being created. The marijuana industry will also raise our Gross Domestic Product because it can be grown and sold here in the USA. According to the United Nations Office on Drugs and Crime, Illicit drugs accounted for 1% of the worlds GDP, (Whitaker, 2009). One percent doesnt sound like much at all, but this 1% is higher than 88% of all countries GDPs in the world (Whitaker, 2009). People participating in the marijuana industry would not only have a stable source of income, but also a legal source that would be taxed. From the consumers perspective, the legalization of marijuana could mean lower prices. Since there will be countless ways for purchasing legal marijuana, more competition will arise which will result in decreased prices for the consumer. Consumers will no longer have to pay such a high price resulting in an increase in their available funds that they can invest, putting money directly back into the economy. The newly legalized marijuana market also creates investment opportunities. Medbox (OTN:MDBX) [has] an OTC stock with a $45 million market cap, (Fottrell, 2012). Medical Marijuana (OTN:MJNA), [has] an OTC stock with a $69 million market cap, (Fottrell, 2012). And Cannabis Science in Colorado Springs, Colo. (OTN;CBIS), [has] an OTC stock with a $41 million market cap, (Fottrell, 2012). These new investment opportunities encourage investors to feed into the economy and stimulate the free market. As old products are losing ground, this new market is rapidly gaining appeal and helping the economy every step of the way. In conclusion, the legalization of marijuana brings up an interesting opportunity for the government.   If they become the suppliers of the good, they can produce on the true supply or marginal cost curve and then replace the cost of arresting and fighting dealers with marijuana revenue. A great deal of tax payer money goes into catching those who buy or sell illegal drugs on the black market, prosecuting them in court, and housing them in jail. These costs seem particularly exorbitant when dealing with the drug marijuana, as it is widely used, and is likely no more harmful than currently legal drugs such as tobacco and alcohol. When looking at marijuanas effect on the economy as a whole, the positive and lucrative impact cannot be ignored. From the creation of new job opportunities, to the abundant new supply of revenue, and even the savings incurred from removing prohibition, it is clear that the economic impact created by the legalization of marijuana is beneficial to us all.