The Impact of External Debt on the Nigerian Economy free essay sample

Prior to 2003, Nigeria’s external debt was greater than its export capacity. As for South Africa, the story is different, with a manageable debt indicator ratio better than that of Nigeria. The ratio of debt stock to GDP is a traditional debt indicator that compares a country’s debt stock with its productive capacities. By implication, the higher a country’s debt stock is, compared with its output, the greater the debt burden or indebtedness of that country. This ratio showed that debt stock was above the productive capacities of Nigeria in the year 1995, whereas the South Africa indicator ranges between 12. 3 and 22. 59 from 1994 to 2007. Nigeria’s ratio did not decline substantially until the debt relief was granted by the Paris club in 2006. The importance of this is that South Africa’s management of its debt, as well as its productive capacities, is better than that of Nigeria. The above point is well supported when one observes the debt service payment as a proportion of export, and as a proportion of GDP. We will write a custom essay sample on The Impact of External Debt on the Nigerian Economy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page South Africa had continued to honor its external obligations regularly while Nigeria accumulated service arrears. This ratio is identical for both South Africa and Nigeria, despite the huge disparity between debt stock to exports of the two countries, because South Africa had been honoring its service obligations as and when due. In Nigeria however, there is a wide disparity between service due and payments, which further exerts substantial pressure on its debt stock due to recapitalization of arrears. 239 There are limitations to the aforementioned anecdotal comparative analysis because they have not been able to ascertain existence of a debt trap facing either of the two countries. Debt stock as well as debt service indicators, mostly serve as warnings of potential danger of excessively large debt stock. Based on Van Der Merwe (1993) even though the ratio of government debt to GDP has increased relatively sharply in South Africa, there is still no â€Å"explosion† in the growth of debt. Whether or not the same argument holds water for Nigeria prior to 2005 is a different story. From Tables 1 and 2, it is extremely difficult to draw any definite conclusions alone from our international comparisons thus necessitating for additional comparative analysis on the possible impact of huge debt on growth. The thesis of this paper is to apply some econometric approaches to investigate the presence of linear or non-linear effect of debt on economic growth. Literature Review Increases in savings and investment in an economy lead to economic growth (Hunt, 2007). Sachs (2002) argues that growth will not take-off until capital stock has risen to a given threshold. As capital rises, and investment and output rise, in a virtuous circle, the saving level will also continue to rise. After a given level, the rise in both capital and savings will be sufficient to engender self-sustaining growth. The reason for opting for external finance, as a means of ensuring sustained development rather than utilizing only domestic resources, is provided by the ‘dual gap’ theory. The theory postulates that investment is a function of savings, and that in developing countries, the level of domestic savings is not sufficient to fund the needed investment to ensure economic development. Thus, it is logical to seek the use of complementary external goods and services. The acquisition of external 240 funds, however, depends on the relationship between domestic savings, foreign funds, investment, and economic growth. A guiding principle on when to borrow is a simple one. Borrow abroad so far as the funds acquired generates a rate of return that is higher than the cost of borrowing the foreign funds (Ajayi Khan, 2000). In essence, by following this guiding principle, a borrowing country is increasing capacity and expanding output with the aid of foreign savings. External debt does not automatically transform into debt burden when funds are optimally utilized. In an optimal condition, the marginal return on investment is greater than or equal to the cost of borrowing. According to Edelman (1983), the critical factors affecting debt service capacity are returns on investment, the cost of borrowing, and the rate of savings. The benefits of external borrowing have been emphasized in the literature to the neglect of the costs. Ubok-Udom (1978), enumerates the costs of external borrowing to include debt service burden which incorporates costs implied by the term structure of external loans, costs of resultant liquidity crisis, costs of the viciously cumulative debt, the manageability of the debt, costs of debt rescheduling, and costs of import substitution among others. Colaco (1985) explains debt service vulnerability in developing countries using three contexts. First, the size of external loans has reached a level that is much larger than equity finance, resulting in an imbalance between debt and equity. Secondly, the proportion of debt at floating interest rates has risen dramatically, so borrowers are hit directly when interest rates rise. Thirdly, maturities have shortened considerably in large, part because of the declining share of official flows. All the above factors are relevant to Nigeria and South Africa. Mehran (1986) argues that adequate debt management is essential in an increasingly 241 complex financial environment. Mehran also identifies the critical components of debt management as policy co-ordination, regulatory environment, accounting, and statistical analysis. The aforementioned is true since the effectiveness of measures to reach a balanced level of debt supportive of development, depends on the debtor nation adopting fiscal adjustment and structural reform. Other features are transparency and anticorruption olicies, creation and/or improvement of debt management structures, and decision making processes among others. The next issue in debt acquisition and management is the determination of a sustainable level of debt. According to Ajayi and Khan (2000), sustainable foreign borrowing is measured by several ratios, such as debt to export, debt service to export, debt to GDP (or GNP), and external debt to Gross National Income among others. However, the determination of the sustainable level of these ratios is indeterminable and their usefulness is reduced to a warning of potential explosive growth in the stock of foreign debt. For instance, if the acquisition of additional foreign debt increases the debt servicing burden more than it increases the country’s capacity to bear the burden, such an acquisition becomes undesirable and the situation must be reversed through export expansion. If export is not expanded, more borrowing will be necessitated for servicing debt and external debt will pile up above the country’s capacity to bear. According to Omotoye et al. (2006), Nigeria is the largest debtor nation in the SubSaharan Africa. They also observe, in a comparative study with Argentina (Latin America’s most severely indebted nation), that Nigeria’s external debt, as a percentage of gross national income, has been continuously higher than that of Argentina since 1985 and continued to follow an upward pattern, unlike that of Argentina. The problem is compounded, according 242 to Greene (1989), by inability of the economy to generate the requisite resources to meet repayment obligations, especially since the early 1980s.

Overview of the Uk Transport System Essay Example

Overview of the Uk Transport System Essay Example Overview of the Uk Transport System Essay Overview of the Uk Transport System Essay OVERVIEW OF THE UK TRANSPORT SYSTEM With an integrated system of airports, seaports, rail and road, businesses located in the UK can select the optimal method of moving people and freight between major cities and locations, both within the UK and internationally. The main advantages of the UK transport system include: o Excellent air links to locations all over the world from world-class international airports. o An advanced and comprehensive road system that links all locations throughout the UK. o A privatised rail network linking all locations across the UK and, through the Channel Tunnel, all locations in mainland Europe. Over 100 seaports across the UK, handling the largest volume of seaport traffic in Europe. Private (Cars Motorcycle) Most people in UK travel by car. About 75% of households have at least one car. Motorcycling is popular in UK, both as a means of transport and as a pastime with over one million motorcyclists. A full motorcycle licence can be obtained at the ag e of 17 after passing a test. Public 1. Road The UK has an advanced and comprehensive road transport system, with a total of 394,000 kilometres of roads. There are almost 3,600 kilometres of motorways, all of which are toll-free except for the M6 Toll adjacent to the M6 in Birmingham. Roads and motorways are UKs primary domestic transport routes. The roads are divided up between major and minor roads. a. Taxi Cab We can stop taxis in the street or hire them at a taxi rank. We can also book minicabs by telephoning their office. Taxis have a meter that works out the fare, which is based on how long a journey takes. Minicabs often do not have a meter and are sometimes cheaper. The most famous taxi has to be the black cabs taxi service in London. Black cabs, also known as hackney carriages or hackney cabs, with the for hire sign lit. b. Buses Public transport in the UK is well developed with local bus services throughout the country. In Great Britain, bus services are generally privately owned. In Northern Ireland they are state-owned and operated by  Translink. Discount fares are often available for young people, students and pensioners. Decker United Kingdom has single Decker and double Decker buses. The red double-decker buses in  London  have become a  national symbol  of England. Double-decker buses are in common use throughout the  United Kingdom, and have been favoured over articulated buses by many operators because of the shorter length of double-deckers. We can find them in towns and cities. The main places a bus goes to are shown on the front of the bus. You pay the driver when you go in. On single-deckers you sometimes buy your ticket from a machine in the bus. Most London buses have a conductor who will come round and collect fares. One way of seeing cities major sight is on an open-top double-decker bus. Tickets are valid for 24 hours and allow unlimited ‘hop on/ hop off’ travel. Coaches Coaches travel longer distances, are more comfortable, have separate compartments for luggage and do not stop as frequently as Decker buses. We use coaches for travelling longer distances or for going on school outings. You must buy a ticket before boarding the buses, there are ticket machines at most bus stops/ stations. Bus routes are identified by numbers and sometimes letters. Buses display their number in large digits at the front, side, and rear of the bus. 2. Rail The  railway system of  United Kingdom is the oldest in the world. The UK has the  18th largest railway network in the world  and one of the busiest railways  in Europe. a. Trams Tram is a vehicle which runs on fixed rails and is designed to travel on streets, sharing road space with other traffic and pedestrians. Most tram systems are on reserved tracks (fully segregated alignments), with only short stretches of on-street running. The tracks that a tram runs on are called a tramway; the system itself can be called a tramway system. Tram systems use lightweight vehicles, which operate at lower speeds than onventional rail vehicles. There are eight tramway/ lightrail systems in the UK; in Croydon, London, Birmingham, Manchester, Sheffield, Newcastle, Nottingham and Blackpool. The stops or stations can be closer to the places they serve, and to other modes of transport at interchanges, than heavy rail routes. b. Light Rail The term light rail is used to describe railway opera tions using smaller vehicles which have a lower capacity and lower speed than conventional railways; light rail infrastructure is designed to be cheaper to build and maintain. Light rail is an intermediate transport mode, catering for short intra- and inter-urban journeys- stops are generally closer together than commuter railways but further apart than local bus routes. Light rail systems almost universally feature electric power, although there are a very small number of diesel light rail vehicles. c. Subway/ Metro Some light rail systems are referred to as Metros. Metro is a term which can be used to describe a high-frequency inter- or intra-urban railway system, which is entirely or largely separate from other main line railway operations. Metro systems feature sections of underground railway and underground stations. Metros can use either conventional heavy rail technology (heavy metro) or modern light rail technology (light metro). Underground railway systems operate in London, Glasgow, and Liverpool. An example in Britain of heavy metro would be the London Underground; examples in Britain of light metro are the Tyne and Wear Metro and the Docklands Light Railway. The London underground railway system (or tube, as it is known locally) is probably the quickest way of getting round the capital. Londons tube network covers the largest area of any underground rail system. The tube runs to all areas of central and greater London, connecting all mainline stations. 3. Air Transport The UK has the largest air transport system in Europe. Air transport is the most popular mode of transport for visitors both to and from the UK. Air transport in the United Kingdom  is the commercial carriage of passengers, freight and mail by aircraft. a. Airport The leading airports in the UK are: London Heathrow: the largest and busiest international airport in Europe and the third largest globally, handling over 65 million passengers a year. Ninety airlines fly to 179 destinations worldwide, operating an average of 1,250 flights a day. The airport is situated 15 miles west of London and has five terminals, terminal 5, used exclusively by  British Airways. London Gatwick: the busiest single-runway airport in the world, with over 32 million passengers handled each year. Ninety airlines fly to 213 different destinations, operating an average of over 700 flights a day. The Airport is situated 27 miles to the south of the city centre. Manchester Airport: the third largest airport in the UK, handling 22 million passengers each year. Over 100 airlines fly to 225 different destinations, operating an average of 600 flights a day. Other major international airports in the UK include Birmingham International, London Stansted, London Luton, Nottingham East Midlands, Glasgow, Edinburgh, Liverpool John Lennon Airport, Newcastle, Robin Hood Airport (Sheffield), Cardiff and Belfast International. b. Airlines Passengers The majority of all passengers travelling by air to or from the UK are carried by UK  airlines, British Airways, and easyJet. The most famous British aeroplanes of all time have to be the Comet and Concorde. Even now, Concorde excites much admired for its beautiful design. Just over a fifth of all terminal passengers are travelling on domestic routes only, whilst half are travelling between the UK and the rest of the  European Union. Just over a quarter of all passengers are travelling on business. 4. Water Transport The United Kingdom is home to a vast network of  waterways. These are navigable bodies of water in various forms such as  canals,  rivers  and  lakes. Natural rivers and lakes were the first waterways to be used for the transportation of people and goods. a. Canals The canals of the United Kingdom are a major part of the network of inland waterways in the United Kingdom. They have a colourful history, from use for irrigation and transport, through becoming the focus of the Industrial Revolution, to today’s role for recreational boating. b. Harbour/Ports The UK ports and harbours industry is one of the largest in Europe, with over 100 active ports operating across the UK. Major international ports such as Tilbury, Southampton, Immingham and Liverpool have container-handling facilities, so goods can be transferred efficiently to other ships, or road or rail transportation. Ports trading with continental Europe such as Dover, Portsmouth and Harwich all have well-developed roll-on/roll-off ferry services to allow goods and materials to be delivered by road. Other ports specialise in general cargo, passenger traffic and fishing. c. Ferries Passenger ferries are widely used for cross-Channel services. Ferries from the UK also sail to Scandinavia, Ireland and Britains various offshore islands. Roll-on/roll-off ferries carry road vehicles between ports in the UK and mainland Europe. These ferries are a fast and efficient way to ship road freight across the English Channel and North Sea. d. Cargo Ships General cargo ships are used for break-bulk and mixed-load cargoes. Specialised bulk carriers are the most efficient way to carry grain, minerals, coal and similar heavy goods. Bulk liquid tankers carry oil, liquefied gas, wine and other liquids. Dry-freight boxes carry every kind of dry product, from electrical equipment to clothing. There are also refrigerated containers, tank containers for carrying liquids and special containers for carrying non-standard cargoes.

Carbon Tax for Australia Fossil Fuel Consumption help

A carbon tax can reduce carbon emissions of organisations and individuals and promote the development of renewable energy sources. The increase in greenhouse gases in the environment is the primary cause of climate change which is occurred due to carbon emissions caused by human activities such as deforestation, use of non-renewable sources of energy and burning of fossil fuel (Marron & Toder, 2014, p. 564). A high rate of carbon tax will encourage companies and people to find new alternative renewable sources of energy such as wind, solar, water and biomass energy. For example, wind power sources in Australia have grown by 35 percent in five years up to 2011 (Hallgren, Gunturu & Schlosser, 2014, n.p). Similarly, in Sweden, oil accounted for just 20 percent of energy suppliers which was 75 percent in 1970 (Sweden, 2018, n.p). Therefore, if a carbon tax is imposed, then carbon emissions will reduce, and investment in renewable energy sources will increase. However, it is difficult for the government and corporations to entirely use renewable sources of energy because they will face different economical and geographical difficulties. As per Lee (2014, p. 1218), manufacturing organisations are the primary contributors of greenhouse gases in the environment because they use fossil fuel such as oil, gas and coal in their procedure. They use fossil fuel because it is easily available and relatively cheaper. For example, in Australia, more than 93.38 percent of energy is consumed through fossil fuel, and companies have to change their entire production procedure in order to use renewable energy sources for manufacturing (Ycharts, 2017, n.p). According to Goulder (2013, p. 8), switching the production location would be cheaper for manufacturing companies rather than entirely changing their production procedure to use renewable sources of energy. Therefore, if a carbon tax is imposed, then companies are more likely to switch manufacturing loca tions since renewable energy sources are very expensive. Although it is difficult for manufacturing companies to use renewable sources of energy, but the technological developments in the field are making renewable energy sources more accessible and affordable for companies. For example, as per Parkinson (2017, n.p), solar and wind energy sources will substantially reduce the coal energy market by 2032 and use of green energy sources will be cheaper for manufacturing firms. Similarly, people are also contributing to reduce their carbon emissions by using renewable energy sources. For example, Adelaide, Alice Springs, Blacktown and Townsville are solar cities in Australia and people can take discounted loans to buy solar panels and use them for generating electricity (Energy Matters, 2017, n.p). Therefore, the imposition of a carbon tax will reduce carbon emissions by increasing the use of renewable energy sources. The imposition of a carbon tax will be an effective tool for reducing carbon emission while at the same time it will generate billions of dollars in revenue for countries. Ploeg and Withagen (2014, p. 297) claimed that a carbon tax would increase the national income and the government can invest that revenue for increasing the use of renewable energy sources. It is called recycling carbon revenues. The government can invest the amount received from carbon tax into diverse fields in order to establish public infrastructure that uses renewable energy sources. For example, Tesla is developing a hyperloop system that will use renewable energy source and reduce overall transportation energy costs and time by travel people at a speed of 1,200 km/h (750mph) (Sakowski, 2016, n.p). If a carbon tax is imposed, then the government will have more capital that can be spent on improving infrastructure that is based on renewable energy sources and more meaningful behaviour. Although there are numerous benefits of the imposition of a carbon tax, it would also result in increasing new burdens for organisations, governments, consumers and the overall economy. According to Andrew, Kaidonis and Andrew (2010, p. 613), the cost of imposition and collection of carbon tax would increase overall expenses of the government which will negatively affect the nation’s economy. For example, it is easy for countries such as Sweden and Norway to implement carbon tax policies effectively. However, it is difficult to implement in countries such as China and India that contributes 30 percent and 7 percent carbon emissions worldwide respectively (United States Environmental Protection Agency, 2017, n.p). The government would face difficulty in effectively imposing and collecting carbon tax in these countries because of high population and low control of the government. If a harmonised carbon tax is not imposed globally, then it cannot be used for addressing the issue of climate change. However, a harmonised carbon tax would generate income globally that could be used by governments for addressing the global issue of climate change. As of 2017, the number of countries that implement a carbon tax policy has reached 40 which include large nations such as the United Kingdom and Australia (Roberts, 2017, n.p). In order to meet Paris climate goals, nations such as India, Brazil and Thailand will also implement policies for implementing carbon tax which would assist in reducing carbon emissions globally (Roberts, 2017, n.p). For example, Demark introduced carbon tax in 1992, and between 1992 and 2005, the carbon emission per person has reduced by 15 percent (Nunez, 2018, n.p). If governments across the world implement a harmonised carbon tax policy, then it will result in reducing carbon emissions of both companies and people. Therefore, carbon tax is an effective solution for addressing the issue of climate change. In conclusion, there are many difficulties in implementing a carbon tax policy such as high administration costs, increase in expenses of companies, lack of harmonised tax system, and high dependence on fossil fuel. However, a carbon tax policy can reduce global carbon emissions and increase the investment in renewable energy sources which assist in addressing the issue of climate change. Thus, a carbon tax policy is the best solution for climate change. Therefore, governments should implement a harmonised carbon tax policy for reducing carbon emissions of organisations and individuals and increasing their dependence on renewable energy sources. Andrew, J, Kaidonis, MA & Andrew, B 2010, ‘Carbon tax: Challenging neoliberal solutions to climate change’,  Critical Perspectives on Accounting,  vol. 21, no. 7, pp. 611-618. Bristow, AL, Wardman, M, Zanni, AM & Chintakayala, PK 2010, ‘Public acceptability of personal carbon trading and carbon tax’,  Ecological Economics, vol. 69, no. 9, pp. 1824-1837. Energy Matters 2017, Australia’s Solar Cities, Energy Matters, viewed 7 April 2018, Goulder, LH 2013, ‘Climate change policy's interactions with the tax system’  Energy Economics, vol. 40, pp. 3-11. Hallgren, W, Gunturu, UB & Schlosser, A, 2014, ‘The potential wind power resource in Australia: A new perspective’,  PloS one, vol. 9, no. 7. Lee, KH, 2011, ‘Integrating carbon footprint into supply chain management : the case of Hyundai Motor Company (HMC) in the automobile industry’,  Journal of Cleaner Production,  vol. 19, no. 11, pp. 1216-1223. Lin, B & Li, X 2011, ‘The effect of carbon tax on per capita CO2 emissions’,  Energy policy, vol. 39, no. 9, pp. 5137-5146. Marron, DB & Toder, EJ 2014, ‘Tax policy issues in designing a carbon tax’,  American Economic Review, vol. 104, no. 5, pp. 563-568. Nunez, C 2018, What’s A Carbon Tax, And How Does It Reduce Emissions?, National Geographic, viewed 6 April 2018, Parkinson, G 2017, How wind and solar will kill coal, sooner than Finkel Suggests, Renew Economy, viewed 7 April 2018, Ploeg, F & Withagen, C 2014, ‘Growth, renewables, and the optimal carbon tax’,  International Economic Review, vol. 55, no. 1, pp. 283-311. Roberts, D 2017 40 countries are making polluters pay for carbon pollution. Guess who’s not, Vox, viewed 7 April 2018, Sakowski, M, 2016, ‘The Next Contender in High Speed Transport Elon Musks Hyperloop’  The Journal of Undergraduate Research at the University of Illinois at Chicago, vol. 9, no. 2. Shuman, EK, 2010, ‘Global climate change and infectious diseases’,  New England Journal of Medicine, vol. 362, no. 12, pp. 1061-1063. Sweden 2018, Energy use in Sweden, Sweden, viewed 7 April 2018, United States Environmental Protection Agency 2017, Global Greenhouse Gas Emissions Data, EPA, viewed 7 April 2018,

Breafly abour Global Warming Essay Example | Topics and Well Written Essays - 250 words

Breafly abour Global Warming - Essay Example This study demonstrates that this effects has led to low agricultural productions which is the source of gross domestic production (GDP) and therefore the global warming effects are depriving most third world countries of their income obtained from agricultural activities. The government has a key role to play in counteracting global warming effects and this is enacting laws that penalize violators of global warming based laws. The political will of the government is to impose legitimacy and authority of the orchestrated policy. On the other hand the public has their role also to play to counter global warming effects. Such roles include; implementing environmental protection policies such policies include using public transport such as trains as much as possible in order to reduce the number of personal cars that emit fossil fuel to the environment, companies reducing their factory exhaust fumes and conserving electricity use by using energy saving bulb. It was interesting in reading how global warming occurs when the sun’s rays penetrate the depleted ozone layer. How the sun rays mix with the green house gases that prevent them from bouncing back to the earths atmosphere.

Steve Jobs Essay Example | Topics and Well Written Essays - 500 words

Steve Jobs - Essay Example He worked with NeXT Computer and later on bought the Pixar in 1986. He returned to Apple in 1996 and purchased NeXT the same year. The company introduced products like iMac, iPod, iPad, iTunes, iPhone, Mac OS and many others. Jobs was time and again criticized for his complete mastery towards persuasion and salesmanship. He made keynote speeches and defied the odds (Siegler, 2011). Eventually he resigned in 2011 from Apple Inc. as the CEO but remained as a pivotal Chairman on the company’s board. This was the reason why Apple’s shares dropped around five percent in the after hour trading within the stock exchange. There was so much more that the naked eye could see when one thought of Steve Jobs. He was a born leader who showcased complete control over what he did, thought and showed to the world through the different tools, gadgets and devices. This is the reason why his death is mourned across the board for a number of reasons (Appleyard, 2009). Nearly the entire planet hailed him as an exceptional human being, who changed beliefs, stood up against the tough times no matter these concerned his own personal health domains and the ones he encountered at work. He was considered to be a very wealthy person who did not earn more than $1 million per year as CEO of Apple. He also held 5.426 million shares of Apple and another 138 million Disney shares. His net wealth is estimated at around $8.3 billion when the same was conducted in the year 2010, which made him America’s 42nd wealthiest individual. Steve Jobs was not known for his philanthropic acts in a public manner which is entirely opp osite to how Bill Gates showcases his philanthropic role (Kopun, 2011). However, Steve Jobs was known to have helped the poor and needy through private acts of charity. It was in the year 2003 when Jobs was diagnosed with cancer and in the following year (2004), he announced to the Apple employees that he was suffering from cancer in his pancreas. He died

Description of Making a Pizza Essay Example for Free

Description of Making a Pizza Essay There’s nothing like a good pizza. The combination of melted cheese and tomato sauce with my favorite toppings all on a tasty golden brown crust is amazing and mouthwatering. The only thing that tops a great pizza is the feeling you get when the great pizza is a creation of your own. Every kind of pizza begins with the crust, but before you have crust you have pizza dough. The soft off-white pizza dough is very malleable. The dough feels cool in your hands as you shape it into a circle adding flour as you knead the dough, and of course there’s the tossing of the dough in the air and catching it which in my opinion is the fun part. After you have your pizza dough shaped and ready, you spread the ingredient that really sets off the pizza, tomato sauce. The aroma of tomatoes and spices blended together perfectly smell wonderfully, and the zesty and robust taste is even better when you have the perfect sauce. After you apply the sauce, you add a layer of cheese. Mozzarella is the usual choice for cheese as it complements the pizza rather well. Especially when my favorite pizza toppings are added which are pepperoni, sausage, and Canadian bacon. Together, the ingredients create an amazing pizza. The last step in creating a pizza is baking the pizza. Hearing the tempting sound of the cheese sizzling as it melts atop the sauce covered golden brown crust in the oven almost makes you want to take the pizza out early and devour it. Finally, when the pizza is baked, it’s time to enjoy the pizza and all its greatness. After taking a bite of a slice of the pizza you created you realize that it brings a sense of satisfaction knowing you created something so good. The smell of the fresh baked pizza, the taste of the toppings, cheese, and sauce after you create it creates a phenomenal pizza eating experience. Which is why I love pizza as much as I love making one.

consumer agency :: essays research papers

An agency with the goal of protecting the public from preventable deaths and injuries related with products on the market is the Consumer Product Safety Commission. Their job is to keep consumers away from products that are hazardous and harmful to them and their children. To do their job they establish safety standards, safety rules, and even ban rules. They also repair and replace or refund a product that is unsafe and can be dangerous. Other things that the CPSC does are regulating toys, cribs, cigarette lighters, and other household items to ensure that they are safe to use. An agency similar to the CPSC is the Food and Drug Administration, which first came about in 1906. The difference is that instead of regulating hazardous products, the Food and Drug Administration regulates unsafe food and drugs. Along with regulating food and drugs they also regulate medical devices and cosmetics. The FDA also makes sure that all products are properly labeled. The FDA’s job is investigating and inspecting products to ensure that no unsafe food or drug may surface to consumers. To do their job, each year the FDA visits thousands of facilities that make food and drugs. The FDA inspects these facilities and if they find that the facility is not following their laws they can send the company to court. Another agency that protects consumers is the U.S Department of Agriculture. The USDA’s purpose is to improve the production of agriculture. The USDA ensures a safe and nutritious food supply to consumers. They also protect agriculture and range land, bring modern sounds and clean drinking water to rural communities, provide rural areas land for farming, and work to provide food to needy people all around the world. The Federal Trade Commission was established in 1915. Its purpose is to keep a free and fair business competition by a number of laws. The Federal Trade Commission prevents false advertising of food and drugs, along with cosmetics and other consumer products. The FTC also investigates business to see if they are running it fairly. If a corporation is not being run fairly the FTC has permission to send that company to court, where the company must prove that it is or the FTC can get rid of the company and its unjust acts.