Tuesday, January 28, 2020

Elasticity Of Demand And Economics Decision Making Economics Essay

Elasticity Of Demand And Economics Decision Making Economics Essay Extent or degree to which a demand or supply curve reacts to the change in price is called elasticity of that curve. This nature of curve varies with different nature of products means if a product is essential then change in price does not effect much on demand. On the other hand less essential product are quite sensitive to the price changes because opportunity cost of buying those product become too high. A good or service is said to be highly elastic if slight change in price leads to a sharp changes in quantity demanded or supplied. There are lots of products in the market which are not needed in our routine life. And a good or service is said to be highly inelastic if changes in price doesnt effect much on the quantity demanded or supplied. These are those product or services which are very much essential to our daily life. Price Elasticity of Demand It is defined as the percentage change in quantity demanded to the percentage change in price for a particular product or service. Demand is said to be elastic if change in price leads to a higher change in demand, in that case Price Elasticity of Demand (PED) would be more than one i.e PED > 1 P P D D Elastic demand PED>1 Q Perfectly Elastic Q Goods which comes under elastic category tend to have following characteristics They are luxury goods. They are very expensive like sports cars. Goods bought frequently. Goods with many substitutes in market. Price Inelasticity of Demand: Demand is said to be inelastic if the percentage change in price doesnt affect much on the demand of a product i.e. PED P P Inelastic demand PED Goods which come under inelastic category tend to have following characteristics: They are necessities. People are use to them means they are addictives like wine cigarettes. They have no or very few substitutes like petrol. They cost a small percentage of income and bought infrequently. In the short demand is usually more inelastic because it takes time to find alternatives. We can say if the price of chocolate increased demand would be inelastic as there is no alternatives, however if the price of mercury increased there are close substitutes in the form of other chocolates. Therefore demand would be more elastic. In broad there are three factors influencing the demands price elasticity: The availability of substitutes: This is the most important factor influencing the elasticity of a good or service. In general speaking more the substitutes the more elastic the demand will be. Income available to spend on goods: This factor affecting demand elasticity refers to the total a person can spend on a particular good or service. Now suppose price of orange juice goes up from $2 to $3 and the income remains the same. So the income that is available to spend on orange juice which is say $12 is enough for only 4 cans rather than 6. In other words consumer is forced to reduce his demand of orange juice. So if there is increase in price and at the same time no increase in available amount for that good or service then there will be elastic reaction in demand. Therefore demand will be sensitive to a change in price if there is no change in income. Time: Another important factor is time. If price of cigarettes goes up by 15%, a smoker with very few substitute start buying on daily basis instead of buying for a week or so. This suggests that tobacco is inelastic because change of price will not have a considerable influence on the quantity demanded. However if the smoker finds difficult to spend extra 15% and begins to get rid off smoking, the price elasticity of cigarettes for that consumer become elastic in long run. Market Structure: Every market has his own features on which it works or behaves. There are few features which we should consider while determining the market structure as First of all we should know the awareness of consumer about the market. We should know how knowledgeable our customers are. We should know how many firms are doing the same business; it tells us the extent of competition we are supposed to face. What type of product we are dealing with, whether it is coming in the category of necessary product or in the category of luxury product. Whether the entry in the market is easy or difficult and same is the case with leaving the market. Based upon these factors we decide whether the market is perfectly competitive or imperfectly competitive. In a perfectly competitive market there is no entry and exit barrier, we can enter or exit at any point of time from the market. Also in perfectly competitive market product is homogenous and there are large number of buyers and sellers. While in imperfectly competitive market there are very few buyers and sellers, very difficult to enter into and exit the market and at the same time there is monopoly of product. Market Structure of Airline Industry: Market structure which suits to Airline Industry is oligopoly market. In this type of market there are only 2-3 firms who dominate the market. Advertisement and marketing is very important in such type of markets. As there are very few firms, they know each other very well. They know strategies of each other. So they always consider their competitors, while making price strategies, because they just cant set the prices by themselves. They have to consider the pricing of their competitors as well. Although when one firm has a dominant position in the market the oligopoly may experience a price leadership. Firm having lower market share may forced to follow the pricing policy of dominant firm. As large amount of fixed cost is involved in this type of market so entry as well as exit is very difficult. There are basically three major theories about the oligopoly of pricing as under: These firms collaborate to charge the unique price and at the same time unique profit. These firms compete on price so that price as well as the profit will remain same as in competitive market. These firms had the price and profit in between of perfectly competitive and monopoly markets. Market Structure Seller Entry Barrier Buyer entry Barrier Number of Seller Number of Buyers Perfect competition No No Many many Oligopoly Yes No Very few many Monopoly Yes No Only one many Table for different market structure Yield Management: The basic concept of yield management is to provide right service to right person at the right price on right time. (Kimes, 1989: Weatherford and Bodily 1992). Now in case of Airline Industry we can define yield management as generating maximum revenue per seat by keeping customer satisfied. We can do this by applying different policies. As in every industry, customer is very important in this industry. Customer is paying quite an amount to get the services of this type of industry. So we have to take a very good care of customer as well. We have to provide good service right from the booking of ticket to leaving off the plane. The strategic points of yield management are four Cs namely, calendar, capacity, clock and cost and they all bound together with another C i.e. customer. Singapore Airlines is a great example of this. They take a great care of their customers. They keep data of each and every passenger travel with them. They not only provide excellent service but also maintain good and caring relations with customers. Firms compete for market share and demand from customers in many ways. We differentiate these ways into two major subheads i.e. Price Competition and Non-price Competition. We are considering New Zealand Airline Industry as an example Price Competition: Price competition involves increasing the demand by discounted the price. We increase our business in different ways as under: We can provide discounted tickets in the off seasons. We can provide ticket through some scheme like buy one ticket and get 50% discount on purchase of another ticket. This would definitely attract customers and at the same time would increase the revenue. Because there is no use of flying with vacant seat, its better to have customers with discounted tickets. We can also start pre booking scheme especially for our off season. We can launch scheme like discount on ticket booked 1-2 months before. This would enable us to know how much customer we have in our off season and we can make our further strategy according to that. If we still have very few bookings then we can offer some gifts, holiday package or so on booking to boom our sale. We can introduce new packages with our tickets. We can collaborate with few hotels to provide a complete holidays package to family, newly married couples teenagers. We can provide one way free travel, means a person can pay for one way and get the ticket for return as well. This will increase the revenue and at the same time enable us to get few loyal customers. Non- Price Competition: This is the focus on other strategies to increase the market share. There are various strategies which comes under this category as Advertisement and marketing is the major strategy which comes under this category. As there is huge investment involve in this type of industry so we want to get super normal profit out of this. Advertisement plays an important role in achieving this. We advertise and market our product or service in such a way that it put significant impact on customer. On line booking is another value added service. We can book our ticket from home and get our seat confirmed. This would help customer to make his plan well in advance and at the same time it is hassle free. This would enable them to get rid off agents as well as long queue. And apart from this it is 24 hours service. Locality card or points given to every customer, who keeps on adding and customer, will get a prize on reaching certain points. This enable customer to interest for his next trip from same airline.

Sunday, January 19, 2020

Blue Hotel :: essays research papers

The Blue Hotel Steven Crane is not one of the most liked authors in the world. He tends to become to engulfed in the scenery around the action that is taking place rather than the action itself. When watching the movie, cannot experience this description since it is given to them. Details are very important for the readers because if the reader cannot see the same thing that the writer sees then the reader might lose interest in the story. In the story â€Å"The Blue Hotel,† Crane uses his excellent setting and character description along with the physical, emotional, and intellectual responses of people under extreme pressure and the betrayal and guilt he shows between the characters to help the reader better understand the story or poem. Crane shows these characteristics in almost everything he writes. In â€Å"The Blue Hotel,† Crane does an excellent job of describing the setting to you in every way possible. For example in the beginning of the story â€Å"The Blue Hotel,† he says â€Å"the hotel was painted a light blue, a shade that is on the legs of a kind of heron, causing the bird to declare its position against any background.† He does this type of depiction on every single thing he describes. Then in paragraph three he says, â€Å"A little Irishman wore a heavy fur cap squeezed tightly down on his head. It caused his two red ears to stick out stiffly, as if they were made of tin.† In the movie you are left with no dialogue and all you can do is witness what is being presented. In the end Crane even goes into an in depth description of the bitter cold snow outside. From his description the reader can imagine more chilling scenery than that one that can be created by Hollywood. Crane also does a good job of establishing his characters through one of his major themes; the physical, emotional, and intellectual responses of people under extreme pressure. Crane shows this in his characters to help the reader better understand what the character is going through. One example of this is when the Swede accuses Johnny of cheating in a card game. This offends Johnny and his emotional and physical reaction is to challenge the Swede to a fight. Crane stories consist of that moment when the characters confront the inescapable impasse of their situation, they are caught and boxed in by fate, and then nothing happens.

Saturday, January 11, 2020

Porter Five Forces Assist an Organisation in Their Strategic Planning

How does Porters Five Forces Model assist an organisation in their strategic planning? Before understanding â€Å"how† we must know â€Å"what† Porters Five Forces model really is (Michael E. Porter, 2008). Company strive to secure a competitive advantage over their rivals, I mean who doesn’t want to be the best? Although the intensity of rivalry varies within each industry and these differences can be important in the development of strategy, but rather the five forces (Porter, 2008) being a strategy of any sort, it acts a framework in securing a strategy.The only time where strategy is irrelevant, would be when you have no competitors where ultimately the environment is a monopoly, or when you have a ton of money to throw around and waste. But having said that, it is not likely at all. Without framework, strategy will inevitably collapse, as they both come hand in hand. Thus a chain arises as the five forces (Porter, 2008) acts as a framework in assisting an or ganisation in their strategic planning, where strategic planning leads to a competitive advantage over their competitors which then leads to ultimate success of the company.Before proceeding to the question at hand on how Porters Five Forces can assist an organisation in their strategic planning, first we have to know two things, what are the Five Forces that Porter (2008) proposed, and ultimately what strategy really means? To ease this journey, let’s start with the Five Forces (Porter, 2008).Before any company enters a certain market, one must first analyse the competitive nature of the market, and this is exactly what the Five Forces (2008) aids to do, to provide a framework to determine the intensity of competition within an industry where three of the five competitive forces comes from an external sources, and the remainder coming from an internal sources. These external sources includes: Threat of potential entrants, threat of potential substitutes and rivalry of existi ng firms in the industry.Now these sources are external due to the fact that it is simply impossible to temper with. But what we can control, are the two internal sources: the bargaining power of suppliers, and the bargaining power of buyers. Being aware of the five forces can aid firms into identifying existence and the importance of each of the five forces, as well as the roles that each force plays into the success of the firms. The threat of potential entrants: Although it is possible for any company to enter and exit a market of their choice, each market has their own unique barriers to go in and out of.Therefore the essence of this force deals with the level of difficulty that a company can enter into an industry which will ultimately impact competition within the industry. Whenever a new company enters an industry, the competitive climate changes; it provides more alternatives to consumers, therefore reducing its attractiveness and the competition within the industry increase s as each company is trying to come out on top. As each industry have their own unique characteristics it allows them to build a barrier from other industries protecting them from profitability while restraining additional rivals from entering the market.These restraints and characteristics that industries create are referred to as barriers of entry. Barriers of entry are a characteristic acquired uniquely to each industry. It attempts to reduce the rate of entry of new companies which maintains the level of profitability for all current industry competitors, where if new companies enters the industry, the profit is shared amongst the original and the newly developed companies in the industry, ultimately decreasing overall profits of each company, which isn’t ideal.Conversely when profitability of an industry is high, companies will attempt to come into the industry to get a piece of the action, which then will eventually result in reducing profits due to the fact that it is divided up into more quarters. Where there’s an entry, there’s an exit, barriers to exit limits the ability of a firm to leave the market, meanwhile rivalries can worsen. So when barriers for entry and exits are high, it means that companies have a higher potential to make more profit and the opposite occurs when barriers are low.The threat of substitutes: where it refers to substitute product as those that are available in other industry which can also fulfil the need and want of the consumers. It can affect competition in an industry by placing an invisible ceiling on prices which companies within the industry can charge, due to the fact that if the cost of substitute is low then the consumers will tend to purchase substitutes, therefore limiting the prices that a company can place on certain items to gain maximum profit. For example, lemonade can be substituted for a soft drink.Generally, competitive pressures arising from substitute products increase as the relativ e price of substitute products declines and as consumer's switching costs decrease. The bargaining power of buyers is affected by the concentration and number of consumers, when buyer power is strong, they gain the power to choose between producers and ultimately equip themselves with bargaining power which then the producers will have to conform to in order to produce profit, under these conditions the buyer has the most influence in determining the price of products.Also when buyers have strong bargaining power in the exchange relationship, competition can be affected in several ways. Powerful buyers can bargain for lower prices, better product distribution, higher-quality products, as well as other factors that can create greater competition among companies. To minimise the power of buyers, companies can develop offers in which strong buyers cannot refuse, also, companies can choose to select buyers with less bargaining power.Similarly, the bargaining power of suppliers affects t he intensity of competition in an industry, for a production industry that produces goods, raw materials are needed which creates a buyer and supplier relationship between the industry and companies which produces the raw materials. Suppliers may be able to determine prices especially when there are a large number of suppliers, limited substitute raw materials, or increased switching costs. The bargaining power of suppliers is important to industry competition because suppliers can also affect the quality of exchange relationships.Competition may become more intense as powerful suppliers raise prices, reduce services, or reduce the quality of goods or services. In order to minimise the power of suppliers, industry tend to build win-win relationships with suppliers where both parties benefits from it or arrange to use multiple suppliers so if one supplier chooses to increase their prices, the company doesn’t get affected as much. Competition is also affected by the rivalry amo ng existing firms, which is usually considered as the most powerful of the five competitive forces.In most industries, business organizations are mutually dependent, industries that are concentrated versus fragmented; often display the highest level of rivalry. A competitive move by one company in pursuing an advantage over its rivals can be expected to have a noticeable effect on its competitors, and thus, may cause retaliation of other companies, for example, lowering prices, enhancing quality, adding features, providing services, extending warranties, and increasing advertising, placing themselves in a competitive advantage over the competitors.The nature of competition is often affected by a variety of factors, such as the size and number of competitors, demand changes for the industry's products, the specificity of assets within the industry, the presence of strong exit barriers, and the variety of competitors. These conditions will lead to a more challenging industry where com panies compete in, leading to price wars, advertising battles, and the addition of new products. So after going through the five forces, let’s take a look at what strategic planning really means.If we are going to have a good strategy, we must separate strategy from goals and objectives and other issues that managers often think about. Now most management practitioners make the mistake in defining strategy, a strategy is what unique position that we will be able to achieve, what our advantage is going to be at the end of the day as we take these steps accumulatively over time, how we’re going to be unique? How we’re going to have an advantage? How we’re going to sustain the advantage over time? Schermerhorn, Davidson, Poole, Simon, Woods, Chau, 2011). The steps we take aren’t a strategy, but somehow numerous companies make the mistake of fixating themselves on a particular action that an organisation want to approach, which then inevitably becomes their strategy but that usually leads to the downfall of the company simply because they do not know why they’re doing it and when they should stop doing it. As we all know, every industry is different, therefore, there is no universal strategy that can apply to any business.But before proceeding, a company must understand their position and the industry that they are in and their circumstances in order to find a way of obtaining a competitive advantage over the competitors, where indefinitely delivering a unique value to the consumers which rivals cannot. As the five forces (Porter, 2001) suggests that being at a competitive advantage is the idealistic way of being on top, due to the fact that every industry has their own set of economics, the five forces (Porter, 2001) without a doubt acts as a framework to extract any necessary information needed to develop strategy to gain competitive advantage.The Five forces (Porter, 2001) help you home in on what is really causing prof itability, or in fact what is causing the trends of the significance and change of the industry. This powerful framework can prevent an organisation from getting tricked or trapped into the latest trends like the technological sensation, and really allowing organisations to focus solely on the underlying fundamentals. This can be applied to any industry whether if its production or a service, high tech or low tech, emerging or developed industries (Porter, 2001).With the framework at hand, it acts as a guide or even a tick off criteria sheet into strategic planning, how should we begin? The strategy formulating process will be pretty straight forward from here after deeply understanding the five forces which Porter (2001) proposed. The first step should be the analysis of the industry that a company is trying to get into, looking at the environment to tick off all of the 5 boxes one by one, evaluating what the industry looks like, how it’s been changing over time, and what ar e the drivers of competition (Schermerhorn et al, 2011).After a careful analyse the company is then required to under the dynamics as to where the industry is going, how the buyers and substitute’s entry level are evolving, and lastly how to position the company to gain a good profit. These are all extracted from the framework proposed by Porter (2001), although competition is sometimes looked at too narrowly, with careful analysis of the five forces (Porter, 2001) will ultimately position the company in a competitive advantage.Where a competitive advantage allows an organisation to deal with the market and environmental forces much better than its competitors (Ramon, 2012), to achieve this goal, the company needs to be at its best and better than the competitors who are trying to achieve the same goal in the same industry. Rather than a goal, competitive advantage is a position that a company wants to be in, a goal is to make the competitive advantage sustainable in spite of all the mockery of rivals, although achieving and sustaining it is a challenging task, but it will set concrete roots for the company in years to come.The implementation of strategic planning tools serves a variety of purposes in companies, including the clear definition of an organization's purpose and mission, and the establishment of a standard base from which progress can be measured and future actions can be planned. I-O psychologist Ramon E, Henson (2012) and Robert E, Ployhart (2012) although having disagreements in some parts of their papers, they ultimately come forward in reinforcing the importance of competitive advantage suggesting that I-O and strategy has been â€Å"joined at hips for years† (Ramon, 2012), also suggesting hat I-O psychology should stray from the focus of individuals and start focusing more on the company as a whole as they have â€Å"much to offer† in the understanding of competitive advantage (Ployhart, 2012). Furthermore, the strategic planning tools should communicate those goals and objectives to the organisation as a whole rather than just the ones involved in the strategic planning process (O’Shannassy, 2003) to achieve a more efficient work flow. Throughout the centuries, countless strategic approaches has been formed and used and recycled, so why use Porter’s Five Forces (2008)?For example, strategy as simple rules Kathleen M. Eisenhardt, ; Donald N. Sull, (2001). It illustrates the success story of Yahoo! , along with other successful companies coming from an unattractive market. â€Å"So how they did succeed? More generally, what are the sources of competitive advantage in high-velocity markets? What does strategy mean in the new economy? † (Eisenhardt et al, 2001, p. 108). The key is none-other than strategy as simple rules, it targets market confusion and rides the magic carpet to see where or what it will journey into.Although it is indeed called â€Å"simple rules†, a rule still applies to it, as one Internet executive explained: â€Å"I have a thousand opportunities a day; strategy is deciding which 50 to do. † (Eisenhardt et al, 2001, p. 108). As it summarises and illustrates that simple rules is all about taking risks, its essence is to capture unanticipated opportunities for ultimate success. Although for companies like Yahoo! has gained huge success, simple rules (2001) cannot apply to any industry as the authors suggests (Eisenhardt et al, 2001).If the opportunity presents itself, for anyone to use simple rules (2001) as a stepping stone to success, without a doubt, one should take the opportunity, but an opportunity does not just come without any background knowledge of a particular industry, and this is where Porter’s Five Forces (2008) comes into play, as it provides a framework for careful analysis of the industry, by analysing the industry will allow you to grab hold of the opportunities that might come about. Despite the fact that there are numerous of strategies to obtain competitive advantage, Porters Five Forces (2008) acts as a basis of all these trategies, as it is a tick-off criteria sheet which allows a company to understand their position before even implementing any sort of action. It is important as companies strives for ultimate profitability, thus the importance of a company securing a competitive advantage over their competitors is key, as even I-O psychologists supports the important of competitive advantage and that it should be a â€Å"department on its own† (Ployhart, 2012). How to implement strategy and sustaining it is another question. Although Yahoo! nd some other companies has succeeded without the five forces (Porter, 2008), it is a dangerous and risky step, and for those who doesn’t have the resource to throw around, Porters Five Forces (2008) will not only act as a friend but mentor to the journey of success. Reference John R. Schermerhorn, Paul Davidson, David Poo le, Alan Simon, Peter woods ; So Ling Chau (2011). Management 4th Asia-Pacific Edition. Queensland, Australia: John Wiley ; Sons Australia, Ltd. Kathleen M. Eisenhardt, ; Donald N. Sull, (2001). Strategy as Simple Rules. Harvard Business Review,79(1), 106-116.Porter E. Michael. THE FIVE COMPETITIVE FORCES THAT SHAPE STRATEGY. Harvard Business Review, 00178012, Jan2008, Vol. 86, Issue 1. RAMON M. HENSON. Industrial-Organizational and Strategy Are Integrated in Practice! Industrial and Organizational Psychology, 5(2012), pp82-86. Robert E. Ployhart. From Possible to Probable: The Psychology of Competitive Advantage. Industrial and Organizational Psychology, 5 (2012), 120–126. Tim O’Shannassy, (2003). Modern Strategic management: Balancing Strategic Thinking and Strategic Planning for Internal and External Stakeholders. Singapore Management Review, 25(1), 53-67.

Friday, January 3, 2020

Is Identity Theft Or Having Credit Card Or Banking...

As we have moved into an era where we are more and more dependent on the internet and cyber technology than we ever have been, it is almost natural for criminals to find a way to learn to exploit the information available. While there are some internet hackers and activists that utilize their skills to send a message or to push an agenda, there are many hackers and cyber criminals that utilize their skills illegally for monetary gain. Many of us have most of our bills and finances online, and we utilize the internet to track and manage these types of accounts. While there may be no way to revert to the days of paper accounting, the idea of identity theft or having credit card or banking information stolen has many people fearful of having their information on the internet. While there may be no guaranteed method of ensuring your information is completely protected, there are ways to make yourself much less vulnerable to these attacks. By educating oneself on the risks and vulnerabili ties associated with being on the internet and having so much information tied into it, you may be able to stay much safer. One of the first and most important things that everyone must do in order to avoid being a victim of cybercrime, is educating yourself of exactly what cybercrime is and the many ways it can manifest itself and affect you. Simply put, cybercrime is any type of crime that is perpetrated by the use of a computer or similar device and a network. One of the most common andShow MoreRelatedIdentity Theft Paper903 Words   |  4 PagesIdentity Theft and Cards There is many of the America nation that says their identity can’t get stolen, but it can. There is even ways for your identity to be stolen with your credit cards now. Anyone can be the next victim of identity theft. That is why in this research I will tell you how you get identity theft and how to prevent identity theft, because most Americans never know it is happening. Americans need to allow themselves to come to know the cautions of identity theft. There areRead MoreQuestions On E Commerce Fraud1221 Words   |  5 Pagesrelated function in order to present fraudulent solicitations, steal personal information, conduct fraudulent transactions, or transmit money from bank to bank or to other cyber criminals. Fraud is not exclusive to credit or debit cards and criminals have become more sophisticated in their usage of malware in order to take over online banking logins via consumers’ phones, tablets and computers. The stolen banking information is then used t o make fraudulent purchases online that is nearly untraceableRead MoreIdentity Theft : The Problem With Security1901 Words   |  8 PagesIdentity Theft: The problem with security of who we are Identity theft is the talk of the day with many victims suffering from its dire consequences. It has the means to ruin an individual s life with being doubted in the near future when trying to accomplish anything that is credit and government related. It has sent many innocent people behind bars with accusations that are fraudulent and unnecessary. By a simple credit card number and social security number, the whole identity profile will beRead MoreE Commerce And Its Effects On The World Of Businesses Essay984 Words   |  4 Pagessteps and having poor security can cause identity theft. Identity theft is not something new that has recently attracts people’s attention. The classic theft is â€Å"petty thieves†, and criminals been doing this for centuries. â€Å"Petty thieves† are the criminals that steal wallets and purses, and now modern days stealing credit cards and debut cards. They go on shopping to spend all the money in your wallet, purse, or credit card. Since the early 1990s the growing technology, a new wave of identity thievesRead MoreIdentity Crimes : As Common As Death And Taxes1099 Words   |  5 PagesIdentity Crimes: As Common as Death and Taxes With the rise in the need for the convenience of online shopping and bill pay, identity theft has become a more prevalent issue around the world. Identity theft is a type of crime in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud of deception, typically for economic gain (Identity Theft). In 2009, approximately 13.9 million Americans were victims of some form of identity theft (Theoharis). StudiesRead MoreIdentity Theft Essay3006 Words   |  13 PagesKevin Gardner Proposal Paper ENWR 102-G 4/25/2013 Identity theft is committed every day in the United States. This form of crime can be extremely serious and life changing. The amount of resources the United States puts toward the prevention of identity theft is just not enough. Identity theft can harm a persons’ entire life because of all the damage that the thief can cause in such a short amount of time. Identity theft is a threat to everybody and the world as a whole should be more awareRead MoreAre Credit Cards More Convenient Than Cash?1019 Words   |  5 PagesAre Credit Cards More Convenient than Cash? Money is seen and used every day in the majority of countries around the world. The debate whether or not cash is better than credit is stronger than ever due to advancements in technology. So which one is better? The benefits of cash are that when used, one can physically see how much they are paying or earning. Credit cards are more convenient in terms catching theft; However both forms of money come in handy and are generally simple to track. Cash andRead MoreMgt 426 Week 2 Team Assignment1458 Words   |  6 Pagesis identity theft. Identity theft can happen through the internet, ATM, emails, or even a phone. Identity theft can happen when any person(s) takes an individual’s information, such as their Social Security number, or even banking information for financial gain. â€Å"Close to 100 million Americans have their personal information placed at risk of theft each year when records in databases are lost, stolen or accessed by unauthorized individuals† (Informat ion systems and technology, n.d.). Identity theftRead More Identity Theft Essay966 Words   |  4 Pagesbaby food to prescription drugs on the internet and it will be delivered in a timely fashion to your front door. No line, no commute time, no annoying shoppers and no incompetent sales persons. Banking online is a recently developed convenience. How often do you forget to pay your bills? With online banking your bills are paid on time. You also have immediate access to your bank statements updated by the minute. It sounds almost too good to be true and it is, sort of. Just like in every aspectRead MoreHow Identity Theft Affect the Culture of Our Society5785 Words   |  24 PagesHow Identity Theft Affect the Culture of our Society Sections I, II, III and IV Rodrekus Baskin DeVry University How Identity Fraud and Theft Impact the Culture of Our Society Section I Identity theft affects millions of Americans every day. Scam artists and hackers lay in wait for an unsuspecting person to get caught up their scheme through ignorance or naivety so they can take full advantage of their personal information to do as they desire with it. Problem is, it infiltrates