Advantages And Disadvantages Of Traditional Economy

The economic system, traditional economy, which is the first and the oldest system appears from the ancient age of human beings. The main production is hunting, gathering, fishing, and agriculture. Its characteristics consist of making economic decisions by the guides from experiences of the elders, producing goods for what people need, and the most unique thing is that this system has no currency (Kimberly Amadeo, 2017). So how do merchandises or customers buy something such as bread or meat? The way to get the goods is that people exchange what they have, which called barter. In fact, traditional economy has some disadvantages and there are only a few countries and indigenous tribes applying this system in the world at the present. They†¦show more content†¦The last disadvantage is that people only produce for what they basically need. Their daily products depend on fishing, hunting, and agriculture; but once the winter comes, there is no way to grow foods, or the animals immigrate every year that makes hunting and fishing impossible. The problem is that they produce limitedly, which means no leftovers. It is due to the fact that people reserve foods for winters; however, they cannot create wealth and their life standard just stays in a low range because there are only a few leftovers. Benefits of Traditional Economy Once again, people only produce goods and services which are essential for survival. This is also an advantage which resources are not wasted while producing goods and services. For example, there are 100 villagers and each of them needs 2kg of fish. Then the fishers must catch at least 200kg of fish. If they cannot consume more than 200kg, then those reserve fishes will be spoiled. Also, people in traditional economy know exactly what their roles or jobs are, which causing no unemployment because they will do a particular job based on their abilities and skills. Additionally, they can trade their products when doing their job to get other products. But if they are unsatisfied of their job, they can find another one instead of protesting. This because they know theShow MoreRelatedMarket Economy988 Words   |  4 PagesPrinciples Practices, one of the disadvantages is â€Å"that it does not provide for the basic needs of everyone in the society.† That is true, but with the assistance from some government services such as Social Security and Medicare, the people will be helped and still remain free to purchase and buy what they want. Another disadvantage that is stated is the possibility of economic failure. The economic could fail if there is not enough competition. In a mixed market economy, the government helps preventRead MoreHistory Of New Zealand Of ficial Career Education Policy1261 Words   |  6 PagesCallanan, and Godschalk (2000), career has a connection with a person’s work experience during a progress of their life (as cited in Porter, 2005). Apart from career itself, we are also aware of both career concepts which is called a traditional and contemporary career. Traditional career is seen as a predictable and secure career, where its hierarchy in the organisation structure was rigid and runs on the stable environment while contemporary career likely tends to be more unpredictable, dynamic and vulnerableRead MoreThe Four Main Economic Systems and Their Application in South Africa1426 Words   |  6 Pagesfour main economic systems are: Traditional, Command, Market and Mixed South Africa has come a long way since the days of apartheid, from being a country living within sanctions to evolving to a mixed economy. It has become too diverse that citizens are liberated into certain economic activities of their choice. Everyone is entitled to their own private freedom, combined with centralized with economic planning and government regulation. Traditional Economy The traditional system is based on ancient methodsRead MoreTourism During The Middle East Business News886 Words   |  4 Pagesdiscovery of the oil the economy of the UAE was dependent on fishing and pearl trade. The people were busy in farming dates, breeding camels and goats.Since the discovery of the oil in 1966, the country’s economy and society have changed considerably. Discovery of the oil boosted the economy and throughout 25 years the UAE has developed high living standards. The oil discovery attracted many foreigners to work in the UAE. 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These statistics will significantly affect the work place with people losing their jobs which can be blamed for the popularity of online shopping. This brings rise to other concerns which should be considered including advantages and disadvantages of online shopping, the legislation regulating its use and the economic, ethical and environmental impacts associated with online shopping. Introduction: The issue chosen that is experiencing a strong growth amongst AustralianRead MoreGlobalization Effects on Jamaica and Thailand Essay836 Words   |  4 Pages For both countries globalization has had both advantages and disadvantages. Tourisms Effect on Jamaica Globalization through tourism has had a significant effect on Jamaica. Originally, tourism was intended to profit the country by tourist spending. It was believed the economy would grow from an increase in job availability. Also, the conjecture of most Jamaicans was the hotels generated tourist spending which provided a growing economy. 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Frequent Shopper Program Free Essays

Kudler Fine Foods (KFF) is a local upscale specialty food store that is committed to providing customers with the finest selection of specialty foods. In addition, KFF would like to reward their customers for their loyalty by incorporating a frequent shopper program. KFF is planning on developing a system that tracks customer purchases and awards loyalty points for redemption. We will write a custom essay sample on Frequent Shopper Program or any similar topic only for you Order Now The system will assist KFF in satisfying their most valued customers. Smith Systems Consulting Firm has been contracted for the development of the system. Smith Systems Consulting has been serving clients since 1994 with high value web and business application services. In this proposal, Smith Systems consulting will propose two alternative methods for completing the frequent shopper application. The advantages and disadvantages for each method and how the firm would conduct testing for each development method will be discussed. Regardless of which method is used, most software process models, follow a similar set of phases and activities. The difference between models is the order and frequency of the phases. The specific parts of the software process are presented below: 1. Inception – Software product is created and defined. 2. Planning – Resources, schedule, and cost are determined. 3. Requirements Analysis – Specify what the application must do. 4. Design – Specify the parts and how they fit 5. Implementation – Write the code 6. Testing – Execute the application with input test data 7. Maintenance – Repair defects and add capability (TechTarget, 2014) The first model that will be proposed is the â€Å"waterfall† process. The â€Å"waterfall† process is the oldest software process model and despite its weaknesses, it is still in widespread use today. The waterfall process requires following the phases in a sequential order where the output for one phase is used as the input for the next. The next phase in the process is not started until the previous one has been completed, although a small overlap between phases is accepted. Two advantages and disadvantages of using this model relative to the frequent shopper program will be discussed. The first advantage is the practicality of the process. We have been using this process for many years and have a great deal of experience with it. All individuals involved have and understanding of the process and its execution. The second advantage is the process is simple and easy to use. The criteria of each phase are set and completed sequentially. The order of execution is easy for everyone to comprehend. There is no question on what needs to be completed before the next phase can begin. The first disadvantage is that requirements need to be known up front. KFF currently has a broad range of requirements and every detail is not known. As the project progresses, more details may become known; which could cause the project to be stopped and re-imagined. The second disadvantage is that there is no feedback of the system by stakeholders until after the testing phase. KFF has no way of knowing if the program meets their requirements because the â€Å"waterfall† process does not facilitate intermediate versions. The second method that will be proposed is the agile methodology. The agile methodology proposes alternatives to traditional project management. Agile development focuses on keeping code simple, testing often, and delivering functional bits of the application as soon as they are ready (TechTarget, 2014). One goal of agile development is to build upon small-client-approved parts as the project progresses, as opposed to delivering one large application at the end of the project. One advantage to using agile methodology for the frequent shopper application is the ability to respond to changing requirements. KFF may decide to change the requirements of the project, which can easily be handled using the flexibility of the agile methodology. A second advantage is the face-to-face communication and continues input from customer representatives making sure that there is no guesswork (Buzzle, 2013). The result is exactly what the customer has required. The first disadvantage of the agile methodology is the possibility that the project can be taken off track. KFF is not one hundred percent clear on the final outcome that they want; therefore, the project has the potential to get off track because requirements are constantly changing. Another disadvantage is that it is difficult to assess the effort needed to complete this project at the beginning of the software development life cycle. Since KFF is not specific on the requirements for the project, we cannot plan how much time or the amount of resources we will need to complete the project. Regardless of the method that is used for the frequent shopper application, testing is a necessary component of the process. Testing is conducted differently depending on which software model is used. Since the waterfall method follows a sequential approach, the testing is done so also. The flexibility of the agile method also allows flexibility for the testing process. Using the waterfall method testing would begin during the implementation stage. The work would be divided into modules and the coding would begin after receiving the system design documents. The frequent shopper program would be developed into small programs called units. As an example, there would be a program that handles the input from the customer and another program that would track the employee’s reward points. Each unit is developed and then tested for functionality. Unit testing verifies if the units meet the specifications. The units are then integrated into a complete system during the integration phase and tested to see if all units coordinate between each other and the system functions as a whole per the specification (Onestoptesting, 2014). After testing of the frequent shopper program is successful, the software is delivered to the customer. If problems are found after deployment they are solved immediately. This is referred to be maintenance and sometimes that process is virtually never ending. Agile testing focuses on testing being an integral part of software development rather than a separate phase. (â€Å"Agile Testing†, n.d.) Testing from the beginning of the project and continually testing throughout the project lifecycle is the foundation in which agile testing is built. Agile testing is software testing based on the principles of agile software development. The combined team, including the testing team will take responsibility of analyzing the business requirements of the frequent shopper program. Together the team will define a sprint goal. The testing team will then begin work on the test plan that is validated by the entire team and KFF. As the development team starts the implementation, the test team will begin working on the test case design. When the code is ready to test, the test team will do a quick test on the development environment, in order to identify the early stage defects. Developers will fix the defects on a priority basis. This iteration will continue until the end of the code implementation. In addition after approval from KFF, automated test cases will be run on a daily basis. Because of the frequency of testing using the agile method, automated tests are needed. Smith Systems Consulting needs to choose the methodology that works for them and the client. Since each project is unique, there is not a one-size fit all methodology. Two alternative methods for completing this project were presented and Smith Systems Consulting can make a decision on which to choose. How to cite Frequent Shopper Program, Papers

Everbright Commercial Enterprises for AXA - myassignmenthelp.com

Questions: 1.Explain to Ariana and Elsa if they are liable to pay for both the overdue accounts 2.Distinguish how the business of Fabulously You! would be run and managed if it were a limited liability partnership Answers: 1. The issue in this question is if Ariana and Elsa can be held liable to pay for the contracts created by Bella, particularly in view of the fact that it has been expressly stated in the partnership agreement that the object of the business will be to sell clothes that have been imported from Europe only and the sale of any other articles, other than clothes have been prohibited. Still, Bella had ordered a shipment of clothes from Korea and she had also ordered gemstones and jewelry worth $20,000. The law of partnership provides that each partner is considered to be liable jointly and severally along with all the other partners, regarding all the acts of the partnership business that have been done while such person remained a partner. Moreover, the law also provides that in this regard, the liability of all the partners is unlimited (Chiam Heng Hsien v Chiam Heng Chow, 2015). In view of the joint and several liability of the partners, the creditor of the partnership business may have civil causes of action. Therefore, it is available to the creditor of the partnership business to either sue the partners together or such creditor may also decide to sue the partners separately. On the other hand regarding the dealings between the partners themselves the partner who has paid for more than his share of the liability, as an option under the law to claim contribution from the other partners in accordance with the terms of the partnership agreement (Gabriel Peter Partners (suing as a firm) v Wee Chong Jin and othrs., 1997). The law also provides that when a partner who was acting within his apparent authority and has mis-applied the money or property of the business, either party can make the firm or any of its partners liable if the partner has misappropriated any money or property that was received either as a repayment of debt or as a loan on account of the firm. The law provides that every partner (and in case of his death, his estate) is liable for the debts and obligations of the firm that will incurred while such person was a partner of the firm (Chiam Heng Luan v Chiam Heng Hsien, 2007). In the same way, the partnership and all the partners can also be sued for any wrongful act that may be committed by a partner in the course of the usual business of the firm or being carried out with the authority of the other partners (Hely-Hutchinson v Brayhead Ltd., 1968). In the present case, Elsa was not taking an active part in the management of the partnership business owner although she was a partner of 20%. The business was merely being carried out by Ariana and Bella, but due to her pregnancy, Ariana also went on extended maternity. Under these circumstances, Bella was managing the shop alone. In order to boost the business of the partnership, Bella decided to order some clothes from a Korean supplier for $10,000. While doing so, she disregarded a clause present in the partnership agreed according to which, the partnership was going to sell clothes from Europe only. At the same time, in order to bolster revenue further, she also started purchasing semi-precious gemstones and jewelry. Therefore, she made an order to purchase gemstones and jewelry worth $30,000 from My Precious Jewels Pte Ltd. When the business failed to make these payments, the Korean supplier and My Precious Jewels Pte Ltd decided to sue the other partners, Ariana and Elsa. According to the law of partnership mentioned above, all the partners are treated by the law as being jointly and severally liable for the debts of the partnership business. Although there was a clause present in the partnership agreement, but that the parties were not aware regarding the presence of this clause, according to which the partnership business was going to sell the clothes imported from Europe only and it will not sell any other articles. Under these circumstances, it can be concluded that the Korean supplier and My Precious Jewels Pte Ltd. can sue the other two partners of the business, Ariana and Elsa for the recovery of their amount. 2. In this question, it needs to be described how the business of 'fabulously you' would have been run if it were a limited liability partnership. At the same time, it also needs to be discussed is the answer given about would have been different if 'Fabulously You' would have been registered as a limited liability partnership. The law provides that a limited liability partnership has to be considered as a separate legal entity. This entity has its own rights and liabilities that are separate from the rights and liabilities of the partners of the limited liability firm. This needs to be distinguished from a partnership where the law provides that all the partners have to be considered as being personally liable for the debts and obligations of the business. Similarly, the law also provides that each limited liability partnership should have at least two partners. In case the limited liability partnership is carrying on business with less than two partners for more than two years, the remaining partner may be held personally liable. In Singapore, a limited liability partnership (LLP) can be formed by two or more partners. This entity enjoys separate legal personality. As a result, this entity can sue or be sued in its own name. It also has the right to own property in its own name. The limited liability partnership provides the benefit of operational flexibility available in case of a partnership along with the benefits of limited liability that is available in case of the incorporation of a company. A limited liability partnership protects the partners from liability as a result of the willful misconduct or the gross negligence of one partner or a group of partners (Everbright Commercial Enterprises Pte Ltd v AXA Insurance Singapore Pte Ltd., 2000). In case of a limited liability partnership, all the partners are liable only after the extent of their contribution in the business. Therefore, in this case, they cannot be held personally liable. Regarding the debts and obligations of the limited in liability partn ership except in the cases where such debts and obligations have arisen due to their own negligence or fraudulence. The mutual rights and duties imposed on a limited liability partnership in Singapore and its partners are doing by the limited liability partnership agreement. Therefore, if the business of Fabulously You would have been run as a limited liability partnership, the other two partners of the business, Ariana and Elsa could not be held liable for making the payments to the Korean supplier or to My Precious Jewels Pte Ltd. for more than the amount that was enlisted by them in the partnership business of Fabulously You. In case the business of Fabulously You would have been run and managed as a limited liability partnership as compared to its present structure is a general partnership, the business would have been treated as a separate legal entity. Therefore the rights and obligations of the business would have been treated as the rights and obligations of the business itself and not of its partners. In the same way, if 'Fabulously You' would have been registered as a limited liability partnership, the debts and obligations of the business could not be enforced against its members. As a result, Ariana and Elsa could not be held liable to pay to the Korean supplier or to My Precious Jewels Pte Ltd for the clothes and jewelry that have been purchased by Bella. References Chiam Heng Hsien v Chiam Heng Chow [2015] 4 SLR 180 Chiam Heng Luan v Chiam Heng Hsien [2007] 4 SLR(R) 305 Gabriel Peter Partners (suing as a firm) v Wee Chong Jin and others [1997]3SLR(R)649 Hely-Hutchinson v Brayhead Ltd [1968] 1 QB 549 Everbright Commercial Enterprises Pte Ltd v AXA Insurance Singapore Pte Ltd [2000] 2 SLR(R) 287