Study On The Determination Of Exchange Rates Finance Essay - Free Essay Example

It is a theory which says that exchange rates between currencies are in stable position when their purchasing power is the similar in each of the two countries. This means that the exchange rate between two countries should equal the ratio of the two countries price level of a fixed level of goods and services. When a countrys domestic price level is increasing (i.e., a country experiences inflation), that countrys exchange rate must depreciated in order to return to PPP. There are two versions to Purchasing power parity (PPP) and has been called as Absolute PPP This concept explains about the exchange rate between two countries will be identical to the ratio of the price levels for those two countries. This concept is derived from a basic idea known as the law of one price, which states that the real price of a good must be the same across all countries. Relative PPP: Relative PPP refers to rates of changes of price levels, that is, inflation rates. This proposition states that the rate of appreciation of a currency is equal to the difference in inflation rates between the foreign and the home country. The  balance of payments approach  (BOP) Under the BOP approach, the home price of a foreign currency is determined just like the price of any commodity. The price is determined by connecting the market demand and supply curves for that foreign currency. Demand and supply for foreign exchange is determined by the flows of currency created by international dealings. According to the BOP theory of exchange rates, the supply and demand for a currency arise from the flows related to the BOP such as Foreign direct investments Exchange rate regimes Portfolio investment etc Equilibrium exchange rates are determined when the BOP is in equilibrium. Exchange rates will move in response to a BOP imbalance and, therefore, will restore the equilibrium to the BOP. Asset Market Approach It argues exchange rates are determined by the supply and demand from a wide range of financial assets: Movements in the supply and demand for financial assets revise exchange rates. Movements in monetary and fiscal policy revise the expected returns and perceived relative risks of financial assets, which in turn alter exchange rates. The  asset market approach  assumes that whether foreign investors are willing to hold claims in monetary form depends on an widespread set of investment consideration or drivers such as Relative real interest rates Prospects for economic growth Capital market liquidity Political safety Corporate governance practices Speculation Theories of Fund Flow Funds flow is defined as the net of all cash inflows and outflows coming in and going out of  various financial assets. Fund flow is usually measured on a monthly or quarterly or on a periodic basis.  The performance of an asset or fund is not taken into account, only share redemptions (outflows) and share purchases (inflows).   Net inflows create excess cash for managers to invest, which theoretically creates demand for securities such as stocks and bonds.  Ãƒâ€š Law of one price The theory that the price of a given security, commodity or asset will have the same price when exchange rates are taken into consideration. The law of one price is another way of stating the concept of purchasing power parity. The law of one price exists due to arbitrage opportunities. If the price of a security, commodity or asset is different in two different markets, then an arbitrageur will purchase  the asset in the cheaper market and sell it where prices are higher. When the purchasing power parity doesnt hold, arbitrage profits will persist until the price converges across markets. The spot exchange rate is the price that is quote for immediate (spot) arrangement (payment and delivery). Spot settlement is usually considered to be a couplar of business days from deal date. The spot exchange rate is normally close to the current market rate because the  transaction  occurs immediately and not some time in the future. The forward exchange rates it the rate where contract price are set now but the delivery and payment will occur at a future date. Forward Spread is the price difference between the forward price of the security and spot price of the same security over a same period of time. Forward Spread can be calculated by taking the spot price today and forward price one month from today. Pounds to Dollars Appendix A Dollars to Pounds Appendix B From the above graph (with reference to appendix A ) we can see the time series of the pound versus the dollar and vice versa. In January 2010 it was ( £0.6187 = 1US Dollar) but in February 2010 it was ( £0.6645= 1US Dollar), from this we can see the Dollar has appreciated by ({0.6645-0.6187} ÃÆ'Æ’-0.6187) = 0.07%%. And then for the next 4 months the pound rate has been fluctuating since September 2010. Appreciation of Pound The main reason for appreciation of any currency would be higher interest rates and lower inflation. If interest rates high then more investors invest in UK so it makes it more attractive to save money in the UK banks and UK financial securities like bonds. This will lead to increased demand for the sterling. If inflation is lower then it will make UK goods more attractive then US and hence the demand goes up. Depreciation of Pound Pound depreciates because of interest rate may go down and inflation go high making it investors a least return for their investments. . Other market factors also contribute for a currency to appreciate or depreciate as well. If there is demand for a particular currency then the currency will appreciate. Market Reasons for Pound to depreciate in the last six months: Low number of mortgage approvals and mortgage lending and consumer credit rose. Concerns about a tepid economic recovery, high public debt and political uncertainty. Sentiment has also deteriorated in the last week after the Bank of England said it stood ready to return to its asset-buying scheme if economic conditions warranted (Reporting by Naomi Tajitsu; editing by Stephen Nisbet) Foreign Exchange Risk Exposure Foreign exchange risk is the risk that domestic values of assets, liabilities or operating income may increase or decreases due to surprising changes in exchange rates. Foreign currency exposures risk arises when a company has an income or expenditure or an asset or liability in a currency other than that of the balance sheet currency. When the exchange rate movements become completely volatile it may sometimes destabilize the cash flows of the business. Such destabilization of cash flows that which affect the profitability of the business is the risk from foreign currency exposures. Classification of Exposures Transaction exposures Translation exposures Economic exposures Transaction Exposure Transaction exposure  is the gain or loss that might incurred on the settlement of foreign exchange transaction. Transaction included such as the sale / purchase of product or services lending or borrowing of money or any Other transaction involving mergers and acquisitions. Example: The US firm loan of 10M US dollars at a rate of .65 today and the time of repayment of loan when the rate goes down to .59.Then the profitability of the transaction may be completely wiped out due to the adverse movement of the exchange rate.. Such transaction exposures arise whenever business has foreign currency denominated in receipt and payment. Translation Exposure (Accounting Exposures) Translation exposure is defined as an increase or decrease in the parent companys net worth caused by a change in exchange rates since last translation. Translation exposure arises because of the need to translate foreign currency assets or liabilities into the home currency for the purpose of finalizing the accounts for any given period. A typical example of translation exposure is the treatment of foreign currency borrowings. For Example Consider that a UK company has borrowed dollars to finance the import of capital goods worth $1, 00,000. When the import materializes the exchange rate was say .65 per dollar. The fixed asset imported was therefore capitalized in the company books for  £65,000. If there is no change in the exchange rate the company would have provided depreciation on the asset valued at  £65,000 for finalizing its accounts for the year in which the asset was purchased. If at the time of finalization of the accounts the exchange rate has moved to say  £.70 per dollar, the dollar loan has to be translated involving translation loss of  £5,000. The book value of the asset thus becomes  £70,000 and consequently higher depreciation has to be provided thus reducing the net profit.   Economic Exposure Economic exposure expresses the extent to which the value of the firm would be affected by unexpected changes in exchange rates. Economic Exposure to an exchange rate is the risk that a change in the exchange rate affects the companys competitive position in the market. Economic exposure affects the profitability over a longer term span than transaction and even translation exposure. Economic exposure cannot be hedged as well. Ways to overcome Exposure: Hedging via lead and lag:   One way of reducing transaction exposure is leading and lagging foreign currency receipts and payments. To lead means to pay or collect early, where as lag means to pay or collect late. The firm would like to lead soft currency receivables and lag hard currency receivables to avoid the loss from depreciation of the soft currency and benefit from the appreciation of the hard currency. For the same reason, the firm will attempt to lead the hard currency payables and lag soft currency payables. To the extent that the firm can effectively implement the Lead/Lag strategy, the transaction exposure the firm faces can be reduced. Invoicing in the Local Currency The firm can reduce the exchange risk by choosing the currency of invoice. Firm can avoid exchange rate risk by invoicing in domestic currency, there by shifting exchange rate risk on to buyer. Because of this act firm may lose its customers who wants them to be invoice in their local currency. Forwards A forward contract is an agreement between two entities to buy or sell the underlying asset at a future date, at todays pre-agreed price. This is one most direct method of eliminating transaction exposure is to hedge the risk with a forward exchange contract. For example, The loan of 10M by US firm to UK Company can eliminate the foreign exposure by depositing 10M to its bank at 1 yr forward rate. No matter what happens to the exchange rate over the period, the company will not make a loss on the loan to UK Company. Futures: Currency and Interest Rates A futures contract is an arrangement between two parties to buy or sell the underlying asset at a future date at todays future price. Futures contracts differ from forward contracts in the sense that they are standardized and exchange traded. The ultimate goal of an investor in using futures contracts is to  hedge perfectly to avoid their risk. By locking the prices at appropriate rate it removes the uncertainty about the future price. The value (F) of a futures contract is the existing spot price (S) multiplied by one plus the interest rate over period (t), plus the cost of storage which is a function of time and the current spot price. Interest rate futures are the largely traded futures contracts in the world. They are based on relative interest rates and are used to hedge interest rate exposure. The value of an interest rate contract at maturity (V) is the notional principal value of the contract (N) multiplied by the spot interest rate on the maturity date of the contract (Si,t+n) minus the futures rate on interest (i) at time (t) that matures (n) periods later (Fi,t,n). Swaps An interest rate swap is a that transfors fixed payments into variable obligations or vice versa. Foreign exchange swaps allow a firm to quickly restructure its balance sheet, by giving it the opportunity to exchange fixed obligations for interest-sensitive obligations (or vice versa). A  currency swap  is an agreement between two parties to exchange the principal loan amount and interest applicable on it in one currency with the principal and interest payments on an equal loan  in another currency. These contracts are valid for a specific period, which could range up to ten years, and are typically used to exchange fixed-rate interest payments for floating-rate payments  on dates specified by the two parties. Interest Rate Swaps One party pays a fixed rate of interest; the other pays a floating rate of interest. The fixed interest payment remains unchanged throughout the life of the deal. It is paid annually, semi-annually or quarterly in arrears. The floating interest is paid on a three or six monthly basis. Because it is reset using the relevant Libor rate it will vary depending on short term interest rates. It too is paid in arrears. Different Types of Foreign Currency Options: A currency option is same as the stock option except that the underlying asset is foreign exchange. The buyer of option has the right but no obligation to enter into a contract with the seller. Hence the buyer of a currency option has the right to his advantage to enter into the specified contracts. American Option: An American option provides the buyer the right to exercise the option at any time between the date of writing and the maturity date. An option contract which is exercised at any time between the date of purchase and the expiration date European option A European option can be exercised only on the expiration date and not before. Options There are two types of options calls and puts. Call Options give the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. A  call option will have intrinsic value only when the spot price is above strike price Put Options give the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date. A Put option will have intrinsic value only when the spot price is below the strike price. Deep in the money option: An option with an exercise price, or strike price considerably below (for a call option) or above (for a put option) the market price of the underlying asset. Considerably, below/above is considered one strike price below/above the market price of the underlying asset.   When Call Options expires in the Money Option, then the Money call options will be automatically  exercise if there is enough funds to buy the underlying stocks at the strike price you bought the call options. If there is enough money in the trading account to buy (take delivery of) the underlying stock, then it should be sold and take profit before the call options expires. It is arguable the same that some one could exercise the in the money call options, take delivery of the underlying stock and then immediately sell the stocks or can make same profit by simply selling the options and the cost involved will be more in the case of exercise, buying and selling of the stocks. For example , if the current price of the underlying stock of A Ltd was  £50, a call option with a strike price of  £40 would be considered deep in the money. On the exercise of the option the holder can gain a profit of  £10 pounds. Reasons why options with different expiration date are traded at different premiums. Purchase of option can limit the exposure risk. The option writer always accepts the risk which purchaser avoids. The writer therefore needs to be paid in compensation. The cost of an option to a purchaser is known as the option premium. Option price is made up of intrinsic value and time premium. The intrinsic value is calculated on the assumption it expires today. Time premium depends on the difference between todays date and expiry date. The longer the expiry dates the higher the premium. Time value is equal to the total premium less the intrinsic value. Time value also called as the extrinsic value. It reflects the amount of money buyers are willing to pay in expectation that an option will be worth exercising at or before expiration Holding a longer expiration options gives an edge over the option holder who holds the short expiration date. Longer option holder will have longer time span to track the currency movement and can exercise them when it is the most be neficial to him. Choice of call or put option to British exporter. The GBP is depreciating against US$: For example: $1.7 =  £1 or  £0.70 = $1 ( For simple reason assume round figures) Now $1.4=  £1 or  £0.80 = $1 The above said figures suggest that the Pounds is depreciating against the US$ or in other words the US$ is appreciating against the Pound. This indicates that the GBP is getting cheaper against US$. If this situation could be handled properly then it will be beneficial to both importer and exporter. The assumption is that the British exporter sells goods to a US based customer and the US customer pays in the US$; and rarely the British exporter has to convert the US$ receipt in to the GBP. If the GBP depreciates against the US$, it is considered to be a favourable movement for the British exporter as he gets more GBPs. For example, if the customer owes him $10,000 when $1.7= £1. And forward rate is used, at the time when payment will be due, is $1.4 = £1. Therefore the receipt in the GBP is: Previously: $10 ,000/$1.7 =  £5883.23 If the GBP depreciates: $10,000/ $1.4 =  £7142.857 Hence it can be seen from the above figures that depreciation of the GBP is actually beneficial to the British exporter. Instead the risk that the exporter faces is the GBP appreciation against the US$. Lets assume that the forward rate is $1.9 =  £1. In that situation the GBP receipt will be as follows. Previously: $10,000/$1.7 =  £66,667 If the GBP appreciates: $10,000/$1.9 =  £5263.158 Exporter may wish to hedge against risk of the GBP being appreciates against the US$. The currency options are one of the hedging instruments available to the exporter. Provided that the GBP is to appreciates against the US$ and exporter occasionally receives the payment in the US$, he may wish to buy the Put options for the US$. He may buy put option to sell the US$ to option writer at $1.7: £1 or  £0.70:$1. So, in the future if the GBP depreciates and price becomes $1.4: £1 or  £0.80:$1 then he will abandon the option or let the option expire The other possibility is that the exporter may want to use the options for speculation purposes. If it is probable that the GBP is to depreciate against the US$, he may wish to buy the call options of the US$. The call option will give him the right to buy the currency at specified rate, which in our case is  £0.70:$1. Eventually when the GBP will depreciate to  £0.80:$1 he can exercise his option and buy the currency for  £0.70:$1 and sell it for  £0.80:$1. This will earn him handsome profit of  £0.10 per US$. REFERENCES USED ACCA TEXT BOOKS CIMA TEXT BOOKS INTERNET ESPECIALLY WEBSITES LECTURE HANDOUTS POUNDS2DOLLARS WEBSITE INVESTOPEDIA,WICKEDPEDIA CFA FINANCIAL ANALYSIST BOOKS LIBRARY RESEARCH INCLUDES GOING THROUGH VARIOUS BOOKS WRITTEN BY VARIOUS AUTHORS PRESS RELEASES AND JOURNAL RELEASES Bodie, Zvi; Kane, Alex; and Marcus, Alan J. (2002) Investments, 5th edition, publishe d by McGraw-Hill. Bodnar, Gordon M. and Wong, M.H. Franco (2000), Estimating rate exposures: some weighty issues. Working Paper 7497, National Bureau of Economic Research. Choi, Jongmoo Jay, and Prasad, Anita Mehra, (1995) Exchange risk sensitivity and its determinants: A firm and industry analysis of U.S. Multinationals, Financial Management, Vol 24, No 3, p. 77-88. Eiteman, David K., Stonehill, Arthur I., and Moffett, Michael H. (2001) Multinational Business Finance 9th edition, published by Addison-Wesley Longman, Inc. Jorion, Philippe. (1990) The exchange-rate exposure of U.S. multinationals, Journal of Business, Vol. 63 Issue 3, p.331 Levich, Richard M. (2001) International Financial Markets, 2nd edition, published by McGraw-Hill. Miller, Kent D. and Reuer, Jeffery J. (1998) Firm Strategy and Economic Exposure to Foreign Exchange Rate Movements, Journal of International Business Studies, 29, 2, (Third Quarter), 493-514. Pantzalis, Christos, Simkins, Betty J ., and Laux, Paul A. (2001) Operational Hedges and the Foreign Exchange Exposure of U.S. Multinational Corporations, Journal of International Business Studies, 32, 4, p. 793-812. Solnik, Bruno, (2000) International Investments 4th edition Published by Addison-Wesley Copyright Addison Wesley Longman WEBSITES USED WWW.SCRIBD.COM https://en.allexperts.com/q/Management-Consulting-2802/2009/10/International-Financial-Management.htm https://www.wendyjeffus.com/images/Foreign_Exchange_Instruments%2C_Measuring_and_Managing_Foreign_Exchange_Exposure.doc

Case Study of Boots Plc Essay - 1168 Words

Case Study of Boots Plc Boots Plc have various kinds of stakeholders in their business who do various kinds of jobs suitable for which group there are in. Like any other Plc their stakeholders at least have a say in the business depending their role. E.g. shareholders have a bigger say than the employees who have very little say in the business. Boots Plc have the following external stakeholders in their businesses that play different roles between them are: - Ø Pressure Groups Ø Local Community Ø Government Ø Financers (Banks/Creditors) Ø Suppliers Ø Customers Although they have external stakeholders in their business the must have internal stakeholders for them†¦show more content†¦This shows that they have power and are important for the business. Usdaw who in the past have succeeded in other business when their announced that they have reduced they employment, at this point Usdaw came in and they succeeded in making things right. They have influnced loads of employees and helped them a lot over the years. Local Community Local Community are an important part of society as well to Boots Plc. Local Community depend on Boots Plc to provide Employment around their society. Local community expects the following things from Boots Plc are: - Ø They want Boots Plc to provide employment for people living around Batley and Dewsbury Ø People living in Batley and Dewsbury wants Boots Plc to prevent environmental pollution, noise or any other problems that might affect the local community Large business like Boots Plc needs to operate within the community in Batley. Boots Plc being a large business will provide employment; minority of the money earned will be spent locally. 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Domestic Violence, Abuse and Neglect - 2528 Words

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Domestic violence

Explain Why Cultural Diversity Is Important In A C Essay Example For Students

Explain Why Cultural Diversity Is Important In A C Essay ollege Education Explain Why Cultural Diversity Is Important In A C Essayollege Education I come from a small town. Hannibal, MO, the boyhood home of Mark Twain, is described its claim to fame as a sleepy town drowsing. Most surely he has never been more accurate, for this small enchanted river town has never awakened total equality. It is a town full of ignorance, where nobody has ever thought twice of sharing and spreading their sly comments and idiotic judgements to anyone and everyone who will listen, and most people do. It is a town where fathers, mothers, brothers, sisters, and grandparents teach their kids to ignore those no-good niggers, stay away from those half-breeds and give hell to anyone nigger-lover who refuses to believe the truth. It sickens me. Last year, we had an issue to address at our school. It later became known as The Cowboys vs. The Blacks, and never has our school been more involved. The newspapers screamed of the hate, violence, and threat of gangs that were corrupting our schools; the halls rang with the lastest gossip on the next big showdown. This problem slapped a school full of apathetic kids into a lively bunch ready to get involved. Involved in what? A controversy that all had opinions on, but how could you not have an opinion? It was the talk at all of the dinner tables, bars, and stores in town. Kids went home scared of the racial tension. Parents whined and cried of violence in the school. The parents whined and cried, and at the same time forgot to remember that it was they, not the kids, who had taught the very prejudices that were disrupting the education process. My opinion is simple and elementary: Children are not born to hate others, they must be taught to judge colors. If we are taught prejudices, then obviously, the racial tensions at my school didnt disrupt education, rather enforced lessons often reviewed over fried chicken and potatoes. I cried once in my sophomore history class. The girl in front of me sang and preached that life was just that way, no one could ever change anything, so why should we even try? Prejudice is taught in the home, and the home is where we learn everything we really need to know. I listened, fumed, and stood up to interrupt her. (I rarely frown, let alone yell, but I had had enough of her pessimism. All eyes and ears were on me, and as my dramatic nature began to influence me, I started to preach.) I have a theory. I created it. Some say Im naive, others say Im too hopeful, but so far no one has told me to abandon it, so I cling to my idea and share it as often as the issue comes up. I have a story about my experiences. At my grandparents house, we cannot watch Cosby without hearing a racist slur from my grandfather. Great guy, but racially unfair. My dad grew up around jokes and hints about those half- breeds and such, but I did not. Enter my theory. Somewhere in my family, the racist ideas were tamed, not eliminated entirely, but curtailed in such a way that I was able to escape them. How did my father, who was conditioned at an early age to slight those of other cultures, unlearn? Two words: education and experience. My dad played football and studied with people of different ethnic backgrounds. Although he was still exposed to the beliefs at home, he was beginning to slowly form his own. Always around different cultural backgrounds, always aware and always learning that maybe what he had been earlier taught wasnt entirely true. Definition of down syndrome Essay If my dad had never studied, sweated, and sheltered others of different ethnic backgrounds, I would have grown up hearing as many sly jokes and racist comments that he did. I would not, however, repeat them to my children. Why? Because I would have played in the sandbox at kindergarten with someone not like me, cheered on a squad where not all .

Wheel of life free essay sample

Wheel of Life Life is like a wheel. Sometimes, we are in the top and sometimes if we become unfortunate, we are on the bottom. It is a never ending cycle of sorrow and Joy. I know that we all desire to be in the top of that wheel of life. But in reality, it is a wheel that will roll eventually and we all know what will be our status or feeling in this moment will change in a matter of time. But we are not sure if that change of time will bring us to the bottom of that wheel or in the top of it. We all have past, right? This past is the print of the footpath of our individual wheels of life. And for this, that footpath is the root of who and what are right now. We are the result of this footpath. The different experiences that we have encountered in our daily living are truly our own footpaths. We will write a custom essay sample on Wheel of life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Through this we have molded, have leaned and have gathered some of the understanding on the different facts of this wheel if life. Through this we become aware of our present environment. The sphere of time bounds itself in the present state. It is in our limitations as humans to act only in our resent state. It is now! At this moment of time, it is the present state. And for which we bounded on this. In every time that we do or act it is our present state. And in the relation to the wheel of life, it is the rolling itself. The movement of that wheel is our present. This will determine our future. It is our state of deciding who will and what will be in the future. This the time when the wheel of life roll whether going the bottom part of our lives or in the topmost part of it, it our decision making state. This time tight now is our present state, the state in which the things that we are doing right now will have a great effect in our wheel of life. The effect of our future will be. FUTURE according to the Encarta Dictionaries it means time that has yet to come. Do you know what will happen in your upcoming? I think nobody does. No matter how prepared are you it is still erratic. It is lopsided. But, there is a trick behind it. Even though you cant foretold your future you can still have the glance about it. It is ecause the synopsis of all what you did and what you do in the past and in the present state of life. As I had told you, the uppermost part of my article that we have this wheel of life. And this future plays an important role of it. It the result of your decision the who will and what will you become whether on the bottom of the wheel or on the uppermost of it it is still in your decision decide wisely . be aware and vigilant .. .and lastly have faith, hope and love to our Lord Jesus Christ and also to our brothers and sisters of Christ. wheel of life By michaeldeange10500

Essay Sample on the Egoistic Part of the Altruistic Whole

Essay Sample on the Egoistic Part of the Altruistic Whole The internal condition of every person is strongly influenced by the environment he/she lives in. People, events, customs, beliefs are the important factors that formulate our essence. In the modern world life is usually perceived as a battle, where everyone stands for himself, each one is individualistic, separated from another. Thus, its not surprising that we can recognize the flourishing of egoism, a feature, which is generated by this separation. On the one hand, being individualistic is quite important and even necessary. This lets a person keep ones head above water and get a steady position in life. Seeking maximum personal benefit is not so terrible, if consider that this is a primary goal of everyone, rooted deeply in history. Very often to achieve the necessary result a person must be exactly egoistic, because those around are the same and in such circumstances the best defense is attack. Besides, being self-centered does not only mean doing harm to others to achieve best for oneself. It implies strong persistence, decisiveness, and courage, seemingly, positive features. The point is how to use them and what are the fruits of such a policy? Of course, satisfaction and pride, but is there a place for self-fulfillment and self-respect? What do I want to feel afterwards and how do I want to look like? – is the question that should be asked. Many try to avoid thoughts about their act being unethical or unfair toward someone. People justify themselves with the idea that others would do the same and not care a bit, so why not doing this too? Unfortunately, this is the main pitfall, which makes us all alike. Very often we do not care about others, because think that others do not care about us – a vicious circle, created by humans. No one wants to be ignored or harmed, no one wants to hear inflicting words or be used and then thrown away. The proverb The end justifies the means is not always useful, especially, if these means bring negative consequences. Being altruistic today is difficult, but still possible. People should not forget that they live in a community, where everyone is connected, dependent on and influenced by each others decisions and deeds. A society is like a swarm of bees: every member must make his own little, but very important contribution in order for all to survive – help others to help oneself. There is one great sentence in the Bible that sounds very simply, but has a deep and beautiful nature: Treat others as you would like to be treated. The best way is to make this phrase a golden rule of ones life. I believe that every person has a positive soul, altruistic by its nature, able and willing to do a good, to bring light and joy into the world. The other part of this soul, the egoistic one, is a reflection of the environment we live in, people we see around, beliefs and attitudes. I am sure it is possible to combine altruism and egoism, so that they create one strong and fruitful whole, which allows pursuing own targets while not forgetting about the existence of other members of a society, who also have needs, wants and concerns, the whole which allows us to feel Humans. If you need custom essays, research papers, term papers, thesis, dissertation on Sociology, Psychology or other discipline feel free to contact our professional custom writing service.

Speech 1 Essay Example | Topics and Well Written Essays - 500 words

Speech 1 - Essay Example The liquid in our body needs to be supplied with water daily for our body to live and to function. Without water, we will be dehydrated and will surely die. We also need to drink water at least 2 liters a day for us to be healthy. Proper intake of water improves the circulation of our body making us healthy and disease free. We may be able to survive drinking less than 2 liters a day but that will affect our health and strength. Ample intake of 2 liters of water a day helps the body cleanse itself to improve its circulation and remove the toxin from our body. There are instances when we need to drink more than 2 liters of water a day. This is when we engage in physical activities especially sports. Our body needs more than 2 liters of water when we engage in sport because it uses more nutrition when it exerts effort and part of it is water. Water also keeps our body cool during strenuous exercise through perspiration to avoid it from â€Å"overheating†. Thus we have to replenish those lost waters by hydrating our body by drinking more than 2 liters of water. Water is indeed important to our body. We need to drink 2 liters of water to live and to hydrate our body that is composed of around 80 percent liquid. Water is basically essential to human life. We also need to drink 2 liters of water to keep our body strong healthy. We may survive in drinking less than 2 liters of water a day but that will severely affect our health because the body is not properly hydrated and it does not have enough liquid to keep it strong. Finally, we need to drink to drink more than 2 liters of water a day when we engage in strenuous activity particularly sports to replenish the water that was lost during the increased activity. Indeed water is indispensable to our well-being because we need to drink it in order to live and at least 2 liters of it to remain healthy and more