Costs, Revenues & Profits: The Basics

In this video I go through the definitions and formulas of the economic key terms total cost, variable cost, fixed cost, average cost,average variable cost, average fixed cost,marginal cost, marginal revenue, total revenue, average revenue, normal profit and supernormal profit.

Advertisements

Word Classes

1. What is an indefinite article? (2)
2. What is the opposite to an indefinite article and what is its function? (3)
3.How many types of adjectives are there? (1)
4. What are the types of adjectives called and what is their function? Give example (6)
5. How many types of common nouns are there? And what are they? (4)
6. What is an adverb? (1)
7. What words describe the position/location of something? Give an example (2)
8. How many types of conjunction are there? What are their functions? (8)
9. ‘Komilla’ ‘Wall Street’ are examples of what words? (1)
10.What is a determiner and give an example? (2) 

__________________________________________________________

Answers

1. It is a non-specified determiner.(1) It tells us nothing about the noun. They are ‘A’ or ‘An’ (1)
2. Definite article is the opposite to an indefinite article.(1) It is a specified determiner, it particularises a noun.(1) For example ‘The dog’ as opposed to ‘A dog’. (1)
3. There are two types of adjectives.
4. Attributive (1) – they come before the noun (1) – e.g. ‘The CLASSIC shirt’ (1)
Predicative (1) – they come after the noun (1) e.g. ‘The skirt is BEAUTIFUL’   (1)
5. There are two types of common nouns; abstract (1) – describe feeling and intangible things e.g. ‘joy’ (1)
Concrete (1) – they describe tangible things(1) e.g. ‘book’
6. An adverb is a word which describes the verb e.g. ‘she SOFTLY whispered’ (1)
7. Prepositional words (1)  e.g. ‘on’ ‘by’ (1)
8. There are four; Additional (1) – they allow us to add extra information (1) e.g. ‘and’
Temporal (1) – these describe the time aspect (1) e.g. ‘then’
Casual (1) – these describe the relationship between the two sets of information e.g. ‘because’
Adversative (1) they allow us to show the other side of the argument (1) e.g. ‘but’
9. Proper nouns (1)
10. They precede nouns and refer directly to them (1) e.g. ‘a’ ‘an’ ‘the’ ‘this’ ‘their’

Legal & Political Constitutions in action (Same Sex Marriage Rights)

This video is about how legal and political constitutions take form in reality, by looking at the case study of same sex marriage rights in the UK and South Africa.

Classification of Trusts

This video is about Classification of Trusts. Both express (fixed & discretionary) and non-express/implied/imputed (resulting and constructive) trusts are explored. Particular detail to remedial & institutional constructive trusts and automatic & presumed resulting trusts are made. Please find some written notes below.

 

Express trusts –  These are trusts intentionally created by settlor either expressly declaring himself trustee or transferring to a third party trustees, the trust.

Fixed express trust – This is where the beneficiary has a fixed entitlement to the the asset

Discretionary express trust – This is where the beneficiaries’ entitlements are not set out by the settlor in the trust deed and are left to the discretion of the beneficiaries.

Non-express/implied/imputed trusts – It is where a trust is inferred by operation of law as opposed to the settlor expressly declaring a trust.

Constructive trusts – A trust created by the courts where it is unconscionable for the legal owner to retain equitable ownership e.g. where a trust property is transferred to a third party with the knowledge of the beneficial ownership. Satisfy the demands of justice and good conscious.

Remedial v Institutional constructive trusts

The US remedial model focuses on the trust structure to resolve injustices whereas the traditional English model has been to enforce the structure so long as the legal conditional are met regardless of any dispute. Remedial trusts lie in the discretion of the court whereas institutional constructive trusts operate in the rule of law.

 Resulting trust – Operation of law as opposed to any good conscious mechanism. According to Lord Browne-Wilkinson in Westdeutsche Landesbank v Islington LBC 1996: They arise in two situations:

Automatic – where there has been an attempt to create a trust but the beneficial interest fails e.g. it hasn’t been fully dealt with.

Presumed – where voluntary gifts and contributions to the purchase price are made, it is assumed that it results back to the donor or those who contributed to the purchase price.

Mixed Sex Conversations – Research

Mixed sex conversations
Class Research
 _____________
What did we do?
Two females and makes were selected to go outside the classroom. Meanwhile our teacher handed us sheets where we ticked what linguistic features we observed.  Then the first male and female speaker was called in and told to have a conversation in front of the class. After monitoring their conversation they were given a sheet to observe the second couples conversation.
What was the point?
We were trying to see which gender uses which features the most.
What were my results?
Feature
Female Speaker
Male Speaker
Hedge (sort of, kind of)
//
//
Interruption
////
/
Polite form
/
Tag question (isn’t it?)
//
//
Peaking (intonational emphasis)
Question initiator/prompt
//// ////
//
Swear word
Empty adjective (sweet, lovely)
/
Intensifier (really, absolutely)
///
//
Humour
/
Direct quotation
/
Specialised vocabulary (descriptions of colour)
High rise terminal (statements sounding like questions)
/
/
Imperative
Hesitation
////
////  /
Paralinguistic features
//
////
Other Observations
*Male speakers tended to have longer turns.
*Male speaker looked more comfortable
Conclusion
Our research showed that even though male speaker had longer turn hence used a range of speaker, it was the women who were initiating and doing everything to keep the conversation going. A phrase quoted by Coates depicts this exactly, women do the ‘conversational shitwork’. They were interrupting and initiating much more.
_________________________________
We then did the same research based on a video.
What did we do?
The mixed sex conversation in this video was analysed in class.
Why did we do this?
We did this to see whether our class results were similar to how gender is represented in this film.
Our findings
Feature
Female Speaker
Male speaker
Initiate/Prompt
////  //
//
Power violation
/
/
Intensifier
///
Paralinguistic features
//
High rise terminal
/
/
Eye contact
/
/
Hesitation
/
Empty adjective
////
/
Politeness strategy
/
//
Stereotype representation
//
Hedging
/
Peaking
////
Minimal response
////
Specialised lexis
//
Conclusion
As with our class experiment it was the female speaker who seem to be doing the initiating and keeping the conversation going. The difference is, the film used the stereotype ‘women talk more’ and the female speaker was given longer turn to represent this.The peaking/intonation of her voice reflected this to. The male speaker didn’t appear to follow any stereotype (this is my interpretation- I could be wrong), instead he used more politeness markers and strategies than the women which I found interesting because stereotypical men are supposed to be impersonal, impolite and use more swear words. In conclusion, the results were similar just the difference lay in that the film was following certain stereotypes which linguistic such as Cameron believe are false.
______________________________________
What did we do?
We then carried out the same test in respect of a transcript.
Activity – why not see you can analyse the following transcript?
This data has from research conducted by Jennifer Coates.
Female: How’s your paper coming?
Male:     Alright I guess (1) haven’t done much in the last week
Female: Yeah, know how that can ]
Male:                                         ] hey, ya got an extra cigarette
Female: Yeah sure (hand him packet) like my pa]
Male:                                                             How ‘bout a match
Female: Ere ya go uh like my pa]
Male:                                      ] thanks (1.8)
Female: Sure (.) I was gonna tell you my]
Male:                                                  Hey I’d really like to talk but I gotta run(.) see ya
Female: Yeah
My analysis
Female: How’s your paper coming?¹
Male:     Alright I guess (1) haven’t done much in the last week
Female: Yeah, know how that can² ]
Male:                                         ]³ hey, ya got an extra cigarette⁴
Female: Yeah sure⁵ (hand him packet) like my pa⁶]
Male:                                                             How ‘bout a match⁷
Female: Ere ya go uh like my pa⁸]
Male:                                      ] thanks⁹ (1.8)
Female: Sure (.) I was gonna tell you my¹⁰]
Male:                                                  Hey I’d really like to talk but I gotta run (.) see  ya¹¹
Female: Yeah¹²
Key
1 = Initiates conversation
2 = Gives feedback and attempts to develop the conversation – strengthening shared space
3 = Power violation – he shows his dominance
4= completely changes the conversation – there are no politeness strategies used to show that he was listening to what she was saying.
5= Polite
6= Attempts to restart the conversation and develop the shared space
7 =  Similar to a high rise terminal and again dismiss what she is saying with a power violation and attempts to change the conversation from being interactional to transactional. He uses no politeness strategies.
8= Still continues to make the conversation interactional and develop it further
9 = first politeness marker used after being rude
10 = For the fourth time she attempts to develop and maintain the conversation
11 = no closing sequences he just dismisses her and uses valediction. Meta-talks hints what  he is about to do.
12 = back channeling – no valediction or closing sequence or meta -talk
Other comments
I think this transcript clearly is evidence for many of the male stereotypes e.g. being dominant, exercising power and being rude with no politeness strategies utilise. Clearly as this also demonstrates the belief that women do the do the hard work in conversation e.g. keeping it going and maintaining it. Furthermore, I thought it could be that this women is known to talk too much and the male was having a rough and was not in the mood or something like that because that would effect the way they converse. If more information was provided we could come up with more precise answers.

_____________________________

Activity – which speaker has a male listener and which has a female listener?
Compare these two extracts. One has a women listening  to the speaker and one has a man. Can you guess which is which?
Extract 1:
In other words black women are white (2) y’now it’s really a simplistic article (0.5) you know he starts off saying – this- (1) you know (0.8) sort of this gross indiscriminate black versus white (1) vision.
Extract 2:
And this put her into a bit if a flap (mhm) so before she could do anything about this she had to pull forwards (mhm) in order to er open the gates so she took the car out of reverse, put it into first gear (yeah) and pulled forward very gently (yeah).

Answers
Extract 1 has a male listener and and extract 2 has a female listener. This can be deduced by examining listener behaviour.
What is the difference in listener behaviour?
The male listener in extract one does not even once support the listener and as a result there are silences and a lot of ‘y’now’ from the speaker in attempt to connect to the listener. The female speaker in extract two supports the listener with a lot of back channeling e.g. ‘mhm’. She uses sympathetic circulatory markers to show she is listening as a result there is less direct language from the speaker and no silences.
_____________________________________
Some more linguistic empirical evidence…
There is empirical evidence showing that use more turn-taking violation. The table below shows the daily interaction of seven couples based on Defrancisco.
Women
Men
No response
32
68
Delayed response
30
70
Inadequate response
40
60
Interruption
46
54
Throughout whatever research I conducted, I think Deborah Fishman’s point is correct. Women are the sex that do the ‘conversational shitwork’. As they are the ones always keeping the conversation going.

Introduction to Trusts

In this video I introduce the legal concept of a trust by addressing the following questions:

1. What is a trust? Why is preferred over a contractual arrangement?
2. How can one create a trust?
3. What are the essential elements of a trust?
4. What is the moral basis of a trust? And is it still relevant today?

Please find written notes below.

Basics of trusts

What is a trust? Why is it preferred over contracts?

  • A trust is a form of ownership which whereby the legal rights are separate to the equitable rights.

There are significant advantages to utilizing a trust mechanism over say a contractual arrangement which it is often compared too:

  • If the property is sold by the trustee under a breach, the beneficiaries benefits would be overridden even though the third party knew all knew all along because of privity of contract. And the only way to solve this would be to make the beneficiary party to contracts between settlers and trustees.
  • In a contract, yes the settlor could bring action against trustee but in a trust, the beneficiary can and this actually makes more sense as the whole purpose of the contract would be for the beneficiaries to benefit.
  • There are situation such as ones where children are involved and those to benefit can’t enter contracts because they do not have the capacity to enter one.

What are the essential elements of a trust ?

  1. The three certainties:

(i) Certainty of intention, that the settlor intended to create a trust

(ii) Certainty of subject matter, what the trust property is and the quantum each beneficiary is to receive

(iii)Certainty of objects, who the beneficiaries are

2. Beneficiary principle – the trust must be designed for identifiable humans to benefit

3. Any formalities are complied with e.g. for the legal transfer of land a deed and registration is required

How do you create a trust?

  1. Either you transfer your property to a trustee
  2. You declare yourself as a trustee holding it for the benefit of another individual.

What is the moral basis of a trust and is it still relevant today?
The moral basis of a trust refers to a ‘confidence reposed in some other’ (Lord Chief Justify Coke), such a confidence gives rise to moral obligation and this has given rise to legal principles.

Essentially, the moral basis is still important today because it goes someway in explaining fiduciary duties which are imposed on trustees.