Military history of Canada during World War II Essay - 13

Military history of Canada during World War II - Essay Example Britain, too, came to respect the new military competence of the Canadians, especially since the Canadian forces excelled themselves on the battlefield at the end of the war. Granatstein believes that the cost of the war, both economically and in terms of Canadian lives lost, was severe, but that the war brought a much more significant benefit of allowing Canada escape British domination and take its rightful place as the nation free to make its own military and political choices. Closer collaboration with America was, in Granatstein’s view, a useful by-product of this process. I choose this book focuses on the left in Canadian politics and explains how the sudden need for increased production in Canadian factories led to a new focus on industrial relations. Furthermore, the unions helped to increase production of military goods, including aircraft, and some, notably in the aircraft industry achieved major gains for their workers. In general, Morton states, the government did not turn its pro-union statements into action and in fact in the early 1940s when inflation threatened to damage the growing economy, price and wage controls were imposed. This strategy worked, bringing price stability and full employment. This, in turn, gave workers more bargaining power and the unions achieved greater benefits for them. The Atlantic Charter of 1941 with its aims to achieve â€Å"freedom from want†, â€Å"social security† and â€Å"fair labor standards†, was a direct result of Canadian-British wartime co-operation and had a long-term effect far be yond the immediate wartime situation. Morton describes the strikes of the immediate post-war years as a â€Å"testing of strength† between unions and managers and a demonstration that systems and processes laid down in the war years were an effective framework for the future. This book takes a look at Canada from the cultural point of view.  Ã‚  

UMUC Haircut’s Essay Example for Free

UMUC Haircut’s Essay Introduction Mrs. Morningstar’s business â€Å"UMUC Haircut’s† opened in 1995 and her business has grown gradually over the years. When it first opened its doors, it was the only barbershop in a 10 mile radius. Since then, many other competing businesses have opened and could affect the revenue for UMUC haircuts. There is also news that a Hair Cuttery (offering men’s and women’s haircuts and styling only) will open about 5 miles away in a shopping center across the street. This evaluation of the business will help determine how â€Å"UMUC Haircuts† operates and determine a strategy for competitive advantages to increase revenue over other competing Salons. Five Forces Analysis Buyer Power (Impact: neutral / Affect Strategy: no) We need to think about what the customer’s needs are. When does the customer like to schedule his/her appointment? What services does the customer utilize? What are some ways for the customer to provide feedback for what they want? When customers have several options for what they want to purchase, this type of power can drive the prices down, especially with the news that a Hair Cuttery opening about 5 miles away in a shopping center across the street could give customers yet another option to go to another competitor in the area. Supplier Power (Impact: negative / Affect Strategy: yes) Here we assess how easy it is for suppliers to drive up prices. This is driven by the number of supplier’s uniqueness of their products. We can choose other suppliers however we must consider quality products. Quality doesn’t always mean the cheapest. Mrs. Morningstar doesn’t have the knowledge or means to research and find a cheaper supplier. Threat of substitute products or services (Impact: negative / Affect Strategy: yes) The threat of substitute is real with the news of more competitors coming in to the area, which can cause UMUC Haircuts customers to find a different place that provide the same type of services that Mrs. Morningstar’s business currently provides. Mrs. Morningstar needs to build a schedule for her clients so she doesn’t lose her current customers and also attract new clientele. Threat of New Entrants (Impact: negative / Affect Strategy: yes) Mrs. Morningstar should be very concerned of threats of new entrants because of the new hair salon opening up 5 miles from UMUC Haircuts and the prices of her products and possibly rates rising. The cost to open new business is high even though not everyone can afford it but it is also important to take into account that this is a commercial area near a college campus; therefore it attracts more business to the areas. Rivalry among existing competitors (Impact: negative / Affect Strategy: yes) Threat of existing competitors services is high. Mrs. Morningstar doesn’t have the means of contacting customers and doesn’t have the means of offering her customers promotional offers. This is critical since she also doesn’t have any automation to help her run the business. Everything is done manually. If UMUC haircut’s offers products and services that no-one else is offering, than the UMUC Haircuts’ can dominate the competition. Right now UMUC haircut’s is offering the same products as their competitors and this could affect UMUC haircuts strategy for a competitive advantage. Strategy for Competitive Advantage by integrating software applications Mrs. Morningstar has selected Operational Effectiveness strategy for competitive advantage. This strategy will improve the manner in which internal business processes are executed so that the UMUC Haircuts performs similar activities better than rivals. With the addition of the POS system (Point of Sale Systems) is the only complete salon software application that will help UMUC Haircuts manage the salon to increased profits with features like appointment book, client management, inventory, marketing and accounting. Therefore you save time and money by not having to enter information manually in record books. Mrs. Morningstar can breathe easy knowing that everyday scheduling errors are eliminated. This system insures that an employee doesnt get scheduled for a service that they dont provide. The POS will only allow you to schedule the services that you have selected for that particular employee. Process to be Improve is the addition of Automation Mrs. Morningstar has identified to provide services better than her competitors, she needs to improve scheduling employees and customers. Mrs. Morningstar also selected the strategy of Operational Effectiveness which is to improve her standard of operations internally and goes hand in hand with the fundamentals of her business. Automating Mrs. Morningstar appointment book will help you organize your employee schedules, expedite client check in and check out, and generate concise activity reports. Employee commissions are automatically calculated at check out. Client messages automatically pop up when the client checks in or out. Reordering inventory is also automated with built in purchase orders. She can also print work tickets with client history for your employees to know what to charge and give the best customer service possible. Using automation can save UMUC Haircuts time and money. STRATEGY FOR COMPETITIVE ADVANTAGE: Operational Effectiveness of business operations. PROCESS TO BE IMPROVED: Scheduling of employees schedules and customers appointments. References Baltzan, P. (2013). Business Driven Information Systems (4th ed.). (pp. 2-25). New York, NY: McGraw-Hill/Irwin. Joseph, C. Keys to Opening a Successful Gym. Retrieved from http://smallbusiness.chron.com/keys-opening-successful-gym-15617.html

Political Views Essay -- Politics Government Ideologies Essays

Political Views â€Å"Which political side are you on?† You probably heard this question before and said you really didn’t know. I really didn’t know what political side I was on before I did some research on the three major political philosophies; Liberalism, Libertarianism, and Conservative. The civic stance I agree with the most is the liberal’s point of view. Liberals protect; individual rights to choose, government programs like Medicaid and welfare that help the needy, and that sex education programs that teach safe sex and prevent teen pregnancy.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The liberal philosophy is the one I agree with the most. Liberals believe that the federal government should protect individual liberties and promote the general welfare. Contemporary liberalism is rooted in the Declaration of Independence as well as social and economic programs that began in the 1930’s and extended into the 1960’s. Today’s liberal tends to value individual rights and to be wary of restrictions on personal behavior. Equality is very important to liberals. Liberals believe that everyone should be treated equally. Liberals believe that the government shouldn’t control sex or religion, and that women have the right to choose. Liberals protect individual rights for many people and for women they included the right to choose, only a women knows what problems she has to face by bringing a child into this world. Government programs like Medicaid and Welfare afford people the simple rights to feed their...

Quirino Grandstand Hostage Drama Essay

I. INTRODUCTION Although the history of kidnapping and hostage-taking is a very long one, it is only relatively recently that there has been a systematic attempt to understand the effects, both long-term and short-term, on individuals and their families. This is an important issue for clinical and academic reasons. The advice of mental health professionals is sought with increasing frequency with regard to the strategic management of hostage incidents and the clinical management of those who have been abducted. There is evidence to suggest that how best to help those who have been taken hostage is a sensitive and complex matter, and those who deal with such individuals should be as well informed as possible since such events can have long-term adverse consequences, particularly on young children. The Manila hostage crisis, officially known as the Rizal Park hostage-taking incident occurred when a dismissed Philippine National Police officer took over a tourist bus in Rizal Park, Manila, Philippines on August 23, 2010. Disgruntled former senior inspector Rolando Mendoza of the Manila Police District (MPD) hijacked a tourist bus carrying 25 people (20 tourists and a tour guide from Hong Kong, and four Filipinos) in an attempt to get his job back. He said that he had been summarily and unfairly dismissed, and that all he wanted was a fair hearing and the opportunity to defend himself. Negotiations broke down dramatically about ten hours into the stand-off, when the police arrested Mendoza’s brother and thus incited him to open fire. As the shooting began, the bus driver managed to escape, and was shown on television saying â€Å"Everyone is dead† before being whisked away by policemen. Mendoza and eight of the hostages were killed and a number of others injured. The MPD’s failed rescue attempt and gun-battle with the hijacker, which took around 90 minutes, were watched by millions on live television and the internet. The Philippine and Hong Kong governments conducted separate investigations into the incident. Both inquiries judged that the victims had been unlawfully killed, and identified the Philippine officials’ poor handling of the incident as the cause of the eight hostages’ deaths. The assault mounted by the MPD, and the resulting shoot-out, have been widely criticized by pundits as â€Å"bungled† and â€Å"incompetent†, and the Hong Kong Government has issued a â€Å"black† travel alert for the Philippines as a result of the affair. II. BACKGROUND OF THE STUDY It was August 23, 2010 when the whole world alarmed in one of the most tragic hostage taking happened in Quirino Grandstand Manila, Philippines. Many people were sad and shocked to what happened in the said event. At about 9:30 in the morning, dismissed commission police officer Rolando Mendoza took hostage 25 tourists from Hongkong and some Filipino staff who were in a bus to leave Fort Santiago for Manila’s Rizal Park. The ensuing hostage lasted 11 hours and ended with nine individuals, including the hostage taker, dead.1 and the other hostages were injured. According to the report Mendoza is a hard-working and kind. He received lots of award for being brave and loyal to his profession. Mendoza said he was summarily dismissed without the opportunity to properly defend himself, and that all he wanted was a fair hearing.2 and to get his job back. He did this way just to get attention the government official. As we all know Media is the most likely source of information for most people. In this kind of situation it is very dangerous job for the media because he has to put himself in a place that should be right.3 but in what happened in the Quirino Grandstand Hostage taking crisis it seem that many media people were blamed because they reported beyond the limit. We are in the fact that a media person serve as access of information of issues that are of public concern even if they are at risk. There were many media lapses in that incident. Towards the evening of the hostage taking, many media networks were covering the hostage taking crisis live. Among none of them did it seem to have occurred to that irresponsible coverage of the event could cost lives.4 Some of them during the hostage event reported the unconfirmed information, they revealed the police and troops movement and many more lapses that caused the anger of Mendoza. III. BEHAVIORAL ANALYSIS (HOSTAGE TAKER AND CAPTIVE/S) IV. MOTIVES IN THE INCIDENT Taking hostages has a long history as a method, with variable effectiveness, of securing concessions from individuals, organisations and governments. More recently, it has become a popular tactic among terrorist organisations. Although the resilience of individuals should never be underestimated, there is evidence that being taken hostage can have enduring effects, particularly on children. Individuals vary in how they cope with such an experience, both during and subsequent to it. The literature demonstrates that the research base is limited, and many important questions remain to be answered. Hostage-taking is an area of clinical and scientific interest. Apart from the need to establish the most effective post-incident interventions for individual hostages and their families, there are opportunities to develop further insights into the dynamics and effects of unequal power relationships. V. PROBLEMS The ideal equipment of a SWAT team more or less are as follows: communication apparatus, armor vest, helmets, gas mask, pistols, assault rifles for close quarter battle, handcuffs, synchronized watches, binoculars, telescopes, night vision goggles, battering rams, ladders, ropes, stun grenades, teargas, smoke grenades, stick lights, flashlights, spotlights, telescopic gun sights, hydraulic jacks, bolt cutters, glass shutter explosives, fire extinguisher, fireman’s ax, chain saw, SWAT van, gloves, carpentry tools, acetylene torch and rain gears. There was lack of equipment on the part of Manila SWAT to handle the situation. Although they had their basic weapons such as their armor vest (the effectiveness are already in deep question), their rifles, pistols and Kevlar helmets but still by standards, these are not adequate to address the hostage crisis situation. It is very evident that they were not even carrying with them flashlights but all of the time they were reporting and complaining that the interior of the bus was dark. The lack of equipment already put the breaching operation into a compromise. The element of surprise was gone that resulted into a stall that lasted for sometime thereby endangering lives. The doubt regarding the effectiveness of their armor vest contributed to the apprehension of the SWAT members to rush inside the bus during the assault. The Manila SWAT was not only ill-equipped but they were not trained in different kinds of situations. In fact they had to rehearse on the very day of the hostage situation. The trainings of the Manila SWAT as provided by the Manila Police District are not updated and simulated operations were conducted, if ever conducted, was a long time ago. They don’t even know the serial numbers of their guns at an instant query. They train on their own personal account. Skill acquired through trainings diminishes after some time and needs to be constantly updated. VI. PERFORMANCE EVALUATION OF THE CRISIS MANAGEMENT TEAM VII. CONCLUSIONS The reasons presented for the decriminalization are obviously overwhelming. In a nutshell, by all standards, Gen. Magtibay was an incompetent commander, organizer and manager. To top this off, he was also grossly and recklessly insubordinate at a most crucial moment. One is tempted to put the whole blame on the hostage debacle upon him, if not for the equally incomprehensible lapses and indecisions committed by both his superiors and men all throughout the hostage crisis, specifically on strategy, intelligence, coordination, and deployment. But it is without question that he carries the biggest accountability for the disastrous and murderous outcome of the hostage crisis. As such, it stands to reason for the Senate and the House of Representatives to give decriminalization of libel a chance. Honestly, as an individual I got pissed off because those people tasked to handle the situation didn’t do it by the book. First and foremost to be considered is the safety of the hostages which as viewed was never the order of priority of those people expected to save same. In all hostage-taking drama that I’ve known, neutralizing the hostage-taker is no. 1 in the agenda, which if initially done could have prevented the carnage. I just hope this won’t happen again, but if it does- just neutralize the hostage-taker once and the drama will end! It’s such a shameful and horrific event that the only positive thing we get out of the experience is to learn something from it. From that Learn we have to our mistakes. . VIII. RECOMMENDATION The investigation report also recommended administrative or criminal charges for 15 individuals and organizations, including Manila mayor Alfredo Lim, Vice-Mayor Isko Moreno, ombudsmen Merceditas Gutierrez and Emilio Gonzales III, government undersecretary Rico J. Puno, retired Philippine National Police chief director general Jesus Verzosa, National Capital Region Police Office director Leocadio Santiago Jr., Manila Police District chief superintendent Rodolfo Magtibay, MPD hostage negotiator Orlando Yebra, SWAT commander Santiago Pascual, journalists Erwin Tulfo and Mike Rogas, and three broadcasting networks. The IIRC recommended that an administrative case be filed against negotiator police Superintendent Orland Yebra and that possible criminal liability should be determined, but the Palace only recommended neglect of duty without any recommendation on possible criminal case. The IIRC also recommended that Chief Inspector Santiago Pascual be held liable for gross incompetence and possible criminal action, but the Palace affirmed the gross incompetence case without recommendation for possible criminal liability. The filing of administrative and criminal cases against Manila Mayor Alfredo Lim, but Malacanang said that Lim should be held liable for simple neglect of duty and misconduct. Charges be filed against several personalities but the recommendation was revised when it reached Malacaà ±ang. IX. REFERENCES 1.First Report of the INCIDENT INVESTIGATION and REVIEW COMMITTEE on the August, 23, 2010 Rizal Park Hostage-taking Incident: SEQUENCE OF EVENTS, EVALUATION and RECOMMENDATIONS, Incident Investigation and Review Committee, September 16, 2010, pp. 9–10, 16, 22, 24. 2.†Hong Kong criticizes handling of Manila hostage crisis†. Reuters. August 23, 2010. http://www.reuters.com/article/2010/08/23/us-philippines-hostage-hongkong-idUSTRE67M35B20100823. Retrieved July 14, 2011. 3.Mair, John; Blanchard, Ben (August 24, 2010). â€Å"Philippines defends handling of bus hostage crisis†. International Business Times. 4.http://uk.ibtimes.com/articles/45880/20100824/philippines-defends-handling-

Macbeth and Richard Nixon Essay

The tragic hero is an exceptional being capable of greatness. He often sets himself up as equal to superior to the cosmic powers, or at least he seems himself as an extraordinary man. This hero has a flaw. The hero falls from a high place of stature and pride. The tragic hero is in some way responsible for their fall and ultimately realizes their flaw too late before they are punished. Macbeth and Richard M. Nixon are tragic hero’s for these reasons. Macbeth is a tragic hero because he is capable of greatness he was born into a wealth family. Macbeth is the thane of Glamis and is a good general. King Duncan rewarded him for be so loyal to Scotland and for being brave in the battle against Norway and gave him the title thane of Cawdor. Richard Nixon is also tragic hero in some ways he is different from Macbeth and in other ways, he is the same as Macbeth. Richard Nixon unlike Macbeth was not born in to a wealthy family Richard Nixon is the son of a grocer, he was born on 9th January 1913. His father owned a small lemon farm in Yorba Linda, California. A good student, Nixon graduated from Whittier College in 1934. Macbeth has a weakness his ambition the witches and his wife Lady Macbeth control him by exploiting his ambition to be king. Macbeth has ambition to be king but at the same time, they brought his ambition to be king out his more. Lady Macbeth uses his ambition to get him to kill King Duncan. Similar to Macbeth Nixon’s weakness is his ambition to be president. Nixon’s ambition is the reason why he did all the things he did o become and to stay president such as cover ups ,phone taps. The three witches told Macbeth that he would be thane of Glamis, of Cawdor and he would be king. When two of the three predictions came, true Macbeth wanted to be king more. Lady Macbeth convinced Macbeth to kill King Duncan because he wanted the third prediction to come true. Macbeth killed King Duncan and became king. Macbeth became paranoid of someone taking the throne from him and kills people who were his friend, Mac duff family, servant, banqou, fleance. Lady Macbeth committed suicide due to the guilty of having murdered king Duncan. The lords abandon Macbeth and then Mac duff attacks with solider to take back the crown and give to Malcolm the true heir. Macbeth is behead and me his end. Richard Nixon and Macbeth are similar because they both made it to fame, high status, power, and the make a wrong decision. During his campaign for re-election, a break-in occurred on the night of June 17, 1972, as five burglars entered the Democratic National Committee offices inside the Watergate office building in Washington. This was just the start of problems for Nixon people suspected that he was connected but he denied it. Many questionable choices were made and cover-ups were found this all lead to his resignation of the presidency on Friday, August 9. Macbeth did not know if he should kill Duncan because two of the predictions came true on their own. When Macbeth goes to kill the king and is walking down the hallway, he has mixed feelings on what he should do then he sees a dagger going toward Duncan and deicide to do it. Macbeth thinks about what he is doing when he is standing over Duncan who is sleep but then murders him when he wakes up and sees the dagger. Both Macbeth and Nixon suffered had conflict. Richard Nixon suffered when ran and lost in many different elections. The conflict Richard Nixon had when he decided he was never going to run again in any election but then came back and ran for president. Macbeth’s nemesis is Mac duff because in the story, Macbeth has Mac duff’s entire family and their servant murdered . The murder of Mac duff’s family meant that Mac duff would want revenge. In the end Mac duff and Macbeth fight. During the fight, Macduff tells Macbeth that he was not of woman born, but rather â€Å"from his mother’s womb† (A5. S10. L15–16 Macbeth). The witches said that only someone who was not born by a woman can kill Macbeth and that is Mac duff who was taken from his mother’s womb not born by her. Although I would say Richard Nixon does not have a nemesis. Nixon did run unsuccessfully for the presidency in 1960, losing by a very close amount to John F. Kennedy. The tragic hero is an exceptional being capable of greatness. He often sets himself up as equal to superior to the cosmic powers, or at least he seems himself as an extraordinary man. This hero has a flaw. The hero falls from a high place of stature and pride. The tragic hero is in some way responsible for their fall and ultimately realizes their flaw too late before they are punished. That is why Macbeth and Richard M. Nixon are tragic hero’s.

Bowling Industry Information Technology essays

Bowling Industry Information Technology essays There are two main systems in place in most bowling centers. Included are the point of sale system, and the lane interface system. These systems complete many tasks in the bowling center. First we will describe the point of sale and back office system, and then we will explain the AMF Advantage lane interface system. Touchbowl 2.0 is AMFs point of sale and back office software. In front of the house operations it makes transactions with customers, suppliers, and it is a time clock. Touchbowl utilizes touch screen technology to provide quicker service. Typical bowling centers have three touchbowl nodes, which are point of sale systems. They are dispersed at the front desk, snack bar, and in the lounge. These POS terminals send information to the back office computer through a network. The back office computer reports this information. The information is categorized in various ways, it shows different items sold, how many of an item at what price, supplier payouts, and it calculates payroll. The back office computer is also used as a marketing tool with the AMF Playbook program. It has marketing information and usable flyers and artwork. The AMF Advantage is the computer that turns the lanes on, keeps league bowler information, reports the information, and it controls the AMF Accuscore automatic scoring system. It is a necessary part of operating the business. Upon turning on a lane, the operator must distinguish a rate category for the games that are being bowled. The Advantage counts every ball that is rolled and then it puts those games in whatever category the operator chose. For example, 8 games were bowled in rate category 2 which is 3.75 per game. The Advantage also does league bookkeeping. All of the scores from the Accuscorers are sent to the Advantage and then the Advantage generates many different statistics and reports for leagues and league bowlers. One of the important reports that it ge...

Macroeconomic policy of Reserve Bank of Australia Essays - Economy

Macroeconomic policy of Reserve Bank of Australia Essays - Economy THE DECISION OF THE RESERVE BANK OF AUSTRALIA TO KEEP THE INTEREST RATE UNCHANGED AT 1.5% Case Study By Tapas K. Chakraborty TABLE OF CONTENTS INTRODUCTION 3 OBJECTIVES OF MONETARY POLICY 5 MACROECONOMIC INDICATORS OF MAJOR COUNTRIES 9 JUSTIFICATION FOR THE DECISION 10 MONEY MARKET EQUILIBRIUM AND MONETARY TRANSMISSION MECHANISM14 ECONOMIC GROWTH18 CONCLUSION19 REFERENCES20 INTRODUCTION The instant case study is built upon succinct analysis of the macroeconomic dynamics interacting in Australian and global landscape, before and aftermath of the decision of the Reserve Bank of Australia (RBA) to keep the interest rate unchanged at 1.50%. The important macroeconomic policy decision was announced by the Governor of RBA in the media release dated 4th December, 2018. It was asserted by Mr. Lowe, Governor of RBA, that financial conditions of Australia and advanced economies did not warrant any change in the existing cash rate. The Reserve Bank of Australia (RBA) Board, after the meeting, unanimously agreed that no monetary stimulus resulting from lowering of interest is necessary in the background of expansionary domestic and international economy The RBA Governing body's decision to keep the interest rate unchanged is based upon the macroeconomic dynamics underpinning the money market and goods market equilibrium, and the effect that interest rate could instill upon the equilibrium in money market and good market. The RBA Board posits that global economic conditions have improved since 2017, and most of the advanced economies have been able to register more than expected positive economic growth, and the employment scenario of the countries have significantly improved. Australia's terms of trade (TOT) has improved and continues to be robust. This shows the country is capable of combating cost-push inflation as the prices of imported goods continue to be at the lower side. The RBA Board also argues that inflationary pressure of all the advanced countries including Australia is near the acceptable level as wage-push inflationary pressure remains low. The economies of many advanced countries are in expansionary path in spite of absence of any monetary stimulus. The optimism in the Australian economy is well evidenced in the strong equity market, less volatility, and diminished gap between bond yield and other maturities. The economy of the country grew at expected rate during the quarter ended September, 2018, and the Gross Domestic Product GDP) of the country is expected to grow by 3% in the next five years. Increased business activities in the country are evidenced in increase in capacity utilization of industries and better performance by non-mining sectors. The RBA is of the view that the infrastructure of the country is highly conducive to economic growth, unemployment rate is declining, and labor-force participation continues to improve. The 2% percent underlying inflation rate in the country is expected to improve to further effective level as the economy expands. OBJECTIVES OF MONETARY POLICY Monetary policy is an envelope of policies involving interest rate, public debt, and monetary standards, intended to influence credit volume, price level, and economic activities ( The Balance, 2017). The chief objective of monetary policy is to protect the economy from the onslaught of trade cycles. An elastic monetary policy enables the country to achieve sustained growth at healthy rate of inflation. The apex banking institution of a country monitors the volume of money in the economy by adopting appropriate monetary policy depending upon the macroeconomic conditions of the country. The Central Bank of a country controls credit by open market operations, selective credit control, and fluctuations in the interest rate. The first two methods are intended to control supply of money directly, while the last one is meant for indirectly controlling the demand for money. Functions of money: The following 5 important functions are performed by money: (Cliff Notes, 2017); It is the medium of exchange. It acts as a store of value. It functions as standard of measuring value . It serves as the standard of deferred payments. It is used for transferring value from one place to another. Functions of RBA: RBA, established under Reserve Bank Act, 1959, is the apex banking authority of the country entrusted with the task of monitoring the monetary mechanism required for smooth functioning of the economy for sustained economic growth of the country. The RBA is responsible for maintaining adequate resource flow