The posh dinner party has been a great success until, over coffee, one of the guest decided to tell a detailed blue joke.
The host was appalled, "This is an outrageious joke. How do you tell this story before my wife!"
The guest replied, "I's sorry. I did not know that you wife wanted to tell this joke herself.
Wednesday, August 6, 2008
Business ethics
I write about honesty and business ethics in this article:
http://theonlinecitizen.com/2008/08/business-ethics-%e2%80%93-honesty-while-making-profits/#comment-16764
posted in
www.theonline.citizen.com
http://theonlinecitizen.com/2008/08/business-ethics-%e2%80%93-honesty-while-making-profits/#comment-16764
posted in
www.theonline.citizen.com
Profiteering
Source: Wikipedia
Profiteering is a pejorative term for the act of making a profit by methods considered unethical. Business owners may be accused of profiteering when they raise prices during an emergency (especially a war). The term is also applied to businesses that play on political corruption to obtain government contracts.
Some types of profiteering are illegal, such as price fixing syndicates and other anti-competitive behaviour, for example on fuel subsidies (see British Airways price-fixing allegations), or restricted by industry codes of conduct such as aggressive marketing of products in the third world such as baby milk (see Nestlé boycott).
Profiteering is a pejorative term for the act of making a profit by methods considered unethical. Business owners may be accused of profiteering when they raise prices during an emergency (especially a war). The term is also applied to businesses that play on political corruption to obtain government contracts.
Some types of profiteering are illegal, such as price fixing syndicates and other anti-competitive behaviour, for example on fuel subsidies (see British Airways price-fixing allegations), or restricted by industry codes of conduct such as aggressive marketing of products in the third world such as baby milk (see Nestlé boycott).
Overcharging
Source: Wikipedia
Overcharge is an economic term that refers to the difference between an observed market price and a price that would have been observed in the absence of collusion. The latter is often called a "but-for price" or a competitive "benchmark price".
When collusion is not in use, such as by privately-owned businesses, overcharge is considered as a markup of the observed market price for the sole profit of the business and in some states is considered illegal, similar to profiteering and price gouging.
An overcharge may be expressed as a mark-up on the benchmark price, or it may be divided by the observed market price. When the benchmark price is equal to the marginal cost of production, as it is in perfect competition, then ratio of the overcharge to market price is the Lerner Index of market power.
When the overcharge is multiplied by the quantity purchased, it becomes the monetary injury or damages incurred by a buyer of goods sold by a cartel.
Overcharge is an economic term that refers to the difference between an observed market price and a price that would have been observed in the absence of collusion. The latter is often called a "but-for price" or a competitive "benchmark price".
When collusion is not in use, such as by privately-owned businesses, overcharge is considered as a markup of the observed market price for the sole profit of the business and in some states is considered illegal, similar to profiteering and price gouging.
An overcharge may be expressed as a mark-up on the benchmark price, or it may be divided by the observed market price. When the benchmark price is equal to the marginal cost of production, as it is in perfect competition, then ratio of the overcharge to market price is the Lerner Index of market power.
When the overcharge is multiplied by the quantity purchased, it becomes the monetary injury or damages incurred by a buyer of goods sold by a cartel.
Touting
Source: Wikipedia
In British English, a tout is any person who solicits business or employment in an importune manner (generally equivalent to a solicitor in American English).
A ticket tout is someone who engages in ticket resale for more than the face value of the ticket. In recent years some British ticket touts have moved into Internet ticket fraud.
According to the American Bar Association, touting is where a person advertises, promotes, or otherwise describes a security for sale without disclosing that the person is being paid to do so.
An example would be a person who frequents heavily touristed areas and presents himself as a tour guide (particularly towards those who do not speak the local language), but operates in on behalf of local bars, restaurant or hotels, being paid to direct tourists towards certain establishments.
In a similar fashion a tout could be someone who, acting upon his own initiative, loads or unloads the baggage from a bus, then demands payment for his services from the passengers.
In gambling parlance, a tout is a person who sells sports betting information to bettors.
In British English, a tout is any person who solicits business or employment in an importune manner (generally equivalent to a solicitor in American English).
A ticket tout is someone who engages in ticket resale for more than the face value of the ticket. In recent years some British ticket touts have moved into Internet ticket fraud.
According to the American Bar Association, touting is where a person advertises, promotes, or otherwise describes a security for sale without disclosing that the person is being paid to do so.
An example would be a person who frequents heavily touristed areas and presents himself as a tour guide (particularly towards those who do not speak the local language), but operates in on behalf of local bars, restaurant or hotels, being paid to direct tourists towards certain establishments.
In a similar fashion a tout could be someone who, acting upon his own initiative, loads or unloads the baggage from a bus, then demands payment for his services from the passengers.
In gambling parlance, a tout is a person who sells sports betting information to bettors.
Illegal to tout and overcharge
I read a newspaper report that taxis now put up a sign "It is illegal for electronic stores and tailors to tout and overcharge".
What is touting? Are financial products being marketing at MRT stations considered as touting?
What is over-charging? Many financial products have excessive charges that give poor value to consumers.
Will it be illegal for financial institutions (i.e banks and insurance companies) to tout and over-charge for their financial products?
Why only go after electronic stores and tailors, when the overcharging in financial products is 10 times or more?
What is touting? Are financial products being marketing at MRT stations considered as touting?
What is over-charging? Many financial products have excessive charges that give poor value to consumers.
Will it be illegal for financial institutions (i.e banks and insurance companies) to tout and over-charge for their financial products?
Why only go after electronic stores and tailors, when the overcharging in financial products is 10 times or more?
Investing in Foreign Currency
A few readers have asked my views about investing in AUD due to its recent drop. It is difficult to make a judgement on the trend, due to its volatiity. Even foreign currency traders find it difficult.
Here are some general tips about investing in foreign currencies:
http://www.tankinlian.com/faq/foreign.html
Here are some general tips about investing in foreign currencies:
http://www.tankinlian.com/faq/foreign.html
Premium buses
Some people are willing to pay a higher fare to get a better seat in an airplane. They are called first class and business class. We can have the same arrangement for a bus.
Read more about this concept in:
www.singaporepublictransport.blogspot.com
Read more about this concept in:
www.singaporepublictransport.blogspot.com
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