Bengali Rasgulla

Rasgullas are homemade cheese or paneer balls soaked in chilled sugar syrup. This recipe is made using a pressure cooker. Makes 12 rasgullas Ingredients: 4 cups milk 1/4 cup lemon juice 1 1/2 cups sugar 4 1/2 cups water Pressure cooker Method: Paneer: Mix lemon juice in half cup of hot water and keep aside. Boil the milk in a heavy bottomed pan over medium heat, stirring occasionally, making sure not to burn milk. As the milk comes to a boil, add the lemon juice gradually and stir the milk gently. The curd will start separating from the whey, turn off the heat. Once the milk fat has separated from the whey, drain the whey using a strainer line with cheesecloth or muslin cloth. Wrap the curd in a muslin cloth, and rince under cold water, and squeeze well. This process takes out the sourness from the lemon. To take out the excess water squeeze the cloth, or press the wrapped paneer under a heavy pan for about one hour.Taking the right amount of water out of the paneer is the most important part of this recipe. To check if enough water is out of the paneer, take a little piece of paneer on your palm and rub with your fingers. After rubbing the paneer for about 15-20 seconds, you should be able to make a firm but smooth ball. Once the paneer is drained, place on a dry, clean surface and knead the paneer for 3-4 minutes until the paneer is almost rolls into smooth soft dough. Knead the paneer by dragging the palm of your hand hard on the paneer. Keep scooping it back to togather and knead more. If the paneer is too crumbly, add a teaspoon of water. Your palm will be little greasy. Rasgulla: Divide the dough into 12 equal parts and roll them into smooth balls. To make the balls apply some pressure at the first and then release when forming the balls. Mix the sugar and water in a pressure cooker on medium high heat and bring to a boil. Add the paneer balls and close the pressure cooker. After the pressure cooker starts steaming, turn the heat to medium and cook for about seven minutes. Make sure the pressure cooker is large enough to accommodate the finished Rasgullas, as they will expand to about double in the volume while cooking in the syrup. Close the heat and wait a few minutes before you opening the pressure cooker. Pour cold water over the pressure cooker before opening. Rasgullas should be little spongy. After rasgullas are refrigerated the sponginess will reduce and will be soft in texture. Serve the Rasgullas chilled. Suggestions: If the Rasgullas don’t turn out exactly the way you want, they are hard or not the right shape, do not worry. There’re many ways to create new dish out of the imperfect Rasgullas! For example, if the Rasgullas are too hard or broken, try cutting them into small pieces and mix with soft vanilla ice cream or cover with melted chocolate. You can use the Rasgulla pieces to make kheer, replacing rice with the Rasgulla pieces. The bottom line is to enjoy your creation!

Basen Ladoo

Besan ladoos are rich, sweet dessert-snack made from gently roasted gram flour (besan). Ladoos can be served any time of the day. Traditionally in Indian households ladoos and burfis are served as cookies and chocolate. Recipe will make approximately 16 ladoos. Ingredients: 1 1/2 cups gram flour (basen) 2 tablespoons semolina flour (fine sooji) 1/2 cup unsalted melted butter (ghee) 3/4 cups sugar 4 tablespoons sliced almonds (badam) 1/4 teaspoons coarsely grounded cardamom seeds (ilaichi) For Garnish: 1 tablespoon melted butter or ghee 1 tablespoons sliced pistachios (pista) Method Put the basen (gram flour), sooji, and melted butter in a large frying pan and mix. Turn the stove on to medium heat and begin to roast the basen mixture until basen becomes light golden brown in color. Stir the mixture continuously with a spatula to prevent burning. Cooking on high heat will not allow the mixture to fully cook. When the color has changed you will also start to smell the sweetness of roasted basen. This should take about 7 to 10 minutes. Remove the pan from the heat and let the basen cool to a warm temperature. don’t let it become to room temperature. While the mixture is warm add and mix cardamom seeds, almonds, and sugar. To make the ladoos, take about 2 tablespoons of warm basen mixture into your palm. Gently press the mixture between your palms to form a smooth, round ball. The ladoos are usually about the size of a ping-pong ball, but you can adjust the as you prefer. When you have finished making all of the ladoos, take one ladoo at a time and dip the ladoo a quarter inch into melted butter or ghee. Then lightly touch the part of the ladoo with the butter into the sliced pistachios just enough so some pistachios stick to the ladoo. Put ladoos back on the plate with the pistachio side facing the top. Leave the ladoos on a plate to cool to room temperature before putting into a covered container. The ladoos can be stored in an airtight container for 2 to 3 weeks.

Banana Puri (Kela Ke Puri)

Banana Puries are delicious fried Indian puffed bread. Puries have richness of banana flavor enhanced with cardamom. Banana Puries are good for festive occasions and holidays. These can be served for breakfast or as a snack. Puries are especially good for picnic or to take for travel. This recipe will make about 40. Ingredients: 1/2 cup ripe mashed banana (about 8” long banana) 1/2 cup sugar 1 tablespoon melted ghee or butter 1/8 teaspoon crushed cardamom powder Pinch of salt 3 tablespoons coarsely ground almonds about 18 almonds Approx ¾ cup whole-wheat flour Approx ¾ cup all purpose flour Oil to fry Method Peel and mash the banana, add the sugar, almond, butter, salt and cardamom mix it well. Add whole-wheat flour and all-purpose flour to the banana mix and make a firm and smooth dough. Keep it aside for about 2 hours. Grease the fingers and knead the dough for a minute and divide in four equal parts. Roll them into 8” diameter and cut them in about 2” diameter, using a cookie cutter. Heat the oil in a frying pan on medium heat. To check the heat if oil is ready put one piece of dough in oil, dough should sizzle and come up slowly. Fry the puries few at a time don’t over crowd the frying pan. Puries will puff and fry them till they are dark brown from all around. It will take about 2 minutes to fry every batch. Take them out over paper towel so it can absorb the extra oil. Puries are ready. Notes:This is good recipe for vegan by replacing the butter with oil. Puries can be served hot or eaten at room temperature. Banana Puries can be stored for a week; you don’t need to refrigerate them.

Baklava Rolls

Baklava is a Middle Eastern specialty. Baklava is made in many shapes I decided to make them in rolls. Instead of honey I used sugar to glaze and flavored with cardamom. Baklava is made using phyllo dough; it is available in frozen section in supermarkets. Recipe will make 18 pieces Ingredients 6 sheets of phyllo dough (one package weigh 1 pound and have 18 14 x 18 inches sheets) 1/2 cup clarified butter 1/2 cup ground almond 1/2 cup ground walnuts 1/4 cup coconut powder 1/2 teaspoon cardamom 1/3 cup sugar Syrup 3/4 cup sugar 1/2 cup water 1 teaspoon lemon juice About 1 tablespoon sliced pistachios for garnish Note Be sure to thaw the phyllo dough using the instruction from the package, phyllo dough should be at room temperature before using. Do not open the package until you are ready to use. Unused sheets roll them in clear plastic wrap and refrigerate for next time but do need to be used within 3 to 4 days. For baking I am using 8×8 baking pan. Method Filling Combine all the dry ingredients, ground almonds, walnuts, coconut, sugar, and cardamom. Preheat the oven 350 degree F. Making the Pastry Work on a clean, dry, flat surface, Open the phyllo dough and take 1 sheet spread over the working surface and fold it making it double in length wise. Lightly brush the butter covering the whole sheet. You will be working with the short side. Leave about half inch of sheet across the short side and sprinkle 2 tablespoons of the filling from edge to edge evenly. Roll it like a jelly roll twice and brush lightly with butter, only the rolled part. Sprinkling again 2 tablespoons of the filling from edge to edge evenly. Roll it up carefully, after every roll brush it with butter, and place seam side down in the baking tray. Repeat the process until you finish rolling all six sheets. The pieces should fit snugly, but not squashed. With a very sharp knife, cut the roll into 3 equal pieces in length, total of 18 pieces. Lightly brush the butter over each piece. Bake the baklava for about 25 to 30 minutes until they are light golden brown in color. Syrup Boil the sugar and water together until syrup is 220 degrees on candy thermometer or ½ thread. Add the lemon juice and cardamom powder and turn off the heat. Lemon juice keeps the syrup from crystallizing. Carefully pour the hot (but not boiling) syrup evenly over all the baklava pieces. Sprinkle few pieces of the sliced pistachios over baklava. Allow the baklava to cool before serving. Enjoy!

Badam Burfi (Almond Candy)

Badam (almond) Burfi is a healthy substitute for candy but is rich in flavor. Almond burfi can be served as dessert or snack. Recipe makes 20 pieces. Ingredients: 1 cup whole almonds 1 cup sugar Pinch of Cardamom powder 2 tablespoons butter or ghee (clear butter) 1/3 cup milk Method Soak the almonds in hot water for 30 minutes. Peel the skin off the almonds. Blend the almonds into a fine paste using just enough milk as needed to blend. Add the sugar and whip it for a couple of minutes. Heat the ghee in the frying pan on low-medium heat. As the ghee melts, add the almond paste and cook on medium heat, stirring continuously. Continue stirring until the mixture thickens to the consistency of bread batter, and starts leaving the sides of the pan. Add the cardamom powder. Remove the frying pan from the heat. Whip the batter using a spoon in a circular motion for about two to three minutes. Pour it into the prepared greased pan. Smoothen the surface of the mixture to about a quarter inch thick. Let cool for about 20 minutes until burfi is just look warm. Cut into 1-inch squares or any shape you like. Cool to the room temperature and store burfi in an airtight container. Almond burfi has a long shelf life and can be kept outside for up to one week. When refrigerated, almond burfi will last a couple of months. Suggestions: You can make burfi using almond meal or almond flour. If you are using almond meal, mix one cup almond meal with the sugar and milk and knead the mixture for two minutes. Let the mixture sit for 10 to 15 minutes. Then follow the directions above. The almond flour burfi will be a little chewy.

Apple Jalebi (Apple Fritters)

Apple Jalebis can be best described as apple wafers dipped in the flavorful sugar syrup. This is a modified version of Jalebis. They taste best when served hot. Recipe will make about 16. Ingredients: 2 apples peeled and sliced them in thin rings 3/4 cup all purpose flour (plain flour, maida) 1/2 teaspoon dry yeast 1/2 teaspoon sugar 1 tablespoon oil Oil to fry For Syrup: 1 1/4 cup sugar 1 cup water 1/4 teaspoon lemon juice 1/4 teaspoon cardamom powder For Garnish: 1 tablespoon blenched and sliced pistachios Method: Batter: Dissolve the yeast and sugar in ¼ cup warm water, and let it sit for about 5 minutes. Mix the flour and oil together. Add the yeast solution to the flour and mix. Make a smooth batter. Add water as needed. Consistency should be like pancake mix. Set the batter aside and let it sit in a warm place for half hour. Make sure the batter is fermented, but do not over ferment. After fermenting batter will be little lacy. Syrup: Boil the sugar and water together. Add the lemon juice, and cardamom boil for about 8 minutes until syrup is about ½ thread. Lemon juice keeps the mixture from crystallizing Making the jalebis: Heat the oil in a frying pan about 1 inch deep. To check if the oil is ready, put one drop of batter in the oil. The batter should sizzle and come up without changing in color right away. Dip the apple slices into the batter one at a time, making sure the slice is covered with the batter. Then, slowly drop the slices into the frying pan. Fry the jalebi in small batches. The jalebi will take about 4 to 5 minutes to cook. Turn them occasionally. Fry the jalebi until both sides are golden-brown. Transfer them into the warm syrup. Let jalebi soak in the hot syrup for a few seconds and take out over wire rack so excess syrup can be dripped from jalebi. Garnish with sliced pistachios. Serve hot. Variations: Try sprinkling cinnamon powder or drizzle melted chocolate over the Jalebis for a creative touch.

Apple Crumb Pie

Apple Crumb Pie is simple, delicious, and easy to make. This dessert is perfect for fall and winter months. Hot apple crumb, topped with vanilla ice cream – my kind of a dessert, and popular with my family. Recipe will serve 4 to 6. Preparation time: 10 minutes; cooking time 35 minutes. Ingredients: 3 green Granny Smith Apples peeled, cored and sliced 2 tablespoons water 3/4 cup oatmeal 1/4 cup crushed walnut 3/4 cup sugar 1 teaspoon ground cinnamon 1/4 teaspoon nutmeg 1/2 cup butter Method: Preheat the oven 370 degree F. In a bowl mix oatmeal, walnut, cinnamon, nutmeg, sugar, and butter. Set aside. Spread the sliced apple evenly in the 9-inch pie pan. Sprinkle the water evenly over the apple. Spread the oatmeal mix evenly over apple. Put the pie plate over the center rack of oven. Let it bake for 20 minutes. Take it out from oven. Tilt the pie plate a little and use a spoon to move some of the apple juice; put it over pie evenly. Put the pie plate again back in oven and bake for 10 more minutes. Note: putting the juice over the top of the pie keeps the crumbs moist and crunchy. Serve hot. Tastes great topped with scoop of vanilla ice cream!

Almond Cashew Burfi

Almond Walnut Cashew Burfi is a healthy, quality substitute for candy that your entire family will enjoy. Recipe will make 24 pieces. Ingredients: 1/2 cup almonds 1/2 cup walnuts 1/2 cup cashew nuts 1 1/4 cup sugar 1/2 cup water 1/2 teaspoon cardamom powder 1 tablespoon sliced almonds to garnish Method Dry grind the walnuts, cashews and almonds in a food processor. Dry roast the groundnuts in a frying pan on low medium heat. Roast them just enough so that the nuts start to give off an aroma. It will take about 4 to 5 minutes. Remove from heat and set aside. Put the sugar and water together in a saucepan on medium heat. Bring to a boil to make the 1 thread syrup or on the candy thermometer it should reach 230 degrees F. Turn off the heat and stir in the cardamom powder. Add the nuts to the syrup and mix, and then spread over a greased 8-inch plate. Note: don’t let the syrup cool off. It must be spread while still hot. Wait a few minutes until burfi is set but still soft. Then cut the burfi into any shape you like (such as square, diamond, triangle). Garnish each piece of burfi with sliced almonds while the burfi is still soft. Allow the burfi to cool for about an hour to dry and hold its shape. Now you can remove the burfi from the plate. Burfi can be stored for a month. Variations Proportion of nuts can be changed to your choice. You may also add pistachios and coconut powder.

Bhel Puri Chaat

Behal Puri is a simple spicy snack with a light crunch! This is very popular with street vendors in Mumbai, Bhel puri. Every street vendor has his own twist but it doesn’t matter how you make it, two main ingredients remain the same . . . puffed rice (murmura) and fine sev. Recipe will serve 4 to 6 Ingredients 3 cups puffed rice (murmura, kurmura) available in Indian grocery stores. 1 cup fine sav (vermicelli-like snack made from gram flour) available in Indian grocery stores. 1 cup papdi broken in small pieces (recipe you can find on my web site) or available in Indian grocery stores. 1/2 cup of chopped boiled potatoes 1/2 cup of chopped cucumber 1/2 cup of chopped tomatoes remove the seeds About 2 tablespoons chopped cilantro About 1/2 teaspoon salt (or to your taste) About 4 tablespoon of hari cilantro chutney About 4 tablespoon of tamarind chutney 1 tablespoon minced green pepper optional For Garnish 1/4 cup fine sav About 2 tablespoons lemon juice Method In frying pan over medium heat dry roast the puffed rice for 3 to 4 minutes. Let it cool of. Combine the dry ingredients puffed rice, sav, papdi and salt together mix well. Keep aside till ready to serve. Mix chopped potatoes, cucumber, tomatoes, cilantro and minced green pepper if like hot and keep aside. When ready to serve mix dry ingredients and potato mix. Add cilantro and tamarind chutneys to your taste making sure chutneys should coat the Bhel Puri. Garnish with sav and drizzle the lemon juice to taste. serve immediately, Tips Puffed rice (murmura) with time looses some of the crispness by roasting crispness and freshness is back.

Achari Paneer

Achari Paneer is flavorful, healthy and high in protein. Paneer is an Indian cheese, also known as chenna. Achari paneer is very versatile and can be served as an appetizer or as an accompaniment to a main course. This recipe will serve 8. Ingredients 14oz paneer cut in ½ inch cubes (paneer you can find in Indian grocery store) 1 teaspoon salt 1/8 teaspoon turmeric (haldi) 1/4 cup yogurt (dahi) 2 tablespoons olive oil 4 whole red chilies Sabut lal mirch) Pinch of asafetida (hing) 1/4 teaspoon nigella (onion seeds or kalonji) 1 teaspoons coriander seeds (dhania) 1/4 teaspoon fenugreek seeds (mathi) 1/2 teaspoon black pepper 1/2 teaspoon fennel seeds (saunf) 1 ½ cup baby spinach leaves (palak) Method Mix paneer, yogurt, turmeric and salt. Set aside. In a frying pan over medium heat, dry roast nigella, coriander seeds, fenugreek seeds, fennel seeds, and black pepper for 1-2 minutes. Seeds will become darker in color and give off a beautiful aroma. Crush the roasted seeds using a mortar or rolling pin. Set aside. Add oil to the same pan, at low-medium heat. Roast red chilies till they turn a darker color. Remove from pan and break each one into 2-3 pieces. Increase to medium heat; add asafetida, followed by paneer mixture. Stir fry for 3-4 minutes until most of the moisture has evaporated. Do not overcook the paneer as it will become dry. The yogurt should coat the paneer nicely so it remains moist. Turn off the heat. Add all the dry spices and mix well. Serve warm achari paneer over a bed of spinach leaves. Tips Achari paneer can be made in advance and refrigerated up to a week. However, it tastes best when served warm.

Matsya Avatar of Vishnu

The Matsya or Fish Avatar of Vishnu is the least regarded of all his avatars in the popular imagination. It is mentioned perfunctorily as the first avatar and then people hurry on to all the really important manifestations of Vishnu. While it may be true that there is no great documentation of this particular avatar, it remains significant for many reasons. It is the very first avatar in all Hindu literature and establishes a prototype for all the various incarnations of god that follow. Secondly, it shares with the rest of the world a generic belief that at one time the planet was threatened with a great flood and a savior in a boat preserved all life forms. Thirdly it establishes the concept of Manus for each Great Age or Yuga. And finally the task of this avatar was the most important of all, nothing less than the recovery of the lost Vedas. In Indian mythological terms there can be no more significant or heroic act. Taken all together then, we realize that the Matsya Avatar is not as inconspicuous an event as is mistakenly presumed. The Matsya Avatar never made it into independent status for worship. There are no temples, no significant independent representations in art, and almost no memory of the events of this avatar. As already pointed out, all of the above would be a mistake in judging its importance. The concept of the avatar is interesting for it literally means "to descend". An avatar is a descent of god to the earthly plane in a physical form for the accomplishment of a particular task or task. Once the mission is over the avatar dissolves back into the cosmic matrix. The best definition of the parameters of the avatars has been given thus in the Bhagvad Gita by the avatar of Vishnu called Krishna. "Although, indeed, I am unborn and imperishable, although I am the Lord of creatures, I so resort to nature, which is mine and I take on birth by my own Maya. For whenever the Dharma languishes, O Bharatha, and Adharma flourishes, I incarnate myself. I take on existence from Age to Age, for the salvation of the good and the destruction of evil, to reestablish the Dharma." In the Bhagvatam the story goes thus. One Cycle of Creation, Brahma's day, was about to be completed and Brahma himself about to fall asleep. When he does so all creation is dissolved except the Vedas, which are eternal, and outside the Cycle of Creation and dissolution. They lodge safely inside Brahma's body while he slumbers and are given back to the universe in the next Cycle of Creation. Unfortunately, Brahma gave a prodigious yawn and the Vedas flowed out of his lips. He was too sleepy to notice this catastrophe, but a cunning asura named Hayagriva had been hanging around observing the process of dissolution and determined to become eternal by any means necessary. This was his main chance and he literally swallowed it, i.e. gulped the Vedas down. He correctly assumed that the eternal nature of the Vedas would rub off on him too and he was therefore free of the endless cycle of entropy and dissolution, he was not only immortal he was eternal! This was an unbearable situation as it violated the cosmic order in no uncertain terms. All that had form had to die someday but Hayagriva had found a way out. Not only that there was no way he would release the Vedas into the next Cycle of Creation, he would instantly die as he belonged to an earlier cycle and could not exist without this extraordinary support system. He would be like a chunk of anti-matter in the new universe immediately imploding it to destruction while safe himself because he had the Vedas within him. Not that it mattered to him. He was asura and could never think of anything beyond his own immediate personal benefit. Vishnu determined to flush out this cosmic troublemaker and retrieve the Vedas at the same time. Hayagriva was skulking around in the depths of the cosmic ocean again correctly assuming that he would be difficult to find there while the universe was coming crashing down. (It is truly interesting that the first avatar myth begins by stating the essential impermanence of the universe Vishnu is dedicated to saving; it is not a myth of origin or genesis, it is a grim statement that all origins have endings, ad infinitum. It is a remarkable perspective and not even the Norse myths have such a take on life). Vishnu being a very efficient personality decided that this avatar might as well identify the Manu for the next Cycle of Creation or Kalpa. The Manu is a proto-Adam, responsible for overseeing the first hesitant stages of all life forms in the new Cycle of Creation and they live for the entire cycle as some sort of cosmic warden. They re-establish culture and civilization and above all ensure the Vedas are transmitted to the next Cycle. The Manu and his wife become the First Parents for each Cycle. Vishnu chose a great and pious king named Satyavrata to become the next Manu. When Satyavrata was praying in the traditional manner, waist deep in flowing water, his cupped handful of the fluid found a little fish inside. The fish spoke to him and demanded his royal protection from the larger fish. Since Matsyanyaya, the law of the fish, - or big fish eat little fish and little fish eat littler fish and so on - has been a metaphor for social governance in India for aeons, Satyavrata was captivated by the magical talking fish and its reasons for wanting to come out of the water. He agreed but found out that 'fishy business' did not begin to cover what was happening. The fish began to grow and grow, pots and drums and tanks and ponds proving mere stopovers for minutes. The largest lake and the widest rivers were outgrown in one single day and the harassed king finally led it to the ocean where he realized it had been Vishnu himself playing this prank on him. One of the more delightful aspects of Vishnu is his innate Prankster God nature. By himself Satyavrata had not accumulated enough good karma to deserve to become the next Manu, but by helping Vishnu out so consistently he accelerated to the head of the list! The trouble he was put through was a favor Vishnu was doing for this devotee. Vishnu filled in his devotee on the news that the universe was about to be dissolved in seven days time. He instructed Satyavrata to build a giant ark, fill it up with the entire flora and fauna on the earth and meet him again at a designated time. The Saptarishis or Seven Eternal Sages were his only human companions. While the pious king was so doing, Vishnu was hunting in the oceans for the Veda stealer. Hayagriva had chosen the better part of valor and almost managed to elude Vishnu. However he was found out and the usual thunderous and bombastic combat so beloved of Sanskrit literature ensued, with Hayagriva being finally torn apart and the Vedas liberated. This colossal fish form of Vishnu then turned to the problem of the imminent dissolution of the universe. The giant fish arrived at the spot glowing with a golden light, it was the only illumination available as darkness had fallen across the cosmos and the rain had begun, the torrents of water that would sweep away the tired old creation. For the entire night, which is the equivalent of one Cycle of Creation, Vishnu towed the boat, which was tied to a horn he had manifested on his head. During that night he is supposed to have instructed Satyavrata and the seven sages on all the knotty problems of existence that plague Man. Unfortunately the teaching was strictly esoteric and never communicated to the next Cycle of Creation. The basis of the Sankya Philosophy is supposed to have been communicated in that mother of all night classes and the Matsya Purana deals with some of the teachings that were deemed allowable for humans to hear. That's is more or less the story though some texts, notably the Mahabharatha and the Satapa Brahmana have a few minor variations. They really do not take away from the basic idea. The bad guys lose and the universe is saved, Vishnu is back in heaven and all is well with the world.

Economic Resources

Microeconomics is the study of the behaviour and decisions of individuals and businesses in markets across the economy. We start our study of microeconomics by looking at the resources which an economy may have available to supply and produce goods and services to meet the ever-changing needs and wants of individuals and society as a whole. In economics we classify goods as “tangible” products, example might include food and drink, cars, digital televisions, flat-screen televisions, energy products and cricket bats! Services are sometimes known as intangibles, education and health-care are two important services and tourism, business consultancy, cleaning and home insurance are all examples of services. Finite resources There are only a finite (or limited) number of workers, machines, acres of land and reserves of oil and other natural resources on the earth. Because most of our resources are finite, we cannot produce an unlimited number of different goods and services and by producing more for an ever-increasing population we are in real danger of destroying the natural resources of the planet. This has important consequences for the long-term sustainability of economies throughout the world and potentially huge implications for our living standards and the quality of life. Tuna at risk of extinction Bluefin tuna are at risk of extinction in the Mediterranean and eastern Atlantic according to a report from the Worldwide Fund for Nature. They lay the blame on fishermen who have caught more than the quotas allowed under current European Union rules. Over-fishing has led to a reduction in stocks of tuna and average catch sizes are declining. The WWF has called for an immediate halt to bluefin tuna fishing arguing that failure to act now will lead to the complete destruction of what should be a renewable resource. Source: Worldwide Fund for Nature and BBC news reports Environmental pressure groups such as Friends of the Earth and Greenpeace seek to highlight the permanent damage to the stock of natural resources available throughout the world and the dangers from economic development and global warming. One such issue is the huge threat posed by the global shortage of water as the world’s demand for water for household and commercial use continues to grow each year. At the heart of improving resource sustainability is the idea of de-coupling – a process of trying to increase the efficiency with which resources are used in producing goods and services and breaking the link between ever-increasing output and resource depletion. Factors of production Factors of production refer to the resources we have available to produce goods and services. We make a distinction between physical and human resources. Land Land includes all of the natural physical resources – for example the ability to exploit fertile farm land, the benefits from a temperate climate or the ability to harness wind and solar power and other forms of renewable energy. Some nations are richly endowed with natural resources and then specialise in the extraction and production of these resources – for example – the development of the North Sea oil and gas in Britain and Norway or the high productivity of the vast expanse of farm land in Canada and the United States and the oil sands in Alberta, Canada. Other countries have a smaller natural factor endowment and may be more reliant on importing these resources. Japan for example is the world’s second largest economy but remains heavily dependent on imported oil. Labour Labour is the human input into the production process. It is inevitable that some workers are more productive than others because of the education, training and work experience they have received. What matters is the size and quality of the workforce. An increase in the size and the quality of the labour force is vital if a country wants to achieve economic growth. In recent years the issue of the migration of labour has become important, can migrant workers help to solve some of the labour shortages that many countries experience? And what of the long-term effects on the countries who suffer a drain or loss of workers through migration? Labour is the human input into the production process. It is inevitable that some workers are more productive than others because of the education, training and work experience they have received. What matters is the size and quality of the workforce. An increase in the size and the quality of the labour force is vital if a country wants to achieve economic growth. In recent years the issue of the migration of labour has become important, can migrant workers help to solve some of the labour shortages that many countries experience? And what of the long-term effects on the countries who suffer a drain or loss of workers through migration? Capital To an economist, investment is not the money that people put into the stock market or into bank and building society accounts. Instead, in economics the term capital means investment in capital goods that can then be used to produce other consumer goods and services in the future. Fixed capital includes machinery, plant and equipment, new technology, factories and other buildings. Working capital refers to stocks of finished and semi-finished goods (or components) that will be either consumed in the near future or will be made into finished consumer goods. Capital inputs and productivity New items of capital machinery, buildings or technology are generally used to enhance the productivity of labour. For example, improved technology in farming has vastly increased the productivity of our agricultural sector and allowed people to move out of working on the land into more valuable jobs in other parts of the economy. And, investment in information and communication technology can increase the efficiency of workers across many industries. Infrastructure Infrastructure is the stock of capital used to support the entire economic system. Examples of infrastructure include road & rail networks; airports & docks; telecommunications eg cables and satellites to enable web access. The World Bank regards infrastructure as an essential pillar for economic growth in developing countries. Entrepreneurship An entrepreneur is an individual who seeks to supply products to a market for a rate of return (i.e. to make a profit). Entrepreneurs will usually invest their own financial capital in a business (for example their savings) and take on the risks associated with a business investment. The reward to this risk-taking is the profit made from running the business. Many economists agree that entrepreneurs are in fact a specialised part of the factor input 'labour'. Renewable resources Renewable resources are commodities such as solar energy, oxygen, biomass, fish stocks or forestry that is inexhaustible or replaceable by new growth providing that the rate of extraction of the resource is less than the natural rate at which the resource renews itself. This is becoming an enormously important issue in environmental economics, for example the issue of the over-extraction of fish stocks, and the global risks of permanent water shortages resulting from rising use of ground water stocks. Finite resources cannot be renewed. For example with plastics, crude oil, coal, natural gas and other items produced from fossil fuels, no mechanisms exist replenish them. Factor Rewards Factors of production are used to create output to be sold in markets. Each factor used in production can expect some reward. High oil prices help Shell to record profits Soaring crude oil prices are boosting oil companies' profits around the world. Royal Dutch Shell has announced record annual profit for a UK stockmarket listed company. Shell generated profits of £13.12bn in 2005 – up nearly a third on the 2004 level. Most of Shell’s profits come from finding and extracting oil, and then selling it on to the world’s oil markets. Source: Adapted from news articles, February 2006 Income Income represents a flow of earnings from using factors of production to produce an output of goods and services which are then sold in markets. The main sources of income for individuals and households are: Wages and salaries from work often supplemented by overtime and productivity bonuses. Interest from savings held in banks, building societies and other accounts. Dividends from share ownership. Rent income from the ownership of property. For the majority of people, most of their weekly or monthly income comes from their job. The government can also affect people’s disposable (or “post-tax”) income by taxing incomes and by giving welfare benefits to households on low incomes or to people who are out of work. Wealth Wealth is defined as a stock of assets that creates a flow of income and it can be held in a variety of forms by individuals, firms and also the nation as a whole: Financial wealth - stocks and shares, bonds, savings in bank and building society accounts and contributions to pension schemes. Marketable wealth - consumer durables that can be sold for a price e.g. rare antiques. Social capital – including social infrastructure such as transport systems, schools and hospitals. It is important to distinguish between income and wealth. For example, if you receive a higher wage or salary from your job then this adds to your monthly income and if this is saved in a bank, or by making contributions to a pension fund then you are adding to your financial wealth. Being wealthy can also generate income for if you own shares in companies listed on the stock market then you expect to receive dividend income once or twice a year. And if you have money in a savings account, you will be paid interest on your savings balances. Likewise, if you own properties, then you can earn some income from renting it out to tenants. There has been a huge expansion in recent years in the buy-to-let sector of the housing market with hundreds of thousands of people buying properties and then letting them out. By the summer of 2006 in the UK there were over 700,000 people who had bought property and then let it out to tenants as part of the buy-to-let sector of the housing market. Of course the value of financial wealth can fluctuate over time. In the UK in recent years we have seen a boom in the UK housing market leading to sharp rises in average house prices, particularly in London and the South East. The result has been a jump in housing wealth for people with mortgages, but a growing problem of affordability for people looking to enter the housing market for the first time on relatively low incomes. Share prices have also been volatile with a collapse in prices from 2000-2003 and then a recovery in the stock market over the last three years. Inequality in the distribution of income and wealth Factor incomes or factor rewards are rarely if ever distributed equitably in any country. Indeed it is a fact of life that the distribution of income and wealth in the UK is highly unequal there is a huge gap between the richest and poorest households in our society. For example, the latest available data shows that 94% of the total wealth in this country is held by 50% of the population. Put another way, the other half of our population can lay claim to only 6% of total wealth. Millions of people must rely on relatively low incomes with little opportunity to accumulate wealth. Is this fair? What are the consequences of a high level of inequality? Should the government intervene to change the distribution of income? And what might be some of the effects of such policies? These are important questions and we will return to them when we consider the issue of market failure. Income of the richest UK families is sixteen times that of the poorest In 2004-05, the average gross (pre-tax) income of the richest 20% of families in Britain was £66,300, more than 16 times that of the poorest 20% who earned £4,300 on average. After adjusting for taxes and welfare benefits such as income support and the state pension, however, this ratio fell to four-to-one. For direct taxes, the top fifth of households pay 25% of their gross income in direct taxes such as income tax while for the poorest households the figure is 10%. Levels of inequality are little changed from that seen during the years of the Thatcher government. Adapted from the ONS and the Guardian, June 2006 Labour and Wages Most people have the ability to do some form of work. If they are of working age and actively seeking a job then they are included in the working population. In industries and jobs where labour is not particularly scarce, wages tend to be lower. Millions of workers in the UK are paid hourly wages well below the national average. The minimum wage (currently £5.05 for all adult workers – it rises to £5.35 in October 2006) seeks to address some of the problems associated with low pay. On the other hand, some people have skills that are quite rare, and these people will command high salaries in the labour market. Capital and Interest Businesses often need to borrow money to fund capital investment. The reward for investing money is called interest. Interest rates can of course go up or down. If the interest rate is high, it becomes less worthwhile to borrow money because any project will have to make more money than before to be profitable since more interest is now being paid. Enterprise and Profit In return for having innovative business ideas and taking the risk in putting funds into a business the entrepreneur takes any money that the business has left after the other factors of production have received their rewards. This is called gross profit. Taxes then have to be paid to the government, and the entrepreneur takes what is left. This after-tax profit is called net profit. Profits flow from increased passenger numbers The low-cost airline EasyJet is reaping the benefits of higher sales and it is forecasting that pre-tax profits in 2006 will be up by as much as 50 per cent. The business is creating higher profits by increasing passenger revenue per seat and achieving extra sales and income from ancillary revenues. EasyJet has managed to overcome the challenge of higher oil prices partly by making cost savings in other parts of their business. EasyJet said it carried 2.6 million passengers in June 2006, up 15.6 percent from a year earlier, while its load factor, a measure of how efficiently it is filling seats on each flight, was 87.6 percent, 2 per cent higher than at the same time in 2005. EasyJet is part of the Easy Group of companies. Passenger data and passenger revenue for EasyJet 12 months to June 2006 12 months to June 2005 Change over the year Passengers 32,122,137 28,291,843 +13.5% Load Factor 84.4% 85.1% -0.7% Total Revenue £1,535m £1,261m +21.8% Source: EasyJet Investor Relations web site, accessed July 2006 Economists often assume that one of the main objectives of a business is to achieve maximum profits. But this is not always the case! Some businesses are looking to achieve a rising market share and increasing market share might mean having to sacrifice some profits in the short run by cutting prices and under-cutting rival suppliers in the market. There is also a growing interest in the concept of ethical businesses and corporate social responsibility where the traditional assumption of businesses driven solely by the profit motive is being challenged and where businesses are encouraged to take account of their economic, social and environmental impacts. Factor Description Reward Land all natural resources (gifts of nature) including fields, mineral wealth, and fishing stocks The reward for landlords for allowing firms to use their property is rent Labour The physical and mental work of people whether by hand, by brain, skilled or unskilled The reward for workers giving up time to help create products is wages or salaries Capital Man made goods used to produce more goods including factories (plant), machines and roads. The reward for creditors lending money to firms to invest in buildings and capital equipment is interest Enterprise An entrepreneur risks financial capital and organises land labour & capital to produce output in the hope of profit The reward for individuals risking funds and offering products for sale is profit. Unsuccessful firms make losses. Source: Richard Young, Markets Question and Answer, Tutor2u

Accounting concepts and conventions

Accounting concepts and conventions In drawing up accounting statements, whether they are external "financial accounts" or internally-focused "management accounts", a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation. The theory of accounting has, therefore, developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business' activities. To support the application of the "true and fair view", accounting has adopted certain concepts and conventions which help to ensure that accounting information is presented accurately and consistently. Accounting Conventions The most commonly encountered convention is the "historical cost convention". This requires transactions to be recorded at the price ruling at the time, and for assets to be valued at their original cost. Under the "historical cost convention", therefore, no account is taken of changing prices in the economy. The other conventions you will encounter in a set of accounts can be summarised as follows: Monetary measurement Accountants do not account for items unless they can be quantified in monetary terms. Items that are not accounted for (unless someone is prepared to pay something for them) include things like workforce skill, morale, market leadership, brand recognition, quality of management etc. Separate Entity This convention seeks to ensure that private transactions and matters relating to the owners of a business are segregated from transactions that relate to the business. Realisation With this convention, accounts recognise transactions (and any profits arising from them) at the point of sale or transfer of legal ownership - rather than just when cash actually changes hands. For example, a company that makes a sale to a customer can recognise that sale when the transaction is legal - at the point of contract. The actual payment due from the customer may not arise until several weeks (or months) later - if the customer has been granted some credit terms. Materiality An important convention. As we can see from the application of accounting standards and accounting policies, the preparation of accounts involves a high degree of judgement. Where decisions are required about the appropriateness of a particular accounting judgement, the "materiality" convention suggests that this should only be an issue if the judgement is "significant" or "material" to a user of the accounts. The concept of "materiality" is an important issue for auditors of financial accounts. Accounting Concepts Four important accounting concepts underpin the preparation of any set of accounts: Going Concern Accountants assume, unless there is evidence to the contrary, that a company is not going broke. This has important implications for the valuation of assets and liabilities. Consistency Transactions and valuation methods are treated the same way from year to year, or period to period. Users of accounts can, therefore, make more meaningful comparisons of financial performance from year to year. Where accounting policies are changed, companies are required to disclose this fact and explain the impact of any change. Prudence Profits are not recognised until a sale has been completed. In addition, a cautious view is taken for future problems and costs of the business (the are "provided for" in the accounts" as soon as their is a reasonable chance that such costs will be incurred in the future. Matching (or "Accruals") Income should be properly "matched" with the expenses of a given accounting period. Key Characteristics of Accounting Information There is general agreement that, before it can be regarded as useful in satisfying the needs of various user groups, accounting information should satisfy the following criteria: Criteria What it means for the preparation of accounting information Understandability This implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge of business and economic activities Relevance This implies that, to be useful, accounting information must assist a user to form, confirm or maybe revise a view - usually in the context of making a decision (e.g. should I invest, should I lend money to this business? Should I work for this business?) Consistency This implies consistent treatment of similar items and application of accounting policies Comparability This implies the ability for users to be able to compare similar companies in the same industry group and to make comparisons of performance over time. Much of the work that goes into setting accounting standards is based around the need for comparability. Reliability This implies that the accounting information that is presented is truthful, accurate, complete (nothing significant missed out) and capable of being verified (e.g. by a potential investor). Objectivity This implies that accounting information is prepared and reported in a "neutral" way. In other words, it is not biased towards a particular user group or vested interest

The History of Titanic

A century has sailed by since the luxury steamship RMS Titanic met its catastrophic end in the North Atlantic, plunging two miles to the ocean floor after sideswiping an iceberg during its maiden voyage. Rather than the intended Port of New York, a deep-sea grave became the pride of the White Star Line’s final destination in the early hours of April 15, 1912. More than 1,500 people lost their lives in the disaster. In the decades since her demise, Titanic has inspired countless books and several notable films while continuing to make headlines, particularly since the 1985 discovery of her resting place off the coast of Newfoundland. Meanwhile, her story has entered the public consciousness as a powerful cautionary tale about the perils of human hubris. The Making of Titanic The Royal Mail Steamer Titanic was the product of intense competition among rival shipping lines in the first half of the 20th century. In particular, the White Star Line found itself in a battle for steamship primacy with Cunard, a venerable British firm with two standout ships that ranked among the most sophisticated and luxurious of their time. Cunard’s Mauretania began service in 1907 and immediately set a speed record for the fastest transatlantic crossing that it held for 22 years. Cunard’s other masterpiece, Lusitania, launched the same year and was lauded for its spectacular interiors. It met its tragic end–and entered the annals of world history–on May 7, 1915, when a torpedo fired by a German U-boat sunk the ship, killing nearly 1,200 of the 1,959 people on board and precipitating the United States’ entry into World War I. The same year that Cunard unveiled its two magnificent liners, J. Bruce Ismay, chief executive of White Star, discussed the construction of three large ships with William J. Pirrie, chairman of the Belfast-based shipbuilding company Harland and Wolff. Part of a new “Olympic” class of liners, they would each measure 882 feet in length and 92.5 feet at their broadest point, making them the largest of their time. In March 1909, work began in the massive Harland and Wolff yard on the second of these ships, Titanic, and continued nonstop until the spring of 1911. On May 31, 1911, Titanic’s immense hull–at the time, the largest movable manmade object in the world–made its way down the slipways and into the River Lagan in Belfast. More than 100,000 people attended the launching, which took just over a minute and went off without a hitch. The hull was immediately towed to a mammoth fitting-out dock where thousands of workers would spend most of the next year building the ship’s decks, constructing her lavish interiors and installing the 29 giant boilers that would power her two main steam engines. Titanic's Fatal Flaws According to some hypotheses, Titanic was doomed from the start by the design so many lauded as state-of-the-art. The Olympic-class ships featured a double bottom and 15 watertight bulkheads equipped with electric watertight doors which could be operated individually or simultaneously by a switch on the bridge. It was these watertight bulkheads that inspired Shipbuilder magazine, in a special issue devoted to the Olympic liners, to deem them “practically unsinkable.” But the watertight compartment design contained a flaw that may have been a critical factor in Titanic’s sinking: While the individual bulkheads were indeed watertight, water could spill from one compartment into another. Several of Titanic’s Cunard-owned contemporaries, by contrast, already boasted innovative safety features devised to avoid this very situation. Had White Star taken a cue from its competitor, it might have saved Titanic from disaster. The second critical safety lapse that contributed to the loss of so many lives was the number of lifeboats carried on Titanic. Those 16 boats, along with four Engelhardt “collapsibles,” could accommodate 1,178 people. Titanic when full could carry 2,435 passengers, and a crew of approximately 900 brought her capacity to more than 3,300 people. As a result, even if the lifeboats were loaded to full capacity during an emergency evacuation, there were available seats for only one-third of those on board. While unthinkably inadequate by today’s standards, Titanic’s supply of lifeboats actually exceeded the British Board of Trade’s regulations.

Taj Mahal

The Taj Mahal is a white marble mausoleum located in Agra, India. It was built by Mughal emperor Shah Jahan in memory of his third wife, Mumtaz Mahal. The Taj Mahal is widely recognized as "the jewel of Muslim art in India and one of the universally admired masterpieces of the world's heritage". Taj Mahal is regarded by many as the finest example of Mughal architecture, a style that combines elements from Persian, Ottoman Turkish and Indian architectural styles. In 1983, the Taj Mahal became a UNESCO World Heritage Site. While the white domed marble mausoleum is the most familiar component of the Taj Mahal, it is actually an integrated complex of structures. The construction began around 1632 and was completed around 1653, employing thousands of artisans and craftsmen. The construction of the Taj Mahal was entrusted to a board of architects under imperial supervision, including Abd ul-Karim Ma'mur Khan, Makramat Khan, and Ustad Ahmad Lahauri. Lahauri is generally considered to be the principal designer.

Tahiti

Tahiti is the largest island in the Windward group of French Polynesia, located in the archipelago of the Society Islands in the southern Pacific Ocean. It is the economic, cultural and political centre of French Polynesia. The island was formed from volcanic activity and is high and mountainous with surrounding coral reefs. The population is 178,133 (2007 census), making it the most populous island of French Polynesia and accounting for 68.6% of the group's total population. Tahiti was formerly known as Otaheite. The capital, Papeete, is located on the northwest coast with the only international airport in the region, Faa'a International Airport, situated 5 km (3.1 mi) from the town centre. Tahiti was originally settled by Polynesians between CE 300 and 800. They comprise about 70% of the island's population with the rest made up of Europeans, Chinese and those of mixed heritage. The island was proclaimed a colony of France in 1880 although it was not until 1946 that the indigenous Tahitians were legally authorised to be French citizens. French is the only official language although the Tahitian language (Reo Tahiti) is widely spoken. It was part of the Kingdom of Tahiti until its annexation by France in 1880.

Rabindranath Tagore

Rabindranath Tagore (1861-1941) was the youngest son of Debendranath Tagore, a leader of the Brahmo Samaj, which was a new religious sect in nineteenth-century Bengal and which attempted a revival of the ultimate monistic basis of Hinduism as laid down in the Upanishads. He was educated at home; and although at seventeen he was sent to England for formal schooling, he did not finish his studies there. In his mature years, in addition to his many-sided literary activities, he managed the family estates, a project which brought him into close touch with common humanity and increased his interest in social reforms. He also started an experimental school at Shantiniketan where he tried his Upanishadic ideals of education. From time to time he participated in the Indian nationalist movement, though in his own non-sentimental and visionary way; and Gandhi, the political father of modern India, was his devoted friend. Tagore was knighted by the ruling British Government in 1915, but within a few years he resigned the honour as a protest against British policies in India. Tagore had early success as a writer in his native Bengal. With his translations of some of his poems he became rapidly known in the West. In fact his fame attained a luminous height, taking him across continents on lecture tours and tours of friendship. For the world he became the voice of India's spiritual heritage; and for India, especially for Bengal, he became a great living institution. Although Tagore wrote successfully in all literary genres, he was first of all a poet. Among his fifty and odd volumes of poetry are Manasi (1890) [The Ideal One], Sonar Tari (1894) [The Golden Boat], Gitanjali (1910) [Song Offerings], Gitimalya (1914) [Wreath of Songs], and Balaka (1916) [The Flight of Cranes]. The English renderings of his poetry, which include The Gardener (1913), Fruit-Gathering (1916), and The Fugitive (1921), do not generally correspond to particular volumes in the original Bengali; and in spite of its title, Gitanjali: Song Offerings (1912), the most acclaimed of them, contains poems from other works besides its namesake. Tagore's major plays are Raja (1910) [The King of the Dark Chamber], Dakghar (1912) [The Post Office], Achalayatan (1912) [The Immovable], Muktadhara (1922) [The Waterfall], and Raktakaravi (1926) [Red Oleanders]. He is the author of several volumes of short stories and a number of novels, among them Gora (1910), Ghare-Baire (1916) [The Home and the World], and Yogayog (1929) [Crosscurrents]. Besides these, he wrote musical dramas, dance dramas, essays of all types, travel diaries, and two autobiographies, one in his middle years and the other shortly before his death in 1941. Tagore also left numerous drawings and paintings, and songs for which he wrote the music himself.

Taft, William Howard

William Howard Taft (September 15, 1857 – March 8, 1930) was the 27th President of the United States (1909–1913) and later the tenth Chief Justice of the United States (1921–1930). He is the only person to have served in both of these offices. Before becoming President, Taft was selected to serve on the Ohio Superior Court in 1887. In 1890, Taft was appointed Solicitor General of the United States and in 1891 a judge on the United States Court of Appeals for the Sixth Circuit. In 1900, President William McKinley appointed Taft Governor-General of the Philippines. In 1904, President Theodore Roosevelt appointed Taft Secretary of War in an effort to groom Taft, then his close political ally, into his handpicked presidential successor. Taft assumed a prominent role in problem solving, assuming on some occasions the role of acting Secretary of State, while declining repeated offers from Roosevelt to serve on the Supreme Court. Riding a wave of popular support for fellow Republican Roosevelt, Taft won an easy victory in his 1908 bid for the presidency. In his only term, Taft's domestic agenda emphasized trust-busting, civil service reform, strengthening the Interstate Commerce Commission, improving the performance of the postal service, and passage of the Sixteenth Amendment. Abroad, Taft sought to further the economic development of nations in Latin America and Asia through "Dollar Diplomacy", and showed masterful decisiveness and restraint in response to revolution in Mexico. The task-oriented Taft was oblivious to the political ramifications of his decisions, often alienated his own key constituencies, and was overwhelmingly defeated in his bid for a second term in the presidential election of 1912. In surveys of presidential scholars, Taft is usually ranked in the second or third quartile of all Presidents. After leaving office, Taft spent his time in academia, arbitration, and the search for world peace through his self-founded League to Enforce Peace. In 1921, after the First World War, President Warren G. Harding appointed Taft Chief Justice of the United States. Taft served in this capacity until shortly before his death in 1930.

Table Tennis

Table tennis, also known as ping-pong, is a sport in which two or four players hit a lightweight, hollow ball back and forth using table tennis rackets. The game takes place on a hard table divided by a net. Except for the initial serve, players must allow a ball played toward them only one bounce on their side of the table and must return it so that it bounces on the opposite side. Points are scored when a player fails to return the ball within the rules. Play is fast and demands quick reactions. A skilled player can impart several varieties of spin to the ball, altering its trajectory and limiting an opponent's options to great advantage. Table tennis is governed by the worldwide organization International Table Tennis Federation (ITTF), founded in 1926. ITTF currently includes 217 member associations. The table tennis official rules are specified in the ITTF handbook. Since 1988, table tennis has been an Olympic sport, with several event categories. In particular, from 1988 until 2004, these were: men's singles, women's singles, men's doubles and women's doubles. Since 2008 a team event has been played instead of the doubles.