The Subject of Economics Personal Statement Example | Topics and Well Written Essays - 500 words

The Subject of Economics - Personal Statement Example Apart from the theoretical knowledge that intrigued me during my school days, my aunt is also responsible for my liking for the subject. She is a businesswoman, working as an executive director in Li and Fung Trading Ltd, one of the largest trading logistics company in the world. Often my aunt and I used to discuss the business environment of Hong Kong as well as that of other nations where the company has its operation. These discussions molded my thought process and helped me to understand the manner in which economic condition of the domestic country affects the products and services that are offered by companies operating in its market. Such findings further increased my love for the subject and I finally realized that one should gather practical experience for understanding the operation of economics in the day to day life. I was lucky enough to get the opportunity to work in Li and Fung Trading Ltd during the summer of 2005. I was sent to Shanghai to work in one of the branches and to learn how a marketing company operates. There, I was assigned a variety of job responsibilities, like conducting paper works, customer dealing, accepting orders from customers and then forwarding them to the respective vendors. All these activities were sufficient for me to understand the manner in which a company operates. I also visited the factory of the vendors for quality inspection of the products that are supplied to the company. In brief, I had actively participated in the supply chain management of the company.

Laws and Regulations on Foreign Trade Essay Example | Topics and Well Written Essays - 1250 words

Laws and Regulations on Foreign Trade - Essay Example We have reached a stage when it is no longer possible to ask whether or not we should take part in globalization, but rather, what can we do to mitigate its possible risks (if any) and take advantage of its myriad benefits In the United States, however, especially during these times of recession, outsourcing has been a way out for companies to stay afloat. These companies want to take advantage of the cheap labor costs in the developing world, as well as the cheap resources. However, the problem is that the countries where these commodities and services are outsourced often do not have very stringent quality control standards. Many of them do not comply with basic environmental guarantees and health rules. The United States has very stringent policies with regard to environmental and health protection. Care must be given that harmful chemicals are not used in the commodities so that they do not pollute the atmosphere or compromise the health of those who purchase the product. However, when the production of the commodities is done outside the United States, then a number of problems surface. The regulations tend to be more relaxed, and since the workers are being paid less, it is hard to impose qualit y control and ensure consistency of outcomes. This paper will discuss two consequences of improper quality control standards that result from a lack of regulations. These are: environmental regulations, health regulations and labor regulations. The United States Environmental Protection Agency was created in 1970 and is responsible for setting and monitoring standards of pollution in both air and water, and hazardous wastes and chemicals. Its EPA regulations – regulations which ensure compliance with the set environmental standards and procedures laid down by law – see to it that corporations do not add to the pollution in the environment and do not cause a