The Basic Facts of Cons Essay Topics

<h1> The Basic Facts of Cons Essay Topics</h1> <p>In request to make your contentions sufficient, it isn't adequate to discover progressively about the materials just, an author ought to likewise consider the crowd he's composition for, social foundation training, different qualities would assist with creating persuasive argumentation. You'll not need to be worried about the suitability of your title. The primary reason for theme decision for a proposition article is to show the thought can be established by and by. </p> <p>There are perpetually a wide scope of sentiments on the field of innovation, and here are our preferred interesting points regarding the matter. A wide assortment of issues to talk about You might be a professional in the region, however should you need to think about various paper subjects day by day, you can simply come up short on thoughts. Moreover, you can catch peruser consideration with the guide of amusing paper themes. All things considered, in case you're stuck on composing, you generally have the choice to approach us for assistance!</p> <p>An article generator is an option for those understudies that have issues to search out something to talk about on their papers, they don't have the imagination neither the patient to pick a point type rather than even a subject spot. Different examinations have demonstrated a relationship between cell phone use and a diminished possibility of explicit cerebrum tumors. Various companion surveyed contemplates have ex hibited a relationship between cell phone use and the development of mind tumors. </p> <p>As a model, suppose you select the absolute first theme from our rundown. You can blend and match the offered titles to make something one of a kind, yet still not should be worried about whether you've figured out how to hold fast to the standards. All things considered, in the occasion the title is dull, no one is going to need to peruse your work. It's easy to utilize, has numerous highlights, and is a pleasant methods for building up a title. </p> <h2> The 5-Minute Rule for Cons Essay Topics </h2> <p>There are a few influential exposition points to choose from to complete your secondary school or school task. On the off chance that you consider making titles simple and you don't require any account exposition prompts school or higher school understudies need to follow, it is truly stunning. Recall your last grade fundamentally depends on the point. For ex ample, you can choose a point for basic, center, or higher school. </p> <p>You may keep on saving your contentious articles for your forthcoming activity portfolio in the event that they're exceptionally reviewed. Spot your buy, list primary directions, and you'll be doled out with a talented scholastic author. Our recommendation to you is to settle on the absolute best choice and get a paper on the site. Settling on an easily proven wrong theme empowers you to choose a fair number of points of interest and disadvantages.</p> <h2> Lies You've Been Told About Cons Essay Topics </h2> <p>Facts, at last, will consistently win out against how people are feeling at a particular second. Finding the right theme is both significant and hard at absolutely a similar second. All things considered, the reaction isn't excessively evident here. </p> <p>Education researchers are persistently advancing the way that they consider how we realize and what 's instructed. There are various composing administrations that give assistance to understudies. Most understudies feel that it is the absence of want to finish assignments that causes the utilizing of composing administrations. </p> <h2> Type of Cons Essay Topics </h2> <p>Titling an exposition isn't ever a simple thing. On our site, you will find skilled article essayists who will help you with your assignments whatever they might be. Despite what article theme you are given, our exposition generator will be able to complete your paper without any problem. ARandom subject generatoris made to assist you with finding the most interesting and suitable theme for your article. </p> <p>Persuasive paper subjects need a ton of perusing and research. Your article, be that as it may, ought not exclusively be a rundown of favorable circumstances and detriments. The exposition itself should be written in a succinct manner. Pugnacious exposition is believed to be one of the most troublesome assignments to wrap up. </p> <p>Also, you must deliver an assurance and have a side you'll represent in your paper. Another issue here is that you could ignore entirely self-evident, yet fascinating subjects to talk about. The piece of a distinct title, by and large, is to quickly describe the points for the story exposition you're chipping away at. </p> <h2>The Foolproof Cons Essay Topics Strategy </h2> <p>You will get a paper that won't contain any mix-ups. Our editing will let you right all of your missteps. With simply article questions and a couple of watchwords it will have the option to deliver composed work that is remarkable, imaginative and completely liberated from written falsification, in just a few seconds. It is proposed to search for the one which has an unrivaled notoriety and offers great papers at entirely moderate rates. </p>

Choosing A YPwork Essay Writer

Picking A YPwork Essay WriterA individual explanation or work exposition is a significant piece of your educational plan vitae, and a YPwork article author can assist you with ensuring that this significant report is as expert as could be expected under the circumstances. This individual won't just be a dependable and expert asset for ensuring your licensed innovation and notoriety are secured, however they will likewise be an asset for guaranteeing that the keeping in touch with itself is satisfying to the peruser. Regardless of whether you are expounding on yourself or about a customer, this is the individual that you need to work with you.It isn't strange for a YPwork composing administration to have three or four individual scholars on staff, so it is anything but difficult to perceive how much work is required so as to fulfill the quality guidelines that are normal. On the off chance that you would prefer not to employ an outside essayist, at that point this makes the activity s omewhat simpler, however it might at present not be for you. The most significant thing to comprehend is that this activity isn't just about rounding out an application, yet in addition about the underlying interchanges that happen between the candidate and the writer.A YPwork exposition author will give a lot of contribution to the reports that you submit. As your work will be ensured by copyright, you should secure the way that you composed the report yourself also. In the event that you don't do this appropriately, at that point you could be dependent upon a claim for encroachment of copyright that could bring about considerable money related misfortune to you and your company.Hire somebody who knows the law, just as the craft of article composing, just as correspondence. Composing tests are an incredible beginning stage, however you can likewise gain so much from composing your own work. There are numerous books and articles that will assist you with seeing how to benefit as muc h as possible from the accessible assets that you have, and YPwork will be no different.Skilled editors will ensure that you don't utilize any alternate ways when you are finishing the archive. You can discover a few instances of what composing tips will work best for your resume or the activity that you are applying for. Utilizing these tips, you can abstain from humiliating circumstances that could emerge if you somehow managed to miss a significant point.Also, there is a ton of training that goes into turning into a YPwork essayist. They are relied upon to utilize explicit sentence structure programming and this information can be put to use in the altering procedure. A decent editorial manager will assist you with evacuating any missteps that you may make, just as guarantee that the data that you are composing is being introduced in an unmistakable and intriguing manner.Finally, a fruitful exposition or resume will likewise be made with the help of an inventive substance directo r. An inventive substance supervisor will have the option to make a bundle that is arranged in a manner that is most appropriate to your organization. Your substance should accommodate your organization's picture and mirror the qualities that you are attempting to convey.Resumes are the principal thing that individuals will see when they see your resume. These are significant records that you need to ensure that you make as expertly as could be expected under the circumstances. A YPwork paper essayist can be an extraordinary assistance to this procedure, and your work will be viewed as expert and fruitful accordingly.

How to Write a Paper For Classwork - Two Tips

<h1>How to Write a Paper For Classwork - Two Tips</h1><p>Paper composing isn't something that you do at home, it is something that is done in numerous schools just as in workplaces. This is the place you get your hand on what is known as an understudy's composition and is somewhat unique to how we utilize the words when we are at home.</p><p></p><p>Paper composing is significant and we should all figure out how to do it. It is something that you can use for a considerable length of time to come. There are numerous ways that you can show yourself, yet I will give you my considerations on the most proficient method to get started.</p><p></p><p>First of all, you need to begin with figuring out how to compose papers for class work or the task that you need to do. When you figure out how to compose a paper for this, you can really figure out how to improve. This implies you will utilize it progressively, correct? In this wa y, begin and figure out how to do it first, and once you do, you can proceed onward to something else.</p><p></p><p>Another great tip is to take notes. At the point when you're finished composition, don't simply discard it. You may need to return and record it since it may not sound good to you. Simply make sure to put down it with the goal that you have an account of what you recorded so you can survey later.</p><p></p><p>What you can likewise do to keep your paper sorted out is to placed it in a document that you can undoubtedly discover in your PC. The record ought to be named as a paper composing and it ought to have a header with the name of the paper alongside the date that it was composed. At that point you will simply need to find that document again at whatever point you need it. It is extremely simple to do.</p><p></p><p>If you haven't composed a lot, at that point you can generally utilize shading pap er, which will assist you with composing quicker. Utilize high contrast paper and get a pen that has a gel tip that will really appear as though shading pens. At the point when you begin composing, you will be astounded at how quick you compose, and you can eradicate the slip-ups that you make snappier than if you were utilizing hued paper.</p><p></p><p>When you are figuring out how to compose a paper, ensure that you incorporate the names of the individuals that you are composing for. This should be possible by putting the entirety of the names on a card and afterward recording it, with the goal that you can see it when you finish. You can likewise make a card that just says 'a few names', and when you are done, you can record the names of the individuals in the paper.</p><p></p><p>Another great tip that can help you when composing a paper is to peruse it out loud. At the point when you read it so anyone can hear, you will get the wor ds out and you will have the option to rehash them. This will make it a lot simpler for you to compose the paper for class, and afterward you can proceed onward to something else.</p>

Essay Topics

<h1>Essay Topics</h1><p>Essay points are significant, in light of the fact that they recount to the entire story of your book. There are many, a wide range of points and paper subjects accessible to you. In any case, which ones are the most effective?</p><p></p><p>The most normal simple Toulon paper themes are by a long shot the point on the abstract works of different authors. The essential thought behind this sort of exposition is to utilize your own understanding of the books composed by renowned writers. This can be as simple as aggregating a rundown of books that you've perused and cross referencing the essayist's name with the book titles.</p><p></p><p>Another normal case of this is to utilize the entertainers that have featured in films. You can take a gander at a rundown of film executives to get a thought of the motion pictures they have coordinated. Likewise, if there are books expounded on their vocation, an d they are renowned writers, you should add them to your article. A third model could be to utilize things that you think about their life to help give an understanding into the life of the author.</p><p></p><p>One thing that you have to recollect is that you don't really need to compose your subject for the particular book. You can make it general, with the goal that it applies to any book that you are composing. Simply remember that it will be the center of your article. So in the event that you are expounding on writing, a great point is ones that manage the genre.</p><p></p><p>Different subjects will call for various kinds of theme. Obviously, on the off chance that you are discussing an anecdotal story that you composed, you may not require a particular subject, and the primary thought will be the plot.</p><p></p><p>Many authors are confounded about article themes, since they think that its difficult to set tle on one. Obviously, they will consistently need to ensure that their subject fits in with the subject of the remainder of the article, however they can simply go for an irregular theme in the event that they so desire.</p><p></p><p>To ensure that your paper point is novel, attempt and consider what you would need to compose. Would you like to recount to your story from the point of view of somebody who has been in a similar circumstance as you have? Or then again maybe you need to impart to different perusers your bits of knowledge into the work that you have written?</p><p></p><p>Your paper point is significant, however recollect that it shouldn't be the primary focal point of your exposition. Ensure that you comprehend what your exposition will be about before you begin composing, since you will have an a lot simpler time understanding what kind of article themes to use in the future.</p>

Cheap Term Paper Writing Service

<h1>Cheap Term Paper Writing Service</h1><p>Many understudies and instructors the same are ignorant of the distinction among modest and proficient research project composing administrations and regularly incline toward modest research project composing administrations. In spite of the fact that this might be the situation, you should understand that modest doesn't really mean poor quality.</p><p></p><p>Cheap paper is generally delivered from utilized and disposed of papers. They are saved for a considerable length of time and even a very long time before being reused and sent back to different schools and colleges. They are then sold by a little organization that has more than one sort of paper supplier.</p><p></p><p>In actuality, modest paper is even increased on the fronts to make them look progressively extravagant. Nonetheless, because of the absence of value control and with just a single provider, they are not as dependable as the quality papers delivered by a decent paper making administration. When managing modest paper, you can either pick a modest composing administration that charges less or locate a tolerable and quality one yourself.</p><p></p><p>Cheap paper can be created in practically any manner. This is conceivable with the assistance of inkjet paper, carbon paper, electrostatic paper, and even high quality paper. Truth be told, there are a few papers that require extraordinary composing actualizes like stencils and stamps to make the paper appropriately. All things considered, the least expensive way is still to purchase ordinary paper that is cheap.</p><p></p><p>The modest research paper composing administration should offer a wide assortment of paper types. It ought to have extraordinarily composed paper with designs and graphs that can fit well in each sort of composing venture. It ought to have the option to gracefully customar y, mass, ornamental, and matte paper. For example, the least expensive sort of paper is a plain sheet of paper.</p><p></p><p>This type is accessible in various sizes. Backs of these papers are covered with a sparkly material to make them mix in well with different papers in the composing administration. While others are intended to seem as though workmanship pieces. A few papers have even been redone to look like something in a magazine.</p><p></p><p>As referenced prior, modest paper is an item that is set available to be purchased by an organization with more than one provider. Since it is less expensive, there are constantly less expensive choices on offer. In any case, now and then, the costs can get too high.</p><p></p><p>Therefore, when searching for quality paper, it is prudent to visit more than one assistance. Along these lines, you will have the option to analyze costs and quality. You can likewise appr oach the composing administration for references or testimonials.</p>

What the Experts Are Not Saying About Website to Find Essay Topics Lily and What It Means For You

<h1> What the Experts Are Not Saying About Website to Find Essay Topics Lily and What It Means For You </h1> <h2> Ruthless Website to Find Essay Topics Lily Strategies Exploited</h2> <p>They consistently work to help its quality and ensure that substance conveyed in time. With us, you'll get out and out top phenomenal papers, which will give another lift to your evaluations. Attempt to find a site that gives great arrangements and offers instead of absolute bottom rates. Regardless of whether you have any uncertainty about the administration or the quality, simply offer an attempt to learn by yourself.</p> <h2>What Does Website to Find Essay Topics Lily Mean? </h2> <p>In such circumstances, they want to find dependable assistance. I Feel that all of the ranchers should be viewed as govt delegates and mainstays of this country. The numerous master essayists working with our administration empowers us to adapt to the most intricate and broad scholastic papers in the briefest timeframe. </p> <h2> All About Website to Find Essay Topics Lily</h2> <p>It must be sufficiently restricted so the paper creates in some profundity. We have scholars who see how to make papers in all styles. On the off chance that you are in control of a unique or uncommon composing need which may not be recorded beneath, if you don't mind address us we realize we can help you. With our business, you can get fabulous evaluations by settling on the most worthy author. </p> <p>Type the expression Last altered in the event that you have the most recent alteration date. Your request joins numerous additional items. Type the name of the site and stress it. Include the name of the site. </p> <p>List the points which you are proficient about. The previously mentioned are just some of the sorts of the expositions we can help you with. On the off chance that you might want to think about which sorts o f papers we can help you with, examine the rundown given underneath. Such papers may likewise examine favorable circumstances and burdens of the utilization of a thing and so on </p> <p>The perfect arrangement is to buy a paper on the web. On the net, you'll discover paper as each sheet of article composed by the master scholars fulfills the high guideline of the clients. Still you probably won't be satisfied with a couple of bits of the paper arrangement conveyed by us. Our article composing administration can be the perfect answer for you. </p> <h2> Website to Find Essay Topics Lily - the Story </h2> <p>What's more, you can overlook your concerns, since you will get your task conveyed in time. One may need to commit a lot of time for gathering the basic material and information, which will work as an establishment for the forthcoming task. Today it's regarded ordinary each time an understudy is occupied with many extraordinary errands and needs more time to do them. Snap the bit of the test you might want to practice and start learning. </p> <p>Now, Lily can astonish you with her comprehension of the cutting edge style. This furnished Lily with time to focus on her thoughts and feelings. </p> <p>If you take our modified exposition help on the web, we'll take all of your suggestions and be certain they are a bit of your duplicate. The creative cycle starts following you send us your buy. When you find a help you like, don't disregard to take a gander at my audit of it. This administration doesn't have any expense, and we are likewise going to use it to advise you of limits and item launches.</p> <p>In rundown, the administration exists, so should you wish to utilize it so as to locate a top article, that is reason enough. Along these lines, it isn't unexpected on the off chance that you need application exposition help. On the off chance that you select our article composing administrations, you will irrefutably be in a situation to have a great time your extra time! Utilizing a composing administration is the best way to deal with have an elegantly composed article to use a s a rule to ensure the expositions you compose are hitting every single one of the significant focuses and are at the proper profundity required for your scholarly evaluation. </p> <p>You will comprehend that getting a school exposition is an incredible delight. What's more, it happens that points allocated by a particular teacher require broad research in an unbelievably restricted timeframe which not by any means a dusk 'til dawn affair will be adequate to wrap up. So once you come approaching us for article help, you can be sure that we'll flexibly you with more excellent papers for all degrees of trainings, from K-12 to school and past. Now and then understudies must approach compose an article for me due to a lack of time. </p> <h2>The War Against Website to Find Essay Topics Lily </h2> <p>As you by one way or another figure out how to prevail in your tests, doing exactly the same in your assignments can end up being hard. You will likewise need to transfer documents connected to your task. A theme sentence is typically the absolute first sentence of the passage, not the past sentence of the earlier section. Present the subjec t of the section. </p>

Scotland’s Jacobite Rebellion Key Dates and Figures

The Jacobite Rebellions were a series of uprisings aimed at restoring James VII of the House of Stuart and his successors to the throne of Great Britain during the 17th and 18th centuries. The rebellions commenced when James VII fled England, and the Dutch Protestant William of Orange and Mary II assumed the monarchy. The Jacobites supported James’ claim to the throne, though over the decades, failed economic pursuits, aggressive taxation, religious conflicts, and a general desire for independence created a sense of resentment toward the English monarchy, and the Jacobite cause became an outlet for this resentment.   Fast Facts: Jacobite Rebellions Short Description: The Jacobite Rebellions were a series of 17th and 18th century uprisings in Scotland intended to restore the Catholic James VII and his heirs to the throne of Great Britain.  Key Players/Participants: James VII of Scotland and II of England and his heirs; William of Orange and Mary II of England; George I of Great BritainEvent Start Date: January 22, 1689  Event End Date: April 16, 1746  Location: Scotland and England Contemporary reiterations of the Jacobite rebellions often mix fact with fiction, pitting Catholic Scottish Highlanders against Protestant English soldiers, when in a reality, the Hanoverian army that defeated the Jacobites at Culloden was made up of more Scots than English. The Jacobite Rebellions were a series of complicated socio-political events across Great Britain* and Europe, culminating in a permanent shift in governance and the end of the Highland way of life. What Is a Jacobite? The term Jacobite comes from the Latin form of the name James, the Stuart king to whom the Jacobites pledged their loyalty. James VII, a Catholic, took the throne of Great Britain in 1685, alarming the English parliament, which feared a renewed Catholic monarchy. A few months after the birth of James VII’s heir, William of Orange and Mary II, supported by the English parliament, arrived in London to seize the throne. James VII fled London, which the English parliament declared as a forfeiture of power. Vowing to uphold Protestantism, William and Mary became joint monarchs of Great Britain. Key Figures James VII of Scotland II of England: King of Great Britain from 1685 until 1689 and the man for whom the Jacobite cause was named.William of Orange: King of Great Britain from 1689 until his death in 1702.  Mary II:   Oldest daughter of James VII and Queen of England from 1689 until her death in 1694. Mary II served as a joint monarch alongside her husband, William of Orange, after her father fled to Italy. First Jacobite Rising (1689) The first Jacobite rebellion began in May 1689, four months after James VII was deposed, when the Jacobite army, comprised mostly of Scottish Highlanders, took control of the town of Perth, a victory that fueled the Jacobite movement. Though the Jacobites saw several early victories, they were unable to capture Dunkeld, a discouraging loss. In May 1690, government soldiers attacked a Jacobite encampment during the night, killing 300 men. After the attack, Fort William—renamed to honor the Dutch king—was expanded, increasing the presence of government soldiers in the Highlands. Two months later, William’s forces destroyed James VII’s incoming fleet at the Battle of the Boyne off the coast of Ireland. James VII returned to France, ending the first Jacobite Rebellion. Key Dates and Events May 10, 1689: The newly raised Jacobite army descends onto the city of Perth, jump-starting the first Jacobite Rebellion.August 21, 1689: Jacobite forces are unable to take the city of Dunkeld, a defeat that disheartened and disbanded the Jacobites. Small groups of loyal Jacobites remained scattered throughout the Highlands.  May 1, 1690: Government soldiers lead a surprise attack on a Jacobite encampment, killing 300 men, a devastating loss for the Jacobites.July 1, 1690: William of Orange defeats James VII at the Battle of the Boyne, sending James back to France and ending the First Jacobite Rising.  Ã‚   Second Jacobite Rising (1690 – 1715) During the 1690s, poor weather conditions led to continued failed harvest, and economic growth in Scotland remained stagnant. William was increasingly unpopular, particularly in the Highlands after the Glencoe Massacre in 1692. His successor, Anne, prioritized the preservation of England against foreign adversaries over the interests of the Scots, doing little to quell dissent in the Highlands. Anne died in 1714, passing the crown to a foreign king, George I. Key Figures Anne, Queen of Great Britain: Monarch of Great Britain from 1702 until her death in 1714. Anne outlived all of her children, leaving her without an heir.  Ã‚  George I: First Hanoverian monarch of Great Britain who ruled from 1714 to 1727; Anne’s second cousin.  James Francis Edward Stuart: Son of James VII, heir to the throne of Great Britain. James became known as the â€Å"Old Pretender† and the â€Å"King across the Water.†Ã‚   Rallied by the transition of governance, the Jacobite standard was raised, and James Francis, son of James VII, called on Louis XIV of France, to supply an army to the cause. Louis’ death in 1715 stifled French support for the Jacobites, and the army was forced to contend with Hanoverian government forces alone, with James stuck in France.   Hanoverian soldiers clashed with the Jacobites on November 13, 1715. The battle was considered a draw, but a Jacobite retreat turned it into a Hanoverian victory, ending the second Jacobite Rebellion.   Key Dates and Events February 1692: The Massacre of Glencoe; as punishment for refusing to declare loyalty to the Protestant king, William’s government slaughters the McDonalds of Glencoe, creating a martyr for the Jacobite cause.  Ã‚  June 1701: The Act of Settlement passes, preventing any Roman Catholic from assuming the monarchy.September 1701: James VII dies, leaving James Francis as the claimant to the throne.March 1702: William dies, passing the crown to Queen Anne.  July 1706: The Treaty of Union passes, dissolving the Scottish parliament.  August 1714: Queen Anne dies, and George I becomes king.  September 1715: The Jacobite standard is raised, pending the arrival of James and a French army.November 1715: The Battle of Sheriffmuir; the battle ends in a draw, but a Jacobite retreat converts the battle into a government victory and ends the Second Jacobite Rebellion.  December 1715: James arrives in Scotland. He spends two months in Scotland before returning, defeated, to France.  Ã‚   Third Jacobite Rising (1716-1719) Spain instigated the third Jacobite Rebellion, knowing a domestic crisis would draw English attention from the European continent, allowing Spain to reclaim territory lost during the War of Spanish Succession. An ally in Scotland would also link Spain with the Swedish fleet in the North Sea, so King Philip V of Spain invited James to collect a fleet of ships and sail for Scotland from Spain’s northern coast. Nearly 5.000 Spanish soldiers left to fight for James, but the fleet was devastated by a storm in the Bay of Biscay. The surviving 300 Spanish soldiers joined a force of 700 Jacobites, but the army was destroyed by government forces at the Battle of Glenshiel.   James returned to Italy to marry Maria Clementina Sobieska, a wealthy Polish princess. On December 31, 1720, Maria gave birth to the Charles Edward Stuart.   Key Dates and Events June 1719: The Spanish-Jacobite military force seizes Eileen Donan Castle in the western Highlands.  September 1719: Hanoverian forces retake Eileen Donan Castle, forcing the Spanish to surrender and the Jacobites to retreat, ending the 1719 rising. Maria Clementina Sobieska marries James.  December 1720: Maria Clementina gives birth to Charles Edward Stuart, heir apparent and claimant to the throne of Great Britain. Final Jacobite Rising 1720-1745 According to legend, the fourth and final Jacobite Rebellion, known as the Forty-Five, started with an ear. Richard Jenkins, a ship captain from Glasgow, claimed to have had his ear cut off by the Spanish while trading in the Caribbean, a violation of the agreement between Great Britain and Spain. Great Britain declared war on Spain, starting the War of Jenkins Ear. At the same time, the War of Austrian Succession erupted across Europe, consuming peripheral conflicts, including the War of Jenkins Ear. Louis XV of France attempted to distract the British with a Jacobite rising in Scotland, led by the 23-year-old Charles Edward Stuart.   Key Figures Charles Edward Stuart: Son of James Francis, heir apparent and claimant to the throne of Great Britain; also known as the Young Pretender and the Bonnie Prince Charlie.William, Duke of Cumberland: Youngest son of King George II; also known as Butcher Cumberland. He led government forces in the victory over the Jacobites at the Battle of Culloden. After a storm destroyed Charles’ French fleet, Louis XV revoked support for the Jacobite cause. Charles pawned the famed Sobieska Rubies to pay for two ships, though one was decommissioned by a British warship immediately after departing for Scotland. Undeterred, Charles and the single remaining ship arrived in Scotland, raising the Jacobite standard. The army, made up mostly of impoverished Scottish and Irish farmers, spent the autumn collecting victories, seizing Edinburgh in September 1745. After taking Edinburgh, Charles’ counsel advised that he stay in Scotland while the Hanoverian army continued the war in Europe, but Charles marched on, intent on taking London. The Jacobites reached Derby before the Hanoverians descended, forcing a retreat. With the government army led by the Duke of Cumberland not far behind, the Jacobites marched north toward Inverness, the capital of the Highlands and the most important Jacobite stronghold. On April 16, 1746, after a failed surprise attack against Cumberland’s army, Charles ordered the exhausted Jacobites troops into the middle of Culloden Moor, where they faced a force nearly twice the size of their own. In less than an hour, the entire Jacobite force was butchered, and Charles fled the battle in tears before it had ended.   Key Dates and Events October 1739: Britain declares war on Spain, igniting the War of Jenkins Ear.December 1740: War of Austrian Succession absorbs peripheral conflicts, including the War of Jenkins Ear, and the European continent plunged into battle. Great Britain supports Austria, while Spain, Prussia, and France band together.  June 1743: Louis XV pledges support for the Jacobite cause.  December 1743: James names Charles â€Å"Prince Regent,† tasking the Young Pretender with the Jacobite cause.  February 1744: A storm sinks most of Charles’ French fleet, and Louis XV revokes his support for the Jacobites.  June 1745: Charles leaves France, armed with two ships and 700 soldiers. A waiting English warship badly damages one of these ships, forcing it to retreat, but the Bonnie Prince continues on.  July 1745: Charles arrives in Scotland.August 1745: The Glenfinnan Standard is raised for the Bonnie Prince at Loch Shiel.  September 1745: The Jacobites capture Edinburgh and march toward London.  December 1745: With three different Hanoverian forces closing in on troops in Derby, just north of London, the Jacobites retreat toward Scotland, much to the chagrin of Charles.  January 1746: The Jacobites win their final victory against government forces in Falkirk before withdrawing to Inverness, the most important Jacobite stronghold.  April 1746: The exhausted Jacobites lose a bloody battle on Culloden Muir, ending the Jacobite Rebellion permanently. Charles flees before the battle is finished.   Aftermath To ensure another rising would never occur, the Duke of Cumberland dispatched soldiers across the Highlands to find, imprison, and execute any suspected Jacobites. In London, Parliament passed the Disarming Act of 1746, banning the tartan, bagpipes, and the Gaelic language, destroying the Highlander way of life. The Hanoverian government implemented a system of forfeiture, confiscating private lands of suspected Jacobites and repurposing them for agriculture. This system, which became known as the Highland Clearances, lasted for nearly a century. A few months after the defeat at Culloden, Charles fled the country disguised as a woman. He died in Rome in 1788. *This article uses the term â€Å"Great Britain† to identify the regions of Ireland, Scotland, England, and Wales.   Sources Bonnie Prince Charlie and the Jacobites. National Museums Scotland, Edinburgh, UK.  Highland and Jacobite Collection. Inverness Museum and Art Gallery, Inverness, UK.  Ã¢â‚¬Å"Jacobites.†Ã‚  A History of Scotland, by Neil Oliver, Weidenfeld and Nicolson, 2009, pp. 288–322.Richards, Eric.  The Highland Clearances: People, Landlords and Rural Turmoil. Birlinn, 2016.Sinclair, Charles.  A Wee Guide to the Jacobites. Goblinshead, 1998.â€Å"The Jacobite Risings and the Highlands.†Ã‚  A Short History of Scotland, by R.L. Mackie, Oliver and Boyd, 1962, pp. 233–256.The Jacobites. West Highland Museum, Fort William, UK.  Visitor’s Centre Museum. Culloden Battlefield, Inverness, UK.

Whats a Sample SAT Score Essay? How to Write a Sample SAT Score Essay

<h1>What's a Sample SAT Score Essay? Step by step instructions to Write a Sample SAT Score Essay</h1><p>As with every single other piece of the test, there are numerous components that should be viewed as when you compose an example SAT article. How you get ready for this area of the test, nonetheless, is vital to the achievement of your score. The abilities you learn recorded as a hard copy a SAT score paper are vital to improving the scores that you accomplish on the SAT.</p><p></p><p>There are numerous tips that you can utilize when you are getting ready for an example SAT article. You will need to make your exposition in a manner that permits you to develop your contemplations and data in an unmistakable and basic way. Having the option to comprehend your own composing capacity and composing aptitudes is basic in finishing an example SAT exposition. You will need to consider these tips when you compose an example SAT essay:</p><p ></p><p>o Think plainly. Think about whether you have a satisfactory measure of time to compose a decent exposition. Clearly, there will be sure cases where you should compose quick however there are likewise times when you are going to need to invest more energy to genuinely consider the substance of your article. Try not to pick an exposition theme, on the off chance that you have no opportunity to compose a legitimate article. Besides, you ought to abstain from including data that doesn't matter.</p><p></p><p>o Make sure that you comprehend the point. A few subjects don't loan themselves to simple composition and you may need to do some examination and contact others for data. On the off chance that you can't discover something that is pertinent to the point, at that point it is ideal to exclude it.</p><p></p><p>o You should start by pondering the sort of individual that you need to compose an example SAT score paper for. It is imperative to consider your crowd. You ought to consider how your composing style will mirror your crowd. You ought to likewise consider your composing style with regards to composing an example SAT article for a wide range of individuals and distinctive topics.</p><p></p><p>o Now, how to compose an example SAT score exposition? The primary thing that you need to do is to ensure that you have an away from of the theme that you are expounding on. You ought to likewise ensure that you have a thought of how you will structure your writing.</p><p></p><p>o You will need to ensure that you have a careful research and investigation of the point before you begin composing. Your exposition ought to be intensive enough to permit you to completely break down the composition and how it identifies with the point. You ought to likewise investigate explore and dissect data that is as of now accessible. At the point when you need more data to totally compose the article, it is smarter to begin composing it without any preparation and work from there.</p><p></p><p>You ought not race into the creative cycle. You should take as much time as necessary and research cautiously before you start composing the example SAT paper. Try not to surge yourself or put a lot of focus on yourself to take care of business. Take as much time as is needed and invested the exertion, and you will perceive how to compose an example SAT score essay!</p>

True Colors of College Essay Writing

<h1>True Colors of College Essay Writing</h1><p>In my first year at school, I endeavored to become familiar with the real nature of school article composing. A few pieces of the procedure were simple, while others were testing, yet through everything, I kept a diary to report the experience and gain from it.</p><p></p><p>The most ideal approach to start a school paper is with a theory articulation or statement of purpose. While it might appear to be basic, it is imperative to adhere to this at an opportune time since it will be utilized in the composing section.</p><p></p><p>The theory articulation ought to have three sections. Section one is the rundown of the significant purposes of the exposition. This ought to be succinct, yet incorporate key data, for example, the primary reasons why the author needs to expound on the point, the significance of the thought, the significance of the understudies' contemplations, the key issues to be tended to, thus on.</p><p></p><p>Part two is a clarification of how the thought rung a bell. This is the place a portion of the filler originates from on the grounds that the author needs to expound on the thoughts that continued coming into their head over the span of the essay.</p><p></p><p>Part three is the place the framework for the exposition comes in. There are a few different ways to compose a diagram, however I for the most part start with a section depicting what the article is going to discuss.</p><p></p><p>Then, I generally line that up with the data that is applicable to the subject. At long last, I include the synopses toward the end, finishing with an all-inclusive, 'Affirmations' section. This is the place I sum up everything, which causes me to be sorted out and will assist me with being increasingly effective later on.</p><p></p><p>After the entirety of this work, it isn't sufficient to realize how to compose the correct words. You should have the option to relate the thoughts you'rewriting going to genuine encounters, so in the event that you need to ace the real nature of school exposition composing, ensure you rehearse and get some input from your professors.</p>

The History of College Level Research Paper Refuted

<h1>The History of College Level Research Paper Refuted </h1> <p>The system for composing a school inquire about paper can be separated into a few legitimate activities that you ought to follow. Making a structure or plan is generally excellent school information for basically any undertaking you experience, not just composing papers. </p> <p>An diagram is significant when an understudy needs to deal with a succinct task of 1000 words or less. In the real article be that as it may, he should come to their meaningful conclusions lucid. After beginning examination, he should make a proposal explanation to comprehend what explicit region they will dig into. Undergrads are foreseen to convey top quality research papers that fulfill severe necessity as to substance and structure. </p> <p>You could be pondering why understudies would choose to buy school papers online when they can do it freely. With the numerous interests that understudies have on their ordinary timetables, it very well may be hard to acquire the chance to all the imperative research and composing. Numerous understudies focus on just the underlying a few writings to their impairment. Understudies at schools and colleges the country over are most likely confronting the specific overwhelming endeavor. </p> <p>No matter the character of your exploration, in case you're composing a paper a diagram can push you to sort out your musings, yet likewise work as the layout for your entire paper. Utilizing a framework is an essential part of any article composing exercise. Making an extended diagram may help structure your musings, especially for longer papers. Utilizing a layout format can help the understudy sort out the paper and dispose of the thoughts that aren't identified with the ex pectation of the exposition. </p> <p>For case, once in a while you ought to do only a little foundation research and perusing before it's conceivable to build up an examination question. The primary concern is to offer an exceptionally clear definition. There is a variety of approaches you may consider when it has to do with leading an examination and reporting it. In an end, it's a great opportunity to broaden an audit of the discoveries, repeat proposal, stress the value of the exploration, and offer recommendations for future examinations. </p> <p>Wait to make that if your paper is finished and you're ready to perceive what you're presenting. A diary dismissal doesn't really imply you don't have a chance to resubmit the diary however. Distribution of your article can be a very tedious procedure.</p> <h2>Getting the Best College Level Research Paper </h2> <p>You should gather realities and thoughts from number of sources and afterward you must handily entwine your own thoughts and proposals to make an examination paper. On the off chance that you don't comprehend what things to expound on, you will need to search for thoughts for examine paper points. Without an appropriate substance, better than average research paper themes won't bode well. When considering research paper proposals for school, you should dodge questionable and shocking subjects and the points which are excessively specialized. </p> <p>If everything was composed, the paper despite everything ought to be altered and cleaned. Electronic accommodation of reports is getting progressively normal as email is utilized broadly. Pieces of paper should be stapled at the upper left-hand corner. After the structure of the paper was resolved through the framework, it would now be the ideal opportunity for you to form the paper. </p> <p>It's feasible for you to make yours unique on the off chance that you get a paper achieved by an authority on the web. In the event that you aren't aware of APA prerequisites simply type in Google (or some other web crawler) APA arrangement and you are sure to locate a decent arrangement of results. In setting up your examination paper diagram you're really using a deductive methodology. Another outline of where you don't have to utilize page numbers is on the off chance that the source is only 1 page long. </p>

The New Fuss About Essay Writing Informative Topics for 4th Graders

<h1> The New Fuss About Essay Writing Informative Topics for fourth Graders </h1> <h2> The Essay Writing Informative Topics for fourth Graders Game</h2> <p>An plot is a fundamental advance in exposition composing. Composing a layout isn't compulsory. </p> <p>So right away, beneath are some viable composing tips to create your normal application article stick out! In the event that you despite everything battle to discover something which you're ready to expound on, you generally have the choice to consider our expert quick paper composing administration. School application article points are an imperative part of an engaging and convincing piece of composing. Picking enlightening paper points can slow down your creative cycle for a long time, as you simply don't comprehend what things to expound on. </p> <h2> Type of Essay Writing Informative Topics for fourth Graders </h2> <p>The following stage is choosing a theme. OK, presently you have the basics about how to choose an educational paper point, we should delve into some breathtaking thoughts! </p> <p>The chief motivation behind any educational exposition is to offer data on a particular subject as direct as that. Compose a portrayal of everything that you see. The best technique to introduce new and captivating data is to choose doubtful, testing points which aren't excessively broad. You should pick a subject that you can promptly discover insights regarding. </p> <p>Therefore, it's encouraged to expound on a couple of intriguing, complex, and connecting with topics. The subject additionally should be the one which gives the understudies adequate to compose on. Research-based subjects expect understudies to collect data till they compose. Despite this, there are various useful discourse subjects for understudies to pick from. </p> <h2> Facts, Fiction and Essay Writing Informative Topics for fourth Graders </h2> <p>In a scholastic setting, however the paper should be designed and sorted out dependent on the comparing gauges without the use of casual dialects like slang or language. Since it's such a colossal subject, you are going to need to limit your paper down to a specific edge. Introducing The Research Paper Research papers ought to be introduced well to make the best impacts. </p> <h2> The Lost Secret of Essay Writing Informative Topics for fourth Graders </h2> <p>If you are looking for a 1 stop search for web exposition models, at that point you've come at the most reasonable area. Normally, it isn't the perfect plan to emphasize a proposal in an end in exactly the same path as it's been written in the presentation. You ought to get what things to expound on so you may see how to channel your inquiring about concentration and furthermore keep being applicable to the needs and desires for your crowd. You must have seen that every single point is essentially identified with the a secret since on the off chance that you won't make anticipation and reveal the obscure, at that point you won't can allure the peruser's consideration at any circumstance. </p> <p>Limit your subject with the goal that you're ready to compose an inside and out paper and intrigue your proposed perusers. You're ready to find some motivation about how to form a great paper snare here. The peruser ought to be increasingly educated about the point theme at the end of the paper. A proposal must be doubtful like in a contentious or powerful exposition to make the perusers wish to discuss. </p> <p>You should not discover it especially difficult to make an enlightening paper. You must form an educational paper. In the event that you like to figure out how to create a useful exposition, it's essential to go over the whole procedure bit by bit to permit it all things considered. A useful exposition is a kind of paper that provisions you with information on the article theme that you've picked. </p> <p>Informative paper themes ought to likewise be picked thinking about the aggregate sum of data, information and insights promptly accessible, in light of the fact that you will require an awesome arrangement of this as an approach to help your announcements, indicating that you're detailing the realities. Useful discourse themes give you the chance of sharing your insight on a specific issue with your audience members. When picking a particular subject, take a gander at the entrance to artistic sources and suitable data to use in your composition. </p> < p>Whether you're an understudy in secondary school or school, there's a 100% possibility you should make some compose of useful article during your instructive decades. Else, you hazard overlooking a couple of key focuses. At the point when you settled regarding the matter, this is the ideal opportunity to plunk down and put in a couple of hours or increasingly dependent on the task's volume on the instructive paper layout. In the event that you need to upgrade your review and present a truly first class work, don't spare a moment to connect with our master composing group. </p>

History Essay Topics For High School Students

<h1>History Essay Topics For High School Students</h1><p>If you are a secondary school understudy and are attempting to discover the history paper points for secondary school understudies, you may not realize how to approach doing as such. In the event that you aren't sure how to compose an article on a chronicled subject, you are not the only one. Albeit a few guardians feel that every single recorded subject are troublesome, it doesn't need to be.</p><p></p><p>There are a few distinct points that you can expound on chronicled subjects, contingent upon what your inclinations are. You can even compose a history exposition on subjects that are excluded from your school educational plan. There are even themes on pets and trivia.</p><p></p><p>Writing a topical exposition on one of these subjects is fun and simple. Notwithstanding, you should set aside the effort to recognize what themes you need to cover and what sort of history paper you need to compose. It is a smart thought to distinguish what your goal for the exposition is before you start.</p><p></p><p>If you are expounding on a verifiable subject, you need to ensure that you start by examining it. On the off chance that you can't make sense of what to expound on, discover something that you realize that individuals can relate to and use it to make a decent contention. In the event that you aren't certain about the topic, you can converse with your direction advocate. Try not to be hesitant to inquire as to whether you are going excessively far or on the off chance that you ought to compose it more slowly.</p><p></p><p>If you have a few subjects you are keen on, you can add them all to one paper. The various areas can even be consolidated, on the off chance that you like. In spite of the fact that you can't really compose more than one paper on a similar subject, you can. Compose a few papers on every one of the various subjects and connection them together.</p><p></p><p>If you need to add one progressively chronicled point to your history exposition themes for secondary school understudies, you can assume the test of composing the task before a study hall of understudies. This is a decent method to do some examination for you or to figure out how to plan and compose a paper. In spite of the fact that you may not gain proficiency with the entirety of the solutions to your inquiries, you will have the option to show signs of improvement and the data will be accessible to you in the event that you need it.</p><p></p><p>Although history is definitely not a subject that you as a rule need to stress over as secondary school understudies, you ought to at any rate find out about it. Your direction instructor will have the option to manage you in picking the history article themes for secondary school understudies. Try not to be exces sively threatened by this assignment, since you can discover extraordinary approaches to compose a paper on history. You simply need to recognize what you need to compose about.</p>

The History of Western Civilization Topics For Term Papers

The History of Western Civilization Topics For Term PapersStudents studying western civilization topics for term papers are often bored with the subject matter, and often wonder if the assignment could be done better. There are a few things that should be considered when doing a study of this period of time, and can add depth to a paper.In the Old West, there were many stories about American Indians. Many of these involved bandits who escaped from prison or Indian Wars. There were always the horses, cattle, and crops. One could view many of these stories as more colorful because of the environment, or simply a series of facts. It was almost impossible to know how things were done at a particular point in time.In our modern society, most of the western society has been wiped out, but some of it is still around. While much of it has died out, some people are still here, and they are survivors. This makes it a more interesting topic for a study of term papers.Western civilization topics for term papers are better than being simply a description of events or the society. While it is always good to understand how things are done, it is equally important to also know the person(s) who are doing the work. So, when a book or movie is written about the history of the world, it is a good idea to look at who wrote it. Did the author have an interest in the subject? Why is the writer writing?Western civilization topics for term papers should provide many different ideas. Things that interest anyone, and provide depth to the paper. The authors of books on this time period might write them to entertain people or to illustrate the way the world was at a particular time. Most authors write books for one reason. These books do not get any more thorough than a family member, and that is why we read them.Western civilization topics for term papers are often abstract and should offer many different ways to look at the period. A lot of the American style architecture from this peri od comes from architects who lived in Europe or were trained to live and work in a western style. Many buildings still stand today that are inspired by this style. When looking at the structure of buildings, people must first make sure they have a western style building, which they then move onto the history of that style, and how it has evolved into modern times.Many of the western civilization topics for term papers are dark and complex. The Western Roman Empire was long gone, and a lot of people lived under a form of feudalism. Other cultures in the period seemed to be even worse, like the living among the frontier of the Wild West.Western civilization topics for term papers will be a fun study of our history and can give the students a history lesson. For those wishing to try to write a paper on this time period, the topic should start with the theory of Western Civilization and the history of this period. This can give them a good starting point for their paper.

Writing AP World History Long Essay Samples

Writing AP World History Long Essay SamplesAP World History long essay samples can be one of the most important materials for your college admissions essay. The benefits of including a sample are that it will show an audience what you have done in the classroom and how you think, which is important in college admissions. But if you think you are capable of writing a good AP World History long essay sample, then this will be a good time to review what you are capable of and ask yourself what obstacles might be preventing you from writing a good sample.Consider using a sample for the AP world history you are trying to write. You may be thinking that doing so would be boring or repetitious and a waste of time. However, by utilizing the actual AP material for World History, you will be able to get a better feel for the topic. However, be careful not to spend all of your time preparing for this particular essay.In addition, try to put yourself in the shoes of an audience who might be read ing your AP World History long essay sample. Consider what they might be looking for. For example, if you wrote the essay as a way to demonstrate your ability to formulate and present a coherent argument, you would be well served to take some time to think about how to present these facts.While preparing for your AP World History long essay, try to follow a few tips that could help you have a more successful experience. Make sure that the essay sample you write is challenging. In other words, make sure it is difficult to understand.Try to incorporate ideas that can be easily interpreted and understood by your audience, but make sure that you are focusing on the concepts that make sense to them. You should also consider asking your audience questions that can be answered with at least a basic understanding of the information that you are presenting. By creating these questions, you will be able to generate interesting and pertinent questions that will get your audience to participate and form their own opinions about your essay.Additionally, try to make your essay as factual as possible and avoid too much fluff and generalization in your AP World History long essay sample. Do not be afraid to use keywords and phrases that appear throughout the essay sample. Use some examples that are familiar to your audience and present these elements in the best light possible.Finally, prepare a writing sample that can be easily used as a basis for future work. Try to find an idea that you can create to use again as a basis for your future writing projects. If you can come up with ideas and structures that had worked well for you in the past, you will be much more likely to succeed in the future, which will increase your chances of being accepted into the college of your choice.Now that you know that AP World History long essay samples can be used to get a feel for the material, it is a good time to begin preparing for it. Start by using the World History sample and try to le arn as much as you can about World History and AP literature. This will give you an opportunity to practice for the AP World History long essay sample that you will be writing.

Bordeaux Wine Region - 1705 Words

BORDEAUX 89% of wine produced in Bordeaux is red (called claret in Britain), with sweet white wines (most notably Sauternes), dry whites, rosà © and sparkling wines (Crà ©mant de Bordeaux) collectively making up the remainder. Terminologies †¢ Claret - is a name primarily used in British English for red Bordeaux wine. Claret derives from the French clairet, a now uncommon dark rosà ©, which was the most common wine exported from Bordeaux until the 18th †¢ Sauternes - is a French sweet wine from the Sauternais region of the Graves section in Bordeaux. †¢ Chà ¢teaux – is a manor house or residence of the lord of the manor or a country house of nobility or gentry, with or without fortifications, originally—and still most frequently—in†¦show more content†¦It is an excellent complementary grape variety that rarely makes up the majority of the final blend. It adds freshness, finesse, and aromatic complexity as well as hints of raspberry and violet. White Grapes †¢ SAUVIGNON BLANC Sauvignon Blanc, except in rare instances, is the most important variety for dry white wines. It provides the wines with the necessary acidity as well as minerality, aromatic freshness, and varietal aromas, such as citrus, boxwood, and fig leaves. White Grapes †¢ SEMILLON Sà ©millon is the main grape variety for semi-sweet and sweet white wines and is almost always a component of dry white wines as well. It contributes roundness, richness, and apricot and honey aromas. When affected by  «noble rot », it develops an inimitable bouquet. White Grapes †¢ MUSCADELLE Muscadelle, which plays a secondary role in the blend for both dry and sweet white wines (generally no more than 10%), is a fragile but very interesting variety with musky floral overtones. Viticulture †¢ Bordeaux is a relatively humid region. Thus it is a place rife with diseases and other problems that afflict vines, compared with many of the worlds other wine regions, such as dry Chile or Australia. †¢ In Bordeaux, the pruning of the vine happens almost always as cane-pruning (as opposed to spur-pruning). There are two types of cane-pruning: guyot simple and guyot double. †¢ The use of chemicals and fertilizers hasShow MoreRelatedHarvard Case1306 Words   |  6 Pagesfor about  Ã¢â€š ¬12 million.  It located in Bordeaux region, which produces the most prestigious wine in France.  The Bordeaux wine community was  initially shocked to see it â€Å"fall in the hands of a Greek.† However, they  gained confidence in Mentzelopoulos as they saw the complete  overhaul of the vineyards with better drainage and new plantings.  Chà ¢teau Margaux was part of the French elite of wines known as first growths, five specific wines from the Bordeaux region. Wine critic Robert Parker had recently describedRead MoreDifferences Between Wine from Burgundy and That from Bordeaux1229 Words   |  5 PagesDifferences between Wine from Burgundy and that from Bordeaux These two types of wine come from France. Red wines are very popular in European countries. In the article â€Å"History of Red Wine†, Coffey discuss the history of Red Wine. In the early decades, European explorers travel around the World with their own wine because they really love red wine. Since then, the history of red wine infiltrates the history of many European countries. Today, red wines are worth in its healthiness and popularityRead Morewine project Essay1453 Words   |  6 Pagesï » ¿Dà ´le blanche de Charrat Appellation Charrat Country Switzerland Region Valais Sub Region Fully Village NA Estate Vineyard/ Grand cru NA Grape(s) Variety(ies) Pinot Noir or blended of Pinot Noir and Gamay Climate conditions Valais is known for its exceptional climate, whereby the mountains stop most of the rainfall, but create ‘foehn’ winds which assists in the late autumn months with the essential ripening process of late varieties of grapes. Almost continuous sunshine for mostRead MoreChateau Margaux960 Words   |  4 Pagesmerchants are a major part of the distribution system for the Chateau Margaux’s wines. Besides the responsibility for the distribution of wine, the merchants also have other significant roles, for instance negotiating prices, maintaining the relationship with retailers, promoting and positioning the brand. The distribution is dependent on the merchants who are responsible for customer relationships and finding out who the wine consumers are. For this reason they are selected on the basis of their previousRead MoreCase Study Review: Language and Globalization: â€Å"Englishnization† at Rakuten7356 Words   |  30 Pages9 -5 0 7 -0 3 3 REV: AUGUST 16, 2007 JOHN DEIGHTON VINCENT DESSAIN LEYLA N D PI TT D A N I E L A B E Y E R SD O RF E R ANDERS SJÃâ€"MAN Marketing Chà ¢teau Margaux Were a wine to be drunk in paradise, it would be Chà ¢teau Margaux. — William Styron, Sophie’s Choice Brad watched as wine poured from a precarious height into his glass, generating turbulence but no splash. â€Å"I must try that,† he thought. A young management consultant, Brad was no stranger to expensive meals, but here he feltRead MoreSimilarities Between Bordeaux And Burgundy From The Same Field : Location, Climate And Terroir, And Grapes942 Words   |  4 Pagesdifferent regions which are Bordeaux and Burgundy in the same field: location, Climate and Terroir, and Grapes. Discuss the early history of the development of each region, including the specific examples. Then review the location, Climate and Terroir, and Grapes that rank the wines as among the best in the world. To conclude, look into the future of each region to analyze prospects for continued success. The history of Bordeaux Wine The history of the Bordeaux wine region dates backRead MoreA Report On Bordeaux s Cru Classe Wines1498 Words   |  6 Pages Bordeaux’s cru classe wines are sold on the Place de Bordeaux, a system of wine merchants (negociants) and brokers (courtiers) who work with chateaux to send their wines to market. The wines are also sold en primeur, whereby customers may purchase wines far in advance of their bottling and public release. This trade structure is largely the result of three interrelated historical phenomena: Bordeaux’s unique relationship, and robust trade, with England; the arrival of foreign merchants in theRead MoreKhufcnjm, Lcvbn Bvgfgh; J1195 Words   |  5 Pagesmakes the principle white wine of Burgundy (Bourgogne, France), where it originated. Chardonnay is versatile and is grown with success in most viticultural areas under a variety of climatic conditions. Yet it only amounts to 2 percent of the world vine areas. Total chardonnay vines cov er more than 160,000 hectares (400,000 acres). The biggest states were in 2005: U.S.A.,France,Australia,Italy,Moldavia Typical taste of the different types of chardonnay: voluptuous.Chardonnay wines are often wider-bodiedRead MoreThe I Set Out On A Road Trip966 Words   |  4 Pagesmuch to convince us to stop and see what they had to offer. Driving up and walking through a vine covered archway, you are greeted by a French style Courtyards and a picnic ground where people are sitting around enjoying the outdoors with a glass of wine. To the right of the vine covered archway is a beautiful tasting room also reflecting the French motif. Across the courtyard are two large wooden doors on a stone masonry structure that is built into the side of the hill. This is the location ofRead MorePreserve the Luxury or Extend the Brand Case Analysis Essay720 Words   |  3 PagesCase Study: Preserve the Luxury or Extend the Brand? The case study Preserve the Luxury or Extend the Brand presents a fictional dilemma, based on a real company, faced by Chateau de Vallois, a prestigious and famous wine-producing estate in the Bordeaux region of France. De Vallois is a family owned and run business; part owners are Gaspard de Sauveterre - a 75-year old majority owner, and equal partial owners: Francois de Sauveterre – Gaspard’s son and the chateau’s CEO , and Claire de Valhubert

The Impact of Monetary Policy on Agricultural Output in Nigeria free essay sample

The significance of agriculture in bringing about economic growth and development of a nation cannot be underestimated, the reason why a nation possesses sustainable food security, is because it produces enough food to feed her citizens and even export these goods to other needy countries thereby generating foreign exchange which in turn increases the national income in the long-run. The agricultural sector serves all other sectors in the economy especially the industrial sector. The problem facing the Nigerian agricultural economy is inadequate capital and credit for start-up, investment and expansion. Monetary policy through its influence on the financial sector of the economy plays a major role in making credit available to the agricultural sector. Monetary policy refers to the combination of measures designed to regulate the value, supply and cost of money in an economy. It can be described as the art of controlling the direction and movement of credit facilities in pursuance of stable price and economy growth in an economy (CBN, 1992). Monetary policy in the Nigerian context refers to the actions of the Central Bank of Nigeria to regulate the money supply which could be through discretional monetary policy instruments such as the open market operation (OMO), discount rate, reserve requirement, moral suasion, direct control of banking system credit, and direct regulation of interest rate (Iyoha, 2002). The Central Bank of Nigeria (CBN) derives its mandate from the CBN Act of 1958. Section one of the CBN Decree No. 4 of 1991, stipulates that the principal objects of the Bank shall be to issue legal tender currency in Nigeria; maintain external reserves to safeguard the international value of the legal tender currency, promote monetary stability and a sound financial system in Nigeria, and act as banker and financial adviser to the Federal Government (CBN, 2006). Therefore the central bank is the principal monetary authority. Agriculture in the context of the economy is tied with the various sectors and is essential f or generating broad based growth necessary for development. Agriculture is fundamental to the sustenance of life and is the bedrock of economic development, especially in the provision of adequate and nutritious food vital for human development, the sector is a catalyst and major source of raw materials for the industrial sector and provides most of the staple food consumed by the 120 million Nigerians. Although developments in the oil sector have dominated Nigerias economic scene since the mid-1970s, the country remains basically agricultural. More than 70 percent of its population depends on agriculture, which contributes roughly 25 percent of GDP and 60 percent of non-oil exports. Monetary policy facilitates the establishment of agricultural businesses through availability of credit and finance for start-up, investments, and expansion. The CBN controls the availability of credit through monetary policy instruments. These instruments affect agricultural output through agricultural banks and other financial institutions. Therefore, in our study of agricultural output monetary policy is a very important factor. 1. 2 Statement Of The Problem Before the rapid rise in oil export revenue, Nigeria was a major exporter of agricultural produce, especially cocoa, groundnuts, cotton, palm oil, palm kernel, and rubber. Since then however both the volume and the range of agricultural exports has declined sharply and agricultural imports have increased dramatically. In addition, Nigeria no longer produces sufficient food for the countrys large and rapidly growing population. The average annual rate of real output growth for food crops fell to about 2 percent a year during the 1970s. Between 1970 and 1975, however, the output of export crops dropped 17percent, the food import bill rose more than 10-fold in 1970-1980. Low agricultural output has a negative effect on the economy as a whole, there is a low production of goods for food and raw materials for industries. A major challenge facing Nigeria is the inability to capture the financial services requirements of farmers and agribusiness owners who constitute about 70 percent of the population. Farmers need access to capital to purchase land and equipment and to invest in the development of new products, services, production technologies and marketing strategies. Yet banks are often reluctant to lend money to farmers for agricultural enterprises due to the lack of creditability and collateral. Therefore there is need for a research in order to effect necessary changes because activities of the monetary authorities through monetary policy affect the financial institutions and credit availability to the agricultural sector in no small measure this will further affect agricultural output positively. 1. 3 Scope of Study This research seeks to study agricultural output and the how monetary policy affects it. The study shall be made using secondary time series data, for a span of 26 years that is from 1980 to 2006 which is sufficient and suitable for conducting a research, making new findings and relevant recommendations. . 4 Objectives of Study The main objectives of this research are as follows: 1) To identify the monetary policy instruments used to support the agricultural sector. 2) To examine the impact of prime lending rate, cash reserve ratio, agricultural credit guarantee scheme fund and money supply on agricultural output. 3) To find out if there is a long-run relations hip between certain monetary channels and variables such as real exchange rates, monetary policy rate, private investments in agriculture, agricultural credit guarantee scheme fund, and agricultural output. 1. Significance of Study Most researches on the Nigerian agricultural sector has not been specific enough in terms of laying emphasis on credit availability in relation to monetary policy and the actions of the Central Bank of Nigeria as it affects the rural farmer and agricultural businesses, which affect the total agricultural output in the economy. This research is specific, it emphasizes the effect of the government’s actions through monetary policy on agricultural output, which will immensely contribute to current knowledge on the topic under research. 1. 6 Research Questions ) What effect(s) will monetary policy instruments have on agricultural output? 2) How can we use liquidity ratio, prime lending rate, cash reserve ratio, agricultural credit guarantees scheme fun d and money supply to enhance agricultural crop output? 3) Is there a long-run relationship between real exchange rates, monetary policy rate, and private investments in agriculture, agricultural credit guarantee scheme fund, and agricultural output? 1. 7 Hypothesis of the Study Ho: there is no relationship between liquidity ratios, prime lending rate, cash reserve ratio, money supply, ACGSF and agricultural output. H1: there is a relationship between liquidity ratios, prime lending rate, cash reserve ratio, money supply, ACGSF and agricultural output. Ho: there is no long-run relationship between real exchange rate, MPR, investment, ACGSF and agricultural output. H1: there is a long-run relationship between real exchange rate, MPR, investment, ACGSF and agricultural output. 1. 8 Methodology of the Study A Descriptive Statistical Analysis as well as an Econometric Analysis using the Johansen cointegration test and a vector error correction method (VECM) were the methods employed to carry out an investigation on the subject matter. . 9 Data Sources Data for this study is obtained from CBN Annual Report, Statement of Accounts (2006), Statistical Bulletin (2006) volume 16 and the United Nations Statistical Database. 1. 10 Outline of Chapters This study is divided into five chapters where chapter one is the introduction, chapter two is made up of literature review and theoretical framework, chapter three consists of the research methodology, chapter four carries out the data interpretation and analysis, and finally chapter five gives a summary, findings and conclusion and ends with a recommendation. CHAPTER TWO LITERATURE REVIEW AND THEORETICAL FRAMEWORK 2. 1 Introduction Nigeria is endowed with rich agricultural resources but the agricultural sector suffers stunted growth, more than fifty per cent of the countrys agricultural land lie fallow, and the remaining per cent of cultivated agricultural land is handled by smallholders and traditional farmers who use udimentary production techniques, having poor access to modern inputs with resultant low yields, inadequate credit facilities resulting in poor infrastructural facilities, inadequate access to markets leading to low income, land and environmental degradation bringing about low production, and inadequate research and extension services discouraging expansion and innovation. The study on how the government through monetary policy instruments and variables affect agricultural output is necessary for accelerated growth in the sector because the development of the sector rests on its access to credit. These instruments that affect agricultural output could be in the form of moral suasions, directives, prime lending rate, liquidity ratio, cash reserve ratio, reserve requirement and money supply among others. This chapter starts by researching the historical background of agriculture and monetary policy in Nigeria, a theoretical framework for the variables used, followed by a review of current literature. 2. 2 Monetary Policy and Agriculture in Nigeria The Government has instituted various policies to achieve its aims of increasing agricultural output by making credit available through a commercial bill financing scheme; regional commodity boards (later called national commodity boards); an export financing and rediscount facility (1987); the Nigerian Agricultural Cooperative and Rural Development Bank Ltd; community banks, People’s Bank; the Agricultural Credit Guarantee Scheme Fund (ACGSF); and the Small and Medium Enterprises Equity Investment Scheme among others. Among others. These policies have contributed to improving the livelihoods of farmers and entrepreneurs. (Olaitan, 2006). Also, a number of strategies have been articulated and implemented in a bid to improve on agricultural output, notably the River Basin Development Authority, integrated rural development programmes, national accelerated food production programme, Operation Feed the Nation, and green revolution and agricultural development programmes. These programmes have combined various price and non-price incentives in attempts to restructure the agricultural sector, increase efficiency and raise production (Iyoha and Oriakhi, 2002). In the pre-SAP era, government philosophy of agricultural development was characterized by minimum direct government intervention in agriculture, Government efforts were merely supportive of the activities of these farmers and government efforts largely took the form of agricultural research, extension and export crop marketing, and pricing activities. Operation Feed the Nation (1976-79) and the Green Revolution Programme (1979-83) were also launched during this phase. The Operation Feed the Nation (OFN) campaign, which was launched by both Federal and State military governments in 1976, had the objectives of mobilizing the country towards self-sufficiency and self-reliance in food through increased food production, encouraging citizens who hitherto relied on buying food to grow their own. The OFN programme was later integrated into the Green Revolution programme launched by the civilian government of the Second Republic. Two important initiatives that were part of these programmes were the setting up of the Nigerian Agricultural and Co-operative Bank (NACB) and the Agricultural Credit Guarantee Scheme Fund (ACGSF). Their main objective was the provision of adequate finance to farmers at affordable terms. According to Manyong et al (2003), monetary policies that were of relevance to agriculture during the period before SAP (Structural Adjustment Policy) centered mainly on those designed to direct credit to the agricultural sector on concessionary terms. The Central Bank of Nigeria stipulated minimum percentages of commercial and merchant bank loans that should go to the agricultural sector, the launching of a Rural Banking Scheme in 1977 under which designated commercial banks were required to open specified numbers of rural branches in different parts of the country and with at least 40 per cent of the total deposit in these rural banks lent to borrowers within those rural areas. Agricultural Credit Guarantee Scheme Fund (ACGSF) was launched in 1977 to reduce the risk borne by commercial banks in extending credit to farmers under this scheme, the Central Bank of Nigeria guaranteed up to about 75 per cent of the value of the principal and interest on loans granted to farmers by any commercial bank up to some stipulated maximum amounts for individuals and corporate bodies, as a matter of policy, the naira was allowed to appreciate in this period. In the period, three exchange rate systems were adopted. The fixed rate system was adapted from 1960 to 1972, the managed floating system was adapted from 1973 to 1978, while the pegged system (i. e. pegged to a currency basket) was adapted from 1979 to 1985 (Iwayemi 1995). In the period between 1986 and 1994 which is the SAP era, the structural adjustment program had been ssigned the objectives of restructuring and diversifying the economy’s production base, rationalizing consumption patterns, and reducing the economy’s dependence on petroleum exports and commodity imports, expanding non-oil exports, reducing the import content of locally produced goods, attaining self-sufficiency in food and raw material production within the shortest time possible, rationalizing the country’s monetary and fiscal policies, liberalizing the country’s external trade and payments systems and adopting appropriate measures to give the private sector a larger role in the domes tic economy, increase the reliance of the economy on market forces, and reduce administrative control of the economy by Government. Clearly, most of the objectives depended critically on agriculture for their achievement. Hence, it might be assumed that agriculture was the cornerstone of the structural adjustment program. As far as Nigeria was concerned, and with particular reference to the country’s agricultural sector adjustment process, the economic philosophy underlying the structural adjustment program had as its key elements the principles that agriculture was essentially a private-sector business and the role of Government must be largely facilitating and supportive of private sector initiative. The agricultural economy should be as free of government administrative control as possible and market forces must be allowed to play a leading role in directing the economy; the agricultural economy should be more inward looking and self-reliant by depending more on local resources while also ensuring self-sufficiency in food production and the supply of raw materials to industries; the agricultural economy should serve as a primary avenue for the diversification of exports. The agricultural policy for Nigeria was launched in 1988; the agricultural policy document contained the SAP package as it related to the agricultural sector. The overall policy objective was to achieve self-sustaining growth in all the agricultural subsectors and the realization of structural transformation for socioeconomic development of the rural areas. Specifically, policy aimed to attain self-sufficiency in basic food commodities, increase production of agricultural raw materials, increase production and processing of export crops, and diversify the country’s export base. The post SAP era (1994-date) includes the New Agricultural Policy established in 2001 which is an attempt to overcome the pitfalls of the past policies. It has the overall goal of attaining elf-sustaining growth in all subsectors of agriculture, the structural transformation necessary for the overall socioeconomic development of the country, and the improvement of the quality of life of Nigerians its po licies are being pursued within the framework of NEEDS (National Economic Empowerment and Development Strategy). NEEDS was formulated with the objective of reducing poverty, generating employment and creating wealth. In 2003, credit delivery to real sector was encouraged through the Small and Medium Industries Equity Investment Scheme (SMIES) and an incentive of lower Cash Reserve Requirement (CRR) regime was prescribed for those banks that increased their credit allocation to the real sector by 20 per cent or more. Moreover, the Bank provided guarantees for agricultural loans under the Agricultural Credit Guarantee Scheme (ACGS). As part of the comprehensive reform in the financial system and in line with its developmental role, the CBN launched the National Micro Finance Policy in 2006. The policy was propelled by the need to reduce poverty, generate employment, and stimulate economic growth through the provision of credit and other financial services on a sustainable basis to the economically active poor, who are not adequately catered for by the existing formal system. The main objectives of the policy are to make financial services accessible to a large segment of the potentially productive Nigerian population which otherwise would have little or no access to financial services e. g. ural farmers, to promote synergy and mainstreaming of the informal subsector into the national financial system. An Agricultural Credit Support Scheme, hereafter referred to as ACSS, has been established through the initiative of the Federal Government and the Central Bank of Nigeria with the active support and participation of the Bankers Committee. The purpose of the ACSS is to develop the agricultural sector of the Nigerian economy by providing credit facilities to farmers at single digit interest rate. This is to enable farmers exploit the untapped potentials of the sector with a view to reducing the cost of agricultural product ion, and increase output on a sustainable basis. These efforts are expected to lead to fall in prices of agricultural produce, especially food items, thereby leading to reduction in inflation rate, generate surplus for export, diversify the revenue base and increased foreign exchange earnings for the country. 2. 3 Theoretical Framework This can also be referred to as the Analytical framework of this project, this will provide a basis for our empirical analysis. This section will be examining the theories that relate to the research questions and hypothesis in terms of the impact of monetary policy on agricultural output. 2. 4. 1 Supply-Leading and Demand-Following Hypothesis The â€Å"finance-led growth† hypothesis postulates the â€Å"supply-leading† relationship between financial and economic developments. It is argued that the existence of financial sector, as well-functioning financial intermediations in channeling the limited resources from surplus units to deficit units, would provide efficient allocation resources thereby leading the other economic sectors in their growth process. Indeed, a number of studies have argued that the development of financial sector has significantly promoted economic development (Schumpeter, 1912; Levine, 1997). In contrast, the â€Å"growth-led finance† hypothesis states that a high economic growth may create demand for certain financial instruments and arrangements and the financial markets are effectively response to these demands and changes. In other words, this hypothes issuggests a â€Å"demand following† relationship between financial and economic developments. The impact of economic growth on the financial development has been documented inRobinson (1952) and Romer (1990), among others. According to Patrick (1966), typical statements indicate that the financial system somehow accommodates growth when it is efficient or restricts growth of real per capita output if it is inefficient therefore ineffective and unable to mobilize funds to the deficit sectors of the economy. For example, It seems to be the case that where enterprise leads finance follows. In this view, the lack of financial institutions in underdeveloped countries is simply an indication of the lack of demand for their services. We may term as demand-following the phenomenon in which the creation of modern Financial institutions, their financial assets and liabilities, and related financial services is in response to the demand for these services by investors and savers in the real economy. In this case, the evolutionary development of the financial system is a continuing consequence of the pervasive, sweeping process of economic development. The emerging financial system is shaped both by changes in objective opportunities the economic environment, the institutional framework-and by changes in subjective responses-individual motivations, attitudes, tastes, preferences. The nature of the demand for financial services depends upon the growth of real output and upon the commercialization and monetization of agriculture and other traditional subsistence sectors. Patrick advocated that in the earliest stages of economic development proactive government interventions in the form of institution building, suppressed interest rates and directed credit policies were necessary to provide the financial impetus necessary for economic development. Through the supply-leading thesis, Patrick urged that financial institutions play a leading role in promoting growth by ensuring the availability of low cost credit to potential investors. Consequently, it was prudent to build institutions well in advance of demand for their services, and interventionist policies put in place to make finance a catalyst in real sector development. Patrick, however, acknowledged a demand-following thesis when he argued that the financial sector expands as a consequence to the demand created from growth within the real economy and is thus dependant on stimulation from market sources (Gockel, 2002). According to Woo (1986), Patrick identified two possible patterns in the relationship between financial development and the economy. In the first, growth induces an expansion of the financial system. According to this view, called demand-following, the lack of financial growth is a manifestation of the lack of demand for financial services. As the real side of the economy develops say improvement in agricultural output, its demands for various new financial services materialize, and these are met rather passively from the financial side. In the second pattern the expansion of the financial system precedes the demand for its services. Channeling scarce re-sources from (small) savers to (large) investors according to relative rates of return, the financial sector precedes and induces real growth. The deliberate establishment and promotion of financial institutions in many less developed countries (LDCs) might reflect this belief in the supply-leading relationship between the two developments. When there is an increase in production in the real economy say agricultural sector, demand for financial intermediation will tend to increase this is a demand-following situation and when there is availability of credit facilities as a result of government intervention in the financial sector through the manipulation of monetary policy instruments say a reduction in cash reserve requirement of agricultural banks in Nigeria or prime lending rate to the agribusinesses and maybe financial development in the economy as a whole, agricultural output will increase due to availability of credit for startup, investment in agriculture and expansion of agribusinesses, this is a supply-leading scenario. 2. 4. 2 The Monetary Transmission Mechanism Monetary transmission mechanism is the mechanism through which changes in money supply affects the decisions of firms, households, financial intermediaries, investors and ultimately alters the level of economic activities and prices it can be thought o f as encompassing the various ways in which monetary policy shocks propagate through the economy ( Kuttner, 2003). To examine the effect of monetary policy on agricultural output in Nigeria, it is essential to understand the channel through which monetary policy transcends to affect output and prices in the economy. According to Kuttner (2003), there are four channels through which monetary policy transcends into the economy namely: interest rate, exchange rate, bank lending rate, and the wealth channel. But in this study we will be laying emphasis on the first three channels. The interest rate channel is the primary mechanism at work in conventional macroeconomic models. The basic idea is straightforward: given some degree of price stickiness, an increase in nominal interest rates, for example, translates into an increase in the real rate of interest and the user cost of capital. These changes in turn lead to a postponement in consumption or a reduction in investment spending. The exchange rate channel is an important element in conventional open-economy macroeconomic models. The chain of transmission here runs from interest rates to the exchange rate via the uncovered interest rate parity condition relating interest rate differentials to expected exchange rate movements. Thus, an increase in the domestic interest rate, relative to foreign rates, would lead to a stronger currency and a reduction both in net exports and in the overall level of aggregate demand. The bank lending channel and the balance sheet channel, also allow the effects of monetary policy actions to propagate through the real economy. According to this lending view, banks play a special role in the economy not just by bank deposits that contribute to the broad monetary aggregates, but also by holding bank loans for which few close substitutes exist. An open market operation that leads first to a contraction in the supply of money and then to a contraction in bank deposits requires banks that are especially dependent on deposits to cut back on their lending and firms that are especially dependent on bank loans to cut back on their investment spending. Financial market imperfections confronting individual banks and firms thereby contribute, in the aggregate, to the decline in output and employment that follows a monetary tightening. 2. Review of Current Literature In Less Developed countries like Nigeria markets and financial institutions are highly distorted, often externally dependent and spatially fragmented. Nigeria lacks transparency (full disclosure of the quality of loan portfolio). Nigeria is operating a dua l monetary system: a small and often externally controlled or influenced financial institution, catering to the financial needs of the middle-and upper-class local and foreign businesses in both the agricultural and industrial sectors serving the needs of the wealthy industrial elites while neglecting the requirement of the relatively poor and the agricultural economy. Monetary policy in developed countries grossly simplifies a complex process, it does point out two important aspects that developing countries such as Nigeria lacks: the existence of highly organized, economically interdependent, and efficiently functioning money and credit markets. There is minimum interference in the flow of financial resources in and out of saving banks, micro finance banks, commercial banks, and other nationally regulated public and private financial intermediaries. There tends to be consistency and relative uniformity of interest rates in different sectors of the economy and all regions of the country. Financial intermediaries are thus, able to efficiently allocate and mobilize surplus private savings to the deficit sectors of the economy (Todaro, 2003). If developing countries such as Nigeria fails in the task of developing the banking facilities, saving institutions, reorganization of agricultural and industrial credit, and a sound central banking the agricultural economy which is a vital and sensitive sector would either go slow, even stagnate and this will invariably compel it to switch over its economic system to overall planning and allocation of resources through direct state control (Jinghan 2005). The role of Agriculture remains significant in the Nigerian economy despite the strategic importance of oil. According to Our Planet (2006), the importance of the agricultural sector includes, providing adequate and affordable food for increasing populations, supplying raw materials to growing and diversifying domestic industrial sectors, releasing labour for the growing industrial sector, enlarging the size of an effective market for the products of the domestic industrial sector, providing employment and livelihoods, and alleviat ing poverty, for a large percentage of the rural population. And finally, agriculture earns and saves foreign exchange and accumulates domestic savings for investment and capital formation, because the more prosperous the agricultural and rural sector, the more people can save money, paving the way for a thriving banking sector that can finance further industrial development without relying unnecessarily on foreign debt. If agriculture is this important in the economy factors that will help accelerate growth in the sector must be considered, such as access to finance, which is the problem of most less developed countries. The monetary policy of the Nigerian economy will help propel this cause as its policies have great influence on the financial sector of the country. Changes in the interest rate will have an effect on a farmers decision to borrow credit and thus on the farm production and inventory decisions. If government conducts a contractionary monetary policy that is, reduces the money supply which will increase the interest rate the agricultural sector will be affected in two ways, first a higher interest rate will increase the cost of borrowing for production loans which in turn raises the cost of production and thereby eventually reduces agricultural output, at the same time the higher interest rate will raise the storage cost of commodity reserves and cause farmers to reduce inventories, thereby decreasing the demand for stock inventories ( Devadoss amp; Meyers 1986). According to Kristinek amp; Anderson (2002), Edward Schuh (1974) argued that the overvalued currency causes the decline in the agricultural exports due to their relative expense in other countries, as it leads to depressed prices and lower farm profits, causing an undervaluation of farm resources and oversupply of output. Schuh’s view was that while many variables affect agriculture, the exchange rate plays a role in all aspects of agriculture. CHAPTER THREE RESEARCH METHODOLOGY 4. 1 Introduction This chapter seeks to highlight the method used to carry out an empirical research on the effect of monetary policy on agricultural output in Nigeria, and also the specification of the model, description of variables, method of data presentation and analysis, and sources of data and limitations of the method. 4. 1 Model Specification The main focus of this study to determine the extent to which monetary policy have influenced agricultural output in Nigeria. From our Analytical Framework and Literature review a model is hereby specified in a functional form as follows: AGRUT = f (REER, MPR, ACGSF, FPI) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (1) Where: AGRUT – Agriculture output; REER – Real Exchange Rate; MPR – Monetary Policy Rate; ACGSF -Agricultural Credit Guarantee Scheme Fund; FPI – Foreign Private Investment. In an explicit form, it is specified as: AGRUT = ? 0 + ? 1REER + ? 2MPR+ ? 3ACGSF+ ? 4FPI + Ut †¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. (2) Where: ut is the error term that is assumed to be normally distributed with the mean of zero and constant variance; ? 0 = Constant term/intercept; ? 1; ? 2; ? 3; ? 4= Slope coefficient. 4. Description of Variables and A priori Expectation The Agricultural Output (AGRUT) variable captures the output of major agricultural commodities in terms of crops such as melon, groun dnut, benniseed, coconuts, sheabutter, soyabeans, cottonseed, palm kernel, palm oil, groundnut oil, coffee, rubber, sugarcane, palmwine, tobacco and cocoa which contributes nearly sixty per cent of the total income generated from agricultural production in Nigeria. The AGRUT is used as the variable depending on other monetary policy variables to give a clearer empirical analysis of the topic under research. The data used to represent this variable is an annual time series secondary data from the period 1980 to 2006 obtained from the Central Bank of Nigeria; Statistical Bulletin (2006), volume 17. The Real Exchange Rate (REER) variable measures of between two currencies specifies how much one currency is worth in terms of the other this is the nominal exchange rate adjusted for inflation, it is the value of a foreign nation’s currency in terms of the home nation’s currency. The balance of payments can be in deficit or in surplus and each of these affect the monetary base, and hence the money supply in one direction or the other. By selling or buying foreign exchange, the Central Bank ensures that the exchange rate is at levels that do not affect domestic money supply in undesired direction, through the balance of payments and the real exchange rate. The real exchange rate when misaligned affects the current account balance because of its impact on external competitiveness. An increase in exchange rate (i. e. depreciation in the value of the naira) leads to an increase in agricultural output. Therefore the a priori expectation states that there is a positive relat ionship between AGRUT and REER. A priori expectation states that there is a positive relationship between FPI and AGRUT. The data used to represent this variable is an annual time series secondary data from the period 1980 to 2006 obtained from the Central Bank of Nigeria; Statistical Bulletin (2006), volume 17. The monetary policy rate (MPR) variable represents the minimum rate at which the Central Bank is willing to grant credit to a bank that has need for cash. It was formerly called the minimum rediscount rate (MRR). The Central Bank lends to financially sound Deposit Money Banks at a most favorable rate of interest, called the minimum rediscount rate (MRR). The MRR sets the floor for the interest rate regime in the money market (the nominal anchor rate) and thereby affects the supply of credit, the supply of savings (which affects the supply of reserves and monetary aggregate) and the supply of investment (which affects full employment and GDP). An increase in interest rates leads to a fall in agricultural output as capital for agribusinesses are limited or not available for investors and agribusiness owners to expand or even start up. There is a negative or inverse relationship between interest rates and agricultural output this makes our a priori expectation to be negative. The data used to represent this variable is an annual time series secondary data from the period 1980 to 2006 obtained from the Central Bank of Nigeria; Statistical Bulletin (2006), volume 17. The Agricultural Credit Guarantee Scheme Fund (ACGSF) variable represents the total amount of credit made available to different states in the country. The scheme is established by the Central Bank Of Nigeria to take care of credit availability for agribusinesses and to improve agricultural output in the country. A priori expectation for this variable is a positive relationship between ACGSF and AGRUT. The data used to represent this variable is an annual time series secondary data from the period 1980 to 2006 obtained from the Central Bank of Nigeria; Statistical Bulletin (2006), volume 17. The Foreign Private Investment (FPI) variable captures the foreign capital inflow into the agricultural sector for the period under review, this helps to know the value of agriculture in Nigeria in terms of its attractiveness to foreign investors, this variable determines the agricultural output in the economy to a large extent and it is closely linked to monetary policy variables affects the flow of capital in the economy also, the value of foreign private investment in agriculture is a function of the value of the Nigerian currency and prices, if the currency appreciates FPI in agriculture will be low because prices of goods in Nigeria will be relatively higher making the country less competitive. If there is inflation due to high supply of money FPI will be low as a result of lack of confidence of foreign investors in the economy. Therefore the level of FPI in our study is a monetary policy variable because it shows the level of price stability due changes in the supply of money and the value of the currency. A priori expectation states that there is a positive relationship between FPI and AGRUT. The data used to represent this variable is an annual time series secondary data from the period 1980 to 2006 obtained from the Central Bank of Nigeria; Statistical Bulletin (2006), volume 17. The variables used for our descriptive statistical analysis are explained as follows: The Prime Lending Rate (PLR) variable represents the interest rate used by banks. The term originally indicated the rate of interest at which banks lends to favored customers that is those with high credibility. The effect of a reduced or increased MPR ought to lead to reduced lending rate. Therefore a priori expectation states that as PLR (prime lending rate) increases AGRUT (agricultural output) will reduce. The data used to represent this variable is an annual time series secondary data from the period 1982 to 2006, obtained from the United Nations Statistical Database. The Cash Reserve Requirement (CRR) variable specifies the minimum reserve each bank must hold with the CBN in relation to their customers’ deposits. By reducing CRR the CBN is allowing the banks to keep more funds, which they can grant as credit to their customers. Therefore a priori expectation states that as CRR (cash reserve requirement) increases AGRUT (agricultural output) will also increase. The data used to represent this variable is an annual time series secondary data from the period 1982 to 2006, obtained from the Central Bank of Nigeria; Statistical Bulletin (2006), volume 17. Money Supply (M2) is broad money. It measures the total volume of money supply in the economy and is defined as narrow money plus savings and time deposits with banks including foreign denominated deposits. There is excess money supply when the amount of money in circulation is higher than the level of total output of the economy. When money supply exceeds the level the economy can efficiently absorb, it dislodges the stability of the price system, leading to inflation or higher prices of goods. Therefore a priori expectation states that as M2(money supply) increases AGRUT (agricultural output) will reduce because there will be inflation and less demand for agricultural commodities both at home and abroad because prices will rise and the value of the currency will appreciate leading to low foreign private investment and capital inflows and therefore, low agricultural output. The data used to represent this variable is an annual time series secondary data from the period 1982 to 2006 obtained from the Central Bank of Nigeria; Statistical Bulletin (2006), volume 17. 4. 3 Method of Data Analysis and Presentation. A Descriptive Statistical Analysis method making use of averages, growth rates and graphs was employed to capture the effect of some selected monetary policy instruments due to their importance in facilitating the provision of credit to farmers and agricultural businesses. The average with five years interval from the year 1982-2006, represented as follows, 1982-1986; 1987-1991; 1992-1996; 1997-2001; 2002-2006 respectively. The focus will be on the analysis of levels and trends in key variables of interest to provide insight into their pattern of movement over time. A unit root test preceeds our empirical analysis using Augmented Dickey-Fuller (ADF) , If a time series is nonstationary, we can study its behavior for only the time period under consideration, each set of time series data will therefore be for a particular episode. We test for unit root because the nonstationarity of a time series data makes it impossible to generalize it to other time periods therefore for the purpose of forecasting, such nonstationary time series may be of little practical value. The Johansen cointegration analysis is used to test for cointegration. According to Asfaha and Jooste (2007), Fedderke (2001) opined that the Johansen technique for cointegration test is more popular than other techniques for cointegration testing, such as the Engle and Granger and autoregressive distributed lag (ARDL) techniques. One of the reasons for its popularity is that it allows one to determine the number of cointegrating relationships present in the data. Therefore, in this study, the Johansen approach was used to estimate the cointegrating relationships between the dependent variables and the explanatory variables. In evaluation, the maximal eigenvalue and trace statistics were generated to determine the number of cointegration vectors (r) present in the data. The trace statistic is a joint test where the null is that the number of cointegrating vectors is less than or equal to r against an unspecified or general alternative that there are more than r. The maximum eigen statistic conducts a separate test on each eigenvalue and has as its null hypothesis that the number of cointegrating vectors is r against an alternative of r+1. Asfaha and Jooste (2007), Fedderke (2001) opined that Monte Carlo studies suggests trace statistic to be more robust to both skewness and excess kurtosis in residuals than the maximal Eigen value test, but the maximum Eigen value test will be used to identify the number of cointegrating equations in our cointegration test using the Johansen vector autoregressive model, this is due to the fact that the trace test is liable to deviate from normality. This implies that the maximum Eigen value test is more likely to give a normal result regarding the number of cointegrating equations in the model that would converge towards the long run equilibrium path. A vector error correction estimate is closely followed by the cointegration test. Vector Error Correction Method (VECM) is applied to make sure all errors generated within the model arising from the dynamics of the model under the cointegration test at each interval are corrected in subsequent intervals. This method was first used by Sargan (1964), designed to account for errors. Due to the event of a unique cointegrating vector or equation, a VECM is appropriate to simultaneously depict the long and short run evolution of the system and correct for disequilibrium in the cointegrating relationship. If the variables are stationary then the VAR can be estimated, in which case any shock to the stationary variables will be temporary. If the variables are nonstationary and not cointegrated, then they have to be transformed into stationary variables by differencing, before the VAR can be estimated. A Cointegrated non-stationary variable(s) require the inclusion of a vector of cointegrating residuals (adjustment matrix) in the VAR with differenced variables. This is known as a vector error correction model (VECM) (Robinson 1998). Specifying this model in a Vector Error Correction Model (VECM) form we have: ?wt = ? wt-k + ? 1? wt-1 + ? 2? wt-2 + ? 3? wt-3 + ? 4? wt-4+ ? 5? wt-5 +ut †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦(3) Where wt = [AGRUTt ,EXRt, INTRt, ACGSFt, FPIt] is a (5x 1) vector containing the three I(1) variables and one I(0), ? i = (j=1k? j)-Ig , and ? =(i=1k? i)-Ig. Where k = 2 which is the number of Lags ;? s matrix of the long-run parameters, ? i are vectors of the short run parameters, and ut is the white noise stochastic term. This VAR contains g-variables in 1st difference term on the LHS, and k-1 lags of the dependent variables (differences) on the RHS, each with a ? coefficient matrix attached to it. The test for cointegration between the ws is calculated by looking at the rank of the ? matrix via its eigenvalues. ? = `, where matrix ? represents the speed of adjustment to disequilibrium and ? is a matrix which represents up to (n-1) cointegrating relationships between the non-stationary variables. The study will also be verified using he relevant appropriate test instruments such as the sign expectation which refers to what theory says about a particular economic relation. It is usually captured by the sign (whether positive or negative) and size of the parameter estimate. Parameters in the model are expected to have sign and sizes that conform to economic theory, if they do, they are accepted. On the order hand, if they do not conform to a priori specification we either reject them and we therefore have a reason to believe that the principles of economic theory do not hold. In estimating our VECM it is required that the sign will be negative showing that there is convergence of the variables to the same long run equilibrium path following every period of disequilibrium. The T- test will be used to determine the statistical significance of the parameter estimates. The t-statistic is used to check for the significance of the variable. In estimating our VECM, before any variable can be called significant, the rule of thumb expects that the absolute value of the t-statistic must not be less than two (2). CHAPTER FOUR ESTIMATION AND RESULTS 4. 1 Introduction This chapter examines the empirical data on monetary policy and its effect on agricultural output in Nigeria. We begin by doing a descriptive analysis on the impact of monetary policy instruments such as the agricultural credit guarantee scheme fund, prime lending rate, cash reserve requirement, and money supply, on agriculture. The Augmented Dickey-Fuller (ADF) is used to test for unit root so as to avoid the generation of spurious regressions that arise from time series data analysis, followed by the Johansen cointegration test and vector error correction model (VECM) respectively. 4. 2 Descriptive Analysis of Monetary Policy Instruments and Agricultural output. Table 1: Average of AGRUT and Monetary Policy Instruments (1982-2006) YEAR| AGRUT| ACGSF| PLR| CRR| M2| 1982-1986| 8167. 6| 2518. 2| 9. 8| 5. 2| 21254. 9| 1987-1991| 10604. 6| 25596. 6| 19. 2| 2. 44| 54010. 6| 1992-1996| 11858. 4| 18369. 8| 23. 4| 5. 88| 256722| 1997-2001| 14537. 4| 60383. 4| 20| 9. 68| 801408| 2002-2006| 17644. 7| 34957| 20| 8. 3| 2429874| Source: computed by the researcher with data obtained from CBN statistical bulletin and the UN. From table 1 we see that the average value of agricultural output from the year 1982-1986 is the lowest , compared to the other averages, this period represents the pre-SAP and the SAP era, where the performance of the agricultural sector during this period was undermined mainly by disincentives created by the over valuation of the naira exchange rate and the sharp increases in foreign exchange earnings which resulted from rising oil revenues and consequently aided large food imports, an increased inflow of petro-naira which encouraged increased wages in the public sector also drained labour from the rural areas, thereby depriving the agricultural sector of the much needed manpower for its labour intensive activities. The average value of the period of 1987 to 1991 which represents the SAP period is shows an increasing value of AGRUT, caused by government policies through the structural adjustment programme to aid production in the agricultural sector. As a reflection of the increase in agricultural output and the trade liberalization policy of SAP, the value of agricultural exports rose on the average by 52. 0 per cent while its share in total exports stood at 3. 1 per cent. The profitability of some agricultural enterprises increased considerably resulting in expansion in their scale of operation. The period between 1992-1996; and 1997-2001, represents the SAP period as well as the post-SAP period where government became more aware of the agricultural sector, the growth in the output of agricultural products during this period was slower, as aggregate output rose on the average by 3. 6 per cent. In year 2001, a new Nigerian agricultural policy was launched. The successful implementation of the agricultural policy rests upon the existence of appropriate macroeconomic policies that provide the enabling environment for agriculture to grow in equilibrium with other sectors. The growth also exceeded the target of 6. 0 per cent for the agricultural sector under the NEEDS programme. In the period between 2002-2006 the CBN launched the National Micro Finance Policy in 2006. The main objectives of the policy are to make financial services accessible to a large segment of the potentially productive Nigerian population including rural farmers this also helped to boost and increase AGRUT as shown in table 1. The average of the agricultural credit guarantee scheme fund shows a 2518. 2 value in the period 1982-1986, the average value of the period 1987-1991 increased by a value of 23078. 4, also, in the period of 1992-1996, there was a decrease in ACGSF by an average value of 7226. 8 and the period of 1997-2001 the average value of ACGSF increased by a value of 42013. , the period of 2002-2006, the average value of the ACGSF reduced again by a whooping sum of 25426. 4 . The trend here shows a high level of fluctuation in the provision of credit by the ACGSF due to macroeconomic instability inherent in the economy as a whole. Table 2: % Growth rate of the average values of AGRUT and Monetary Policy Instruments (1987-2006) YEAR| GRAGRUT| GRACGSF| GRPLR| GRCRR| GRM2| 1987-1991| 22. 98| 90. 16| 48. 95| -113| 60. 64| 1992-1996| 10. 57| -39. 34| 17. 94| 58. 5| 78. 96| 1997-2001| 18. 43| 69. 53| -17| 39. 3| 67. 97| 2002-2006| 17. 61| -72. 73| 0| -16. 6| 67| Source: computed by the researcher with data obtained from CBN statistical bulletin and the UN. Table 2 shows the growth rate of the average values of agricultural output, the agricultural credit guarantee scheme fund, prime lending rate, cash reserve requirement, and money supply, from the period of 1987-1991; 1992-1996; 1997-2001; and 2002-2006 respectively, with a five year interval at each period. The table above shows that as the growth rate of the ACGSF value of the periods 1987-1991 and 2002-2006 respectively decreases, the growth rate of the agricultural output also falls and as it increases in periods1992-1996; and 1997-2001; respectively, the growth rate of the agricultural output in this period also rises. This will be further explained in graph 1 below. The table 2 also shows that as the growth rate of the prime lending rate in the period 1997-2001is negative, the growth rate of the AGRUT (agricultural output) in this period increases by a greater value. This will be further explained in graph 2 below. The relationship between the growth rate of the average values of the dependent variable AGRUT (agricultural output) and a monetary policy instrument CRR (cash reserve requirement) shows that as the cash reserve requirement growth rate yields a negative value, agricultural output increases in the period 1987-1991, in the period 1992-1996, CRR increases and AGRUT falls, in the period 1997-2001, CRR falls but AGRUT increases. This analysis tallies with a priori expectation because there is an inverse relationship between the two variables. The table also shows the relationship between the growth rate of the average values of the dependent variable AGRUT (agricultural output) and a monetary policy instrument M2(money supply), as money supply falls which is shown in periods1992-1996 agricultural output increases and when money supply decreases, the agricultural output falls. This analysis is consistent with a priori expectation because there is an inverse relationship between the two variables. Table 3: % Growth rate of the average values of AGRUT and ACGSF (1987-2006) YEAR| 1987-1991| 1992-1996| 1997-2001| 2002-2006| GRACGSF| 90. 16| -39. 34| 69. 53| -72. 73| GRAGRUT| 22. 98| 10. 57| 18. 43| 17. 61| Source: computed by the researcher with data obtained from CBN statistical bulletin and the UN. Graph 1: Relationship between the Growth rate of AGRUT and ACGSF (1987-2006) Graph 1 show the relationship between the growth rate of the average values of the dependent variable AGRUT (agricultural output) and a monetary policy instrument ACGSF (agricultural credit guarantee scheme fund) obtained in table 3. The graph shows that as the agricultural credit guarantee scheme fund growth rate yields a negative value, agricultural output falls in the period 1992-1996, while in the period 1997-2001, ACGSF increases and AGRUT increases although not at the same proportion and in the period between 2002-2006 when ACGSF falls by a higher proportion AGRUT also decreases slightly. This analysis is consistent with a priori expectation because there is a positive relationship between the two variables. Table 4:% Growth rate of the average values of AGRUT and PLR (1987-2006) YEAR| 1987-1991| 1992-1996| 1997-2001| 2002-2006| GRPLR| 48. 95| 17. 94| -17| 0| GRAGRUT| 22. 98| 10. 57| 18. 43| 17. 61| Source: computed by the researcher with data obtained from CBN statistical bulletin and the UN. Graph 2: Relationship between the Growth rate of AGRUT and PLR (1987-2006) Graph 2 shows the relationship between the growth rate of the average values of the dependent variable AGRUT (agricultural output) and a monetary policy instrument prime lending rate (PLR) for the period between 1987-2006 obtained in table 4. The graph shows that in the period 1997-2001 as the prime lending rate fall AGRUT increases. This analysis is consistent with a priori expectation because there is an inverse relationship between the two variables. 4. 3 Empirical Analysis of The Effect of selected Monetary Policy variables on Agricultural Output In this section, we analyze and discuss the results obtained from the data analysis. Our empirical analysis is based on the use of econometric methods. A unit root test using ADF using E-views 3 software for computation. A descriptive statistical analysis using averages, growth rates of averages and graphs to depict the effect of selected monetary policy instruments such as changes in money supply, cash reserve requirement, and prime lending rate on agricultural output and discovered that changes in these instruments find their way into the agricultural sector by affecting output overtime. Furthermore, the Johansen vector autoregressive model was also used to test for cointegration and a long-run relationship between the monetary policy variables. And the vector error correction method was used to find out the long-run equilibrium relationship of our model. 5. 2 Findings In our descriptive analysis we discovered that as the agricultural credit guarantee scheme influences agricultural output positively, this is due to the fact that an increase in the number of credits guaranteed, will lead to an increase in agricultural output over time, the prime lending rate affects agricultural output negatively because the higher the lending rate, the lower the numbers of credits issued in the long-run. The cash reserve ratio is also analyzed and we discovered that a high cash reserve ratio, will reduce the availability of credit, also as money supply increases, agricultural output will fall in the long-run due to inflation and a low demand for commodities. In our empirical analysis using econometrics, the result of a long-run relationship between the monetary variables in the model and agricultural output generated from our cointegration test allowed us to go further with an error correction using Vector Error Correction Model to correct errors in successive periods generated within the current period. The results showed that about 56% of errors generated within this period in the model are corrected in subsequent period this shows that there is a long-run equilibrium relationship between the agricultural credit guarantee scheme fund, foreign private investment in agriculture and agricultural output in Nigeria which implies that there is convergence of the variables to the same long run equilibrium path following every period of disequilibrium. Foreign Private Investment in Agriculture comes into the model because of it high sensitivity to changes in monetary policy variables such as money supply which affects the value of the currency and the general price level in the economy which are indicators potential investors look at when investing in Nigeria, this variable is also important because increase in agricultural output also depends on it. Comparing our findings we see that both methods (descriptive and econometric) provides uniform answers, our descriptive analysis concludes that monetary policy instruments cause specific changes in agricultural output overtime and our empirical analysis with the Johansen cointegration analysis and vector error correction model respectively shows there is a long-run equilibrium relationship between the monetary policy variables (ACGSF, and foreign private investment) and agricultural output. 5. 3 Conclusions This study has investigated the effect of monetary policy on the agricultural o utput in Nigeria. Literature was reviewed a descriptive statistical analysis was used to identify and document the relationship between agricultural output and some selected monetary policy instruments and the Johansen multivariate cointegration method was used followed by the vector error correction model. From the study, using the descriptive statistical analysis, we find that changes in monetary policy instruments cause changes agricultural output and from our empirical analysis using econometric methods there is a long-run equilibrium relationship between the monetary policy variables (ACGSF, and foreign private investment) and agricultural output. 5. 4. 1 Limitations of Studies Poor quality of data is a major constraint on agricultural practices in the rural areas, and also inadequate documentation and data on the agricultural policies implemented and monetary instruments used by the Nigerian government in previous years. Inadequate reliable data renders econometric analysis difficult. It is hoped that this problem will be ameliorated with the computerization of the financial system and the introduction of a transparent fiscal regime and corruption-free governance. 5. 4. 2 Suggestions for Further Studies This study has surveyed some literature on the effect of monetary policy on the growth of agricultural output in Nigeria. We also found out that monetary policy, if effectively used through financial intermediaries and financial development in the economy can lead to the growth of agricultural output. This study still recommends that a broader and more extensive study or investigation is require and pertinent as growth and development in these sectors will bring about improvement in the standard of living and lead to economic growth in the long run, and instead of a monocultural economy, a good study an research will bring about awareness for increased development of other sectors apart from the oil sector of which overdependence of the economy on income generated from production and export of crude oil has made the financial crisis suffered by trading partners of the country Nigeria to be greatly felt in the economy In terms of reduced availability of foreign exchange. Therefore, a research is needed, one that covers both the agricultural sector in terms of other products apart from crops which this project is limited to and also all non-oil goods produced and exported in the country and how monetary policy channels, that is, both the direct and the indirect instruments will caus e changes in these areas to weed out the inefficient ones so that concentration can be planned on the efficient ones.