Accident Victim Interview Report Essay Example | Topics and Well Written Essays - 500 words - 1

Accident Victim Interview Report - Essay Example As soon as he lifted his second foot to take a further step backwards, there was no floor beneath. Next moment, Paul was on the first floor. He had fallen head down and the back of his head struck against the corner of the first stair. The stair was made in concrete and had not yet been plastered or tiled. Paul was not wearing helmet while plastering, so he received scars on the back of his head. He started to bleed heavily. The foreman noticed him and immediately reported the case to the engineer. The engineer called for the safety officer and called the first aid. The safety officer took notes and escorted Paul to the nearest hospital. Paul received five stitches in the head. Surprisingly, he did not have any fracture. He was lucky enough to remain safe and sound. After taking his X-ray, the doctor said that the scars were not deep and had not penetrated into the skull. Paul had only had his skin cut. The doctor proposed that Paul should take a bed rest for at least two weeks befor e going to work. The construction company he was employed in paid for his medical expenses. After two weeks, the scars had sufficiently healed. The doctor undid the bandage. Paul was feeling ok then and would be at work the following day. The incident was reported to OSHA. OSHA team visited the construction site and instructed the General Manager (GM) to bring certain changes in the workplace within a specified duration. Following the incident, the safety officer ensured that every worker wore the helmet. To achieve this, he announced with due approval of the GM that any worker found without a helmet on the site would be fined along with his foreman. Every worker would receive three fines before getting terminated from work, and the successive fines would be larger. The safety officer also got scaffolding fixed aside every staircase in every house on the construction site. In addition to that, all workers were called in a

Compare and Contrast the Great Depression with the Recent Great Essay

Compare and Contrast the Great Depression with the Recent Great Recession - Essay Example Depression affected the economic sustainability of many nations which led to a steep increase in the unemployment rates along with the frequencies of bankruptcy in financial as well as agricultural sectors. According to various economists, the major causes which led to the great depression related to the fluctuations of stock markets along with divestments in the agricultural sectors. It is worth mentioning that according to the perceptions of various researchers, the breakdown of stock market in the year 1929, popularly known as Black Thursday, is one of the significant causes of great depression. It caused countless side effects, such as increased rate of poverty, infringed living standard, declined real GDP, turbulent financial sector, and highly unstable political system. In addition, the export-import activities of the nations were also hampered that significantly reduced the revenue earned through foreign trade and thus resulted in a drought condition of the economies (Michl, T . R., â€Å"Macroeconomic Theory†). On the other hand, a great recession is the cause of economic decline. The major causes for recession can be identified as the imbalanced distribution of resources, relaxation in the mortgage standards, and distortions in real estate market. Moreover, due to inflation, the oil prices also increased to a large extent all over the world leading to recession (Michl, T. R., â€Å"Macroeconomic Theory†). The AS-AD model depicts the relationship between Aggregate Demand (AD) and Aggregate Supply (AS). In a general AS-AD model, the determinants are Short Run Aggregate Supply Curve (SRAS), Long Run Aggregate Supply Curve (LRAS) and real GDP. In this model, price level is described on the vertical axis and the real GDP on the horizontal axis with the intention to depict the changes occurring in the two aspects in relation to the changes of AS and AD (Michl, T. R., â€Å"Macroeconomic Theory†). Figure 1: AS-AD Model in General Terms Sou rce: (Michl, T. R., â€Å"Macroeconomic Theory†). During great depression, a simultaneous decrease of AD, LRAS and SRAS curves can be witnessed. When the stock market crashed in 1929, it resulted in decline of real GDP, price level as well as sharp movement of LRAS and SRAS curves. In the below figure, it is clearly shown that due to depression, LRAS0 shifts downward to LRAS1,similar to the SRAS0 and AD0. Consequently, the price level also shifts from original P0 to P1 and real GDP from Q0 to Q1. This reveals that every component tends to be downward slopping during great depression which creates a negative impact on the price level as well as on the real GDP (Michl, T. R., â€Å"Macroeconomic Theory†). Figure 2: AS-AD Curve during Great Depression Source: (Michl, T. R., â€Å"Macroeconomic Theory†) On the other hand, during great recession, Aggregate Demand (AD) curve slopes downward on the SRAS curve which tends to decrease the price level and real GDP, result ing in contractionary gap between LRAS and AD causing a recession in the economic environment. In the figure below, it can be witnessed that due to recession AD0 shifts to AD1 quite sharply. As a result, the real GDP also falls from Q0 to Q1 as well as the price level (P) that shifts from P0 to P1 causing the contractionary gap (Michl, T. R., â€Å"Macroeconomic Theory†). Figure 3: AS-AD Model in Great Recession Source: (Michl, T. R., â€Å"Macroeconomic Theory†) On the similar context, the federal fiscal policy was also