These Terms of Service constitute a legal and binding agreement ("Agreement") between Rapidvox Communications Inc. ("we," "us" or "Rapidvox") and the User ("you", "User", "customer") of Rapidvox's voice transit services and any related products or services ("Service"). This Agreement governs the Service and any devices, such as an IP phone, Multimedia Terminal Adapter, Analog Telephone Adapter or any other IP connection device ("Device" or "Equipment"), used in conjunction with the Service.
BY ACTIVATING OR USING THE SERVICE, YOU REPRESENT THAT YOU ARE OF LEGAL AGE TO ENTER INTO THIS AGREEMENT AND THAT YOU HAVE READ THIS DOCUMENT COMPLETELY AND UNDERSTAND FULLY THE TERMS AND CONDITIONS OF THIS AGREEMENT.
You acknowledge and understand that the Service does NOT function or connect the same way as traditional copper, fiber or wireline telecommunications. You further acknowledge that no 9-1-1, E9-1-1 or other emergency services are accessible from this Service.
You should inform any employees, end-Users, household residents, guests and other persons who may be present at the physical location where you utilize the Rapidvox service, of the important differences and limitations of the Service and the lack of 9-1-1/E9-1-1/Emergency Services dialing, as set out above.
Neither Rapidvox nor its officers or employees may be held liable for any claim, damage, or loss, and you hereby waive any and all such claims or causes of action, arising from or relating to the lack of 9-1-1 Dialing. You shall defend, indemnify, and hold harmless Rapidvox, its officers, directors, employees, affiliates and agents and any other service provider who furnishes services to you in connection the Service, from any and all claims, losses, damages, fines, penalties, costs and expenses (including, without limitation, legal fees and expenses) by, or on behalf of, you or any third party relating to the absence of the Service, including 9-1-1 Dialing and/or the inability of any User of the Service to be able to use 9-1-1 Dialing or access emergency service personnel.
It is the User's sole responsibility to ensure that apart from this Service, they have a reliable means of accessing traditional 9-1-1 or E9-1-1 services.
Rapidvox is a reseller of telecommunication services, only providing relay and transit of IP voice packets to intermediary companies. Rapidvox does not have any direct connection to the Public Switched Telephone Network (PSTN) nor does it lease or own any telecom hardware.
This service is not designed nor intended for end-users or the general public. Use of the Service constitutes that the customer is not an end-User and legally entitled to purchase and resell wholesale data transit and/or telecommunications services in their country. Rapidvox acts as an intermediary in the relay of IP packetized voice traffic only and has no control over the final destination of this IP traffic.
The User agrees that the relay of voice traffic in the form of IP packets is still in an experimental stage and due to the inherent nature of the Internet, the Service is subject to degradations in quality or outages due to technical difficulties. Rapidvox does not control the network infrastructure between the User and their voice traffic and as such, may be subject to periodic outages. The User agrees and understands that Rapidvox does not promote it's service as being able to attain the same levels of quality and reliability attainable via traditional telephone service and the Service may not be working for some, most or all of the time. Furthermore the User agrees that the quality of successful voice transit varies over time and that service to one destination may or may not reflect the quality or reliability to other destinations or at other periods of time.
User agrees that the Service will not be utilized as the primary and sole means of communnication. The User shall not use the Service until such a time that they have a functioning and fully-operational backup connection to the PSTN in such a capacity that is capable of the volume of voice traffic that they may send and receive to and from Rapidvox.
Rapidvox provides User access to the Service via an account name and password selected by the User at the time of registration. This information will be contained in any equipment or hardware used by the User to access the Service. The strength and confidentiality of such account information remains the sole responsibility of the User. Failure to abide by this may result in unauthorized use by third-parties that the User agrees to hold all responsibility for. Any confirmed or suspected breaches of account information by the User must be communicated to Rapidvox immediately without delay. Rapidvox reserves the right to suspend or cancel any service if on the basis on reasonable belief that a user's account or password has been compromised.
Unless otherwise agreed upon, the Service is offered on a pre-paid, usage-only basis.
The compatibility and interoperability of such hardware, software and/or devices remains the sole responsibility of the User. Rapidvox nor any third-parties it may utilize in provision of the Service affirm or imply that installation or configuration support will be provided to the User. The User also acknowledges that they subscribe to the appropriate level of network connectivity to maintain a sufficient level of transit quality based upon anticipated traffic volume.
The supplied information passed by Rapidvox must not cause confusion or distress to any person or party nor shall it be used for fraudulent purposes and be in compliance with applicable federal and local law. Additionally, the User may not transmit a Caller ID that is linked to a revenue sharing or Premium number.
1. it has written procedures to comply with the do not call requirements.
6. any call made in violation of the do not call rules was the result of an error.
The customer and end-user shall also ensure they are in full complice with the Canadian "Do Not Call List" as administrered by the Canadian Radio-Television and Telecommunications Commission. Information regarding regulations and compliance instructions may be found at http://www.crtc.gc.ca/ENG/dncl_info.htm.
For other jurisdictions which may have similar "Do Not Call" provisions, the customer and their clients must ensure compliance with the applicable legislation.
You agree to use the Service and Device only for lawful purposes. This means that you agree not to use them for transmitting or receiving any communication or material of any kind when in Rapidvox's sole judgment the transmission, receipt or possession of such communication would constitute a criminal offense, give rise to a civil liability, or otherwise violate any applicable local, provincial, territorial, national or international law. You are liable for any and all use of the Service by any person making use of the Service provided to you and agree to indemnify and hold harmless Rapidvox against any and all liability for any such use that fails to comply with this Section 2.9. We reserve the right to immediately disconnect your Service if, in our sole and absolute discretion, we determine that you have used the Service for an unlawful purpose. In the event of such disconnection any and all credit remaining in your account will be refunded after reasonable processing fees. If we believe that you have used the Service or the Device for an unlawful purpose, we may forward the relevant communication and other information, including your identity, to the appropriate authorities for investigation and prosecution. You hereby consent to our forwarding of any such communications and information to these authorities. In addition, Rapidvox will provide information in response to law enforcement requests, subpoenas, court orders, to protect its rights and property and in the case where failure to disclose the information may lead to imminent harm to the customer or others.
You shall not use the Service in any way that is threatening, abusive, harassing, defamatory, libelous, deceptive, fraudulent, invasive of another's privacy, or any similar behavior. We reserve the right to immediately disconnect your Service if, in our sole and absolute discretion, we determine that you have used the Service in any of the aforementioned ways. In the event of such disconnection, you will be responsible for all charges including, without limitation unbilled charges, all of which will become payable at the time of Service disconnection. If we believe that you have used the Service in any of the aforementioned ways, we may forward the relevant communication and other information, including your identity, to the appropriate authorities for investigation and prosecution. You hereby consent to our forwarding of any such communications and information to these authorities. In addition, Rapidvox will provide information in response to law enforcement requests, subpoenas, court orders, to protect its rights and property and in the case where failure to disclose the information may lead to imminent harm to the customer or others.
You shall not use the Service as a method for signaling remote parties. Calls must be presented to our servers with the intent of establishing a bona-fide voice connection. If in our sole discretion, we believe the User to be not be abiding by this provision, we may immediately disconnect or suspend their service without prior notification. Parties whom use the service as a signaling method and transmit a shared revenue or Premium number as Caller ID will be disconnected without prior notice and may have their remaining funds forfeited.
You shall not use the Service to repeatedly call premium rate, non-geographic or similar number ranges. If in the opionion of Rapidvox that the User is calling these types of routes for the sole purpose of exploiting rate differences, we may immediately disconnect or suspend their service without prior notification and impose an administrative fee for account auditing.
As our services in Canada are taxable, applicable GST or HST will be applied against your payments.
By use of the Service, the User agrees that they are in full compliance with any local, provincial, state or national law governing the use of such communication. You will be solely responsible for any violations of local laws and regulations resulting from such use. You are liable for any and all use of the Service by any person making use of the Service provided to you. We reserve the right to disconnect your Service immediately if we determine, in our sole and absolute discretion, that you have used the Service in violation of any regulation or law in place at the time and location of your use of the Service.
The Service, information, documents, and materials on our websites are protected by trademark, copyright or other intellectual property laws and international treaty provisions. All of our websites, corporate names, service marks, trademarks, trade names, logos and domain names (collectively "marks") are and will at all times remain our exclusive property. Nothing in this Agreement grants you the right or license to use any of our marks.
You shall notify us immediately, in writing if your equipment is stolen or if you become aware at any time that your Service is being stolen, fraudulently used or otherwise being used in an unauthorized manner. You will also be liable for all use of the Service resulting from your account information or access codes stolen or otherwise obtained from you. When you write, you must provide your account name and a detailed description of the circumstances of the equipment theft, fraudulent use or unauthorized use of Service. Failure to do so in a timely manner may result in additional charges to you. Until such time as we receive notice of the theft, fraudulent use or unauthorized use, you will be liable for all use of the Service using equipment stolen from you and any and all stolen, fraudulent or unauthorized use of the Service.
The Service does not support 0+ or operator assisted calling (including, without limitation, collect calls, third party billing calls or calling card calls). The Service does not support 311, 511 and/or other x11 or 8xx numbers in any service area.
The Service is not meant to be compatible with security systems. As a User of this Service, you agree to maintain a traditional telephone connection through your local exchange carrier in order to use any alarm monitoring functions for any security system installed in your home or business.
You acknowledge that the Service presently is not compatible with prior versions of the AOL broadband service and there may be other services with which the Service may be determined to be incompatible. You further acknowledge that some providers of broadband service may provide modems that prevent the transmission of communications using the Service. We do not warrant that the Services will be compatible with all broadband services and expressly disclaim any express or implied warranties or conditions regarding the compatibility of the Service with any particular broadband service.
The User acknowledges that the Service is completely incompatible with traditional Internet access technologies including but no limited to modem dial-up access, "lite" versions of broadband services and other technologies with limited data throughput.
To ensure quality and performance for our clients, incoming calls must be sent at a rate not exceeding 4 Calls Per Second (4 CPS). Those requiring higher CPS must submit their request in writing to our support team.
Unless previously agreed upon, call-centre/dialer is expressly prohibited. Call-Centre/dialer traffic sent without prior authorization may result in a $50.00 USD administration fee to investigate any complaint and account termination.
End User is to pay all charges invoiced to the End User's account including, but not limited to, toll charges, financial transaction charges and any other applicable charges. As the nature of the Service is pre-paid all invoices are due upon receipt. In addition to any other remedies available under law, if any charges are due but unpaid for any reason including, but not limited to, non-payment or reversed payment charges, Rapidvox may terminate the Services and all accrued charges are immediately due plus a late fee of the lesser of 1.5% per month or the maximum allowed by law accrued from the date of invoice until payment in full is received by Rapidvox. No termination of the Services or of this Agreement shall relieve End User from paying any amounts due hereunder.
Charges for the Service will be based upon the intended final destination of the packetized IP voice traffic provided by the User. These rates vary from destination to destination and the User's final intended disposition of the traffic whether to a traditional, wireless or satellite telephone.
The corresponding cost of packet transit based on the User's final intended disposition shall be published on our website and are subject to change at any time without notice. It is the User's sole responsibility to ensure that they are in the possession of and aware of the current rates for the Service. Rates provided to the User whether in the form of printed information and documents available via our web portal are strictly confidential and may not be disclosed to any other person or entity. All usage charges will be billed in increments that are rounded up to the nearest minute except as otherwise set forth in the rate schedules found on our website. All usage prices are stated in United States Dollar (USD) currency unless specifically noted.
End Users may not exceed sending more than 20% of US 48 Domestic traffic to non-Regional Bell Operating Company (non-RBOC) areas. Should an End User's US 48 domestic traffic exceed this figure, service may be subject to suspension/termination and/or calls to non-RBOC areas will be assesed a 0.02 USD surcharge per minute.
When the intended final disposition of the User's packetized traffic is deemed as being "Toll-Free", the User agrees that such stipulation does not apply to voice transit. Packets destined for toll-free destinations will be charged at the applicable rate based upon country or territory of final disposition as specified in the rate information available via our web portal.
Due to the variability and difficulty in determining the origin of a call, the User hereby agrees that they are responsible for assessing and remitting to the appropriate government agencies all applicable federal, provincial, municipal, local or other governmental sales, use, excise, value-added, personal property, public utility, goods and services, harmonized or other taxes, fees or charges now in force or enacted in the future, that arise from or as a result of you or your customers' use or payment for the Service. Such amounts are in addition to payment for the Service and are the sole responsibility of the User to account for and remit to the responsible government agencies.
You must notify us in writing within three (3) days of a call record if you dispute any Rapidvox charges or you will be deemed to have waived any right to contest such charges. All notices of disputed charges should be sent to the e-mail address on our member contact page.
We accept payment via PayPal and bank wire transfer. All payments to Rapidvox will be applied to the User's account. If any account of the user has a negative balance or unbilled and/or outstanding charges, payments will be initially applied to these amounts.
If your Service is disconnected, you will remain fully liable to us for all charges including negative balances, pursuant to this Agreement and any and all costs we incur to collect such amounts, including, without limitation, collection costs and legal fees and expenses.
We reserve the right to suspend, terminate, alter or discontinue the Service generally, or to disconnect your Service without advance warning, in our sole and absolute discretion for any reason, including without limitation, misuse of the Services in any way, End User's breach of this Agreement, suspected fraud or other activity by End User that adversely affects the Services, Rapidvox, Rapidvox's network or other end User's use of the Services. Rapidvox reserves the right to determine, at its sole discretion, what constitutes misuse of the Services and End User agrees that Rapidvox's determination is final and binding on End User. If we discontinue the Service generally, or disconnect your Service without a stated reason, you will be responsible for charges including unbilled charges on your account. If your Service is disconnected on account of your breach of any provision of this Agreement, you will be responsible for charges on your account, including, without limitation, unbilled charges, all of which will immediately become due and payable. If a User's account falls into a situation of negative balance, it is the sole discretion of Rapidvox to suspend the Service from the User until such a time that the outstanding balance is remedied and the account returns to a status of good standing.
Any account which has had no financial or account activity in a period of not less than twelve (12) months will be considered abandoned. Any monies or credit in the account will be considered as forfeit.
We offer a Money Back Guarantee, valid for thirty (30) days from the time a payment is made to the Service. To be eligible for this guarantee, the User must notify us in writing of the request at the e-mail address provided on our member contact page, stating the reason for the request. The refund will be based on any unused balance minus unbilled charges and any original transfer fees. Refunds will be issued via a method chosen by Rapidvox. Refunds via PayPal may be subject to PayPal's $0.30 refund fee. We reserve the right to terminate or revoke this Money Back Guarantee at any time, without prior notice.
9. any act or omission by you or any person using the Service or Device provided to you; or any other cause that is beyond our control, including, without limitation, a failure of or defect in any Device, the failure of an incoming or outgoing communication, the inability of communications (including, without limitation, 9-1-1 Dialing) to be connected or completed, or forwarded.
IN NO EVENT WILL RAPIDVOX, ITS OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES OR AGENTS OR ANY OTHER SERVICE PROVIDER WHO FURNISHES SERVICES TO YOU IN CONNECTION WITH THIS AGREEMENT OR THE SERVICE BE LIABLE FOR ANY DIRECT, INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES, OR FOR ANY OTHER DAMAGES, INCLUDING BUT NOT LIMITED TO PERSONAL INJURY, WRONGFUL DEATH, PROPERTY DAMAGE, LOSS OF DATA, LOSS OF REVENUE OR PROFITS, OR DAMAGES ARISING OUT OF OR IN CONNECTION WITH THE USE OR INABILITY TO USE THE SERVICE, INCLUDING INABILITY TO ACCESS EMERGENCY SERVICE PERSONNEL THROUGH THE 9-1-1 DIALING SERVICE OR TO OBTAIN EMERGENCY HELP. THE LIMITATIONS SET FORTH HEREIN APPLY TO CLAIMS FOUNDED IN BREACH OF CONTRACT, BREACH OF WARRANTY OR CONDITION, PRODUCT LIABILITY, TORT (INCLUDING NEGLIGENCE), INTELLECTUAL PROPERTY INFRINGEMENT, STRICT LIABILITY, FUNDAMENTAL BREACH, BREACH OF A FUNDAMENTAL TERM AND ANY AND ALL OTHER THEORIES OF LIABILITY AND APPLY WHETHER OR NOT WE WERE INFORMED OF THE LIKELIHOOD OF ANY PARTICULAR TYPE OF DAMAGES.
You shall defend, indemnify, and hold harmless Rapidvox, its officers, directors, employees, affiliates and agents and any other service provider who furnishes services to you in connection with this Agreement or the Service, from any and all claims, losses, damages, fines, penalties, costs and expenses (including, without limitation, legal fees and expenses) by, or on behalf of, you or any third party or User of the Service, relating to this Agreement or the Services, including, without limitation, the unavailability of the Service and/or lack of 9-1-1 or Emergency Services dialing.
To the extent permitted by applicable law, WE MAKE NO WARRANTIES OR CONDITIONS, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABLE QUALITY, REASONABLY ACCEPTABLE QUALITY, FITNESS OF THE SERVICE FOR A PARTICULAR PURPOSE, TITLE OR NON-INFRINGEMENT OR ANY WARRANTY OR CONDITION ARISING BY USAGE OF TRADE, COURSE OF DEALING OR COURSE OF PERFORMANCE OR ANY WARRANTY OR CONDITION THAT THE SERVICE WILL MEET CUSTOMER's REQUIREMENTS. WITHOUT LIMITING THE FOREGOING, WE PROVIDE NO WARRANTY OR CONDITION THAT THE SERVICE OR DEVICE WILL BE WITHOUT FAILURE, DELAY, INTERRUPTION, ERROR, DEGRADATION OF VOICE QUALITY OR LOSS OF CONTENT, DATA OR INFORMATION. NEITHER RAPIDVOX NOR ITS OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES OR AGENTS, OR ANY OTHER SERVICE PROVIDER OR VENDOR WHO FURNISHES SERVICES DEVICES, OR PRODUCTS TO CUSTOMER IN CONNECTION WITH THIS AGREEMENT OR THE SERVICE, WILL BE LIABLE FOR UNAUTHORIZED ACCESS TO OUR OR YOUR TRANSMISSION FACILITIES OR PREMISES EQUIPMENT OR FOR UNAUTHORIZED ACCESS TO, OR ALTERATION, THEFT OR DESTRUCTION OF, CUSTOMER's DATA FILES, PROGRAMS, PROCEDURES OR INFORMATION THROUGH ACCIDENT, FRAUDULENT MEANS OR DEVICES OR ANY OTHER METHOD, REGARDLESS OF WHETHER SUCH DAMAGE OCCURS AS A RESULT OF RAPIDVOX'S OR ITS SERVICE PROVIDER's OR VENDORS' NEGLIGENCE. STATEMENTS AND DESCRIPTIONS CONCERNING THE SERVICE OR DEVICE, IF ANY, BY RAPIDVOX OR RAPIDVOX'S AGENTS OR INSTALLERS ARE INFORMATIONAL AND ARE NOT GIVEN AS A WARRANTY OR CONDITION OF ANY KIND.
Information presented on our web portal and in written and verbal communications by Rapidvox, it's employees, directors and agents about the Service and our company may be based on information provided to us from intermediary companies. Such information has not been verified and is provided without warranty, guarantee or reliability.
You will be liable for any and all liability that may arise out of the content transmitted by or to you or any person, whether authorized or unauthorized, using your Service or equipment (each such person, a "User"). You shall ensure that your and your User's use of the Service and content comply at all times with all applicable laws, regulations and written and electronic instructions for use. We reserve the right to disconnect or suspend your Services and remove your or your Users' content from the Service, if we determine, in our sole and absolute discretion, that such use or content does not conform with the requirements set forth in this Agreement or interferes with our ability to provide Services to you or others. Our action or inaction under this Section will not constitute any review or approval of your or Users' use or content. You will indemnify and hold Rapidvox against any and all liability arising from the content transmitted by or to you or to Users using the Services. A "User" means any person, whether authorized or unauthorized, using the Service and/or Device provided to you.
This Agreement, including any future modifications as may occur within the terms of the Agreement, and the rates for Services found on our website constitute the entire agreement between you and Rapidvox and govern the use of the Service by you, members of your household, guests and employees. This Agreement supersedes any prior agreements between you and Rapidvox and any and all prior or contemporaneous statements, understandings, writings, commitments, or representations concerning its subject matter. Acceptance of the Service shall constitute acceptance of the terms and conditions herein.
If at any time a customer or any of it's clients do not agree to any of the terms and conditions listed in this Agreement, they must immediately cease use of the Service and any other product or service we offer.
This Agreement shall be interpreted and construed according to, and governed by, the laws of Canada, in the Province of Ontario. The user hereby agrees that the Federal and Provincial courts located in Ontario, Canada shall have jurisdiction to hear any dispute under or relating to this Agreement.
We may change the terms and conditions of the Service and this Agreement, as well as amounts charged under this Agreement, from time to time. Notices will be considered given and effective on the date posted on http://www.rapidvox.com, or as otherwise may be required by applicable law. Subject to applicable law, such changes will become binding on you on the date they are posted to our website and no further notice by us is required upon your continued use of the Service. The Agreement as and when posted or otherwise amended in accordance with applicable law, supersedes all previously agreed to electronic and written terms of service, including, without limitation, any terms included with the packaging of the Device and also supersedes any written terms provided to Retail Customers in connection with retail distribution, including, without limitation, any written terms enclosed within the packaging of the Device. If this Agreement is amended and you do not wish to accept the amendment, you may terminate the Agreement by written request to close your account.
Rapidvox Service utilizes, in whole or in part, the public Internet and third party networks to transmit voice and other communications. Rapidvox is not liable for any lack of privacy which may be experienced with regard to the Service. Users are reminded that voice traffic transiting to and from our facilities is not encrypted. Use of the Service to transmit or receive confidential, classified, financial or sensitive personal and/or business data is at the User's own risk and the User agrees to defend, indemnify, and hold harmless Rapidvox, its officers, directors, employees, affiliates and agents and any other service provider who furnishes services to you in connection the Service, from any and all claims, losses, damages, fines, penalties, costs and expenses (including, without limitation, legal fees and expenses) by, or on behalf of, you or any third party relating to the disclosure or interception of such information.
Rapidvox is committed to respecting an End User's privacy. Once the End User chooses to provide personally identifiable information, it will only be used in the context of you're the End User's relationship with Rapidvox. Rapidvox does not have access to or otherwise store or retain any credit card information utilized by the User in funding their accounts. Rapidvox will make every reasonable effort to ensure that personal information supplied to us remains secure. For technical reasons, personal information may be stored in an unencrypted format. Rapidvox will not sell, rent, or lease End Users' personally identifiable information to others. Unless required by law or End User's prior permission is obtained, Rapidvox will only share the personal data the End User provides with other Rapidvox entities and/or business partners who are acting on Rapidvox's behalf to complete the activities described herein. Such Rapidvox entities and/or national or international business partners are governed by Rapidvox's privacy policies with respect to the use of this data. Rapidvox reserves the right to use personally identifiable information to investigate and help prevent potentially unlawful activity that threatens either Rapidvox or any company affiliated with Rapidvox. Moreover, upon the appropriate request of a government agency, law enforcement agency, court or as otherwise required by law, Rapidvox may disclose personally identifiable information.
Last Updated: July 9, 2015.
Copyright ©2019 Rapidvox Communications Inc.


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Human Capital and Signaling
Principles of Economics Microeconomics
Introduction to Microeconomics
Supply, Demand, and Equilibrium
The Demand Curve
The Supply Curve
The Equilibrium Price and Quantity
A Deeper Look at the Demand Curve
The Demand Curve Shifts
A Deeper Look at the Supply Curve
The Supply Curve Shifts
Exploring Equilibrium
Does the Equilibrium Model Work?
Supply and Demand Terminology
Elasticity and Its Applications
Calculating the Elasticity of Demand
Office Hours: Elasticity of Demand
Elasticity and Slave Redemption
Applications Using Elasticity
Taxes and Subsidies
Commodity Taxes
Who Pays the Tax?
Tax Revenue and Deadweight Loss
Wage Subsidies
The Price System
I, Rose
A Price Is a Signal Wrapped up in an Incentive
Markets Link the World
The Great Economic Problem
Information and Incentives
Price Ceilings and Price Floors
Price Ceilings: Shortages and Quality Reduction
Price Ceilings: Lines and Search Costs
Price Ceilings: Deadweight Loss
Price Ceilings: Misallocation of Resources
Price Ceilings: Rent Controls
Rent Control in Mumbai
Price Floors: The Minimum Wage
Price Floors: Airline Fares
Why Do Governments Enact Price Controls?
Price Controls and Communism
The Big Ideas of Trade
Another Look at Comparative Advantage
Comparative Advantage Homework
Tariffs and Protectionism
Arguments Against International Trade
An Introduction to Externalities
External Benefits
Command and Control Solutions
The Coase Theorem
Trading Pollution
A Deeper Look at Tradable Allowances
Externalities and Incentives: The Economics of COVID
Costs and Profit Maximization Under Competition
Introduction to the Competitive Firm
Maximizing Profit Under Competition
Maximizing Profit and the Average Cost Curve
Entry, Exit, and Supply Curves: Increasing Costs
Entry, Exit, and Supply Curves: Constant Costs
Entry, Exit, and Supply Curves: Decreasing Costs
Competition and the Invisible Hand
Minimization of Total Industry Costs of Production
The Balance of Industries and Creative Destruction
Maximizing Profit Under Monopoly
Office Hours: Calculating Monopoly Profit
The Monopoly Markup
The Costs and Benefits of Monopoly
Introduction to Price Discrimination
The Social Welfare of Price Discrimination
The Marginal Product of Labor
Econ Duel: Is Education Signaling or Skill Building?
The Tradeoff Between Fun and Wages
Do Unions Raise Wages?
Public Goods and the Tragedy of the Commons
Public Goods and Asteroid Defense
A Deeper Look at Public Goods
The Tragedy of the Commons
Asymmetric Information and Used Cars
Asymmetric Information in Health Insurance
Moral Hazard
Solutions to Moral Hazard
Introduction to Consumer Choice
Consumer Optimization
Bonus Topics
Office Hours: Game Theory
Principles of Economics: Microeconomics
Wages in America differ greatly among workers. Why is that? One reason includes differences in human capital — tools of the mind. Education is one of the biggest investments people make to increase their human capital. Which college majors offer the greatest returns? And are all returns on education due to human capital? A college degree can "signal" other factors as well, and we discuss what is commonly known as the "sheepskin effect." In this video, we also discuss how globalization has affected wages in the U.S.
Related to this video
Compensating Wage Differentials Lecture Plan
Related to this course
See all Teacher Resources related to this course
See University Course Resources
See AP Course Resources
See High School Course Resources
As we discussed in the last video, people in the United States are very lucky to be able to work in a productive economy, an economy that raises their wages well above the world average, regardless of skill. Within the United States, however, or any country, some workers have relatively low wages and others much higher wages. Let's take a look at one of the reasons why.
As we saw in the last video, people in the United States are very lucky to be able to work in a productive economy that raises their wages well above the world average, regardless of skill. Within the United States, however, or any country, some workers have relatively low wages and others much higher wages. What accounts for these differences? Well, one reason is differences in human capital. Physical capital is things like tools and tractors and software, things that make people more productive. Human capital is tools of the mind, the stuff in people's head that makes them productive. And just as with physical capital, producing human capital requires investment, training, experience, and especially, formal education. Let's take a closer look at the effect of education on earnings.
So here's some data on the association between education and earnings level. In modern times, somebody without a degree, without a high school degree, they're earning just over $20,000 a year. High school graduates may be about $30,000 or a little bit more than that. Somebody with a bachelor's degree -- they're earning more than average, about $50,000 a year, on average, even more with a master's or a professional degree. Moreover, what the data on the right shows is that the return to a college education has increased over time.
During the 1960s and the 1980s, for example, people who had a college degree, they did better than people with a high school degree. They earned about 1.5 times as much. Over time, however, that ratio has increased, so now people with a college degree earn about double what people with a high school degree earn. So it's important for wages to have an education, and it's increasingly important over time.
Why has the return to human capital risen so much? Some economists believe that it is the ability to work with computers. Workers who were able to take advantage of information technology, workers whose skills are complimentary with computers or information technology can become much more productive and to the extent that education helps us to produce these skills -- that would explain a rising return to education.
Globalization has also made markets larger and that has helped high-skilled workers. In the world, as a whole, high-skilled workers are scarce, but relative to the rest of the world the United States has a lot of high-skilled workers. So globalization has increased the returns to the scarce factor -- high skill, and that has worked in favor of U.S. workers, on average. At the same time, globalization has been less good for low-skill U.S. workers who now find themselves in competition with low-skilled workers from the rest of the world.
Keep in mind that one reason the college to high school wage has gone up is that the earnings of college graduates have gone up. But another reason is that the earnings of high school graduates haven't gone up, or indeed have gone down a little bit. So for all of these reasons human capital is becoming more important. Not any human capital pays, however. The returns of different college majors differ dramatically.
So over here on the left, we see the highest paying college majors. These are the median lifetime earnings, and what you can see over here it's engineering, engineering, engineering, engineering, engineering. It doesn't matter what kind of engineering -- chemical engineering, aerospace, electrical, mechanical, civil, and so forth. You get the idea. Economics actually does really well. It's the highest paid degree outside of kind of the STEM degrees.
Here's the average, and down here are the degrees which pay less than the average degree. So here is the liberal arts. Here, for example, is a psychology, art history, music degrees, studio arts, and so forth. These degrees are going to pay less. They're still going to pay more, however, than being a high school graduate and quite a bit more over a lifetime, but it does matter what kind of degree that you get. Even though chemical engineers earn more than art history majors, you might be surprised that art history majors earn more than high school graduates.
Why is this? After all, most art history majors don't get a job in which they use their knowledge of art history. One reason is that not all of the return to earning a college degree is due to human capital. Rather than increasing productivity, a college education may simply signal that the person getting the degree has certain attributes, perhaps IQ, conscientiousness, ability to work with others, grit, and so forth. Education in this view is like competing in a triathlon, an Iron Man. Competing in an Iron Man won't increase your productivity in a sit-down office job, but you may want to put that accomplishment on your resume anyway, because it does signal that you are determined, and also healthy by the way.
One interesting piece of evidence that signaling is important is that a large part of the return to a college degree comes on the day that you get your degree. This is often called the "Sheepskin Effect," because diplomas used to be written on sheepskin. So think about two students, two workers, one of whom has a four-year degree - they've completed it, the other of whom has all the same courses, except they're missing just one credit hour. They don't have the sheepskin. In terms of learning, these students ought to be virtually identical. They're human capital. It's nearly identical and yet, on average, the one with the degree, the one with the sheepskin, earns more, a lot more. The signal of completion seems to matter more than the learning.
So there's an important lesson here, and that is: finish your degree. If you don't finish your degree, you may end up with a lot of debt and very little to show for it. That's the lesson of the Sheepskin Effect. Okay, next we'll turn to looking at compensating variations, and then we'll move on to discrimination.

redpajama_set_name: RedPajamaCommonCrawl


text:
We Still Steal the Old Way
The explosive follow-up to We Still Kill The Old Way (2014). Regarded as the best in the business, The Archer Gang is an aging criminal outfit who carry out a daring robbery, but are caught mid-heist. They are sentenced to do time in Britain's toughest prison. Once inside, they encounter their old nemesis Slick Vic Farrow (Billy Murray) who is intent on murdering the gang. The old-school criminals need to use all their wits to stage a daring escape, while dodging Slick Vic, and setting in motion a chain of events which leads to an explosive prison riot.
Genre: Action, Comedy, Crime, Drama, Thriller
Director: Sacha Bennett
Actors: Billy Murray, Christopher Ellison, Ian Ogilvy, Julian Glover, Lysette Anthony, Patrick Bergin, Tony Denham
Watch We Still Steal the Old Way Online Free Movie Full » Best site to watch movies free and TV shows online is CipFlix . TO
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Trailer: We Still Steal the Old Way


text:
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Thomas Rowell
Name Thomas Rowell
Born 25 Nov 1764 Sutton, Hillsborough, New Hampshire, United States
Person ID I565 Muse-Nagy
Father Abraham Rowell, b. 3 Dec 1743, South Hampton, Rockingham, New Hampshire, United States , d. Bef 24 Feb 1815, Hillsborough County, New Hampshire, United States (Age 71 years)
Mother Elizabeth Eastman, d. Aft 2 Apr 1816
Married Apr 1764
Family Lydia Hawes, b. 12 Nov 1769, Fisherfield, Merrimack, New Hampshire, USA , d. 5 Oct 1856, Hatley, Stanstead, Québec, Canada (Age 86 years)
Married 13 Jul 1788 Goffstown, Hillsborough, New Hampshire, United States
1. Elizabeth Rowell, b. 10 Apr 1789, Sutton, Merrimack, New Hampshire, USA
2. Lydia Rowell, b. 30 Jul 1791, Sutton, Merrimack, New Hampshire, USA
3. Polly/Molly Rowell, b. 26 Jan 1794, Sutton, Merrimack, New Hampshire, USA
4. Thomas Rowell, Jr., b. 20 May 1796, Sutton, Merrimack, New Hampshire, USA , d. 20 Dec 1833 (Age 37 years)
5. Mary Rowell, b. 20 Oct 1799, Sutton, Merrimack, New Hampshire, USA
6. Nathan Rowell, b. 4 Mar 1801, Sutton, Merrimack, New Hampshire, USA
+ 7. Lucy Rowell, b. 15 Aug 1803, Hatley, Quebec, Canada , d. 23 Jul 1858, Nonsbury, Iowa, United States (Age 54 years)
8. Kendrick Rowell, b. 12 Nov 1806, Hatley, Quebec, Canada
9. Phebe Rowell, b. 4 Mar 1809, Hatley, Quebec, Canada
1764 Birth for Thomas Rowell
Sutton, Hillsborough, New Hampshire, 25 November 1764
Parents: Abrham Rowell and Elizabeth Eastman
Ancestry.com, New Hampshire, Birth Index, 1659-1900
1788 Marriage for Thomas Rowel and Lydia Hawes
Goffstown, New Hampshire, 13 July 1788
Residence of bride and groom: Hopkinton
Ancestry.com, New Hampshire, Marriage and Divorce Records, 1659-1947
1790 US Census for Thomas Rowell
Sutton, Hillsborough, New Hampshire
In the household of Thomas Rowell:
Males 16 and over: 1
Females: 2
There is another Thomas Rowell in New Hampshire, but that Thomas lives in the county of Grafton and has 8 members in the household.
1790 Land Deed from Abraham Rowell to Thomas Rowell
6 March 1790, Hillsborough County, New Hampshire
Grantor: Abraham Rowell of Hopkinton
Grantee: Thomas Rowell (son) of Sutton
Cost: "in consideration of love and good will"
Tract of land: in Sutton, southeast corner, part of lot 1
Witnesses: Joshua Kimball and Nathl Bean
FamilySearch.org, Deed records, 1771-1901 (Hillsborough County, New Hampshire), film 15945, vol. 29, p. 77-79, image 43-44
1791 Land Deed from Thomas Rowell to Jonathan Rowell
24 May 1791, Hillsborough County, New Hampshire
Grantor: Thomas Rowell of Sutton
Grantor: Jonathan Rowell of Sutton (Jonathan is Thomas' brother)
Cost: 20 pounds
Witnesses: Abram Rowell
1795 Land Deed from Thomas Rowell to Abraham Wells
Hillsborough County, New Hampshire, 24 December 1795
Grantee: Abraham Wells of Fishersfield
Tract of land: 1/2 of lot No. 1 (except for a piece deeded to Thomas' brother Jonathan)
Cost: 300 pounds
Witnesses: Joseph Webster and John Corliss
FamilySearch.org, Deed records, 1771-1901 (Hillsborough County, New Hampshire), Deeds v. 51-52 1800-1801, vol. 51, p. 145, image 80
1797 Land Deed from Samuel Harvey to Thomas Rowel
Hillsborough County, New Hampshire, 23 November 1797
Grantor: Samuel Harvey of Fishersfield
Grantee: Thomas Rowel of Fishersfield
Tract of land: part of lot No. 32
Witnesses: Joseph Webster and Samuel Webster
FamilySearch.org, Deed records, 1771-1901 (Hillsborough County, New Hampshire), Deeds v. 53-54 1801-1802, vol. 53, p. 402-403, image 226
Fishersfield, Hillsborough, New Hampshire
Males under 10: 1
Males 26 to 44: 1
Females under 10: 2
Females 10 to 15: 1
There is another Thomas Rowell in New Hampshire but that Thomas lives in the county of Grafton and the household member tally marks do not match the household of the correct Thomas.
1801 Land Deed from Thomas Rowell to Simon Ayer
Hillsborough County, New Hampshire, 4 April 1801
Grantor: Thomas Rowell of Fishersfield
Grantee: Simon Ayer of Ware
Tract of land: 60 acres in lot No. 38
Witnesses: Moses Hills and Baltsey Pressey
Signed by Thomas Rowell and Lydia Rowell (his wife)
FamilySearch.org, Deed records, 1771-1901 (Hillsborough County, New Hampshire), Deeds v. 59-60 1803-1804, vol. 59, p. 289-290, image 151-152
1801 Land Deed from Thomas Rowel to Obadiah Johnson
Hillsborough County, New Hampshire, 11 August 1801
Grantor: Thomas Rowel of Fishersfield
Grantee: Obadiah Johnson of Fishersfield
Tract of land: 1/4 of an acre in lot No. 32
Witnesses: Moses Hills and James Pearsley
FamilySearch.org, Deed records, 1771-1901 (Hillsborough County, New Hampshire), Deeds v. 61-62 1804, vol. 61, p. 446-447, image 229-230
1809 Canada Land Petition for Thomas Rowell
Barnston Hatley, Canada, 13 March 1809
Thomas Rowell and others petitioned the government for leases on several reserved lots and land in Barnston Hatley. Thomas Rowell of Hatley petitioned for lot twelve in the 2nd range.
Library and Archives Canada, Land Petitions of Lower Canada, 1764-1841, Thomas Rowell, item 75352, www.bac-lac.gc.ca
1813 Will for Abraham Rowell
Hillsborough County, New Hampshire
Will dated: 7 December 1813
Will proved: 24 February 1815
Listed in the will:
Wife: Elisabeth
Sons: Thomas, Jacob, Abraham, Isaac, Jonathan, Moses, Samuel
Daughters: Sary Wells, Molly Sargent, Nancy Gove, Betsy Kindrick (deceased), Hannah Colby
Ancestry.com, New Hampshire, Wills and Probate Records, 1643-1982, Hillsborough, New Hampshire, p. 382-383
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text:
Q: Create a File with Touch on a specific Directory I want a create a file with a specific extension(.done). I am using the command touch. Something Like:
touch `basename $UNZIPFILE`".done"

It's creating the file but in current directory. I want to create this file in a specific directory. Is there a option to provide the directory ?
I checked : http://ss64.com/bash/touch.html , but could not figure out.
I can think of one option is before this command I can do a cd requiredDIR
Is there any other way, I can specify the Directory on the same command, so that I dont have to change the Directory?

A: Simply prepend the directory variable to the file you are touching.
touch "$MYDIR/$(basename $UNZIPFILE).done"

If the directory doesn't exist, you need to create it.
mkdir -p "$MYDIR" && touch "$MYDIR/$(basename $UNZIPFILE).done"

(It's also better to use $(command) syntax instead of backticks for command substitution.)

redpajama_set_name: RedPajamaStackExchange