A.

FINANCIAL CRISIS The term financial crisis is applied broadly to a variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults.[1][2] Financial crises directly result in a loss of paper wealth but do not necessarily result in changes in the real economy. Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. In general, markets failed because of poor corporate governance and incompatible executive remuneration structures. The lack of transparency in trading procedures, financial instruments, and balance sheet positions of major financial institutions also exacerbated market failures. Most countries have weak idiosyncratic rules pertaining to the operation of trading instruments and financial conglomerates. Poor capital regulation and accounting rules contributed to excessive risk-taking by banks. In addition, some rating agencies were also not subjected to the jurisdiction of the national regulators. In this case, the real sector may have to suffer a prolonged recession. In contrast, the process of deleveraging and recapitalization of financial intermediaries, and the restoration of market confidence will entail a much longer period. Consequently, global financial markets will remain restrictive in the medium term, and possibly leading to poor allocation of credit as well as higher cost of funds. On the other hand, both macroeconomic and microeconomic policies may also play their roles in negating the adverse effects of the financial crisis. As economies slow along with falling price levels, central banks may lower their official policy rates. At the same time, monetary authorities may also opt to loosen their administrative procedures, such as the reserve requirement ratios, ceiling or floor caps, among others. Fiscal stimulus, for example, infrastructure spending, tax holiday, and direct funding to low income groups may also be useful to prevent an otherwise hard landing in the economic activity of each country.

Types of financial crisis: Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a bank run. Since banks lend out most of the cash they receive in, it is difficult for them to quickly pay back all deposits if these are suddenly demanded, so a run render the bank insolvent, causing customers to lose their deposits, to the extent that they are not covered by deposit insurance. An event in which bank runs are widespread is called a systemic banking crisis or banking panic. Speculative bubbles and crashes A speculative bubble exists in the event of large, sustained overpricing of some class of assets. One factor that frequently contributes to a bubble is the presence of buyers who purchase an asset based solely on the expectation that they can later resell it at a higher price, rather than calculating the income it will generate in the future. If there is a bubble, there is also a risk of a crash in asset prices: market participants will go on buying only as long as they expect others to buy, and when many decide to sell the price will fall. However, it is difficult to predict whether an asset's price actually equals its fundamental value, so it is hard to detect bubbles reliably. Some economists insist that bubbles never or almost never occur. International financial crises When a country that maintains a fixed exchange rate is suddenly forced to devalue its currency because of a speculative attack, this is called a currency crisis or balance of payments crisis. When a country fails to pay back its sovereign debt, this is called a sovereign default. While devaluation and default could both be voluntary decisions of the government, they are often perceived to be the involuntary results of a change in investor sentiment that leads to a sudden stop in capital inflows or a sudden increase in capital flight. Wider economic crisis Negative GDP growth lasting two or more quarters is called a recession. An especially prolonged or severe recession may be called a depression, while a long period of slow but not necessarily negative growth is sometimes called economic stagnation.

B. GAMBLING, DRUGS AND PROSTITUTION A gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period. The term gaming in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; i.e., a gaming company offers (legal) gambling activities to the public and may be regulated by one of many gaming control boards, for example, the Nevada Gaming Control Board. However, this distinction is not universally observed in the English-speaking world. For instance, in the UK, the regulator of gambling activities is called the Gambling Commission (not the Gaming Commission). Also, the word gaming is frequently used to describe activities that do not involve wagering, especially online. Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $335 billion in 2009. In other forms, gambling can be conducted with materials which have a value, but are not real money. For example, players of marbles games might wager marbles, and likewise games of Pugs or Magic: The Gathering can be played with the collectible game pieces (respectively, small discs and trading cards) as stakes, resulting in a metagame regarding the value of a player's collection of pieces. Betting has significantly evolved through times. Not only it is a pastime, but now it is among the most reliable and multi-billion industries all over the world. Few are not aware that gaming is not only an entertainment. With the revolutionary approach, now it is considered as an important ally in building a reliable and robust community anywhere in the world. They have more than 50 years of experience in the sector helping various networks by providing reliable information and reports in the gaming market. They have served vast connections of 400 clients that include small and medium businesses and blue chip companies. They perform various tasks including business planning, market research and assessments, operational reviews, product evaluations, license applications, development of corporate strategies, and more. They are one of the leading consultancies offering valuable and the most up-todate global gambling report worldwide. GBGC is the only and the most trusted provider of Gambling statistics in various fields in the gaming industry. They served clients that include investment banks, monopolies and state lotteries, suppliers, operators, major consultancies and even governments. A drug is a substance which may have medicinal, intoxicating, performance enhancing or other effects when taken or put into a human body or the body of another animal and is not considered a food or exclusively a food. Drugs are usually distinguished from endogenous biochemicals by being introduced from outside the organism. For example, insulin is a hormone that is synthesized in the body; it is called a hormone when it is synthesized by the pancreas

inside the body, but if it is introduced into the body from outside, it is called a drug. Many natural substances, such as beers, wines, and psychoactive mushrooms, blur the line between food and recreational drugs, as when ingested they affect the functioning of both mind and body and some substances normally considered drugs such as DMT (Dimethyltryptamine) are actually produced by the human body in trace amounts. Prostitution is the business or practice of providing sexual services to another person in return for payment. The person who receives payment for sexual services is called a prostitute or sex worker, and the person who receives such services is known by a multitude of terms. Prostitution is one of the branches of the sex industry. The legal status of prostitution varies from country to country, from being permissible but unregulated, to a punishable crime or to a regulated profession. Estimates place the annual revenue generated from the global prostitution industry to be over $100 billion. Prostitution is sometimes referred to as "the world's oldest profession". Prostitution occurs in a variety of forms. Brothels are establishments specifically dedicated to prostitution. In escort prostitution, the act may take place at the customer's residence or hotel room (referred to as out-call), or at the escort's residence or in a hotel room rented for the occasion by the escort (called in-call). Another form is street prostitution. Sex tourism refers to travelling, typically from developed to underdeveloped nations, to engage in sexual activity with prostitutes.

C. POVERTY AND WELFARE Poverty is a chronic lack of money, goods, or other necessities required for a minimal existence. Poverty and education have become most widely discussed problem over the past decade neither is new to the literature of economics, but have enjoyed something of a renaissance in economics theoretical and applied. Individuals are said to be in absolute poverty when they are unable to obtain at least a specified minimum of the food, clothing, and shelter that are considered necessary for continued survival. In the Philippines, two such minimums have been established. The poverty line is defined in terms of a least-cost consumption basket of food that provides 2,016 calories and 50 grams of protein per day and of nonfood items consumed by families in the lowest quintile of the population. In 1988 the poverty line for a family of six was estimated to be P2,709 per month. The subsistence level is defined as the income level that allows purchase of the minimum food requirements only. In urban areas also, the extent of poverty was related to the concentrated control of wealth. Considerable portions of both industry and finance were highly monopolized. Access to finance was severely limited to those who already possessed resources. The most profitable investment opportunities were often in areas in which tariff or other forms of government protection ensured high profits but did not necessarily result in rapidly expanding employment opportunities. In her election campaign President Aquino pledged to destroy the monopolies and structures of privilege aggravated by the Marcos regime. She looked to the private sector to revitalize the economy, create jobs for the masses of Filipinos, and lead the society to a higher standard of living. The stateprotected monopolies were dismantled, but not the monopoly structure of the Philippine economy that existed long before Marcos assumed power. In their privileged positions, the business elite did not live up to the President's expectations. As a consequence, unemployment and, more importantly for the issue of poverty, underemployment remained widespread. PROBLEM WITH OUR MEASURE OF POVERTY There is a host reasons why using three times the cost of a minimally sufficient diet as a measure of poverty is in adequate to the task of measuring who is poor. First, it does not distinguish among families that are intact in one income earner and families that are either not intact or for other reasons have day-care-cost. Since nearly 34 percent of families living poverty are headed by single women with children under 18, this is potentially a significant problem. Since one-third fraction that was used in the original poverty measure same from a survey conducted when there were fewer such female-headed household, the poverty line could be understated by all or part of the cost of the day care. Since day care cost can be between $3,000 and $5,000 per year per child under 12, this a substantial area of mis measurement.

Welfare refers to government policies intended to provide solutions to the problems of poverty, including homelessness, lack of medical care, care of the aged, etc. Welfare is the provision of a minimal level of well-being and social support for all citizens, sometimes referred to as public aid. In most developed countries, welfare is largely provided by the government, in addition to charities, informal social groups, religious groups, and inter-governmental organizations.

D. ALCOHOLISM Alcoholism is a chronic, often progressive disease. A person with alcoholism typically craves alcohol and drinks despite repeated alcohol related problems, such as multiple drunk-driving violations, job loss, or relationship problems. Alcoholism involves a physical dependence on alcohol, but other factors include genetic, psychological, and cultural influences. Alcoholism is characterized by cravings for alcohol and an inability to stop drinking. It is accompanied by a physical dependence (meaning that the person experiences withdrawal symptoms when not drinking) and an increased tolerance for alcohol (meaning the person needs to drink greater amounts to feel good).Before entering recovery, most alcoholics will deny they have a problem. People who abuse alcohol but are not dependent on it may have similar symptoms, but they don' t feel the same craving to drink and usually don' t experience withdrawal symptoms. In fact, alcohol, even in the smallest doses, affects nearly every system in the body, from the brain to circulation to immunity. And while at low to moderate doses, alcohol does seem to provide certain health benefits including a longer life and a healthier heart at higher doses, drinking carries with it the risk for long-term effects and permanent damage. Almost every system in the body can be negatively affected by alcohol. This email course explains how even moderate drinking can affect your health, and the damage that can be caused by long-term and/or heavy drinking. Analyses revealed substantial heterogeneity in relations between drinking patterns and alcohol problems. Respondents having only minor problems drank on average two days a week, usually had 2.6 drinks, and drank heavily 12-13 days a year. Whereas, those having minor and severe problems drank an average of 3.5 days a week, usually had 4.7 drinks, and drank heavily 58 days a year. Within each problem group, usual quantity and frequency were higher among males than females, but the greatest gender differences were seen in heavy-drinking rates. Age-related differences in drinking patterns were striking. Usual quantity and heavy-drinking rates associated with problems decreased with age, whereas drinking frequency increased.

The Effects of Alcoholism The first effects of alcoholism are physical. These are the most important because these can cause your death. For example, alcoholism causes cancer in the stomach, kidneys, and liver. Besides, alcohol alters the digestion of nutrients that the body needs to stay healthy. Alcoholism also causes severe damage in the neurons, so it causes alterations in the body movements, loss of appetite, and depression. There

are other effects in the body like gastritis and cirrhosis of the liver. All these physical consequences could cause your death if you drink alcohol in mass quantities. The second effects caused by alcoholism are psychological. At the beginning, alcohol makes you feel relaxed, but if you drink it in excess, it increases anxiety and causes depression. It also causes family and legal problems, violence, changes of behavior, suicide, among others. Alcohol is very powerful and alters all your normal behaviors. The third effects of alcoholism are economic. People do not think about the money and spend almost everything when they are drunk.

BIBLIOGRAPHY

BOOK: Issue in economics today, Robert C. Guell Contemporary economic issue, Neil W. Chanberlain WEBSITES: www.wikipedia.com www.ehow.com www.ask.com www.answer.com