Different Types of Traditional East Asian Music

MEANING OF OCCUPATION Occupation is an economic activity engaged in by people as a means of earning a living. Meaning of Traditional Occupation This is an economy activity that is being practiced in a given locality. Several traditional occupations are engaged in by men and women in the locality. While some traditional occupations are mainly engaged in by men, some are mainly practiced by women. There are other traditional occupations practised by both men and women. THE FOLLOWING ARE SOME OF THE TRADITIONAL OCCUPATIONS IN THE LOCALITY. 1. Boat making 2. Carving 3. Cloth making 4. Farming 5. Fishing 6. Pottery 7. Salt making 8. Iron mining 9. Basket and mat weaving 10. Black smithing. Importance of the Traditional Occupations in the Locality. The following are some of the importance of traditional occupations in the locality. 1. Provision of food; The people engage in traditional occupations in order to provide foodstuffs. Major food crops being cultivated are rice, cassava, maize, palm oil, okra etc. 2. Provision of shelter: The people engage in traditional occupations in order to provide shelter and safety. 3. Provision of clothing: The cloth weavers provide different types of clothes worn by the people. 4. Source of income: The people engage in traditional occupations as a source of income. 5. Provision of working tools: The provision of farm tools and implements, used by farmers are carried out by the blacksmiths.

The following are some of the description of the various traditional occupations of the Hausa People: 1. Farming: This is the main traditional occupations of the Hausa people. The people engage in the production of food crops. Major food crops being cultivated by the people include guinea corn/ millet, maize, beans, groundnut, rice, wheat, vegetables and pepper. 2. Leather works: This occupation involves the production of leather materials such as shoes, bags, puffs, sandals and belts. The presence of abundant cattle, sheep and other domestic animals makes it possible for the people to engage in the occupation. 3. Weaving and Dyeing: Weaving is a traditional occupation mainly engaged in by the Hausa men and women. Cloth weaving is regarded as the most difficult and the most important part of the cloth industry among Hausa people. Among the areas where the cloth weavers are found in Hausa land are Kano, Sokoto and Kaduna. Dyeing is mainly engaged in by Hausa women. They dye different types of clothes through the use of dye and water. 4. Livestock rearing: This occupation is mainly practised by the Hausa men. Notable among livestock reared include goat, sheep, donkey and poultry. 5. Blacksmithing: This occupation is mainly practised by the Hausa men. It is an occupation that is connected with the development of iron melting. Blacksmiths are found in many towns and villages in Hausa land.

DATE: Monday 6th May, 2024 CLASS: Year 5 SUBJECT: History TOPIC: Traditional Occupations of the People in the State(II) Description of Various Occupations 1. Fishing: This occupation is commonly engaged in Nigeria by the people who lived along the coast, lagoon, Delta and big rivers. These people include the Awori in Lagos, the Ijaw and Itsekiri in Delta and Bayelsa States, the Ilaje in Ondo State, the Tiv and the Idoma in Benue State, The Nupe in Niger State. Tools used by the fishermen for catching fishes are traps of different types, net, paddle and dug outs. 2. Crop Farming: This is the main occupation of the Nigeria people who live in the forest region, such as the Yoruba, the Benin, the Urhobo, and the Igbira. These people engaged in the production of both food crops (maize, cassava, vegetables, yam and okra) and tree crops (rubber, palm oil and coconuts). The methods of their farm operation are land clearing, bush burning, harvesting. 3. Animal Husbandry: This involves rearing of animals. The are two types of animal husbandry, namely domestication of animals and cattle rearing. The Fulani engaged in cattle rearing, the Yoruba, the Efik and the Tiv engage in livestock keeping. The main livestock include goats, sheep, hens, rabbit and pigeon. 4. Leather Works: This is making of leather into sandals, bags, shoes, belt etc. This occupation is mostly engaged by the Hausa people. This occupation is made possible due to the presence of abundant cattle in the area. 5. Pottery: This traditional occupation is mostly engaged by women. It exists in the area where there is abundant of clay and it is also mostly practised by the Yoruba. The materials the potter used in the production of objects are clay, water and firewood.

What Is Rhythm in Music? Rhythm is the pattern of sound, silence, and emphasis in a song. In music theory, rhythm refers to the recurrence of notes and rests (silences) in time. When a series of notes and rests repeats, it forms a rhythmic pattern. In addition to indicating when notes are played, musical rhythm also stipulates how long they are played and with what intensity. This creates different note durations and different types of accents.Why Is Rhythm Important in Music? Rhythm functions as the propulsive engine of a piece of music, and it gives a composition structure. Most musical ensembles contain a rhythm section responsible for providing the rhythmic backbone for the entire group. Drums, percussion, bass, guitar, piano, and synthesizer may all be considered rhythm instruments, depending on the context. However, all members of a music group bear responsibility for their own rhythmic performances and play the musical beats and rhythmic patterns indicated by the piece's composer.7 Elements of Rhythm in Music Several core elements comprise the fundamentals of musical rhythm. 1. Time signature: A musical time signature indicates the number of beats per measure. It also indicates how long these beats last. In a time signature with a 4 on the bottom (such as 2/4, 3/4, 4/4, 5/4, etc.), a beat corresponds with a quarter note. So in a 4/4 time (also known as "common time"), each beat is the length of a quarter note, and every four beats form a full measure. In 5/4 time, every five beats form a full measure. In a time signature with an 8 on the bottom (such as 3/8, 6/8, or 9/8), a beat corresponds with an eighth note. 2. Meter: Standard Western music theory divides time signatures into three types of musical meter: duple meter (where beats appear in groups of two), triple meter (where beats appear in groups of three), and quadruple meter (where beats appear in groups of four). Meter is not tied to note values; for instance, a triple meter could involve three half notes, three quarter notes, three eighth notes, three sixteenth notes, or three notes of any duration. Musicians and composers regularly mix duple and triple meter in their work; Igor Stravinsky's "The Rite of Spring" is a textbook example of such a technique. 3. Tempo: Tempo is the speed at which a piece of music is played. There are three primary ways that tempo is communicated to players: beats per minute, Italian terminology, and modern language. Beats per minute (or BPM) indicates the number of beats in one minute. Certain Italian words like largo, andante, allegro, and presto convey tempo change by describing the speed of the music. Finally, some composers indicate tempo with casual English words such as “fast,” “slow,” “lazy,” “relaxed,” and “moderate.” 4. Strong beats and weak beats: Rhythm combines strong beats and weak beats. Strong beats include the first beat of each measure (the downbeat), as well as other heavily accented beats. Both popular music and classical music combine strong beats and weak beats to create memorable rhythmic patterns. 5. Syncopation: Syncopated rhythms are those that do not align with the downbeats of individual measures. A syncopated beat will put its emphasis on traditional weak beats, such as the second eighth note in a measure of 4/4. Complex rhythms tend to include syncopation. While these rhythms may be more difficult for a beginning musician to pick up, they tend to sound more striking than non-syncopated rhythmic patterns. 6. Accents: Accents refer to special emphases on certain beats. To understand accents, think of a piece of poetry. A poetic meter, such as iambic pentameter, may dictate a specific mixture of stressed syllables and unstressed syllables. Musical accents are no different. Different rhythms may share a time signature and tempo, but they stand out from one another by accenting different notes and beats. 7. Polyrhythms: To achieve a particularly ambitious sense of rhythm, an ensemble may employ polyrhythm, which layers one type of rhythm on top of another. For instance, a salsa percussion ensemble may feature congas and bongos playing 4/4 time, while the timbales concurrently play a pattern in 3/8. This creates a dense rhythmic stew and, when properly executed, it can yield incredibly danceable rhythm patterns. Polyrhythms originated in African drumming, and they’ve spread to all sorts of genres worldwide, from Afro-Caribbean to Indian to progressive rock, jazz, and contemporary classical.

To the Lakota, and other indigenous people on North America's Great Plains, the bison was an essential part of their culture ( expressed in the quote on the previous page). The bison provided meat for nutrition, a hide for clothing and shelter, bones for tools, and fat for soap. The bison was also central to their religious beliefs. So, when European settlers hunted the bison nearly to extinction, Lakota culture suffered. Culture is central to a society and the identity of its people, as well as its continued existence. Therefore, geographers study culture as a way to understand similarities and differences among societies across the world, and in some cases, to help preserve these societies. Analyzing Culture All of a group's learned behaviors, actions, beliefs, and objects are a part of culture. It is a visible force seen in a group's actions, possessions, and influence on the landscape. For example, in a large city you can see people working in offices, factories, and stores, and living in high-rise apartments or suburban homes. You might observe them attending movies, concerts, or sporting events. Culture is also an invisible force guiding people through shared belief systems, customs, and traditions. Culture is learned, in that it develops through experiences, and not merely transmitted through genetics. For example, many people in the United States have developed a strong sense of competitiveness in school and business, and believe that hard work is a key to success. These types of elements, visible and invisible, are cultural traits. A series of interrelated traits make up a cultural complex, such as the process of steps and acceptable behaviors related to greeting a person in different cultures. A single cultural artifact, such as an automobile, may represent many different values, beliefs, behaviors and traditions and be representative of a cultural complex. Since culture is learned there are many ways that one generation passes its culture to the next. Children and adults learn traits three ways: • imitation, as when learning a language by repeating sounds or behaviors from a person or television • informal instruction, as when a parent reminds a child to say "please" • formal instruction, as when students learn history in school 132 HUMAN GEOGRAPHY: AP" EDITION CULTURAL COMPLEX OF THE AUTOMOBILE The automobile provides much more than just transportation, as it reflects many values that are central to American culture. Origins of Culture The area in which a unique culture or a specific trait develops is a culture hearth. Classical Greece was a culture hearth for democracy more than 2,000 years ago. New York City was a culture hearth for rap music in the 1970s. Geographers study how cultures develop in hearths and diffuse-or spread-to other places. Geographers also study taboos, behaviors heavily discouraged by a culture. For example, many cultures have taboos against eating certain foods, such as pork or insects. What is considered taboo changes over time. In the United States, marriages between Protestants and Catholics were once taboo, but they are not widely opposed now. Traditional, Folk, and Indigenous Cultures With the beginning of the Industrial Revolution in the late 18th century, modern transportation and communication connected people as never before and led to extensive cultural mixing, especially as cities have grown. The world prior to this time was very different; however, remnants of the past are still evident in our modern cultures. Traditional, folk, and indigenous cultures share some important characteristics and are often grouped together, but they do have some subtle differences. Traditional Culture Recently, the meanings of traditional, folk, and indigenous culture have begun to merge, causing geographers to debate when each should be used. Increasingly, the term traditional culture is used to encompass all three cultural designations. All three types share the function of passing down long-held beliefs, values, and practices and are generally resistant to rapid changes in their culture. Folk Culture The beliefs and practices of small, homogenous groups of people, often living in rural areas that are relatively isolated and slow to change, are known as folk cultures. Like all cultures, they demonstrate the diverse ways that people have adapted to a physical environment. For example, people around the world learned to make shelters out of available resources, whether 3.1: INTRODUCTION TO CULTURE 133 it was snow or mud bricks or wood. However, people used similar resources such as wood differently. In Scandinavia, people used trees to build cabins. In the American Midwest, people processed trees into boards, built a frame, and attached the boards to it. Many traits of folk culture continue today. Corn was first grown in Mexico around 10,000 years ago, and it is still grown there today. While many elements of folk culture exist side by side with modern culture, there are people whose societies have changed little, if at all, from long ago. These people practice traditional cultures, those which have not been affected by modern technology or influences. They often live in remote regions, such as some small tribes in the Amazon rainforest, and have scant knowledge of the outside world. As the lines continue blurring between cultural designations, the Amish of Pennsylvania are often referenced as both folk and traditional culture. Indigenous Culture When members of an ethnic group reside in their ancestral lands, and typically possess unique cultural traits, such as speaking their own exclusive language, they are considered an indigenous culture. Some indigenous peoples have been displaced from their native lands, but still practice their indigenous culture. Native Americans in the United States, such as the Navajo, have kept indigenous cultural practices. First Nations of Canada, such as the Inuit, have also retained their indigenous culture. Globalization and Popular Culture As a result of the Industrial Revolution, improvements in transportation and communication have shortened the time required for movement, trade, or other forms of interaction between two places. This development, known as space-time compression (see Topics 1.4 and 3.6), has accelerated culture change around the world. In 1817, a freight shipment from Cincinnati needed 52 days to reach New York City. By 1850, because of canals and railroads, it took half that long. And by 1852, it took only 7 days. Today, an airplane flight takes only a few hours, and digital information takes seconds or less. Similar change has occurred on the global scale. People travel freely across the world in a matter of hours, and communication has advanced to a point where people share information instantaneously across the globe. The increased global interaction has had a profound impact on cultures, from spreading English across the world to instant sharing of news, events and music. Globalization specifically refers to the increased integration of the world economy since the 1970s. The process of intensified interaction among peoples, governments, and companies of different countries around the globe has had profound impacts on culture. The culture of the United States is intertwined with globalization. Through the influence of its corporations, Hollywood movies, and government, the United States exerts widespread influence in other countries. But other countries also shape American culture. For example, in 2019, the National Basketball Association included players from 38 countries or territories. When cultural traits- such as clothing, music, movies, and types of 134 HUMAN GEOGRAPHY: AP. EDITION businesses-spread quickly over a large area and are adopted by various groups, they become part of popular culture. Elements of popular culture often begin in urban areas and diffuse quickly through globalization processes such as the media and Internet. These elements can quickly be adopted worldwide, making them part of global culture. People around the world follow European soccer, Indian Bollywood movies, and Japanese animation known as anime. With people in many nations wearing similar clothes, listening to similar music, and eating similar food, popular cultural traits often promote uniformity in beliefs, values, and the cultural landscape across many places The cultural landscape, also known as the built environment (see Topic 3.2), is the modification of the environment by a group and is a visible reflection of that group's cultural beliefs and values. Traditional Culture to Popular Culture Popular culture emphasizes trying what is new rather than preserving what is traditional. Many people, especially older generations or those who follow a folk culture, openly resist the adoption of popular cultural traits. They do this by preserving traditional languages, religions, values, and foods. While older generations often resist the adoption of popular culture, they seldom are successful in keeping their traditional cultures from changing, especially among the young people of their society. One clash between popular and traditional culture is occurring in Brazil. As the population expands to the interior of the rain forest, many indigenous cultures, like the Yanamamo tribe, have more contact with outside groups. Remaining isolated by the forest is becoming increasingly difficult as many young people from the indigenous cultures become exposed to popular culture and begin to integrate into the larger Brazilian society. As the young people leave their communities, they are more likely to accept popular culture at the expense of their indigenous cultural heritage, which threatens the very existence of their folk culture. Traditional culture typically exhibits horizontal diversity, meaning each traditional culture has its own customs and language that makes it distinct from other culture groups. Yet, people people within each group are usually homogeneous, or very similar to each other. By contrast, popular culture typically exhibits vertical diversity, meaning that modern urban societies are usually heterogeneous, or exhibiting differences, within the society and usually contain numerous multiethnic neighborhoods. However, on a global scale popular cultures are relatively similar with the same type of malls, shops, fast food, and clothing. Urban global culture centers are not identical, yet, global cities often do not have as much horizontal diversity across space as folk cultures. 3.1: INTRODUCTION TO CULTURE 135 COMPARING TRADITIONAL AND POPULAR CULTURE Trait Traditional Culture Popular or Global Culture Society • Rural and isolated location • Urban and connected location • Homogeneous and • Diverse and multiethnic indigenous population population • Most people speak an • Many people speak a global indigenous or ethnic local language such as English or language Arabic • Horizontal diversity • Vertical diversity Social • Emphasis on community and • Emphasis on individualism and Structure conformity making choices • Families live close to each • Dispersed families other • Weakly defined gender roles • Well-defined gender roles Diffusion • Relatively slow and limited • Relatively rapid and extensive • Primarily through relocation • Often hierarchical • Oral traditions and stories • Social media and mass media Buildings and • Materials produced locally, • Materials produced in distant Housing such as stone or grass factories, such as steel or glass • Built by community or owner • Built by a business • Similar style for community • Variety of architectural styles • Different between cultures • Similar between cities • Traditional architecture • Postmodern / contemporary architecture Food • Locally produced • Often imported • Choices limited by tradition • Wide range of choice • Prepared by the family or • Purchased in restaurants community Spatial Focus • Local and regional • National and global Artifacts, Mentifacts, and Sociofacts Whether a cultural attribute is considered traditional, folk, indigenous, or popular in nature, it is valuable to differentiate between elements of culture that can be seen and those that can not. There are artifacts that comprise the material culture, which consists of tangible things, or those that can be experienced by the senses. Art, clothing, food, music, sports, and housing types are all tangible elements of culture. Another element of the study of artifacts is understanding the techniques to use or build a specific artifact. Artifacts can be unique to a particular culture, or can be shared. For example, people of all cultures need to communicate through language, yet there are many groups that possess languages unique to their culture. The ability to read, write and understand the English language is an artifact of importance for much of popular global culture. 136 HUMAN GEOGRAPHY: AP" EDITION Mentifacts comprise a group's nonmaterial culture and consist ofintangible concepts, or those not having a physical presence. Beliefs, values, practices, and aesthetics (pleasing in appearance) determine what a cultural group views as acceptable and desirable. Mentifacts can also be unique or shared. People of many cultures possess an belief in one or many deities, and often the deities are unique to that culture. The belief in a god is a mentifact-the religious building or symbols are artifacts. Cultural groups also possess sociofacts, which are the ways people organize their society and relate to one another. Taken altogether, people tend to see the whole of their culture as greater than the sum of its individual parts. Sociofacts are embodied through families, governments, sports teams, religious organizations, education systems, and other social constructs. As with artifacts and mentifacts, sociofacts may also be unique or similar to other societies. Families are the foundations of most societies, yet what constitutes the structure of a family may vary widely between cultural groups. For example, Western cultures tend to view the nuclear family, consisting of the parents and their children as the basic family unit. By contrast, in many Western African cultures the norm is the extended family, consisting of several generations and other family members such as cousins living under one roof.

Introduction to Hedging Instruments: Forwards, Futures, Options, and Swaps Hedging instruments are financial tools used by businesses and investors to mitigate risk. These instruments help protect against adverse price movements in assets such as commodities, currencies, interest rates, or securities. The four main hedging instruments are forwards, futures, options, and swaps. 1. Forwards A forward contract is a customised agreement between two parties to buy or sell an asset at a predetermined price on a specified future date. Key Characteristics: Over-the-counter (OTC): Traded directly between parties, not on an exchange. Customisation: Can be tailored to suit the needs of the parties involved. Settlement: Occurs at the end of the contract, which may involve physical delivery or cash settlement. Risk: Forwards carry counter-party risk, as there is a possibility one party may default. Example: A company that needs to import raw materials in six months may enter into a forward contract to lock in the current price, avoiding the risk of price increases. 2. Futures A futures contract is similar to a forward, but it is standardised and traded on an exchange. This standardisation eliminates counter-party risk. Key Characteristics: Standardised: Contract size, expiration, and other terms are fixed by the exchange. Mark-to-market: Gains and losses are settled daily. Liquidity: Futures are highly liquid because they are traded on exchanges. Regulation: As they are traded on formal exchanges, they are more regulated than forwards. Example: A wheat farmer may sell futures contracts to hedge against a possible decline in wheat prices before harvest. 3. Options Options provide the right, but not the obligation, to buy or sell an asset at a specified price on or before a certain date. There are two types of options: call options and put options. Call Option: Gives the holder the right to buy an asset at a predetermined price. Put Option: Gives the holder the right to sell an asset at a predetermined price. Key Characteristics: Premium: The buyer pays a premium upfront to obtain the option. Limited Risk: The maximum loss is limited to the premium paid. Flexibility: Options can be used for speculative or hedging purposes. Example: An investor holding stocks may buy a put option to protect against potential declines in the stock's price. 4. Swaps A swap is a contract in which two parties agree to exchange cash flows or liabilities over a specific period. The most common types are interest rate swaps and currency swaps. Key Characteristics: Customizable: Like forwards, swaps are often tailored to meet the needs of the parties involved. Counterparty Risk: Swaps are typically OTC instruments, exposing parties to default risk. Common Uses: Used to manage interest rate risk or currency risk. Example: A company with a variablerate loan may enter into an interest rate swap to exchange its variable payments for fixedrate payments, thus locking in stable costs. Hedging instruments are essential for managing financial risk in volatile markets. Each instrument serves different purposes, with varying levels of complexity, risk, and customization. Whether through forwards, futures, options, or swaps, businesses can better plan for the future by reducing exposure to uncertain price fluctuations. Hedging Strategies for Market Risk, Credit Risk, and Currency Risk 1. Hedging Strategies for Market Risk Market risk (also known as systematic risk) arises from fluctuations in asset prices, such as stocks, bonds, commodities, and interest rates, due to economic factors or market volatility. Key Hedging Instruments for Market Risk: Derivatives (Options, Futures, and Forwards): These instruments allow investors to hedge against unfavorable price movements in stocks, commodities, or interest rates. Example: An investor holding a large stock portfolio might buy a put option to protect against a potential market downturn. If the market declines, the put option increases in value, offsetting losses in the portfolio. Short Selling: Investors can sell borrowed assets with the expectation of buying them back at a lower price, profiting from the decline. Example: A fund manager expecting a market decline may short sell stocks to hedge a portfolio against losses. Common Hedging Strategies: Portfolio Diversification: Reducing market risk by spreading investments across various asset classes (stocks, bonds, commodities) and sectors. Using Index Futures: Large portfolios can be hedged using index futures that track the performance of the overall market. If the market declines, profits from the short position in the futures contract will offset losses in the portfolio. Risk Parity: Allocating assets based on the level of risk rather than the dollar amount invested, balancing risk exposure across asset classes. 2. Hedging Strategies for Credit Risk Credit risk refers to the possibility that a borrower will default on a debt obligation. This is especially important for banks, lenders, and institutions dealing with bonds and loans. Key Hedging Instruments for Credit Risk: Credit Default Swaps (CDS): A financial derivative where the buyer of a CDS pays a premium to the seller in exchange for protection against a default on a loan or bond. Example: A bank holding corporate bonds can buy a CDS to ensure they are compensated if the issuing company defaults. Collateralised Debt Obligations (CDOs): These instruments pool together various debt instruments and allow risk to be distributed among multiple investors. Credit Insurance: Companies may use insurance to protect against the risk of a customer defaulting on payments. Common Hedging Strategies: Diversification of Loan Portfolio: Spreading out credit exposures across various industries, geographies, and borrower profiles reduces the overall risk of default. Tightening Lending Standards: Limiting exposure to highrisk borrowers by implementing stringent credit assessments. AssetBacked Securities: Banks can sell loans or bonds packaged as assetbacked securities to reduce their exposure to credit risk. 3. Hedging Strategies for Currency Risk Currency risk (or exchange rate risk) arises from fluctuations in foreign exchange rates, which can affect companies involved in international trade or with investments in foreign countries. Key Hedging Instruments for Currency Risk: Forward Contracts: A firm agrees to exchange a specified amount of currency at a predetermined exchange rate on a future date. Example: A U.S. exporter expecting payment in euros might enter into a forward contract to sell euros and lock in a favorable exchange rate. Currency Options: These give the right, but not the obligation, to buy or sell currency at a specific price. Example: A U.S.based company buying goods from Japan might buy a call option on the yen to hedge against the risk of yen appreciation. Currency Swaps: Two parties exchange interest payments and principal in different currencies to hedge against exchange rate fluctuations. Common Hedging Strategies: Natural Hedging: Companies can offset currency risk by balancing foreign revenue with costs in the same currency. For example, if a company generates revenue in euros, it can also incur expenses in euros, reducing exposure to exchange rate fluctuations. Multi-Currency Invoicing: Firms can invoice in their home currency, shifting the currency risk to the buyer. Currency Diversification: Holding a diversified basket of currencies can reduce exposure to large fluctuations in any one currency. Effective hedging strategies are crucial for managing various types of risks in financial markets. Market risk can be managed using instruments like futures and options, while credit risk can be mitigated through diversification and credit derivatives. Currency risk, often faced by multinational firms, can be hedged using forward contracts, options, or swaps. Each strategy helps firms and investors protect their portfolios, ensure financial stability, and reduce the impact of adverse movements in the financial markets. Portfolio Risk Management Techniques: Diversification, Asset Allocation, and Risk Budgeting Managing risk is a fundamental aspect of portfolio management. Investors use various techniques to control and reduce the risks inherent in investing. Three key techniques used in portfolio risk management are diversification, asset allocation, and risk budgeting. Each of these techniques helps in mitigating potential losses while aiming to achieve the desired return. 1. Diversification Diversification is a risk management strategy that involves spreading investments across different assets, sectors, or geographic regions to reduce exposure to any single risk. The idea is that different assets perform differently under various market conditions, so losses in one investment can be offset by gains in others. Key Benefits of Diversification: Reduction of Unsystematic Risk: Unsystematic risk, which is unique to a specific company or industry, can be reduced by holding a variety of investments that respond differently to market conditions. Improved Stability: A diversified portfolio is less volatile, as the negative performance of one asset can be balanced by the positive performance of others. Methods of Diversification: Across Asset Classes: Investing in a mix of asset classes such as stocks, bonds, commodities, and real estate. Example: A portfolio with 60% equities, 30% bonds, and 10% commodities is more diversified than one solely consisting of stocks. Within Asset Classes: Diversifying within a single asset class (e.g., holding stocks from different sectors like technology, healthcare, and energy). Geographic Diversification: Investing in assets across various countries or regions to mitigate country-specific risks. Example: Holding U.S. stocks along with emerging market equities can reduce risks related to a downturn in one country's economy. 2. Asset Allocation Asset allocation refers to the process of dividing investments among different asset classes (such as stocks, bonds, and cash) to align with an investor's risk tolerance, time horizon, and financial goals. Asset allocation plays a crucial role in portfolio risk management by determining the overall risk-return profile of the portfolio. Key Elements of Asset Allocation: Strategic Asset Allocation: A longterm approach that involves setting target allocations for different asset classes based on financial goals and risk tolerance. Example: A young investor with a longterm horizon might allocate 70% to stocks, 20% to bonds, and 10% to cash. Tactical Asset Allocation: A more active approach that involves adjusting the asset mix in response to short-term market conditions. Example: If the investor expects an economic downturn, they might temporarily reduce exposure to equities and increase exposure to bonds. Types of Asset Allocation Models: Conservative: Focuses on preserving capital with a larger allocation to bonds and cash (e.g., 20% stocks, 80% bonds). Balanced: A moderate risk approach with an equal focus on growth and income (e.g., 50% stocks, 50% bonds). Aggressive: Targets higher returns by investing predominantly in equities, accepting higher risk (e.g., 80% stocks, 20% bonds). Example of Asset Allocation: A 40 year old investor with moderate risk tolerance may allocate their portfolio as follows: 50% equities, 40% bonds, and 10% in alternative investments such as real estate or commodities. The equities provide growth potential, while the bonds and alternative assets offer stability and income. 3. Risk Budgeting Risk budgeting is a method of allocating risk across different components of a portfolio, rather than focusing solely on returns. The goal is to optimise the portfolio’s risk-return profile by distributing risk in a way that aligns with the investor’s objectives and risk tolerance. Key Concepts of Risk Budgeting: Risk Contribution: Each asset class or investment in the portfolio contributes a certain amount of risk (measured by metrics such as volatility or Value at Risk). Risk budgeting ensures that no single asset class dominates the overall risk of the portfolio. Example: A portfolio may contain 60% stocks and 40% bonds, but if the stocks are highly volatile, they may contribute 90% of the portfolio's risk. Target Risk: Investors set a maximum acceptable level of risk (e.g., a portfolio volatility of 10%) and allocate investments so that the total risk remains within this target. Techniques in Risk Budgeting: Risk Parity: Allocates risk evenly across asset classes, rather than allocating capital based solely on return expectations. Example: In a risk-parity portfolio, both bonds and stocks might be balanced in such a way that they contribute equally to the overall portfolio risk, even though the dollar investment in bonds may be larger due to their lower volatility. Value at Risk (VaR): This technique measures the potential loss in a portfolio over a specific time period, under normal market conditions, at a given confidence level. The risk budget ensures that the potential loss stays within acceptable limits. Example of Risk Budgeting: An investor targets an overall portfolio risk of 8% volatility. After analyzing the risk contribution of each asset class, they determine that equities, which currently make up 60% of the portfolio, contribute 70% of the risk. To adhere to the risk budget, the investor may reduce their equity exposure and increase their allocation to bonds or other less volatile assets. Diversification, asset allocation, and risk budgeting are complementary techniques used in portfolio risk management. Diversification reduces unsystematic risk by spreading investments across various assets. Asset allocation ensures that investments align with an investor's goals and risk tolerance. Risk budgeting focuses on managing the contribution of risk from each asset class to create a balanced and efficient portfolio. Together, these strategies help investors achieve a balance between risk and return, ensuring longterm portfolio stability. Risk Mitigation Through Insurance, Securitisation, and Other Financial Engineering Techniques Risk mitigation is a core objective in financial management, and various strategies can be employed to reduce or manage risks. Three major approaches are insurance, securitisation, and financial engineering techniques. Each of these methods helps firms and individuals transfer, reduce, or eliminate certain financial risks. 1. Insurance as a Risk Mitigation Tool Insurance is a traditional risk transfer method that protects against financial losses by shifting the risk to an insurance company in exchange for premium payments. It is widely used to mitigate various forms of risk, such as operational, liability, and property risks. Key Aspects of Insurance for Risk Mitigation: Risk Transfer: The insurer takes on the risk in exchange for a premium, thus protecting the insured party from unexpected financial losses. Indemnity: In the event of a loss, the insurance policy compensates the insured based on the terms of the contract. Customisable Coverage: Insurance policies can be tailored to address specific risks, such as property damage, business interruption, liability, or cyber risks. Types of Insurance for Businesses: Property and Casualty Insurance: Covers physical assets like buildings, machinery, and inventory from risks like fire, theft, or natural disasters. Liability Insurance: Protects businesses against legal liabilities arising from accidents, negligence, or professional errors. Business Interruption Insurance: Compensates for lost income if a business has to halt operations due to unforeseen events. Credit Insurance: Shields companies from losses due to the nonpayment of trade receivables. 2. Securitisation as a Risk Mitigation Technique Securitisation is a financial engineering process that involves pooling various financial assets (such as loans, mortgages, or receivables) and converting them into marketable securities. This process allows firms to transfer risk to investors, thereby reducing their exposure. Key Elements of Securitisation: Risk Transfer: By securitising assets, companies can transfer the risk of default or nonpayment to investors who purchase the securities. Liquidity Creation: Securitisation converts illiquid assets (like mortgages or loans) into liquid, tradeable securities, improving cash flow for the originating firm. Diversification of Risk: Pooling assets with different risk profiles reduces the impact of individual defaults, spreading the risk across multiple investors. Common Forms of Securitisation: MortgageBacked Securities (MBS): Pools of mortgages are bundled and sold as securities to investors, transferring the risk of mortgage defaults. Example: A bank that issues home loans can bundle those loans into MBS and sell them to investors, transferring the credit risk of potential defaults. Asset-Backed Securities (ABS): Similar to MBS, but backed by other types of assets like credit card receivables, auto loans, or student loans. Collateralised Debt Obligations (CDOs): Structured financial products that pool different types of debt, such as loans and bonds, and sell them as securities with varying risk levels. Example: A bank may issue a portfolio of auto loans and then pool these loans into an assetbacked security (ABS). The ABS is sold to investors, who take on the risk of loan defaults. By securitising the loans, the bank reduces its exposure to credit risk and generates immediate cash flow. 3. Financial Engineering Techniques for Risk Mitigation Financial engineering involves the use of complex financial instruments, derivatives, and structured products to manage or mitigate financial risks. These techniques allow firms to hedge against specific risks, optimize capital structure, and improve financial stability. Common Financial Engineering Techniques: Derivatives: Financial instruments like futures, forwards, options, and swaps are used to hedge against price fluctuations, interest rate changes, or currency movements. Example: A company with significant foreign exchange exposure may use currency forwards or options to hedge against exchange rate fluctuations, ensuring predictable cash flows. Options and Futures: Options: Provides the right (but not the obligation) to buy or sell an asset at a predetermined price, allowing firms to hedge against unfavorable price movements. Example: An airline company can buy options on jet fuel to hedge against rising fuel prices. Futures: Standardized contracts to buy or sell an asset at a set price on a future date, commonly used to hedge commodities or financial assets. Example: A wheat producer may use futures contracts to lock in a favorable price for its crop, hedging against a potential price drop. Swaps: These involve the exchange of cash flows between two parties, often used to manage interest rate risk or currency risk. Interest Rate Swaps: Firms can exchange floatingrate interest payments for fixedrate payments to hedge against rising interest rates. Currency Swaps: Used to hedge exchange rate risk in crossborder transactions by exchanging principal and interest payments in different currencies. Example: A company with a variablerate loan may enter into an interest rate swap to exchange its variable payments for fixedrate payments, locking in stable costs. Structured Products: These are customised financial instruments designed to achieve specific riskreturn objectives. They often combine derivatives with other securities to create tailored risk exposures. Example: A structured note that combines a bond with an embedded option, offering downside protection while allowing for potential upside linked to the performance of an equity index. Credit Derivatives: Tools like credit default swaps (CDS) allow investors to transfer credit risk to other parties. Example: A bondholder worried about a company’s potential default may purchase a CDS, which pays out in case of a default event. Example: A company may issue a bond with an embedded call option, allowing it to repurchase the bond if interest rates decline. This financial engineering tool enables the company to mitigate the risk of rising interest rates, reducing future borrowing costs. Risk mitigation through insurance, securitisation, and financial engineering offers businesses a variety of tools to manage and transfer risks. Insurance allows for the direct transfer of risk to an insurer, while securitisation helps companies offload risk by packaging and selling assets as securities. Financial engineering techniques, including derivatives, swaps, and structured products, provide sophisticated ways to hedge market, interest rate, and currency risks. Each approach helps organizations improve financial stability, enhance liquidity, and manage potential losses in a volatile market environment.

Can you make a multiple choice of test questions regarding this information given which is Curriculum from Different Points of View There are many definitions of curriculum. Because of this, the concept of curriculum is sometimes characterized as fragmentary, elusive and confusing. However, the numerous definitions indicate dynamism that connotes diverse interpretations of what curriculum is all about. The definitions are influenced by models of thought, pedagogies, political as well as cultural experiences. Let us study some of these definitions. 1. Traditional Points of View of Curriculum In early years of the 20th century, the traditional concepts held of the “curriculum is that it is a body of subjects or subject matter prepaid by the teachers for the student’s to learn”. It was synonymous to the “course of study” and “syllabus” Robert M. Hutchins views curriculum as “permanent studies” where the rules of grammar, reading, rhetoric and logic and mathematics for basic education are emphasized. Basic education should emphasize the 3 Rs and college education should be grounded on liberal education. On the other, Arthur Bestor as an essentialist, believes that the mission of the school should be intellectual training, hence curriculum should focus on the fundamental intellectual disciplines of grammar, literature and writing. It should also include mathematics, science, history and foreign language. The definition leads us to the view of Joseph Schwab that discipline is the sole source of curriculum. Thus in our education system, curriculum is divided into chunks of knowledge we call subject areas in basic education such as English, Mathematics, Science, Social Studies and others. In college, discipline may include humanities, sciences, language and many more. To Phoenix, curriculum should consist entirely of knowledge which comes from various disciplines. Academic discipline became the view of what curriculum is after the cold war and the race to space. Joseph Schwab, a leading curriculum theorist coined the term discipline as a ruling doctrine for curriculum development. Curriculum should consist only of knowledge which comes from disciplines which is the sole source. Thus curriculum can be viewed as a field of study. It is made up of its foundations (philosophical, historical, psychological and social foundations); domains of knowledge as well as its research theories and principles. Curriculum is taken as scholarly and theoretical. It is concerned with broad historical, philosophical and social issues and academics. Most of the traditional ideas view curriculum as written documents or a plan of action in accomplishing goals. 2. Progressive Points of View of Curriculum On the other hand, to a progressivist, a listing of school subjects, syllabi, course of study, and a list of courses or specific discipline do not make a curriculum. These can only be called curriculum if the written materials are actualized by the learner. Broadly speaking, curriculum is defined as the total learning experiences of the individual. This definition is anchored on John Dewey’s definition of experience and education. He believed that reflective thinking is a means that unifies curricular elements. Thought is not derived from action but tested by application. Caswell and Campbell viewed curriculum as “all experiences children have under the guidance of teachers”. This definition is shared by Smith, Stanley and Shores when they defined “curriculum as a sequence of potential experiences set up in the schools for the purpose of disciplining children and youth in group ways of thinking and acting”. Marsh and Willis on the other hand view curriculum as all the “experiences in the classroom which are planned and enacted by the teacher, and also learned by the students”. Points of View on Curriculum Development From the various definitions and concepts presented, it is clear that curriculum is a dynamic process. Development connotes changes which are systematic. A change for the better means any alteration, modification or improvement of existing condition. To produce positive changes, development should be purposeful, planned and progressive. This is how curriculum evolves. Let us look at the two models of curriculum development and concepts of Ralph Tyler and Hilda Taba. Ralph Tyler Model: Four Basic Principles. This is also popularly known as Tyler’s Rationale. He posited four fundamental questions or principles in examining any curriculum in schools. These four fundamental principles are as follows: 1. What educational purposes should the school seek to attain? 2. What educational experiences can be provided that are likely to attain these purposes? 3. How can these educational experiences be effectively organized? 4. How can we determine whether these purposes are being attained or not? In summary, Tyler’s Model show that in curriculum development, the following considerations should be made: (1) Purpose of the school, (2) Educational experiences related to the purposes, (3) Organization of the experiences, and (4) Evaluation of the experiences. On the other hand, Hilda Taba improved on Tyler’s Rationale by making a linear model. She believed that teachers who teach or implement the curriculum should participate in developing it. Her advocacy was commonly called the grassroots approach. She presented seven major steps to her model where teachers could have a major input. These steps are as follows: 1. Diagnosis of learner’s needs and expectations of the larger society. 2. Formulation of learning objectives. 3. Selection of learning content. 4. Organization of learning content. 5. Selection of learning experiences. 6. Organization of learning activities. 7. Determination of what to evaluate and the means of doing it. Thus as you look into curriculum models, the three interacting processes in curriculum development are planning, implementing and evaluating. Types of Curriculum Operating in Schools From the various concepts given, Allan Glatthorn(2000) describes seven types of curriculum operating in the schools. These are (1) Recommended curriculum- proposed by scholars and professional organizations. (2) Written Curriculum- appears in school, district, division or country documents. (3) Taught Curriculum- what teacher’s implement or deliver in the classrooms and schools. (4) Supported Curriculum- resources-textbooks, computers, audio- visual materials which support and help in the implementation of the curriculum. (5) Assessed Curriculum- that which is tested and evaluated. (6) Learned Curriculum- which the students actually learn and what is measured and (7) Hidden Curriculum- the unintended curriculum. 1. Recommended Curriculum- Most of the school curricula are recommended. The curriculum may come from a national agency like the Department of Education, Commission on Higher Education (CHED), Department of Science and Technology (DOST) or any professional organization who has stake in education. For example the Philippine Association for Teacher Education (PAFTE) or the Biology Teacher Association (BIOTA) may recommend a curriculum to be implemented in the elementary or secondary education. 2. Written Curriculum- This includes documents, course of study or syllabi handed down to the schools, districts, division, departments or colleges for implementation. Most of the written curricula are made by curriculum experts with participation of teachers. These were pilot-tested or tried out in sample schools or population. Example of this is the Basic Education Curriculum (BEC). Another example is the written lesson plan of each classroom teacher made up of objectives and planned activities of the teacher. 3. Taught Curriculum- The different planned activities which are put into action in the classroom compose the taught curriculum. These are varied activities that are implemented in order to arrive at the objectives or purposes of the written curriculum. These are used by the learners with the guidance of teachers. Taught curriculum varies according to the learning styles of students and the teaching styles of teachers. 4. Supported Curriculum- In order to have a successful teaching, other than the teacher, there must be materials which should support or help in the implementation of a written curriculum. These refer to the support curriculum that includes material resources such as textbooks, computers, audio-visual materials, laboratory equipment, playgrounds, zoos and other facilities. Support curriculum should enable each learner to achieve real and lifelong learning. 5. Assessed Curriculum- This refers to a tested or evaluated curriculum. At the duration and end of the teaching episodes, series of evaluations are being done by the teachers to determine the extent of teaching or to tell if the students are progressing. This refers to the assessed curriculum. Assessment tools like pencil-and-paper tests, authentic instruments like portfolio are being utilized. 6. Learned Curriculum- This refers the learning outcomes achieved by the students. Learning outcomes are indicated by the results of the tests and changes in behavior which can either be cognitive, affective or psychomotor. 7. Hidden Curriculum- This is the unintended curriculum which is not deliberately planned but may modify behavior or influenced learning outcomes. There are lots of hidden curricula that transpire in the schools. Peer influence, school environment, physical condition, teacher-learner interaction, mood of the teachers and many other factors made up the hidden curriculum.

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