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The Golden mean is a vital facet of Aristotle’s' virtue theory so it is important that it is understood and can be easily applied to any question.
The virtues that surround Aristotle’s ethics are to be found within the Golden mean, which involves finding the balance between two means.
Aristotle believed this was the best way to live in society, as extremes of character are unhelpful for example someone who is too assertive can cause for others to lose their confidence.
Aristotle always said the virtue is to be found between two vices each of which involves either an excess or deficiency of the true virtue an example of this would be: if you were to witness a robbery the coward does not have enough courage and thus would do nothing, the foolhardy just runs into danger regardless of the situation, whereas the person who holds the mean (courage) will be act in the most virtuous way.
VICE OF DEFICIENCY MEAN VICE OF EXCESS
COWARDICE COURAGE RASHNESS
Aristotle said that the difference between virtue and vice in both emotions and actions was a matter of balance and extremes. However it is not as simple as just applying the virtue, one must apply phronesis (practical wisdom) in order to decide on the best course of action depending on the situation. Phronesis according to Aristotle is gained as we grow up and move away from rules and subsequently allows us to adapt to a more autonomous, person-centered and virtue-centered morality.
Within this question it is important to use examples as not only does it show the examiner you not what you are talking about but also it often paints a picture in your own mind and makes the content easier to understand. Furthermore, the use of technical terms such as "phronesis" allows the examiner to differentiate you as a higher-level student and subsequently pushes you into a higher-level band.see more
The Average Rate of Return or ARR is one of three types of investment appraisal that are often asked in the form of a 10 mark question. A question that involves these calculations are often very badly answered across the country and subsequently being able to do them puts you in a very strong position.
Now, the ARR method basically looks at the total accounting return for a project to ultimately see if it meets the target return.
An important component of these questions is to not get put off by the large numerical figures instead go through the questions systematically as often they are very easy.
ARR is an equation which needs to be remembered but don't panic, it is very simple:
ARR (%) - Total net profit / no of years
In order to understand the arithmetic, consider an item of capital (e.g. a machine) which will cost £ 1 million to purchase, is expected to last 5 years, and will produce an annual net cash flow of £ 0.5 million.
Net Profit = £500,000 (annual profit) x 5 (no of years) = £2.5 million - 1 million (initial investment)
.... gives us the total net profit of £1.5 million
£1.5million (net profit) / 5 (no of years) = 300,000
300,000 / 1 million ( initial cost) = 0.3
0.3 x 100 = an ARR of 30%
Some of this may seem confusing but believe me once you get to grasp with it, you'll be willing for one of these questions to come up as they will be guaranteed marks.see more