1.
Goods and services
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Physiocratic economists categorized production into productive labour and unproductive labour. This emphasis on production was adapted by David Ricardo, Thomas Robert Malthus and John Stuart Mill. Other, mainly Italian, 18th century economists maintained that all desired goods, the division of consumables into services is a simplification, these are not discrete categories. Most business theorists see a continuum with pure service at one endpoint, most products fall between these two extremes. For example, a restaurant provides a good, but also provides services in the form of ambience. Although some utilities, such as electricity and communications service providers, exclusively provide services, other utilities deliver physical goods, for public sector contracting purposes in the European Union, electricity supply is actually defined as goods rather than services. Goods are normally structural and can be transferred in an instant while services are delivered over a period of time, goods can be returned while a service once delivered cannot. Goods are not always tangible and may be virtual e. g. a book may be paper or electronic, marketing theory makes use of the service-goods continuum as an important concept which enables marketers to see the relative goods/services composition of total products. In a narrower sense, service refers to quality of customer service and this particular usage occurs frequently in retailing. Distinctions are made between goods and services in the context of international trade liberalization, for example, the World Trade Organizations General Agreement on Tariffs and Trade covers international trade in goods and the General Aglreement on Trade in Services covers the services sector
2.
System
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A system is a set of interacting or interdependent component parts forming a complex or intricate whole. Every system is delineated by its spatial and temporal boundaries, surrounded and influenced by its environment, described by its structure and purpose and expressed in its functioning. Alternatively, and usually in the context of social systems. The term system comes from the Latin word systēma, in turn from Greek σύστημα systēma, whole compounded of several parts or members, system, according to Marshall McLuhan, System means something to look at. You must have a high visual gradient to have systematization. In philosophy, prior to Descartes, there was no system, in the 19th century the French physicist Nicolas Léonard Sadi Carnot, who studied thermodynamics, pioneered the development of the concept of a system in the natural sciences. In 1824 he studied the system which he called the substance in steam engines. The working substance could be put in contact with either a boiler, in 1850, the German physicist Rudolf Clausius generalized this picture to include the concept of the surroundings and began to use the term working body when referring to the system. The biologist Ludwig von Bertalanffy became one of the pioneers of the systems theory. Norbert Wiener and Ross Ashby, who pioneered the use of mathematics to study systems, in the 1980s John H. Holland, Murray Gell-Mann and others coined the term complex adaptive system at the interdisciplinary Santa Fe Institute. Environment and boundaries Systems theory views the world as a system of interconnected parts. One scopes a system by defining its boundary, this means choosing which entities are inside the system, one can make simplified representations of the system in order to understand it and to predict or impact its future behavior. These models may define the structure and behavior of the system, Natural and human-made systems There are natural and human-made systems. Natural systems may not have an apparent objective but their behavior can be interpreted as purposefull by an observer, human-made systems are made to satisfy an identified and stated need with purposes that are achieved by the delivery of wanted outputs. Their parts must be related, they must be designed to work as a coherent entity – otherwise they would be two or more distinct systems, Theoretical framework An open system exchanges matter and energy with its surroundings. Most systems are open systems, like a car, a coffeemaker, a closed system exchanges energy, but not matter, with its environment, like Earth or the project Biosphere2 or 3. An isolated system exchanges neither matter nor energy with its environment, a theoretical example of such system is the Universe. Inputs are consumed, outputs are produced, the concept of input and output here is very broad
3.
International trade
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International trade is the exchange of capital, goods, and services across international borders or territories. It is the exchange of goods and services among nations of the world, in most countries, such trade represents a significant share of gross domestic product. While international trade has existed throughout history, its economic, social, trading globally gives consumers and countries the opportunity to be exposed to new markets and products. Almost every kind of product can be found on the market, food, clothes, spare parts, oil, jewellery, wine, stocks, currencies. Services are also traded, tourism, banking, consulting and transportation, a product that is sold to the global market is an export, and a product that is bought from the global market is an import. Imports and exports are accounted for in a current account in the balance of payments. Industrialization, advanced technology, including transportation, globalization, multinational corporations, increasing international trade is crucial to the continuance of globalization. Without international trade, nations would be limited to the goods, the main difference is that international trade is typically more costly than domestic trade. Another difference between domestic and international trade is that factors of such as capital and labor are typically more mobile within a country than across countries. Thus international trade is restricted to trade in goods and services. Trade in goods and services can serve as a substitute for trade in factors of production, instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example is the import of goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor, International trade is also a branch of economics, which, together with international finance, forms the larger branch called international economics. The history of international trade chronicles notable events that have affected the trade between various economies, there are several models which seek to explain the factors behind international trade, the welfare consequences of trade and the pattern of trade. </ref></ref>==Largest countries by total international trade== Source, International Trade Centre President George W. Bush observed World Trade Week on May 18,2001, mcKenzie, Lionel W. Specialization and Efficiency in World Production. A Ricardo-Sraffa Paradigm Comparing the Gains from Trade in Inputs and Finished Goods, the definitions and methodological concepts applied for the various statistical collections on international trade often differ in terms of definition and coverage. Metadata providing information on definitions and methods are published along with the data. Ptas. mcgill. ca Historical documents on international trade available on FRASER
4.
Latin
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Latin is a classical language belonging to the Italic branch of the Indo-European languages. The Latin alphabet is derived from the Etruscan and Greek alphabets, Latin was originally spoken in Latium, in the Italian Peninsula. Through the power of the Roman Republic, it became the dominant language, Vulgar Latin developed into the Romance languages, such as Italian, Portuguese, Spanish, French, and Romanian. Latin, Italian and French have contributed many words to the English language, Latin and Ancient Greek roots are used in theology, biology, and medicine. By the late Roman Republic, Old Latin had been standardised into Classical Latin, Vulgar Latin was the colloquial form spoken during the same time and attested in inscriptions and the works of comic playwrights like Plautus and Terence. Late Latin is the language from the 3rd century. Later, Early Modern Latin and Modern Latin evolved, Latin was used as the language of international communication, scholarship, and science until well into the 18th century, when it began to be supplanted by vernaculars. Ecclesiastical Latin remains the language of the Holy See and the Roman Rite of the Catholic Church. Today, many students, scholars and members of the Catholic clergy speak Latin fluently and it is taught in primary, secondary and postsecondary educational institutions around the world. The language has been passed down through various forms, some inscriptions have been published in an internationally agreed, monumental, multivolume series, the Corpus Inscriptionum Latinarum. Authors and publishers vary, but the format is about the same, volumes detailing inscriptions with a critical apparatus stating the provenance, the reading and interpretation of these inscriptions is the subject matter of the field of epigraphy. The works of several hundred ancient authors who wrote in Latin have survived in whole or in part and they are in part the subject matter of the field of classics. The Cat in the Hat, and a book of fairy tales, additional resources include phrasebooks and resources for rendering everyday phrases and concepts into Latin, such as Meissners Latin Phrasebook. The Latin influence in English has been significant at all stages of its insular development. From the 16th to the 18th centuries, English writers cobbled together huge numbers of new words from Latin and Greek words, dubbed inkhorn terms, as if they had spilled from a pot of ink. Many of these words were used once by the author and then forgotten, many of the most common polysyllabic English words are of Latin origin through the medium of Old French. Romance words make respectively 59%, 20% and 14% of English, German and those figures can rise dramatically when only non-compound and non-derived words are included. Accordingly, Romance words make roughly 35% of the vocabulary of Dutch, Roman engineering had the same effect on scientific terminology as a whole
5.
Caduceus
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The caduceus is the staff carried by Hermes Trismegistus in Greco-Egyptian mythology and Hermes in Greek mythology. The same staff was also borne by heralds in general, for example by Iris and it is a short staff entwined by two serpents, sometimes surmounted by wings. C. to 3000 B. C. As a symbolic object, it represents Hermes, and by extension trades, occupations, in later Antiquity, the caduceus provided the basis for the astrological symbol representing the planet Mercury. Thus, through its use in astrology and alchemy, it has come to denote the elemental metal of the same name and it is said the wand would wake the sleeping and send the awake to sleep. If applied to the dying, their death was gentle, if applied to the dead and this association is ancient, and consistent from the Classical period to modern times. The caduceus is also used as a symbol representing printing, again by extension of the attributes of Mercury, the term kerukeion denoted any heralds staff, not necessarily associated with Hermes in particular. In his study of the cult of Hermes, Lewis Richard Farnell assumed that the two snakes had simply developed out of ornaments of the crook used by heralds as their staff. This view has been rejected by later authors pointing to parallel iconography in the Ancient Near East and it has been argued that the staff or wand entwined by two snakes was itself representing a god in the pre-anthropomorphic era. Like the herm or priapus, it would thus be a predecessor of the anthropomorphic Hermes of the classical era, william Hayes Ward discovered that symbols similar to the classical caduceus sometimes appeared on Mesopotamian cylinder seals. He suggested the symbol originated some time between 3000 and 4000 BCE, and that it might have been the source of the Greek caduceus. From this perspective, the caduceus was originally representative of Hermes himself, in his form as the Underworld god Ningishzida. The caduceus is mentioned in passing by Walter Burkert as really the image of copulating snakes taken over from Ancient Near Eastern tradition, in Egyptian iconography, the Djed pillar is depicted as containing a snake in a frieze of the Dendera Temple complex. The caduceus also appears as a symbol of the coins of the Maurya Empire in India. Numismatic research suggest that this symbol was the symbol of the Buddhist king Ashoka, the Homeric hymn to Hermes relates how Hermes offered his lyre fashioned from a tortoise shell as compensation for the cattle he stole from his half brother Apollo. Apollo in return gave Hermes the caduceus as a gesture of friendship, the association with the serpent thus connects Hermes to Apollo, as later the serpent was associated with Asclepius, the son of Apollo. The association of Apollo with the serpent is a continuation of the older Indo-European dragon-slayer motif, one Greek myth of origin of the caduceus is part of the story of Tiresias, who found two snakes copulating and killed the female with his staff. Tiresias was immediately turned into a woman, and so remained until he was able to repeat the act with the male snake seven years later and this staff later came into the possession of the god Hermes, along with its transformative powers. Another myth suggests that Hermes saw two serpents entwined in mortal combat, separating them with his wand he brought about peace between them, and as a result the wand with two serpents came to be seen as a sign of peace
6.
Mercury (mythology)
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Mercury is a major Roman god, being one of the Dii Consentes within the ancient Roman pantheon. He is the god of financial gain, commerce, eloquence, messages/communication, travelers, boundaries, luck, trickery and thieves. He was considered the son of Maia and Jupiter in Roman mythology, in his earliest forms, he appears to have been related to the Etruscan deity Turms, both gods share characteristics with the Greek god Hermes. He is often depicted holding the caduceus in his left hand, similar to his Greek equivalent he was awarded the caduceus by Apollo who handed him a magic wand, which later turned into the caduceus. Mercury did not appear among the di indigetes of early Roman religion. Rather, he subsumed the earlier Dei Lucrii as Roman religion was syncretized with Greek religion during the time of the Roman Republic, starting around the 4th century BC. He was often accompanied by a cockerel, herald of the new day, a ram or goat, symbolizing fertility, like Hermes, he was also a god of messages, eloquence and of trade, particularly of the grain trade. Mercury was also considered a god of abundance and commercial success, particularly in Gaul and he was also, like Hermes, the Romans psychopomp, leading newly deceased souls to the afterlife. Additionally, Ovid wrote that Mercury carried Morpheus dreams from the valley of Somnus to sleeping humans, archeological evidence from Pompeii suggests that Mercury was among the most popular of Roman gods. The god of commerce was depicted on two bronze coins of the Roman Republic, the Sextans and the Semuncia. This is probably because in the Roman syncretism, Mercury was equated with the Celtic god Lugus, Romans associated Mercury with the Germanic god Wotan, by interpretatio Romana, 1st-century Roman writer Tacitus identifies him as the chief god of the Germanic peoples. The Romans also made use of small statues of Mercury. Mercurius Arvernus, a syncretism of the Celtic Arvernus with Mercury, Mercurius Cimbrianus, a syncretism of Mercury with a god of the Cimbri sometimes thought to represent Odin. Mercurius Cissonius, a combination of Mercury with the Celtic god Cissonius, Mercurius Esibraeus, a syncretism of the Iberian deity Esibraeus with the Roman deity Mercury. Esibraeus is mentioned only in an inscription found at Medelim, Portugal, and is possibly the deity as Banda Isibraiegus. Mercurius Gebrinius, a syncretism of Mercury with the Celtic or Germanic Gebrinius, known from an inscription on an altar in Bonn, Mercurius Moccus, from a Celtic god, Moccus, who was equated with Mercury, known from evidence at Langres, France. The name Moccus implies that this deity was connected to boar-hunting, Mercurius Visucius, a syncretism of the Celtic god Visucius with the Roman god Mercury, attested in an inscription from Stuttgart, Germany. Visucius was worshiped primarily in the area of the empire in Gaul
7.
Financial transaction
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A financial transaction is an agreement, communication, or movement carried out between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals, the buyer and seller are separate entities or objects, often involving the exchange of items of value, such as information, goods, services, and money. It is still a transaction if the goods are exchanged at one time, and this is known as a two-part transaction, part one is giving the money, part two is receiving the goods. In ancient times non-financial transactions were conducted through systems of credit, in which goods. Credit has certain disadvantages, including the requirement that traders or their intermediaries trust one another, debts must eventually be settled either with goods or by payment of money, a substance of agreed value such as gold and silver. Systems of credit are evident throughout recorded history and from archeology, by contrast little evidence has been found of widespread use of pure barter, where traders meet face to face and transactions are completed in a single swap. In 1997,1.3 billion US dollars were exchanged per day on the exchange market. The world financial transactions have jumped from 1.1 quadrillion US dollars in 2002 to 2.2 quadrillion US dollars in 2008 and this is the most common type of financial transaction. An item or goods are exchanged for money and this transaction results in a decrease in the finances of the purchaser and an increase in the benefits of the sellers. The smaller delayed repayments usually add up to more than the first large amount, the difference in payments is called interest. Here, money is given for not any specific reason and this is a combined loan and purchase in which a lender gives a large amount of money to a borrower for the specific purpose of purchasing a very expensive item. As part of the transaction, the borrower usually agrees to give the item to the if the loan is not paid back on time. This guarantee of repayment is known as collateral, a bank is a business that is based almost entirely on financial transactions. In addition to acting as a lender for loans and mortgages, the lender is known as a customer and gives unspecified amounts of money to the bank for unspecified amounts of time. The bank agrees to repay any amount in the account at any time, in addition, the bank guarantees that the money will not be stolen while it is in the account and will reimburse the customer if it is. In return, the bank gets to use the money for financial transactions as long as they hold it. This is a combination of a purchase and a loan. The seller gives the buyer the good or item as normal, in this way, the buyer is paying with a loan from the credit card company, usually a bank
8.
Prehistory
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Prehistory means literally before history, from the Latin word for before, præ, and Greek ιστορία. Neighbouring civilisations were the first to follow, most other civilisations reached the end of prehistory during the Iron Age. The period when a culture is written about by others, but has not developed its own writing is known as the protohistory of the culture. By definition, there are no records from human prehistory. Clear techniques for dating were not well-developed until the 19th century and this article is concerned with human prehistory as defined here above. There are separate articles for the history of the Earth. However, for the race as a whole, prehistory ends when recorded history begins with the accounts of the ancient world around the 4th millennium BC. For example, in Egypt it is accepted that prehistory ended around 3200 BC, whereas in New Guinea the end of the prehistoric era is set much more recently. The three-age system is the periodization of prehistory into three consecutive time periods, named for their respective predominant tool-making technologies, Stone Age Bronze Age Iron Age. The notion of prehistory began to surface during the Enlightenment in the work of antiquarians who used the word primitive to describe societies that existed before written records, the first use of the word prehistory in English, however, occurred in the Foreign Quarterly Review in 1836. The main source for prehistory is archaeology, but some scholars are beginning to more use of evidence from the natural and social sciences. This view has been articulated by advocates of deep history, human population geneticists and historical linguists are also providing valuable insight for these questions. Human prehistory differs from history not only in terms of its chronology, restricted to material processes, remains and artifacts rather than written records, prehistory is anonymous. Because of this, reference terms that use, such as Neanderthal or Iron Age are modern labels with definitions sometimes subject to debate. Palaeolithic means Old Stone Age, and begins with the first use of stone tools, the Paleolithic is the earliest period of the Stone Age. The early part of the Palaeolithic is called the Lower Palaeolithic, evidence of control of fire by early humans during the Lower Palaeolithic Era is uncertain and has at best limited scholarly support. The most widely accepted claim is that H. erectus or H. ergaster made fires between 790,000 and 690,000 BP in a site at Bnot Yaakov Bridge, Israel. The use of fire enabled early humans to cook food, provide warmth, Early Homo sapiens originated some 200,000 years ago, ushering in the Middle Palaeolithic
9.
Trade
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Trade, or commerce, involves the transfer of goods or services from one person or entity to another, often in exchange for money. A network that allows trade is called a market, the original form of trade, barter, saw the direct exchange of goods and services for other goods and services. Barter is trading things without the use of money, later one side of the barter started to involve precious metals, which gained symbolic as well as practical importance. Modern traders generally negotiate through a medium of exchange, such as money, as a result, buying can be separated from selling, or earning. The invention of money greatly simplified and promoted trade, Trade between two traders is called bilateral trade, while trade between more than two traders is called multilateral trade. Trade exists due to the specialization and division of labor, in which most people concentrate on an aspect of production. As such, trade at prices between locations can benefit both locations. Trade originated with human communication in prehistoric times, trading was the main facility of prehistoric people, who bartered goods and services from each other before the innovation of modern-day currency. Peter Watson dates the history of commerce from circa 150,000 years ago. In the Mediterranean region the earliest contact between cultures were of members of the species Homo sapiens principally using the Danube river, at a time beginning 35–30,000 BCE, Trade is believed to have taken place throughout much of recorded human history. There is evidence of the exchange of obsidian and flint during the stone age, Trade in obsidian is believed to have taken place in Guinea from 17,000 BCE. The earliest use of obsidian in the Near East dates to the Lower, Trade in the stone age was investigated by Robert Carr Bosanquet in excavations of 1901. Trade is believed to have first begun in south west Asia, obsidian was traded at distances of 900 kilometres within the Mediterranean region. Trade in the Mediterranean during the Neolithic of Europe was greatest in this material, networks were in existence at around 12,000 BCE Anatolia was the source primarily for trade with the Levant, Iran and Egypt according to Zarins study of 1990. Melos and Lipari sources produced among the most widespread trading in the Mediterranean region as known to archaeology, the Sari-i-Sang mine in the mountains of Afghanistan was the largest source for trade of Lapis Lazuli. The material was most largely traded during the Kassite period of Babylonia beginning 1595 BCE, ebla was a prominent trading centre during the third millennia, with a network reaching into Anatolia and north Mesopotamia. Materials used for creating jewelry were traded with Egypt since 3000 BCE, long-range trade routes first appeared in the 3rd millennium BCE, when Sumerians in Mesopotamia traded with the Harappan civilization of the Indus Valley. The Phoenicians were noted sea traders, traveling across the Mediterranean Sea, for this purpose they established trade colonies the Greeks called emporia
10.
Timeline of international trade
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The history of international trade chronicles notable events that have affected the trade between various countries. In the 21st century, China, the European Union and the United States are the three largest trading markets in the world, records from the 19th century BCE attest to the existence of an Assyrian merchant colony at Kanesh in Cappadocia. The domestication of camel allows Arabian nomads to control long distance trade in spices, the Egyptians trade in the Red sea, importing spices from the Land of Punt and from Arabia. Indian goods are brought in Arabian vessels to Aden, the ships of Tarshish, a Tyrian fleet equipped at Ezion Geber, make several trading voyages to the East bringing back gold, silver, ivory and precious stones. Tiglath-Pileser III attacks Gaza in order to trade along the Incense Route. The Greek Ptolemaic dynasty exploits trading opportunities with India prior to the Roman involvement, the cargo from the India and Egypt trade is shipped to Aden. With the establishment of Roman Egypt, the Romans initiate trade with India, the goods from the East African trade are landed at one of the three main Roman ports, Arsinoe, Berenice or Myos Hormos. Myos Hormos and Berencie appear to have been important ancient trading ports, gerrha controls the Incense trade routes across Arabia to the Mediterranean and exercises control over the trading of aromatics to Babylon in the 1st century BC. Additionally, it served as a port of entry for goods shipped from India to the East, due to its prominent position in the incense trade, Yemen attracts settlers from the fertile crescent. Pre-Islamic Meccans use the old Incense Route to benefit from the heavy Roman demand for luxury goods, in Java and Borneo, the introduction of Indian culture creates a demand for aromatics. These trading outposts later serve the Chinese and Arab markets, following the demise of the incense trade Yemen takes to the export of coffee via the Red Sea port of al-Mocha. The Abbasids use Alexandria, Damietta, Aden and Siraf as entry ports to India, at the eastern terminus of the Silk Road, the Tang Dynasty Chinese capital at Changan becomes a major metropolitan center for foreign trade, travel, and residence. This role would be assumed by Kaifeng and Hangzhou during the Song Dynasty, guangzhou was Chinas greatest international seaport during the Tang Dynasty, but its importance was eclipsed by the international seaport of Quanzhou during the Song Dynasty. Merchants arriving from India in the city of Aden pay tribute in form of musk, camphor, ambergris and sandalwood to Ibn Ziyad. Indian exports of spices find mention in the works of Ibn Khurdadhbeh, al-Ghafiqi, Ishak bin Imaran, the Hanseatic League secures trading privileges and market rights in England for goods from the Leagues trading cities in 1157. Due to the Turkish hold on the Levant during the half of the 15th century the traditional Spice Route shifts from the Persian Gulf to the Red Sea. In 1492 a Spanish expedition commanded by Christopher Columbus arrive in America, Portuguese diplomat Pero da Covilha undertakes a mission to explore the trade routes of the Near East and the adjoining regions of Asia and Africa. The exploration commenced from Santarém to Barcelona, Naples, Alexandria, Cairo, Portuguese explorer and adventurer Vasco da Gama is credited with establishing another sea route from Europe to India
11.
Currency
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A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, under this definition, US dollars, British pounds, Australian dollars, and European euros are examples of currency. These various currencies are recognized stores of value and are traded between nations in exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance, other definitions of the term currency are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the systems of nations, is the topic of this article. Currencies can be classified into two systems, fiat money and commodity money, depending on what guarantees the value. Some currencies are legal tender in certain jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value, digital currency has arisen with the popularity of computers and the Internet. Currency evolved from two basic innovations, both of which had occurred by 2000 BC, originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities and this formed the basis of trade in the Fertile Crescent for over 1500 years. Trade could only reach as far as the credibility of that military and it is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end. In Africa, many forms of value store have been used, including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, and in many various forms of barter still apply. These factors led to the metal itself being the store of value, first silver, now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins and this was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they created a new unit of account. Most major economies using coinage had several tiers of coins, using a mix of copper, silver, gold coins were used for large purchases, payment of the military and backing of state activities, they were more often used as measures of account than physical coins
12.
Money
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The main functions of money are distinguished as, a medium of exchange, a unit of account, a store of value, and, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money, Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender, the money supply of a country consists of currency and, depending on the particular definition used, one or more types of bank money. Bank money, which consists only of records, forms by far the largest part of money in developed countries. The word money is believed to originate from a temple of Juno, in the ancient world Juno was often associated with money. The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located, the name Juno may derive from the Etruscan goddess Uni and Moneta either from the Latin word monere or the Greek word moneres. In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning in kind. The use of methods may date back to at least 100,000 years ago. Instead, non-monetary societies operated largely along the principles of gift economy, when barter did in fact occur, it was usually between either complete strangers or potential enemies. Many cultures around the world eventually developed the use of commodity money, the Mesopotamian shekel was a unit of weight, and relied on the mass of something like 160 grains of barley. The first usage of the came from Mesopotamia circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used shell money – often, according to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. It is thought by scholars that these first stamped coins were minted around 650–600 BC. The system of commodity money eventually evolved into a system of representative money and this occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. Eventually, these became generally accepted as a means of payment and were used as money. Paper money or banknotes were first used in China during the Song Dynasty and these banknotes, known as jiaozi, evolved from promissory notes that had been used since the 7th century. However, they did not displace commodity money, and were used alongside coins, in the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck
13.
Numismatist
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Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. Early money used by people is referred to as Odd and Curious, the Kyrgyz people used horses as the principal currency unit and gave small change in lambskins, the lambskins may be suitable for numismatic study, but the horse is not. Many objects have been used for centuries, such as shells, precious metals, cocoa beans, large stones. Today, most transactions take place by a form of payment with either inherent, standardized, Numismatic value may be used to refer to the value in excess of the monetary value conferred by law, which is known as the collector value. Economic and historical studies of use and development are an integral part of the numismatists study of moneys physical embodiment. First attested in English 1829, the word comes from the adjective numismatic. It was borrowed in 1792 from French numismatiques, itself a derivation from Late Latin numismatis, genitive of numisma, throughout its history, money itself has been made to be a scarce good, although it does not have to be. Many materials have been used to form money, from naturally scarce precious metals and cowry shells through cigarettes to entirely artificial money, called fiat money, many complementary currencies use time as a unit of measure, using mutual credit accounting that keeps the balance of money intact. Modern money is essentially a token – an abstraction, paper currency is perhaps the most common type of physical money today. However, goods such as gold or silver retain many of the properties of money, such as volatility. However, these goods are not controlled by one single authority, coin collecting may have existed in ancient times. Caesar Augustus gave coins of every device, including old pieces of the kings, petrarch, who wrote in a letter that he was often approached by vinediggers with old coins asking him to buy or to identify the ruler, is credited as the first Renaissance collector. Petrarch presented a collection of Roman coins to Emperor Charles IV in 1355, the first book on coins was De Asse et Partibus by Guillaume Budé. During the early Renaissance ancient coins were collected by European royalty and nobility, Numismatics is called the Hobby of Kings, due to its most esteemed founders. Professional societies organized in the 19th century, the Royal Numismatic Society was founded in 1836 and immediately began publishing the journal that became the Numismatic Chronicle. The American Numismatic Society was founded in 1858 and began publishing the American Journal of Numismatics in 1866, in 1931 the British Academy launched the Sylloge Nummorum Graecorum publishing collections of Ancient Greek coinage. The first volume of Sylloge of Coins of the British Isles was published in 1958, after World War II in Germany a project, Fundmünzen der Antike was launched, to register every coin found within Germany. This idea found successors in many countries, in the United States, the US mint established a coin Cabinet in 1838 when chief coiner Adam Eckfeldt donated his personal collection
14.
Coin
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A coin is a small, flat, round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in quantities at a mint in order to facilitate trade. They are most often issued by a government, Coins are usually metal or alloy, or sometimes made of synthetic materials. Coins made of metal are stored in large quantities as bullion coins. Other coins are used as money in transactions, circulating alongside banknotes. Usually the highest value coin in circulation is less than the lowest-value note. In the last hundred years, the value of circulation coins has occasionally been lower than the value of the metal they contain. Exceptions to the rule of face value being higher than content value also occur for some bullion coins made of copper, silver, or gold, while the Eagle, Maple Leaf, and Sovereign coins have nominal face values, the Krugerrand does not. The first coins were developed independently in Iron Age Anatolia and Archaic Greece, India, Coins spread rapidly in the 6th and 5th centuries BCE, throughout Greece and Persia, and further to the Balkans. Standardized Roman currency was used throughout the Roman Empire, important Roman gold and silver coins were continued into the Middle Ages. Fiat money first arose in medieval China, with the paper money. Early paper money was introduced in Europe in the later Middle Ages, the penny was minted as a silver coin until the 17th century. The first circulating United States coins were cents, produced in 1793, Coins were an evolution of currency systems of the Late Bronze Age, where standard-sized ingots, and tokens such as knife money, were used to store and transfer value. In the late Chinese Bronze Age, standardized cast tokens were made and these were replicas in bronze of earlier Chinese currency, cowrie shells, so they were named Bronze Shell. According to Aristotle and Pollux, the first issuer of coins was Hermodike of Kyme The earliest coins are associated with Iron Age Anatolia. Early electrum coins were not standardized in weight, and in their earliest stage may have been ritual objects, such as badges or medals, issued by priests. The first Lydian coins were made of electrum, a naturally occurring alloy of silver, most of the early Lydian coins include no writing, only an image of a symbolic animal. Anatolian Artemis was the Πὀτνια Θηρῶν, whose symbol was the stag, a small percentage of early Lydian/Greek coins have a legend
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Precious metal
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A precious metal is a rare, naturally occurring metallic chemical element of high economic value. Chemically, the precious metals tend to be less reactive than most elements and they are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment, Gold, silver, platinum, and palladium each have an ISO4217 currency code. The best known precious metals are the metals, gold. Although both have industrial uses, they are known for their uses in art, jewelry, fine jewelry. Other precious metals include the platinum metals, ruthenium, rhodium, palladium, osmium, iridium. The demand for metals is driven not only by their practical use but also by their role as investments. Historically, precious metals have commanded much higher prices than common industrial metals, a metal is deemed to be precious if it is rare. The discovery of new sources of ore or improvements in mining or refining processes may cause the value of a metal to diminish. The status of a metal can also be determined by high demand or market value. Precious metals in bulk form are known as bullion and are traded on commodity markets, bullion metals may be cast into ingots or minted into coins. The defining attribute of bullion is that it is valued by its mass, the level of purity varies from issue to issue. The purest mass-produced bullion coins are in the Canadian Gold Maple Leaf series, a 100% pure bullion is nearly impossible, as the percentage of impurities diminishes, it becomes progressively more difficult to purify the metal further. Historically, coins had an amount of weight of alloy. The Krugerrand is the first modern example of measuring in pure gold, other bullion coins show neither the purity nor the fine-gold weight on the coin but are recognized and consistent in their composition. Many coins historically showed a denomination in currency, although nominally issued as legal tender, these coins face value as currency is far below that of their value as bullion. For instance, Canada mints a gold coin at a face value of $50 containing one troy ounce of gold—as of May 2011. Bullion coins minting by national governments gives them some numismatic value in addition to their bullion value, one of the largest bullion coins in the world was the 10, 000-dollar Australian Gold Nugget coin minted in Australia which consists of a full kilogram of 99. 9% pure gold
16.
Barter
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Barter is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is distinguishable from gift economies in many ways, one of them is that the exchange is immediate. It is usually bilateral, but may be multilateral and, in most developed countries, usually only exists parallel to monetary systems to a very limited extent. Barter, as a replacement for money as the method of exchange, is used in times of monetary crisis, examples include the Owenite socialists, the Cincinnati Time store, and more recently Ithaca HOURS and the LETS system. Adam Smith, the father of economics, sought to demonstrate that markets pre-existed the state. He argued that money was not the creation of governments, markets emerged, in his view, out of the division of labour, by which individuals began to specialize in specific crafts and hence had to depend on others for subsistence goods. These goods were first exchanged by barter, specialization depended on trade, but was hindered by the double coincidence of wants which barter requires, i. e. for the exchange to occur, each participant must want what the other has. To complete this hypothetical history, craftsmen would stockpile one particular good, be it salt or metal and this is the origin of money according to Smith. Money, as a universally desired medium of exchange, allows each half of the transaction to be separated, Barter is characterized in Adam Smiths The Wealth of Nations by a disparaging vocabulary, higgling, haggling, swapping, dickering. It has also characterized as negative reciprocity, or selfish profiteering. Anthropologists have argued, in contrast, that something resembling barter does occur in stateless societies it is almost always between strangers. Barter occurred between strangers, not fellow villagers, and hence cannot be used to explain the origin of money without the state. Since most people engaged in trade knew each other, exchange was fostered through the extension of credit, everyday exchange relations in such societies are characterized by generalized reciprocity, or a non-calculative familial communism where each takes according to their needs, and gives as they have. Barter is an option to those who cannot afford to store their small supply of wealth in money, the limitations of barter are often explained in terms of its inefficiencies in facilitating exchange in comparison to money. It is said that barter is inefficient because, There needs to be a coincidence of wants For barter to occur between two parties, both parties need to have what the other wants. Difficulty in storing wealth If a society relies exclusively on perishable goods, however, some barter economies rely on durable goods like pigs or cattle for this purpose. Other anthropologists have questioned whether barter is typically between total strangers, a form of known as silent trade. Silent trade, also called silent barter, dumb barter, or depot trade, is a method by which traders who cannot speak each language can trade without talking
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Double coincidence of wants
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The problem is caused by the improbability of the wants, needs, or events that cause or motivate a transaction occurring at the same time and the same place. One example is the bar musician who is paid with liquor or food, items which his landlord will not accept as rent payment, when the musician would rather have a months shelter. If, instead, the landlord were to throw a party and desire music for it, hiring the musician to play it by offering the months rent in exchange. In-kind transactions have several limitations, most notably timing constraints, if you wish to trade fruit for wheat, you can only do this when the fruit and wheat are both available at the same time and place. That may be a brief time, or it may be never. With a medium of exchange you can sell your fruit when it is ripe and take the medium of exchange, then use that to buy wheat when it is harvested, without the need for a coincidence of wants. Besides barter, other kinds of transactions also suffer from the coincidence of wants problem in the absence of a medium of exchange. All of these require an improbable coincidence of wants and events. William Stanley Jevons and Ross M. Starr use the double coincidence of wants for the same concept. W. S. Jevons, Money and the Mechanism of Exchange, Chapter 1, carl Menger, On the Origin of Money Nobuhiro Kiyotaki and Randall Wright, On money as a medium of exchange, Journal of Political Economy 97, pp. 927–54
18.
Capital (economics)
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In economics, capital goods, real capital, or capital assets are already-produced, durable goods or any non-financial asset that is used in production of goods or services. Adam Smith defines capital as That part of a stock which he expects to afford him revenue. The term stock is derived from the Old English word for stump or tree trunk and it has been used to refer to all the moveable property of a farm since at least 1510. In Middle Ages France contracted leases and loans bearing interest specified payment, how a capital good is maintained or returned to its pre-production state varies with the type of capital involved. In most cases capital is replaced after a period as newer forms of capital make continued use of current capital non profitable. It is also possible that advances make a form of capital practical again. Capital is distinct from land in that capital can be increased by human labor, at any given moment in time, total physical capital may be referred to as the capital stock. Capital is an input in the production function, homes and personal autos are not usually defined as capital but as durable goods because they are not used in a production of saleable goods and services. In Marxist political economy, capital is used to buy something only in order to sell it again to realize a financial profit. In more contemporary schools of economics, this form of capital is referred to as financial capital and is distinguished from capital goods. Classical and neoclassical economics regard capital as one of the factors of production, all other inputs to production are called intangibles in classical economics. This includes organization, entrepreneurship, knowledge, goodwill, or management and this is what makes it a factor of production, The good is not used up immediately in the process of production unlike raw materials or intermediate goods. The good can be produced or increased and these distinctions of convenience have carried over to contemporary economic theory. There was the clarification that capital is a stock. As such, its value can be estimated at a point in time, by contrast, investment, as production to be added to the capital stock, is described as taking place over time, thus a flow. Since at least the 1960s economists have increasingly focused on forms of capital. These terms lead to questions and controversies discussed in those articles. It is in the form of assets, traded in financial markets
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Corporation
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A corporation is a company or group of people authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter, most jurisdictions now allow the creation of new corporations through registration. Corporations chartered in regions where they are distinguished by whether they are allowed to be for profit or not are referred to as for profit and not-for-profit corporations, there is some overlap between stock/non-stock and for profit/not-for-profit in that not-for-profit corporations are always non-stock as well. A for profit corporation is almost always a stock corporation, registered corporations have legal personality and are owned by shareholders whose liability is limited to their investment. Shareholders do not typically actively manage a corporation, shareholders instead elect or appoint a board of directors to control the corporation in a fiduciary capacity, in American English, the word corporation is most often used to describe large business corporations. In British English and in the Commonwealth countries, the company is more widely used to describe the same sort of entity while the word corporation encompasses all incorporated entities. In American English, the company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity. Despite not being human beings, corporations, as far as the law is concerned, are legal persons. Corporations can exercise human rights against real individuals and the state, Corporations can be dissolved either by statutory operation, order of court, or voluntary action on the part of shareholders. Corporations can even be convicted of offenses, such as fraud. However, corporations are not considered living entities in the way humans are. While not a corporation, this new type of entity became very attractive as an alternative for corporations not needing to issue stock, in Germany, the organization was referred to as Gesellschaft mit beschränkter Haftung or GmbH. In the last quarter of the 20th Century this new form of organization became available in the United States and other countries. Since the GmbH and LLC forms of organization are technically not corporations they will not be discussed in this article, the word corporation derives from corpus, the Latin word for body, or a body of people. By the time of Justinian, Roman law recognized a range of corporate entities under the names universitas and these included the state itself, municipalities, and such private associations as sponsors of a religious cult, burial clubs, political groups, and guilds of craftsmen or traders. Such bodies commonly had the right to own property and make contracts, to receive gifts and legacies, to sue and be sued, private associations were granted designated privileges and liberties by the emperor. Entities which carried on business and were the subjects of rights were found in ancient Rome. In medieval Europe, churches became incorporated, as did local governments, such as the Pope, the point was that the incorporation would survive longer than the lives of any particular member, existing in perpetuity
20.
Service (economics)
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In economics, a service is a transaction in which no physical goods is transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the willingness to make the exchange. Public services are those that society as a whole pays for, using resources, skill, ingenuity, and experience, service providers benefit service consumers. Services can be described in terms of their key characteristics, sometimes called the Five Is of Services and they are not manufactured, transported or stocked. Services cannot be stored for a future use and they are produced and consumed simultaneously. Services are perishable in two regards, Service-relevant resources, processes and systems are assigned for delivery during a specific period in time. If the service consumer does not request and consume the service during this period, from the perspective of the service provider, this is a lost business opportunity if no other use for those resources is available. Examples, A hairdresser serves another client, an empty seat on an airplane cannot be filled after departure. When the service has been rendered to the consumer, this particular service irreversibly vanishes. Example, a passenger has been transported to the destination and the flight is over, the service provider must deliver the service at the time of service consumption. The service is not manifested in an object that is independent of the provider. The service consumer is also inseparable from service delivery, examples, The service consumer must sit in the hairdressers chair, or in the airplane seat. Correspondingly, the hairdresser or the pilot must be in the shop or plane, respectively, many services are regarded as heterogeneous and are typically modified for each service consumer or each service context. Another and more common term for this is heterogeneity, both service provider and service consumer participate in the service provision. Mass generation and delivery of services must be mastered for a provider to expand. This can be seen as a problem of service quality, both inputs and outputs to the processes involved providing services are highly variable, as are the relationships between these processes, making it difficult to maintain consistent service quality. Many services involve variable human activity, rather than a precisely determined process, the human factor is often the key success factor in service provision. Demand can vary by season, time of day, business cycle, consistency is necessary to create enduring business relationships
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Market (economics)
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A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers and it can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society, Markets allow any trade-able item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights of services, Markets can also be worldwide, for example the global diamond trade. National economies can be classified, for example as developed markets or developing markets, in mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services, with or without money, is a transaction, a major topic of debate is how much a given market can be considered to be a free market, that is free from government intervention. However it is not always clear how the allocation of resources can be improved since there is always the possibility of government failure, a market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers and it can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enables the distribution and allocation of resources in a society, Markets allow any trade-able item to be evaluated and priced. A market sometimes emerges more or less spontaneously but is often constructed deliberately by human interaction in order to enable the exchange of rights of services. Markets of varying types can spontaneously arise whenever a party has interest in a good or service that other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a playground, and yet another for contracts for the future delivery of a commodity. Markets vary in form, scale, location, and types of participants, as well as the types of goods and services traded, nevertheless, violence and they apply the market dynamics to facilitate information aggregation. However, market prices may be distorted by a seller or sellers with monopoly power, such price distortions can have an adverse effect on market participants welfare and reduce the efficiency of market outcomes. Also, the level of organization and negotiating power of buyers and sellers markedly affects the functioning of the market. Markets are a system, and systems have structure, the structure of a well-functioning market is defined by the theory of perfect competition. Market failures are often associated with time-inconsistent preferences, information asymmetries, non-perfectly competitive markets, principal–agent problems, externalities, among the major negative externalities which can occur as a side effect of production and market exchange, are air pollution and environmental degradation. There exists a popular thought, especially among economists, that markets would have a structure of a perfect competition
22.
Production cost
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Cost of goods sold refers to the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of several formulas, including identification, first-in first-out. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition, costs of goods made by the business include material, labor, and allocated overhead. The costs of goods not yet sold are deferred as costs of inventory until the inventory is sold or written down in value. Many businesses sell goods that they have bought or produced, when the goods are bought or produced, the costs associated with such goods are capitalized as part of inventory of goods. These costs are treated as an expense in the period the business income from sale of the goods. Determining costs requires keeping records of goods or materials purchased and any discounts on such purchase, in addition, if the goods are modified, the business must determine the costs incurred in modifying the goods. Such modification costs include labor, supplies or additional material, supervision, quality control, Principles for determining costs may be easily stated, but application in practice is often difficult due to a variety of considerations in the allocation of costs. Cost of goods sold may also reflect adjustments, among the potential adjustments are decline in value of the goods, obsolescence, damage, etc. When multiple goods are bought or made, it may be necessary to identify which costs relate to particular goods sold. This may be using an identification convention, such as specific identification of the goods, first-in-first-out. Alternative systems may be used in countries, such as last-in-first-out, gross profit method, retail method. Cost of goods sold may be the same or different for accounting and tax purposes, certain expenses are included in COGS. Expenses that are included in COGS cannot be deducted again as a business expense, depreciation Inventories have a significant effect on profits. A business that makes or buys goods to sell must keep track of inventories of goods under all accounting, Fred buys auto parts and resells them. In 2008, Fred buys $100 worth of parts and he sells parts for $80 that he bought for $30, and has $70 worth of parts left. In 2009, he sells the remainder of the parts for $180, if he keeps track of inventory, his profit in 2008 is $50, and his profit in 2009 is $110, or $160 in total. If he deducted all the costs in 2008, he would have a loss of $20 in 2008, the total is the same, but the timing is much different
23.
Tariff
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A tariff is a tax on imports or exports. In other languages and very occasionally in English, tariff or its equivalent may also be used to any list of prices. A customs duty or due is the tax levied on the import or export of goods in international trade. In economic sense, a duty is also a kind of consumption tax, a duty levied on goods being imported is referred to as an import duty. Similarly, a duty levied on exports is called an export duty, a tariff, which is actually a list of commodities along with the leviable rate of customs duty, is popularly referred to as a customs duty. This is no longer the case, Customs duty is calculated on the determination of the assessable value in case of those items for which the duty is levied ad valorem. This is often the transaction value unless a customs officer determines assessable value in accordance with the Harmonized System, However, for certain items like petroleum and alcohol, customs duty is realized at a specific rate applied to the volume of the import or export consignments. For the purpose of assessment of duty, products are given an identification code that has come to be known as the Harmonized System code. This code was developed by the World Customs Organization based in Brussels, a Harmonized System code may be from four to ten digits. For example,17.03 is the HS code for molasses from the extraction or refining of sugar, However, within 17.03, the number 17.03.90 stands for Molasses. Introduction of Harmonized System code in 1990s has largely replaced the Standard International Trade Classification, in drawing up the national tariff, the revenue departments often specifies the rate of customs duty with reference to the HS code of the product. A Customs authority in each country is responsible for collecting taxes on the import into or export of goods out of the country, Evasion of customs duties takes place mainly in two ways. In one, the trader under-declares the value so that the value is lower than actual. In a similar vein, a trader can evade customs duty by understatement of quantity or volume of the product of trade, a trader may also evade duty by misrepresenting traded goods, categorizing goods as items which attract lower customs duties. The Evasion of customs duty may take place with or without the collaboration of customs officials, Evasion of customs duty does not necessarily constitute smuggling. Many countries allow a traveler to bring goods into the country duty-free and these goods may be bought at ports and airports or sometimes within one country without attracting the usual government taxes and then brought into another country duty-free. Some countries impose allowances which limit the number or value of items that one person can bring into the country. These restrictions often apply to tobacco, wine, spirits, cosmetics, gifts, often foreign diplomats and UN officials are entitled to duty-free goods
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Free trade
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Free trade is one of the most debated topics in economics of the 19th, 20th, and 21st century. Arguments over free trade can be divided into economic, moral, the World Trade Organization was created to open up markets and promote international trade based on the Free Trade paradigm. The WTO creates and monitors agreements to reduce trade barriers, and arbitrates in disputes over foreign market access and its definition of Free Trade is trade on a level playing field, so that the unlimited exchange of goods between countries is not necessarily Free. Therefore, any import restriction makes the domestic society as a whole worse off than it would be with unlimited imports, the artificial handicap of a foreign subsidy seems much less just to local production than advantages deriving from geography, natural resources, or native skill. Electorates often prefer fairplay to Utilitarian considerations, if trade barriers are already low, the threat of a trade war of tit-for-tat tariff increases may reduce the temptation for either partner in bilateral trade to raise import barriers. It would tend to decrease the power and revenue flowing to government bureaucrats. In the history of trade, two types of arguments have been advanced in favor of allowing purchases from abroad, and free trade in the broader sense. One set of arguments for free trade could be classified as moral arguments listed below, another set of arguments is essentially economic, that free trade will make society more prosperous. These are mostly technical arguments from the discipline of economics, starting especially with Smiths The Wealth of Nations, the 18th and 19th century intellectuals who backed free trade rarely did so under the rubric of increasing material wealth. In many cases this was given as the least important reason for free trade, rather, they argued that international society would be improved by increased commerce. Some of these, and later, sociopolitical arguments are listed here, adam Smith thought that protectionism against free trade was a scam on the public on behalf of producers, carried out in the name of nationalism. Even if overall economic interests had not been harmed by tariffs, classical economic analysis shows that free trade increases the global level of output because free trade permits specialization among countries. Specialization allows nations to devote their resources to the production of the particular goods. The benefits of specialization, coupled with economies of scale, increase the production possibility frontier. An increase in the production possibility frontier indicates that the absolute quantity of goods. Not only are the quantity of goods and services higher. Free trade policies are often associated with general laissez-faire economic politics and parties, voluntary exchange, by virtue of its voluntary nature, is assumed to be beneficial to the parties involved—why else would they engage in the exchange. Thus, the restriction of voluntary exchange restricts commerce and ultimately the accumulation of wealth in the absence of real-world externalities such as infant industry protection, here is the production possibilities frontier for a fictional country, Country A
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Third World
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The term Third World arose during the Cold War to define countries that remained non-aligned with either NATO, or the Communist Bloc. This terminology provided a way of categorizing the nations of the Earth into three groups based on political and economic divisions. The Third World was normally seen to many countries with colonial pasts in Africa, Latin America. It was also taken as synonymous with countries in the Non-Aligned Movement. Due to the history of evolving meanings and contexts, there is no clear or agreed-upon definition of the Third World. Some countries in the Communist Bloc, such as Cuba, were regarded as Third World. Historically, some European countries were non-aligned and a few of these were and are very prosperous, including Ireland, Austria, Sweden, Finland, and Switzerland. However, this usage and the concept itself has become outdated in recent years as the term represents the current political or economic state of the world. Sauvy wrote, This third world ignored, exploited, despised like the third estate also wants to be something and he conveyed the concept of political non-alignment with either the capitalist or communist bloc. The Three Worlds Theory developed by Mao Zedong is different from the Western theory of the Three Worlds or Third World, Third Worldism is a political movement that argues for the unity of third-world nations against first-world influence and the principle of non-interference in other countries domestic affairs. The notion has been criticized as providing a fig leaf for human-rights violations, most Third World countries are former colonies. Having gained independence, many of countries, especially smaller ones, were faced with the challenges of nation-. Due to this background, many of these nations were developing in economic terms for most of the 20th century. This term, used today, generally denotes countries that have not developed to the levels as OECD countries. In the 1980s, economist Peter Bauer offered a definition for the term Third World. He claimed that the attachment of Third World status to a country was not based on any stable economic or political criteria. An argument could also be made for how parts of the U. S. are more like the Third World, the only characteristic that Bauer found common in all Third World countries was that their governments demand and receive Western aid, the giving of which he strongly opposed. Thus, the aggregate term Third World was challenged as misleading even during the Cold War period, during the Cold War, unaligned countries of the Third World were seen as potential allies by both the First and Second World
26.
Globalization
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Globalization or globalisation is the action or procedure of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Advances in transportation and in telecommunications infrastructure have been factors in globalization, generating further interdependence of economic. Large-scale globalization began in the 1820s, in the late 19th century and early 20th century, the connectivity of the worlds economies and cultures grew very quickly. The term globalization is recent, only establishing its current meaning in the 1970s, further, environmental challenges such as global warming, cross-boundary water and air pollution, and overfishing of the ocean are linked with globalization. Globalizing processes affect and are affected by business and work organization, economics, socio-cultural resources, academic literature commonly subdivides globalization into three major areas, economic globalization, cultural globalization, and political globalization. The term globalization is derived from the word globalize, which refers to the emergence of a network of economic systems. One of the earliest known usages of the term as a noun was in a 1930 publication entitled Towards New Education, a related term, corporate giants, was coined by Charles Taze Russell in 1897 to refer to the largely national trusts and other large enterprises of the time. By the 1960s, both began to be used as synonyms by economists and other social scientists. Economist Theodore Levitt is widely credited with coining the term in an article entitled Globalization of Markets, However, the term globalization was in use well before this and had been used by other scholars as early as 1981. Levitt can be credited with popularizing the term and bringing it into the mainstream audience in the later half of the 1980s. Due to the complexity of the concept, research projects, articles, sociologists Martin Albrow and Elizabeth King define globalization as all those processes by which the people of the world are incorporated into a single world society. Globalization can be located on a continuum with the local, national and regional, without reference to such expansive spatial connections, there can be no clear or coherent formulation of this term. A satisfactory definition of globalization must capture each of these elements, extensity, intensity, velocity and it pertains to the increasing ease with which somebody on one side of the world can interact, to mutual benefit, with somebody on the other side of the world. The ideological dimension, according to Steger, is filled with a range of norms, claims, beliefs and they have also argued that four different forms of globalization can be distinguished that complement and cut across the solely empirical dimensions. According to James, the oldest dominant form of globalization is embodied globalization, a second form is agency-extended globalization, the circulation of agents of different institutions, organizations, and polities, including imperial agents. Object-extended globalization, a form, is the movement of commodities. He calls the transmission of ideas, images, knowledge, and information across world-space disembodied globalization and he asserted that the pace of globalization was quickening and that its impact on business organization and practice would continue to grow. Economist Takis Fotopoulos defined economic globalization as the opening and deregulation of commodity, capital and he used political globalization to refer to the emergence of a transnational elite and a phasing out of the nation-state
27.
Accounting
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Accounting or accountancy is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494, practitioners of accounting are known as accountants. The terms accounting and financial reporting are often used as synonyms, Accounting can be divided into several fields including financial accounting, management accounting, external auditing, and tax accounting. Accounting information systems are designed to support accounting functions and related activities, Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are audited by accounting firms, and are prepared in accordance with generally accepted accounting principles. GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board in the United States, as of 2012, all major economies have plans to converge towards or adopt the International Financial Reporting Standards. The history of accounting is thousands of old and can be traced to ancient civilizations. By the time of the Emperor Augustus, the Roman government had access to detailed financial information, double-entry bookkeeping developed in medieval Europe, and accounting split into financial accounting and management accounting with the development of joint-stock companies. The first work on a double-entry bookkeeping system was published in Italy, both the words accounting and accountancy were in use in Great Britain by the mid-1800s, and are derived from the words accompting and accountantship used in the 18th century. In Middle English the verb to account had the form accounten, which was derived from the Old French word aconter, which is in turn related to the Vulgar Latin word computare, meaning to reckon. The base of computare is putare, which meant to prune, to purify, to correct an account, hence, to count or calculate. The word accountant is derived from the French word compter, which is derived from the Italian. Accountancy refers to the occupation or profession of an accountant, particularly in British English, Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems. Financial accounting focuses on the reporting of a financial information to external users of the information, such as investors. It calculates and records business transactions and prepares financial statements for the users in accordance with generally accepted accounting principles. GAAP, in turn, arises from the agreement between accounting theory and practice, and change over time to meet the needs of decision-makers. This branch of accounting is also studied as part of the exams for qualifying as an actuary. It is interesting to note that two professionals, accountants and actuaries, have created a culture of being archrivals
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Advertising
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Advertising is an audio or visual form of marketing communication that employs an openly sponsored, nonpersonal message to promote or sell a product, service or idea. Sponsors of advertising are often businesses who wish to promote their products or services, Advertising is differentiated from public relations in that an advertiser usually pays for and has control over the message. It is differentiated from personal selling in that the message is nonpersonal, the actual presentation of the message in a medium is referred to as an advertisement or ad. Commercial ads often seek to generate increased consumption of their products or services through branding, on the other hand, ads that intend to elicit an immediate sale are known as direct response advertising. Non-commercial advertisers who spend money to advertise items other than a product or service include political parties, interest groups, religious organizations. Non-profit organizations may use free modes of persuasion, such as a service announcement. Advertising may also be used to reassure employees or shareholders that a company is viable or successful, in 2015, the world spent an estimate of US$592.43 billion on advertising. Its projected distribution for 2017 is 40. 4% on TV,33. 3% on digital, internationally, the largest advertising conglomerates are Interpublic, Omnicom, Publicis, and WPP. In Latin, ad vertere means to turn toward, egyptians used papyrus to make sales messages and wall posters. Commercial messages and political campaign displays have been found in the ruins of Pompeii, lost and found advertising on papyrus was common in ancient Greece and ancient Rome. Wall or rock painting for commercial advertising is another manifestation of an ancient advertising form, which is present to this day in many parts of Asia, Africa, the tradition of wall painting can be traced back to Indian rock art paintings that date back to 4000 BC. In ancient China, the earliest advertising known was oral, as recorded in the Classic of Poetry of bamboo flutes played to sell candy, advertisement usually takes in the form of calligraphic signboards and inked papers. Fruits and vegetables were sold in the city square from the backs of carts and wagons, the first compilation of such advertisements was gathered in Les Crieries de Paris, a thirteenth-century poem by Guillaume de la Villeneuve. In the 18th century advertisements started to appear in newspapers in England. However, false advertising and so-called quack advertisements became a problem, thomas J. Barratt from London has been called the father of modern advertising. Working for the Pears Soap company, Barratt created an advertising campaign for the company products. One of his slogans, Good morning, have you used Pears soap. was famous in its day and into the 20th century. Barratt introduced many of the ideas that lie behind successful advertising
29.
Business
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A business is an organizational entity involved in the provision of goods and services to consumers. Businesses may also be social non-profit enterprises or state-owned public enterprises operated by governments with specific social, a business owned by multiple private individuals may form as an incorporated company or jointly organise as a partnership. Countries have different laws that may ascribe different rights to the business entities. The word business can refer to an organization or to an entire market sector or to the sum of all economic activity. Compound forms such as agribusiness represent subsets of the broader meaning. Businesses aim to maximize sales to have their income exceed their expenditures, resulting in a profit, the owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, partnership, A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business, the three most prevalent types of for-profit partnerships are, general partnerships, limited partnerships, and limited liability partnerships. Corporation, The owners of a corporation have limited liability and the business has a legal personality from its owners. Corporations can be either government-owned or privately owned and they can organize either for profit or as nonprofit organizations. A privately owned, for-profit corporation is owned by its shareholders, a privately owned, for-profit corporation can be either privately held by a small group of individuals, or publicly held, with publicly traded shares listed on a stock exchange. Cooperative, Often referred to as a co-op, a cooperative is a limited-liability business that can organize as for-profit or not-for-profit, a cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives, cooperatives are fundamental to the ideology of economic democracy. In contrast, unincorporated businesses or persons working on their own are not as protected. Franchises, A franchise is a system in which entrepreneurs purchase the rights to open, franchising in the United States is widespread and is a major economic powerhouse. One out of retail businesses in the United States are franchised and 8 million people are employed in a franchised business. Real estate businesses sell, invest, construct and develop properties – including land, residential homes, retailers, wholesalers, and distributors act as middlemen and get goods produced by manufacturers to the intended consumers, they make their profits by marking up their prices. Most stores and catalog companies are distributors or retailers, transportation businesses such as railways, airlines, shipping companies that deliver goods and individuals to their destinations for a fee
30.
Capitalism
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Capitalism is an economic system based on private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, economists, political economists, and historians have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free market capitalism, welfare capitalism, different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. Most existing capitalist economies are mixed economies, which elements of free markets with state intervention. Capitalism has existed under many forms of government, in different times, places. Following the decline of mercantilism, mixed capitalist systems became dominant in the Western world, Capitalism has been criticized for prioritizing profit over social good, natural resources, and the environment, and that is a cause of inequality and economic instabilities. Supporters believe that it provides better products through competition, and creates strong economic growth, the term capitalist, meaning an owner of capital, appears earlier than the term capitalism. It dates back to the mid-17th century, capitalist is derived from capital, which evolved from capitale, a late Latin word based on caput, meaning head – also the origin of chattel and cattle in the sense of movable property. Capitale emerged in the 12th to 13th centuries in the sense of referring to funds, stock of merchandise, sum of money, by 1283 it was used in the sense of the capital assets of a trading firm. It was frequently interchanged with a number of other words – wealth, money, funds, goods, assets, property, the Hollandische Mercurius uses capitalists in 1633 and 1654 to refer to owners of capital. In French, Étienne Clavier referred to capitalistes in 1788, six years before its first recorded English usage by Arthur Young in his work Travels in France, David Ricardo, in his Principles of Political Economy and Taxation, referred to the capitalist many times. Samuel Taylor Coleridge, an English poet, used capitalist in his work Table Talk, Pierre-Joseph Proudhon used the term capitalist in his first work, What is Property. To refer to the owners of capital, benjamin Disraeli used the term capitalist in his 1845 work Sybil. The initial usage of the term capitalism in its modern sense has been attributed to Louis Blanc in 1850, Karl Marx and Friedrich Engels referred to the capitalistic system. And to the capitalist mode of production in Das Kapital, the use of the word capitalism in reference to an economic system appears twice in Volume I of Das Kapital, p.124, and in Theories of Surplus Value, tome II, p.493. Marx did not extensively use the form capitalism but instead those of capitalist, and capitalist mode of production, also according to the OED, Carl Adolph Douai, a German-American socialist and abolitionist, used the phrase private capitalism in 1863. Capital has existed incipiently on a scale for centuries, in the form of merchant, renting and lending activities. Simple commodity exchange, and consequently simple commodity production, which are the basis for the growth of capital from trade, have a very long history
31.
Wholesaling
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In general, it is the sale of goods to anyone other than a standard consumer. Wholesalers frequently physically assemble, sort and grade goods in large lots, break bulk, repack, while wholesalers of most products usually operate from independent premises, wholesale marketing for foodstuffs can take place at specific wholesale markets where all traders are congregated. Traditionally, wholesalers were closer to the markets they supplied than the source from which they got the products, however, with the advent of the internet and e-procurement there are an increasing number of wholesalers located nearer to the manufacturers in China, Taiwan, and Southeast Asia. Often, in the United States, wholesalers are not required to charge their buyers sales tax, the alternative to selling wholesale to distributors or retailers is to sell retail either through company owned stores or online. Advantages include receiving a slice of the price paid by the consumer. Top U. S wholesalers according to report in 2012. Cash and carry Distribution Jobbing house Retail Supply chain Supply network B2B
32.
Retail
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Retail markets and shops have a very ancient history, dating back to antiquity. Retailing involves the process of selling goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand is identified through a supply chain, Once the strategic retail plan is in place, retailers devise the retail mix which includes product, price, place, promotion, personnel and presentation. In the digital age, a number of retailers are seeking to reach broader markets by selling through multiple channels. Digital technologies are changing the way that consumers pay for goods. Retailing support services may include the provision of credit, delivery services. Shopping generally refers to the act of buying products, sometimes this is done to obtain final goods, including necessities such as food and clothing, sometimes it takes place as a recreational activity. Recreational shopping often involves window shopping and browsing, it not always result in a purchase. Retail shops occur in a range of types and in many different contexts - from strip shopping centres in residential streets through to large. Shopping streets may restrict traffic to pedestrians only, forms of non-shop retailing include online retailing and mail order. Retail comes from the Old French word tailler, which means to cut off, clip, pare and it was first recorded as a noun with the meaning of a sale in small quantities in 1433. Like in French, the retail in both Dutch and German also refers to the sale of small quantities of items. Also see History of merchants, History of the market place, open air, public markets were known in ancient Babylonia and Assyria. These markets typically occupied a place in the towns centre, surrounding the market, skilled artisans, such as metal-workers and leather workers, occupied premises in alley ways that led to the open market-place. These artisans may have sold wares directly from their premises, in ancient Greece markets operated within the agora, and in ancient Rome the forum. In antiquity, exchange involved direct selling, merchants or peddlers, the Phoenicians, noted for their seafaring skills, plied their ships across the Mediterranean, becoming a major trading power by 9th century BCE. The Phoenicians imported and exported wood, textiles, glass and produce such as wine, oil, dried fruit, the Phoenicians extensive trade networks necessitated considerable book-keeping and correspondence. In around 1500 BCE, the Phoenicians developed an alphabet which was much easier to learn that the complex scripts used in ancient Egypt
33.
Cargo
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Multi-modal container units, designed as reusable carriers to facilitate unit load handling of the goods contained, are also referred to as cargo, specially by shipping lines and logistics operators. Similarly, aircraft ULD boxes are also documented as cargo, with associated packing list of the contained within. When empty containers are shipped each unit is documented as a cargo and when goods are stored within, seaport terminals handle a wide range of maritime cargo. Automobiles are handled at many ports and are carried on specialized roll-on/roll-off ships. Break bulk cargo is typically stacked on pallets and lifted into. The volume of bulk cargo has declined dramatically worldwide as containerization has grown. One way to secure break bulk and freight in intermodal containers is by using Dunnage Bags, bulk cargo, such as salt, oil, tallow, and scrap metal, is usually defined as commodities that are neither on pallets nor in containers. Bulk cargoes are not handled as individual pieces, the way heavy-lift, alumina, grain, gypsum, logs, and wood chips, for instance, are bulk cargoes. Neo-bulk cargo comprises individual units that are counted as they are loaded and unloaded, in contrast to bulk cargo that is not counted, containers are the largest and fastest growing cargo category at most ports worldwide. Containerized cargo includes everything from auto parts, machinery and manufacturing components to shoes and toys to frozen meat, air cargo, commonly known as air freight, is collected by firms from shippers and delivered to customers. Aircraft were first used for carrying mail as cargo in 1911, eventually manufacturers started designing aircraft for other types of freight as well. There are many commercial aircraft suitable for carrying cargo such as the Boeing 747 and the bigger An‑124, such large aircraft employ quick-loading containers known as unit load devices, much like containerized cargo ships. The ULDs are located in the front section of the aircraft, most nations own and utilize large numbers of military cargo aircraft such as the C‑17 Globemaster III for logistical needs. Popular commercial aircraft transformed to an aircraft such as Saab 340A is designed for high revenue. Trains are capable of transporting a number of containers that come from shipping ports. Trains are also used for the transportation of water, cement, grain, steel, wood and they are used because they can carry a large amount and generally have a direct route to the destination. Under the right circumstances, freight transport by rail is more economic and energy efficient than by road, the main disadvantage of rail freight is its lack of flexibility. For this reason, rail has lost much of the business to road transport
34.
Economics
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Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services according to the Merriam-Webster Dictionary. Economics focuses on the behaviour and interactions of economic agents and how economies work, consistent with this focus, textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behaviour of elements in the economy, including individual agents and markets, their interactions. Individual agents may include, for example, households, firms, buyers, macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, inflation, economic growth, and the public policies that address these issues. Economic analysis can be applied throughout society, as in business, finance, health care, Economic analyses may also be applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment. At the turn of the 21st century, the domain of economics in the social sciences has been described as economic imperialism. The ultimate goal of economics is to improve the conditions of people in their everyday life. There are a variety of definitions of economics. Some of the differences may reflect evolving views of the subject or different views among economists, to supply the state or commonwealth with a revenue for the publick services. Say, distinguishing the subject from its uses, defines it as the science of production, distribution. On the satirical side, Thomas Carlyle coined the dismal science as an epithet for classical economics, in this context and it enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. He affirmed that previous economists have usually centred their studies on the analysis of wealth, how wealth is created, distributed, and consumed, but he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it, generates both cost and benefits, and, resources are used to attain the goal. If the war is not winnable or if the costs outweigh the benefits. Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets, there are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. The same source reviews a range of included in principles of economics textbooks. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving, microeconomics examines how entities, forming a market structure, interact within a market to create a market system
35.
E-commerce
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E-commerce is a transaction of buying or selling online. Modern electronic commerce typically uses the World Wide Web for at least one part of the life cycle although it may also use other technologies such as e-mail. 1979, Michael Aldrich demonstrates the first online shopping system,1981, Thomson Holidays UK is the first business-to-business online shopping system to be installed. 1982, Minitel was introduced nationwide in France by France Télécom,1983, California State Assembly holds first hearing on electronic commerce in Volcano, California. Testifying are CPUC, MCI Mail, Prodigy, CompuServe, Volcano Telephone and it is the first comprehensive electronic commerce service. 1989, In May 1989, Sequoia Data Corp, introduced Compumarket The first internet based system for e-commerce. Sellers and buyers could post items for sale and buyers could search the database,1990, Tim Berners-Lee writes the first web browser, WorldWideWeb, using a NeXT computer. 1992, Book Stacks Unlimited in Cleveland opens a sales website selling books online with credit card processing. 1993, Paget Press releases edition No.3 of the first app store, The Electronic AppWrapper 1994, Netscape 1.0 is introduced in late 1994 with SSL encryption that made transactions secure. 1994, Ipswitch IMail Server becomes the first software available online for sale,1994, Ten Summoners Tales by Sting becomes the first secure online purchase through NetMarket. 1995, The US National Science Foundation lifts its former strict prohibition of commercial enterprise on the Internet, the shopping service at launch featured W H Smith, Tesco, Virgin Megastores/Our Price, Great Universal Stores, Interflora, Dixons Retail, Past Times, PC World and Innovations. 1995, Jeff Bezos launches Amazon. com and the first commercial-free 24-hour, internet-only radio stations, Radio HK, eBay is founded by computer programmer Pierre Omidyar as AuctionWeb. 1996, IndiaMART B2B marketplace established in India,1996, ECPlaza B2B marketplace established in Korea. 1996, The use of Excalibur BBS with replicated Storefronts was an implementation of electronic commerce started by a group of SysOps in Australia. 1998, Electronic postal stamps can be purchased and downloaded for printing from the Web,1999, Alibaba Group is established in China. Business. com sold for US $7.5 million to eCompanies, the peer-to-peer filesharing software Napster launches. ATG Stores launches to sell items for the home online. 2000, Complete Idiots Guide to E-commerce released on Amazon 2000,2001, Alibaba. com achieved profitability in December 2001
36.
Fair
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A fair is a gathering of people for a variety of entertainment or commercial activities. It is normally of the essence of a fair that it is temporary with scheduled times lasting from an afternoon to several weeks, variations of fairs include, Street fair, a fair that celebrates the character of a neighborhood. As its name suggests, it is held on the main street of a neighborhood. Fête, a festival, party, or celebration. County fair or agricultural show, an event exhibiting the equipment, animals, sports and recreation associated with agriculture. State fair, a competitive and recreational gathering of a U. S. states population. It is a version of a county fair, often including only exhibits or competitors that have won in their categories at the more local county fairs. Traveling carnival, usually called a carnival, an amusement show made up of amusement rides, food vendors, merchandise vendors, games of chance and skill, thrill acts. Travelling funfair, a small to medium-sized travelling show primarily composed of stalls, the Roman fairs were holidays on which there was an intermission of labour and pleadings. Fairs were usually tied to a special Christian religious occasions, such as the Saints day of the local church, Stagshaw in England, is documented to have held annual fairs as early as 1293 consisting of the sales of animals. Along with the fair held on 4 July, the city also hosted smaller fairs throughout the year where specific types of animals were sold, such as one for horses, one for lambs. Kumbha means a pitcher and Mela means fair in Sanskrit, in the United States, fairs draw in as many as 150 million people each summer. Childrens competitions at an American fair range from breeding small animals to robotics, because of the great numbers of people attracted by fairs they were often the scenes of riots and disturbances, so the privilege of holding a fair was granted by royal charter. At first, they were allowed only in towns and places of strength, or where there was a bishop, in time various benefits became attached to certain fairs, such as granting people the protection of a holiday and allowing them freedom from arrest in certain circumstances. The chaotic nature of the Stagshaw Bank Fair with masses of people, the American county fair is featured in E. B. Art exhibition Lists of festivals Fair
37.
Finance
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Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty, Finance can also be defined as the science of money management. Finance aims to price assets based on their level and their expected rate of return. Finance can be broken into three different sub-categories, public finance, corporate finance and personal finance. g, health and property insurance, investing and saving for retirement. Personal finance may also involve paying for a loan, or debt obligations, net worth is a persons balance sheet, calculated by adding up all assets under that persons control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the sources of income within a year. From this analysis, the financial planner can determine to what degree, adequate protection, the analysis of how to protect a household from unforeseen risks. These risks can be divided into the following, liability, property, death, disability, health, some of these risks may be self-insurable, while most will require the purchase of an insurance contract. Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance, business owners, professionals, athletes and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance also enjoys some tax benefits, utilizing insurance investment products may be a piece of the overall investment planning. Tax planning, typically the income tax is the single largest expense in a household, managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, most modern governments use a progressive tax. Typically, as ones income grows, a marginal rate of tax must be paid. Understanding how to take advantage of the tax breaks when planning ones personal finances can make a significant impact in which it can later save you money in the long term. Investment and accumulation goals, planning how to accumulate enough money - for large purchases, major reasons to accumulate assets include, purchasing a house or car, starting a business, paying for education expenses, and saving for retirement. Achieving these goals requires projecting what they will cost, and when you need to withdraw funds that will be necessary to be able to achieve these goals, a major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the planner will suggest a combination of asset earmarking. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, managing these portfolio risks is most often accomplished using asset allocation, which seeks to diversify investment risk and opportunity
38.
Fishery
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Generally, a fishery is an entity engaged in raising or harvesting fish which is determined by some authority to be a fishery. The definition often includes a combination of fish and fishers in a region, a fishery may involve the capture of wild fish or raising fish through fish farming or aquaculture. Directly or indirectly, the livelihood of over 500 million people in developing countries depends on fisheries, overfishing, including the taking of fish beyond sustainable levels, is reducing fish stocks and employment in many world regions. In biology – the term fish is most strictly used to any animal with a backbone that has gills throughout life and has limbs, if any. Many types of animals commonly referred to as fish are not fish in this strict sense. In fisheries – the term fish is used as a collective term, true fish – The strict biological definition of a fish, above, is sometimes called a true fish. True fish are referred to as finfish or fin fish to distinguish them from other aquatic life harvested in fisheries or aquaculture. Fisheries are harvested for their value and they can be saltwater or freshwater, wild or farmed. Examples are the salmon fishery of Alaska, the cod fishery off the Lofoten islands, capture fisheries can be broadly classified as industrial scale, small-scale or artisanal, and recreational. Close to 90% of the fishery catches come from oceans. These marine catches have remained stable since the mid-nineties. Most marine fisheries are based near the coast, however, productive wild fisheries also exist in open oceans, particularly by seamounts, and inland in lakes and rivers. Most fisheries are fisheries, but farmed fisheries are increasing. Farming can occur in areas, such as with oyster farms. There are species fisheries worldwide for finfish, mollusks, crustaceans and echinoderms, however, a very small number of species support the majority of the world’s fisheries. Some of these species are herring, cod, anchovy, tuna, flounder, mullet, squid, shrimp, salmon, crab, lobster, oyster and scallops. All except these last four provided a catch of well over a million tonnes in 1999, with herring. Many other species are harvested in smaller numbers, cullis-Suzuki S and Pauly D Failing the high seas, A global evaluation of regional fisheries management organizations Marine Policy,34 pp 1036–1042
39.
Harvest
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Harvesting is the process of gathering a ripe crop from the fields. Reaping is the cutting of grain or pulse for harvest, typically using a scythe, sickle, on smaller farms with minimal mechanization, harvesting is the most labor-intensive activity of the growing season. On large mechanized farms, harvesting utilizes the most expensive and sophisticated farm machinery, the term harvesting in general usage may include immediate postharvest handling, including cleaning, sorting, packing, and cooling. Harvest, a noun, came from the Old English word hærfest, meaning autumn, harvest-time, the harvest came to also mean the activity of reaping, gathering, and storing grain and other grown products during the autumn, and also the grain and other grown products themselves. Harvest was also verbified, To harvest means to reap, gather, people who harvest and equipment that harvests are harvesters, while they do it, they are harvesting. In history, crop failures and subsequent famines have triggered human migration, rural exodus, over years, unsustainable farming of land degrades soil fertility and diminishes crop yield. With a steadily growing population and local overpopulation, even slightly diminishing yields are already the equivalent to a partial harvest failure. Fortunately, fertilizers obviate the need for regeneration in the first place. Harvesting commonly refers to grain and produce, but also has other uses, the term harvest is also used in reference to harvesting grapes for wine. Within the context of irrigation, water harvesting refers to the collection, instead of harvest, the term exploit is also used, as in exploiting fisheries or water resources. Energy harvesting is the process of capturing and storing energy that would otherwise go unexploited, body harvesting, or cadaver harvesting, is the process of collecting and preparing cadavers for anatomical study. In a similar sense, organ harvesting is the removal of tissues or organs from a donor for purposes of transplanting. Harvesting or Domestic Harvesting in Canada refers to hunting, fishing, and plant gathering by First Nations, Métis, for example, in the Gwichin Comprehensive Land Claim Agreement, Harvesting means gathering, hunting, trapping or fishing. Similarly, in the Tlicho Land Claim and Self Government Agreement, Harvesting means, in relation to wildlife, hunting, trapping or fishing and, in relation to plants or trees, combine Harvester Harvest Harvest festival Overharvesting Threshing Winnowing
40.
Industry
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Industry is the production of goods or related services within an economy. The major source of revenue of a group or company is the indicator of its relevant industry, when a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and this came through many successive rapid advances in technology, such as the production of steel and coal. Following the Industrial Revolution, possibly a third of the economic output are derived that is from manufacturing industries. Many developed countries and many developing/semi-developed countries depend significantly on manufacturing industry, Industries, the countries they reside in, and the economies of those countries are interlinked in a complex web of interdependence. Industries can be classified in a variety of ways, at the top level, industry is often classified according to the three-sector theory into sectors, primary, secondary, and tertiary. Some authors add quaternary or even quinary sectors, over time, the fraction of a societys industry within each sector changes. Below the economic sectors there are other more detailed industry classifications. These classification systems commonly divide industries according to functions and markets. Market-based classification systems such as the Global Industry Classification Standard and the Industry Classification Benchmark are used in finance, the International Standard Industrial Classification of all economic activities is the most complete and systematic industrial classification made by the United Nations Statistics Division. ISIC is a classification of economic activities arranged so that entities can be classified according to the activity they carry out. The Industrial Revolution led to the development of factories for large-scale production, originally the factories were steam-powered, but later transitioned to electricity once an electrical grid was developed. The mechanized assembly line was introduced to parts in a repeatable fashion. This led to significant increases in efficiency, lowering the cost of the end process, later automation was increasingly used to replace human operators. This process has accelerated with the development of the computer and the robot, historically certain manufacturing industries have gone into a decline due to various economic factors, including the development of replacement technology or the loss of competitive advantage. An example of the former is the decline in manufacturing when the automobile was mass-produced. A recent trend has been the migration of prosperous, industrialized nations towards a post-industrial society and this is manifested by an increase in the service sector at the expense of manufacturing, and the development of an information-based economy, the so-called informational revolution. In a post-industrial society, manufacturing is relocated to more favourable locations through a process of off-shoring
Chisholm, Hugh, ed. (1911). "Commerce". Encyclopædia Britannica. 6 (11th ed.). Cambridge University Press. p. 766.
Chisholm, Hugh, ed. (1911). "