An economy is an area of the production, distribution, or trade, consumption of goods and services by different agents. Understood in its broadest sense,'The economy is defined as a social domain that emphasize the practices and material expressions associated with the production and management of resources'. Economic agents can be individuals, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources and capital, it has changed over time due to technology, innovation such as, that which produces intellectual property and changes in industrial relations. A given economy is the result of a set of processes that involves its culture, education, technological evolution, social organization, political structure and legal systems, as well as its geography, natural resource endowment, ecology, as main factors.
These factors give context and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of human transactions, it does not stand alone. A market-based economy is one where goods and services are produced and exchanged according to demand and supply between participants by barter or a medium of exchange with a credit or debit value accepted within the network, such as a unit of currency. A command-based economy is one where political agents directly control what is produced and how it is sold and distributed. A green economy is low-carbon, resource efficient, inclusive. In a green economy, growth in income and employment is driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, prevent the loss of biodiversity and ecosystem services. A gig economy is one in which short-term jobs are assigned via online platforms and a programmable economy is the set of revolutionary changes taking place in the global economy due to technology innovations.
✓. Today the range of fields of study examining the economy revolves around the social science of economics, but may include sociology, history and geography. Practical fields directly related to the human activities involving production, distribution and consumption of goods and services as a whole are engineering, business administration, applied science, finance. All professions, economic agents or economic activities, contribute to the economy. Consumption and investment are variable components in the economy that determine macroeconomic equilibrium. There are three main sectors of economic activity: primary and tertiary. Due to the growing importance of the economical sector in modern times, the term real economy is used by analysts as well as politicians to denote the part of the economy, concerned with the actual production of goods and services, as ostensibly contrasted with the paper economy, or the financial side of the economy, concerned with buying and selling on the financial markets.
Alternate and long-standing terminology distinguishes measures of an economy expressed in real values, such as real GDP, or in nominal values. The English words "economy" and "economics" can be traced back to the Greek word οἰκονόμος, a composite word derived from οἶκος and νέμω by way of οἰκονομία; the first recorded sense of the word "economy" is in the phrase "the management of œconomic affairs", found in a work composed in a monastery in 1440. "Economy" is recorded in more general senses, including "thrift" and "administration". The most used current sense, denoting "the economic system of a country or an area", seems not to have developed until the 1650s; as long as someone has been making and distributing goods or services, there has been some sort of economy. Sumer developed a large-scale economy based on commodity money, while the Babylonians and their neighboring city states developed the earliest system of economics as we think of, in terms of rules/laws on debt, legal contracts and law codes relating to business practices, private property.
The Babylonians and their city state neighbors developed forms of economics comparable to used civil society concepts. They developed the first known codified legal and administrative systems, complete with courts and government records; the ancient economy was based on subsistence farming. The Shekel referred to an ancient unit of currency; the first usage of the term came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related other values in a metric such as silver, copper etc. A barley/shekel was both a unit of currency and a unit of weight, just as the British Pound was a uni
Timeline of the George W. Bush presidency (2001)
The following is a timeline of the Presidency of George W. Bush from his inauguration as president of the United States on January 20, 2001, to December 31, 2001. January 20 – George W. Bush's presidency begins with his inauguration at the United States Capitol in Washington, D. C.. In his inaugural address, the president pledges to "work to build a single nation of justice and opportunity." He declares, "The enemies of liberty and our country should make no mistake. America remains engaged in the world, by history and by choice, shaping a balance of power that favors freedom." Full text January 22 – President Bush hosts the swearing in ceremony for new White House staff, saying in his remarks that they are all there for the same reason, which he defines as "making progress". Bush notes the prayer of John Adams as being inscribed in a mantle piece in the White House. January 22 – President Bush reinstates the ban on aid to international groups performing or counseling on abortion. January 24 – President Bush meets with congressional leaders during his sixth meeting with legislators since taking office for discussions on a wide range of issues with the intent of surpassing expectations.
January 24 – Roderick R. Paige is sworn in as the 7th United States Secretary of Education in the Barnard Auditorium at the Department of Education during the afternoon. January 26 – Donald Rumsfeld is sworn in as the 21st United States Secretary of Defense in the Oval Office during the afternoon. January 29 – President Bush creates the Office of Faith Based and Community Initiatives, which will work to ease regulations on religious charities and promote grass-roots efforts to tackle community issues such as aid to the poor and disadvantaged. January 29 – President Bush establishes the National Energy Policy Development Group—composed of Vice President Dick Cheney, nine cabinet-level officials, four other senior administration officials—and charges it with the task of developing a long-range plan for the meeting the nation's energy requirements. January 31 – President Bush meets with Catholic Church leaders in the Indian Treaty Room at the Dwight D. Eisenhower Executive Office Building during the afternoon.
February 1 – President Bush announces a $1.025 billion, five-year plan to assist disabled persons gain greater independence while seated at a wheelchair-accessible podium and surrounded by an audience of persons with disabilities and their supporters. February 4 – President Bush has a meeting with Congressional Democrats during their annual retreat telling reporters, "These are professionals who want to serve their nation." February 5 – President Bush appears at the White House with four families he describes as potential beneficiaries for his new tax rate system, as he launches a week of lobbying for his tax cut proposal. February 6 – President Bush makes several public appearances in support of a tax relief within Washington and northern Virginia, he acknowledges former President Ronald Reagan's 90th birthday with a public statement praising him. February 7 – A man identified as Robert Pickett fires gunshots at the White House in an attempt to assassinate President Bush, in the building at the time, was unharmed.
February 8 – President Bush conveys the blueprint for his $1.6 trillion, 10-year tax cut proposal to Congress. February 13 – President Bush telephones Prime Minister of Japan Yoshiro Mori to apologize for the unintended sinking of a U. S. nuclear submarine of a Japanese fishing ship with high school students aboard after a four-day search. February 16 – President Bush makes the first international trip of his presidency, travelling to San Cristóbal, Mexico, where he discusses trade, migration, educational opportunities, the battle against the illegal drug trade with President Vincente Fox. February 16 – American and British military aircraft attack targets in southern Iraq, including command centers and communications centers, to enforce the Iraqi no-fly zones. February 20 – After the indictment of Robert Philip Hanssen for passing classified documents to Russia, President Bush reads a statement to reporters traveling with him on Air Force One, referencing the event with the line that it was "a difficult day for those who love our country."
February 21 – President Bush reports the budget for the following year will include federal support of another $1.6 billion for both primary and secondary education programs. February 22 – During a press conference, President Bush states his intent to return money to the taxpayers after completion of funding priorities and paying a portion of the national debt, he declines to answer questions pertaining to former President Clinton's controversial pardons, saying, "it's time to go forward." February 24 – President Bush promises funding for the most essential national priorities that still restrain spending during his weekly radio address. February 26 – President Bush hosts a session of the National Governors Association annual winter meeting. During his prepared public remarks prior to the closed-door discussion, the president envisions that, "When the history of this administration is written, it will be said the nation's governors had a faithful friend in the White House." He announces his "new federalism" initiative.
February 27 – President Bush delivers a speech to a joint session of Congress on his administration's goals. Full text February 28 – Vice President Cheney says the president's budget plan leaves room for more in the budget post the tax cut, dismissing claims of otherwise as "wrong, factually untrue" while speaking to manufacturing executives. March 6 – President Bush addresses questions
2004 Republican National Convention
The 2004 Republican National Convention, the presidential nominating convention of the Republican Party of the United States, took place from August 30 to September 2, 2004 at Madison Square Garden in New York City, New York. The convention is one of a series of historic quadrennial meetings at which the Republican candidate for President of the United States and party platform are formally adopted. Attendance included 2,509 delegates and 2,344 alternate delegates from the states and the District of Columbia; the convention marked the formal end of the active primary election season. The theme of the convention was "Fulfilling America's Promise by Building a Safer World and a More Hopeful America." Defining moments of the 2004 Republican National Convention include a featured keynote address by Zell Miller and the confirmation of the nomination of President George W. Bush and Vice President Dick Cheney for reelection. Bush and Cheney faced the Democratic Party's ticket of John Kerry and John Edwards in the 2004 presidential election.
Apart from nominating a candidate for President and Vice President, the 2004 Republican National Convention was charged with crafting an official party platform and political agenda for the next four years. At the helm of the Platform Committee was United States Senator and Senate Majority Leader Bill Frist of Tennessee, Congresswoman Melissa Hart of Pennsylvania and Colorado Governor Bill Owens; the committee worked with the Bush campaign to develop the draft platform. The platform adopted by the 2004 Republican National Convention was the longest in the party's history compared to the mere 1,000-word platform adopted at the first convention in 1856. At 48,000 words, it was twice the length of the one adopted at the 2004 Democratic National Convention, only 19,500 words; the choice of Madison Square Garden on January 31, 2003 by all 165 members of the Republican National Committee as the venue for the 2004 Republican National Convention meant that New York City would host a major Republican nominating convention for the first time in the nation's history.
On July 19, control of Madison Square Garden was handed over to the Republican Party under the administration of Chief Executive Officer of the Convention, Bill Harris. Mayor Michael Bloomberg thanked the party for their choice, for which he had vigorously lobbied, noting it as a significant display of support for the city and an economic boom. Like the 2004 Democratic National Convention in Boston, the Department of Homeland Security declared the 2004 Republican National Convention a National Special Security Event; as such, the United States Secret Service was charged with employing and coordinating all federal and local agencies including the various bureaus of DHS, the FBI, the NYPD to secure the venue from terrorist attacks. Expected security expenditures reached $70 million, $50 million of, funded by the federal government; the city employed an active beat of 10,000 police officers deployed as Hercules teams—uniformed in full riot gear and body armor, equipped with submachine guns and rifles.
Commuter and Amtrak trains entering and exiting Penn Station were scoured by bomb-sniffing dogs as uniformed police officers were attached to buses carrying delegates. All employees of buildings surrounding Madison Square Garden were subjected to thorough screening and background checks; the NYPD infiltrated and compiled dossiers on protest groups, leading to over 1,800 arrests and subsequent fingerprinting. The convention took place in New York City a week before the third anniversary of September 11; the attacks were a primary theme of the convention, from the choice of speakers to repeated invocations of the attacks. At the convention, there was a performance of "Amazing Grace" by Daniel Rodriguez, a tribute to those killed on September 11. Relatives of three of the victims spoke and talked about how September 11 brought the country together. Contributing musically were Brooks & Dunn, Sara Evans, Lee Ann Womack, Darryl Worley. Early in the summer leading up to the 2004 Republican National Convention, Republican National Committee Chairman Ed Gillespie announced the first slate of convention speakers.
He added, "It is an honor to announce the addition of these outstanding Americans to the 2004 Republican National Convention program. For the past three and a half years, President Bush has led with strength and compassion and these speakers reflect that." Chief Executive Officer of the Convention Bill Harris commented, "These speakers have seen President Bush's strong, steady leadership and each will attest to his character from a unique perspective. Their vast experience and various points of view are a testament to the depth and breadth of the support for the Republican ticket in 2004." Considered to be one of the most interesting choices for speakers at the convention was a keynote address by Georgia Senator Zell Miller, a conservative Democrat. Miller had voted with Republicans. In a Wall Street Journal editorial Miller cited that the reason for his defection was that, "I recognize my party anymore." He continued, "it's the Democratic Party that has mastered the art of division and diversion.
To run for president as a Democrat these days you have to go from interest group to interest group, cap in hand, asking for the support of liberal kingmakers." He finished by saying, "I still believe in hope and opportunity and, when it comes right down to it, Mr. Bush is the man who represents hope and opportunity." His keynote address was a visceral smite to Democrats and an excoriating attack on John Kerry, blaming him for the divisions in America. Notably, he mocked Kerry's call for strength in the armed forces by noting several important military pro
Economy of the United States
The economy of the United States is a developed mixed economy. It is the world's largest economy by the second-largest by purchasing power parity, it has the world's seventh-highest per capita GDP and the eleventh-highest per capita GDP in 2016. The US has a diversified, world-leading industrial sector, it is a high-technology innovator with the second-largest industrial output in the world. The U. S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its science and technology, its military, the full faith of the U. S. government to reimburse its debts, its central role in a range of international institutions since World War II, the petrodollar system. Several countries use it as their official currency, in many others, it is the de facto currency, its largest trading partners are China, Mexico, Germany, South Korea, United Kingdom, France and Taiwan. The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, high productivity.
It has the second-highest total-estimated value of natural resources, valued at $45 trillion in 2016. Americans have the highest average household and employee income among OECD nations, in 2010, they had the fourth-highest median household income, down from second-highest in 2007; the United States has held the world's largest national economy since at least the 1890s. It is the world's largest producer of oil and natural gas. In 2016, it was the world's largest trading nation as well as its second-largest manufacturer, representing a fifth of the global manufacturing output; the U. S. has both the largest economy and the largest industrial sector, at 2005 prices according to the UNCTAD. The U. S. not only has the largest internal market for goods, but dominates the trade in services. U. S. total trade amounted to $4.92 trillion in 2016. Of the world's 500 largest companies, 134 are headquartered in the US; the U. S. has one of the world's largest and most influential financial markets. The New York Stock Exchange is by far the world's largest stock exchange by market capitalization.
Foreign investments made in the U. S. total $2.4 trillion, while American investments in foreign countries total to over $3.3 trillion. The U. S. economy is ranked first in international ranking on venture capital and Global Research and Development funding. Consumer spending comprised 68% of the U. S. economy in 2018. The U. S. has the world's largest consumer market, with a household final consumption expenditure five times larger than that of Japan. The nation's labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world; the U. S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, others. The U. S. economy experienced a serious economic downturn during the Great Recession which technically lasted from December 2007 – June 2009. However, real GDP regained its pre-crisis peak by 2011, household net worth by Q2 2012, non-farm payroll jobs by May 2014, the unemployment rate by September 2015.
Each of these variables continued into post-recession record territory following those dates, with the U. S. recovery becoming the second-longest on record in April 2018. Debt held by the public, a measure of national debt, was 77% of GDP in 2017, ranked the 43rd highest out of 207 countries. Income inequality ranked 41st highest among 156 countries in 2017, ranks among the highest in income inequality compared to other Western nations; the economic history of the United States began with American settlements in the 17th and 18th centuries. The American colonies went from marginally successful colonial economies to a small, independent farming economy, which in 1776 became the United States of America. In 180 years, the U. S. grew to a huge, industrialized economy that made up around one-fifth of the world economy. As a result, the U. S. GDP per capita converged on and surpassed that of the UK, as well as other nations that it trailed economically; the economy maintained high wages. In the early 1800s, the United States was agricultural with more than 80 percent of the population in farming.
Most of the manufacturing centered on the first stages of transformation of raw materials with lumber and saw mills and boots and shoes leading the way. The rich resource endowments contributed to the rapid economic expansion during the nineteenth century. Ample land availability allowed the number of farmers to keep growing, but activity in manufacturing, services and other sectors grew at a much faster pace. Thus, by 1860 the share of the farm population in the U. S. had fallen from over 80 percent to 50 percent. In the 19th century, recessions coincided with financial crises; the Panic of 1837 was followed by a five-year depression, with the failure of banks and then-record-high unemployment levels. Because of the great changes in the economy over the centuries, it is difficult to compare the severity of modern recessions to early recessions. Recessions after World War II appear to have been less severe than earlier recessions, but the reasons for this are unclear. At the beginning of the century new innovations and improvements in existing innovations opened the door for improvements in the standard of living among American consumers.
Many firms grew large by taking advantage of economies of scale and better communication to run nationwide operations. Concentration in these industries raised fears of monopoly that would drive prices higher and output l
United States Congress
The United States Congress is the bicameral legislature of the Federal Government of the United States. The legislature consists of two chambers: the House of the Senate; the Congress meets in the United States Capitol in Washington, D. C.. Both senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a gubernatorial appointment. Congress has 535 voting members: 100 senators; the House of Representatives has six non-voting members representing Puerto Rico, American Samoa, the Northern Mariana Islands, the U. S. Virgin Islands, the District of Columbia in addition to its 435 voting members. Although they cannot vote in the full house, these members can address the house and vote in congressional committees, introduce legislation; the members of the House of Representatives serve two-year terms representing the people of a single constituency, known as a "district". Congressional districts are apportioned to states by population using the United States Census results, provided that each state has at least one congressional representative.
Each state, regardless of population or size, has two senators. There are 100 senators representing the 50 states; each senator is elected at-large in their state for a six-year term, with terms staggered, so every two years one-third of the Senate is up for election. To be eligible for election, a candidate must be aged at least 25 or 30, have been a citizen of the United States for seven or nine years, be an inhabitant of the state which they represent; the Congress was created by the Constitution of the United States and first met in 1789, replacing in its legislative function the Congress of the Confederation. Although not mandated, in practice since the 19th century, Congress members are affiliated with the Republican Party or with the Democratic Party and only with a third party or independents. Article One of the United States Constitution states, "All legislative Powers herein granted shall be vested in a Congress of the United States, which shall consist of a Senate and House of Representatives."
The House and Senate are equal partners in the legislative process—legislation cannot be enacted without the consent of both chambers. However, the Constitution grants each chamber some unique powers; the Senate ratifies treaties and approves presidential appointments while the House initiates revenue-raising bills. The House initiates impeachment cases. A two-thirds vote of the Senate is required before an impeached person can be forcibly removed from office; the term Congress can refer to a particular meeting of the legislature. A Congress covers two years; the Congress ends on the third day of January of every odd-numbered year. Members of the Senate are referred to as senators. Scholar and representative Lee H. Hamilton asserted that the "historic mission of Congress has been to maintain freedom" and insisted it was a "driving force in American government" and a "remarkably resilient institution". Congress is the "heart and soul of our democracy", according to this view though legislators achieve the prestige or name recognition of presidents or Supreme Court justices.
One analyst argues that it is not a reactive institution but has played an active role in shaping government policy and is extraordinarily sensitive to public pressure. Several academics described Congress: Congress reflects us in all our strengths and all our weaknesses, it reflects our regional idiosyncrasies, our ethnic and racial diversity, our multitude of professions, our shadings of opinion on everything from the value of war to the war over values. Congress is the government's most representative body... Congress is charged with reconciling our many points of view on the great public policy issues of the day. Congress is changing and is in flux. In recent times, the American south and west have gained House seats according to demographic changes recorded by the census and includes more minorities and women although both groups are still underrepresented. While power balances among the different parts of government continue to change, the internal structure of Congress is important to understand along with its interactions with so-called intermediary institutions such as political parties, civic associations, interest groups, the mass media.
The Congress of the United States serves two distinct purposes that overlap: local representation to the federal government of a congressional district by representatives and a state's at-large representation to the federal government by senators. Most incumbents seek re-election, their historical likelihood of winning subsequent elections exceeds 90 percent; the historical records of the House of Representatives and the Senate are maintained by the Center for Legislative Archives, a part of the National Archives and Records Administration. Congress is directly responsible for the governing of the District of Columbia, the current seat of the federal government; the First Continental Congress was a gathering of representatives from twelve of the thirteen British Colonies in North America. On July 4, 1776, the Second Continental Congress adopted the Declaration of Independence, referring to the new nation as the "United States of America"; the Articles of Confederation in 1781 created the Congress of the Confederation, a
2004 Republican Party presidential primaries
The 2004 Republican presidential primaries were the selection process by which voters of the Republican Party chose its nominee for President of the United States in the 2004 U. S. presidential election. Incumbent President George W. Bush was again selected as the nominee through a series of primary elections and caucuses culminating in the 2004 Republican National Convention held from August 30 to September 2, 2004, in New York City. Incumbent President George W. Bush announced in mid-2003, he went on, throughout early 2004, to win every nomination contest, including a sweep of Super Tuesday, beating back the vacuum of challengers and maintaining the recent tradition of an easy primary for incumbent Presidents. Bush managed to raise US$130 million in 2003 alone, expected to set a national primary fund-raising record of $200 million by the time of the 2004 Republican National Convention in New York City. Senator Lincoln Chafee of Rhode Island, an opponent of the war in Iraq, Bush's tax cuts, drilling in the Arctic National Wildlife Refuge, much of Bush's social agenda, considered challenging Bush in the New Hampshire primary in the fall of 2003.
He decided not to run, after the capture of Saddam Hussein in December 2003. He would change his party affiliation to Democratic and run in that party's 2016 presidential primaries. William Tsangarse ran for president under the pseudonym "Bill Wyatt." The then-43-year-old T-shirt maker left the Democratic Party to become a Republican after Democrats voted for the war in Iraq, an action he saw as a betrayal. Tsangares spent an estimated $20,000 on his Presidential campaign, he managed to get on the ballot in New Hampshire, Missouri and Louisiana, the Democratic Primary ballot in Arizona. He finished tenth in the New Hampshire primary with 0.23% of the vote, placed second in Missouri, where he received 1,268 votes. However, a major upset occurred on Mini-Tuesday when Tsangares won just over 10% of the vote in Oklahoma and 4% in Louisiana, he received 233 votes in the Arizona Democratic primary. All but one of the following were on the ballot only in the state of New Hampshire. There were 2,509 total delegates to the 2004 Republican National Convention, of which 650 were so-called "superdelegates" who were not bound by any particular state's primary or caucus votes and could change their votes at any time.
A candidate needs 1,255 delegates to become the nominee. Except for the Northern Mariana Islands and Midway Atoll, all states and other inhabited areas of the United States offer delegates to the 2004 Republican National Convention. Democratic Party presidential primaries, 2004
The Bush family is an American family, prominent in the fields of politics, sports and business, founded by Obadiah Bush and Harriet Smith. Best known for its involvement in politics, the family has held various national and state offices spanning across four generations, including a U. S. Senator, Prescott Bush, a Governor, Jeb Bush, two U. S. Presidents—one having served as Vice President, George H. W. Bush, while the other was a Governor, George W. Bush. Other family members include a National Football League executive, Joe Ellis, two nationally known TV personalities, Billy Bush and Jenna Bush Hager. Peter Schweizer, author of a biography of the family, has described the Bushes as "the most successful political dynasty in American history". According to some online sources, the Bush family is of English and German descent; the Bush family traces its European origin to the 17th century, with Samuel Bush being their first American-born ancestor, in 1647. James Smith Bush, father of Samuel P. Bush Samuel Prescott Bush, father of Prescott Bush and son of James Smith Bush Flora Sheldon Bush, wife of Samuel P. Bush and mother to Prescott Bush Prescott Sheldon Bush, Samuel P. Bush's son, served as a U.
S. Senator from Connecticut. Dorothy Wear Walker Bush, wife of Prescott, was a daughter of George Herbert Walker of the well-connected Walker family of bankers and businessmen, served as informal First Mother from 1989, her son's inauguration during the beginning of his presidency until her death in 1992, in her son's final year of the presidency, her brothers are George Herbert Walker Jr. and John M. Walker Prescott Sheldon "Pressy" Bush Jr. Prescott Bush's eldest son, who served as chairman of the United States-China Chamber of Commerce. "Sue" Bush Sarah Bush Richey, daughter of James L. Bush. S. President Franklin Pierce, Second Lady and First Lady of the U. S. George Walker Bush, George H. W. Bush's eldest son, 43rd President of the United States and 46th Governor of Texas Laura Lane Welch Bush, wife of George W. and First Lady.