1.
Saint Kitts and Nevis
–
The Federation of Saint Kitts and Nevis, also known as the Federation of Saint Christopher and Nevis, is a two-island country in the West Indies. Located in the Leeward Islands chain of the Lesser Antilles, it is the smallest sovereign state in the Americas and Western Hemisphere, the country is a Commonwealth realm, with the British monarch as head of state. The capital city is Basseterre on the island of Saint Kitts. The smaller island of Nevis lies about 2 miles southeast of Saint Kitts across a channel called The Narrows. The British dependency of Anguilla was historically also a part of this union, to the north-northwest lie the islands of Sint Eustatius, and Saba, Saint Barthélemy, Saint-Martin/Sint Maarten and Anguilla. To the east and northeast are Antigua and Barbuda, and to the southeast is the uninhabited island of Redonda, and the island of Montserrat. Saint Kitts and Nevis were among the first islands in the Caribbean to be settled by Europeans, Saint Kitts was home to the first British and French colonies in the Caribbean, and thus has also been titled The Mother Colony of the West Indies. Nevis is also the birthplace of Alexander Hamilton, Saint Kitts was named Liamuiga, which roughly translates as fertile land, by the Kalinago Indians who originally inhabited the island. The name is preserved via St. Kittss western peak, Mount Liamuiga, neviss pre-Columbian name was Oualie, meaning land of beautiful waters. Christopher Columbus upon sighting what we now call Nevis in 1493 gave that island the name San Martín, the current name Nevis is derived from a Spanish name Nuestra Señora de las Nieves. This Spanish name means Our Lady of the Snows and it is not known who chose this name for the island, but it is a reference to the story of a fourth-century Catholic miracle, a summertime snowfall on the Esquiline Hill in Rome. Perhaps the white clouds which usually wreathe the top of Nevis Peak reminded someone of the story of a snowfall in a hot climate. The island of Nevis upon first British settlement was referred to as Dulcina, eventually the original Spanish name was restored and used in the shortened form, Nevis. There is some disagreement over the name which Christopher Columbus gave to St. Kitts, for many years it was thought that he named the island San Cristóbal, after Saint Christopher, his patron saint and the patron hallow of travellers. New studies suggest that Columbus named the island Sant Yago, the name San Cristóbal was given by Columbus to the island now known as Saba,20 miles northwest. It seems that San Cristóbal came to be applied to the island of St. Kitts only as the result of a mapping error, no matter the origin of the name, the island was well documented as San Cristóbal by the 17th century. The first English colonists kept the English translation of this name, in the 17th century, a common nickname for Christopher was Kit, or Kitt. This is why the island was often referred to as Saint Kitts Island
Saint Kitts and Nevis
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The Spanish capture of Saint Kitts in 1629 by
Fadrique de Toledo, 1st Marquis of Villanueva de Valdueza.
Saint Kitts and Nevis
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Flag
Saint Kitts and Nevis
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A view of Nevis from the southeastern peninsula of St. Kitts.
Saint Kitts and Nevis
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Downtown Basseterre, St. Kitts.
2.
East Caribbean dollar
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The Eastern Caribbean dollar is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States. The EC$ is subdivided into 100 cents and it has been pegged to the United States dollar since July 7,1976, and the exchange rate is US$1 = EC$2.70. Six of the using the EC$ are independent states, Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent. The other two are British overseas territories, Anguilla and Montserrat and these states are all members of the Eastern Caribbean Currency Union. The only OECS associate member not using the Eastern Caribbean dollar as their currency is the British Virgin Islands. The British Virgin Islands were always problematic for currency purposes due to their proximity to the Danish West Indies which became the US Virgin Islands in 1917. Officially, the British Virgin Islands used to use sterling, but in practice the situation was a lot more complicated and involved the circulation of Francs, British Guiana and Barbados had previously been members of this currency union but withdrew in 1966 and 1972 respectively. Trinidad and Tobago had been a member of the earlier British West Indies currency union, the combined population of the EC$ area is about 613,000, which is comparable to Montenegro or the American capital city of Washington, D. C. The combined GDP is 5.46 billion US dollars, which is comparable to Bermuda, Queen Elizabeth II appears on the banknotes and also on the obverse of the coins. She is the head of state of all the states and territories using the EC$, Dominica is nevertheless a member of the Commonwealth of Nations which recognises Queen Elizabeth II as Head of the Commonwealth. Queen Annes proclamation of 1704 introduced the standard to the British West Indies. Nevertheless, silver pieces of eight continued to form an important portion of the circulating coinage right up until the late 1870s, in 1822, the British government coined 1/4, 1/8, and 1/16 fractional Anchor dollars for use in Mauritius and the British West Indies. A few years later copper fractional dollars were coined for Mauritius, Sierra Leone, the first move to introduce British sterling silver coinage to the colonies came with an imperial order-in-council dated 1825. This move was inspired by a number of factors, the United Kingdom was now operating a very successful gold standard in relation to the gold sovereign that was introduced in 1816, and there was a desire to extend this system to the colonies. In addition to this, there was the fact that the supply of Spanish dollars had been cut off as a result of the revolutions in Latin America where most of the Spanish dollars were minted, the last Spanish Dollar was in fact minted at Potosi in 1825. There was now a growing desire to have a stable and steady supply of British shillings everywhere the British drum was beating. The 1825 order-in-council was largely a failure because it made sterling coinage legal tender at the unrealistic rating in relation to the Spanish dollar of $1 =4 shillings and 4 pence. The reality of the rating between the dollar and the pound was based on the content of the Spanish pieces of eight as compared to the gold content of the British gold sovereign
East Caribbean dollar
–
Map of countries and territories with the East Caribbean dollar as the official currency.
3.
Fiscal year
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A fiscal year is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for reporting by business and other organizations. Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, the calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Many annual government fees—such as Council rates, licence fees, etc. —are also levied on a year basis. The fiscal year end is the date marks the end of the fiscal year. Some companies—such as Cisco Systems—end their fiscal year on the day of the week each year. Under such a system, some years will have 52 weeks. Many universities have a year which ends during the summer. In the northern hemisphere this is July to the next June, in the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year, the American football league NFL uses the term league year, which in effect forms the leagues fiscal year. In Afghanistan, the year was recently changed from 1 Hamal –29 Hoot to 1 Jadi –30 Qaus. The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span, in Australia, a fiscal year is commonly called a financial year and starts on 1 July and ends on the next 30 June. Financial years are designated by the year of the second half of the period. For example, financial year 2017 is the 12-month period ending on 30 June 2017 and it is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. Business enterprises may opt to use a year that ends at the end of a week. All entities within the one group must use the financial year. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901, the reason given for the change was for convenience, as Parliament typically sits during May and June, while it was difficult for it to meet in November and December to pass a budget. In Austria the fiscal year is the year,1 January to 31 December
Fiscal year
–
Accounting
4.
Caricom
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The organization was established in 1973. The secretariat headquarters is based in Georgetown, Guyana, furthermore, it was suggested that Spanish should also become a working language. Part of the revised treaty establishes and implements the Caribbean Court of Justice, since 2013, the CARICOM-bloc and the Dominican Republic have been tied to the European Commission via an Economic Partnership Agreements known as CARIFORUM signed in 2008. The treaty grants all members of the European Union and CARIFORUM equal rights in terms of trade, within the agreement under Article 234, the European Court of Justice also carries dispute resolution mechanisms between CARIFORUM and the European Union states. Currently CARICOM has 15 full members,5 associate members and 8 observers, all of the associate members are British overseas territories, and it is currently not established what the role of the associate members will be. The observers are states which engage in at least one of CARICOMs technical committees, structures comprised by the overall Caribbean Community. Under Article 4 CARICOM breaks its 15 member states into two groups, Less Developed Countries and More Developed Countries and these heads are given specific specialised portfolios of responsibility for overall regional development and integration. Secretariat of the Caribbean Community, The term of office of the Secretary-General is five years, Secretary-General of the Caribbean Community, the CARICOM Secretary General handles foreign and community relations. Deputy Secretary-General of the Caribbean Community, handles human and social Development, General Counsel of the Caribbean Community, handles trade and economic integration. The Community Council consists of ministers responsible for community affairs and any other Minister designated by the states in their absolute discretion. It is one of the principal organs, the other is the Conference of the Heads of Government. It is supported by four other organs and three bodies, the CCJ is based in Port of Spain, Trinidad and Tobago. The original design by the firm of WINART Studies in Georgetown, the flag was first flown on 4 July 1984 in Nassau, Bahamas at the fifth Meeting of the Conference of Heads of Government. The flag features a background, but the upper part is a light blue representing sky and the lower. The yellow circle in the centre represents the sun on which is printed in black the logo of the Caribbean Community, the two Cs are in the form of broken links in a chain, symbolising both unity and a break with the colonial past. The narrow ring of green around the sun represents the vegetation of the region, a regional panel of judges comprising independent experts in music was nominated by member states and the CARICOM Secretariat. Three rounds of competition condensed 63 entries to a three, from which judges chose Celebrating CARICOM by Michele Henderson of Dominica in March 2014. Her song was produced by her husband, Roland Delsol Jr. and it also featured Michael Ferrol on drums and choral input from the St. Alphonsus Choir
Caricom
–
Terminology
Caricom
–
Flag
5.
Gross domestic product
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Gross Domestic Product is a monetary measure of the market value of all final goods and services produced in a period. Nominal GDP estimates are used to determine the economic performance of a whole country or region. The OECD defines GDP as a measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production. ”An IMF publication states that GDP measures the monetary value of final goods and services - that is. Total GDP can also be broken down into the contribution of industry or sector of the economy. The ratio of GDP to the population of the region is the per capita GDP. William Petty came up with a concept of GDP to defend landlords against unfair taxation during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695, the modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare, after the Bretton Woods conference in 1944, GDP became the main tool for measuring a countrys economy. The switch from GNP to GDP in the US was in 1991, the history of the concept of GDP should be distinguished from the history of changes in ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the sector, by financial industries. GDP can be determined in three ways, all of which should, in principle, give the same result and they are the production approach, the income approach, or the expenditure approach. The most direct of the three is the approach, which sums the outputs of every class of enterprise to arrive at the total. The income approach works on the principle that the incomes of the factors must be equal to the value of their product. This approach mirrors the OECD definition given above, deduct intermediate consumption from gross value to obtain the gross value added. Gross value added = gross value of output – value of intermediate consumption, value of output = value of the total sales of goods and services plus value of changes in the inventories. The sum of the value added in the various economic activities is known as GDP at factor cost. GDP at factor cost plus indirect taxes less subsidies on products = GDP at producer price, for measuring output of domestic product, economic activities are classified into various sectors. Subtracting each sectors intermediate consumption from gross output gives the GDP at factor cost, adding indirect tax minus subsidies in GDP at factor cost gives the GDP at producer prices
Gross domestic product
–
Selection of GDP PPP data (top 10 countries and blocks) in no particular order
6.
Purchasing power parity
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Observed deviations of the exchange rate from purchasing power parity are measured by deviations of the real exchange rate from its PPP value of 1. PPP exchange rates help to minimize misleading international comparisons that can arise with the use of exchange rates. For example, suppose that two countries produce the same amounts of goods as each other in each of two different years. But if one countrys GDP is converted into the countrys currency using PPP exchange rates instead of observed market exchange rates. The idea originated with the School of Salamanca in the 16th century, the best-known purchasing power adjustment is the Geary–Khamis dollar. The real exchange rate is equal to the nominal exchange rate. If purchasing power parity held exactly, then the exchange rate would always equal one. However, in practice the exchange rates exhibit both short run and long run deviations from this value, for example due to reasons illuminated in the Balassa–Samuelson theorem. There can be marked differences between purchasing power adjusted incomes and those converted via market exchange rates. This discrepancy has large implications, for instance, when converted via the exchange rates GDP per capita in India is about US$1,965 while on a PPP basis it is about US$7,197. At the other extreme, Denmarks nominal GDP per capita is around US$62,100, the purchasing power parity exchange rate serves two main functions. PPP exchange rates can be useful for making comparisons between countries because they stay fairly constant from day to day or week to week and only change modestly, if at all, from year to year. The PPP exchange-rate calculation is controversial because of the difficulties of finding comparable baskets of goods to compare purchasing power across countries, people in different countries typically consume different baskets of goods. It is necessary to compare the cost of baskets of goods and this is a difficult task because purchasing patterns and even the goods available to purchase differ across countries. Thus, it is necessary to make adjustments for differences in the quality of goods, furthermore, the basket of goods representative of one economy will vary from that of another, Americans eat more bread, Chinese more rice. Hence a PPP calculated using the US consumption as a base will differ from that calculated using China as a base, additional statistical difficulties arise with multilateral comparisons when more than two countries are to be compared. Various ways of averaging bilateral PPPs can provide a stable multilateral comparison. These are all issues of indexing, as with other price indices there is no way to reduce complexity to a single number that is equally satisfying for all purposes
Purchasing power parity
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Big Mac hamburgers, like this one from
Japan, are similar worldwide.
Purchasing power parity
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GDP Per capita by
countries in 2014, calculated using PPP
exchange rates, based on
IMF data.
7.
Agriculture
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Agriculture is the cultivation and breeding of animals, plants and fungi for food, fiber, biofuel, medicinal plants and other products used to sustain and enhance human life. Agriculture was the key development in the rise of human civilization. The study of agriculture is known as agricultural science, the history of agriculture dates back thousands of years, and its development has been driven and defined by greatly different climates, cultures, and technologies. Industrial agriculture based on large-scale monoculture farming has become the dominant agricultural methodology, genetically modified organisms are an increasing component of agriculture, although they are banned in several countries. Agricultural food production and water management are increasingly becoming global issues that are fostering debate on a number of fronts, the major agricultural products can be broadly grouped into foods, fibers, fuels, and raw materials. Specific foods include cereals, vegetables, fruits, oils, meats, fibers include cotton, wool, hemp, silk and flax. Raw materials include lumber and bamboo, other useful materials are also produced by plants, such as resins, dyes, drugs, perfumes, biofuels and ornamental products such as cut flowers and nursery plants. The word agriculture is a late Middle English adaptation of Latin agricultūra, from ager, field, Agriculture usually refers to human activities, although it is also observed in certain species of ant, termite and ambrosia beetle. To practice agriculture means to use resources to produce commodities which maintain life, including food, fiber, forest products, horticultural crops. This definition includes arable farming or agronomy, and horticulture, all terms for the growing of plants, even then, it is acknowledged that there is a large amount of knowledge transfer and overlap between silviculture and agriculture. In traditional farming, the two are often combined even on small landholdings, leading to the term agroforestry, Agriculture began independently in different parts of the globe, and included a diverse range of taxa. At least 11 separate regions of the Old and New World were involved as independent centers of origin, wild grains were collected and eaten from at least 105,000 years ago. Pigs were domesticated in Mesopotamia around 15,000 years ago, rice was domesticated in China between 13,500 and 8,200 years ago, followed by mung, soy and azuki beans. Sheep were domesticated in Mesopotamia between 13,000 and 11,000 years ago. From around 11,500 years ago, the eight Neolithic founder crops, emmer and einkorn wheat, hulled barley, peas, lentils, bitter vetch, chick peas and flax were cultivated in the Levant. Cattle were domesticated from the aurochs in the areas of modern Turkey. In the Andes of South America, the potato was domesticated between 10,000 and 7,000 years ago, along with beans, coca, llamas, alpacas, sugarcane and some root vegetables were domesticated in New Guinea around 9,000 years ago. Sorghum was domesticated in the Sahel region of Africa by 7,000 years ago, cotton was domesticated in Peru by 5,600 years ago, and was independently domesticated in Eurasia at an unknown time
Agriculture
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Agriculture
Agriculture
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Fields in
Záhorie (
Slovakia) - a typical Central European agricultural region.
Agriculture
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Domestic sheep and a
cow (heifer) pastured together in
South Africa.
Agriculture
–
A
Sumerian harvester's sickle made from baked clay (ca. 3000 BC).
8.
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
Industry
–
A factory, a traditional symbol of the industrial development (a
paper mill in
Georgetown, the United States)
Industry
–
GDP composition of sector and labour force by occupation in the form of any component to economy. The green, red, and blue components of the colours of the countries represent the percentages for the
agriculture, industry, and
services sectors, respectively.
Industry
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A female industrial
worker amidst heavy steel semi-products (KINEX BEARINGS,
Bytča,
Slovakia, c. 1995–2000)
Industry
–
The assembly plant of the
Bell Aircraft Corporation (
Wheatfield, New York, United States, 1944) producing Aircobra P 39 aircraft
9.
Service (economics)
–
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
Service (economics)
–
A
bellhop is an example of a service occupation.
10.
Inflation
–
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
Inflation
–
Two 20 kr gold coins from the
Scandinavian Monetary Union, a historical example of an international gold standard.
Inflation
–
Annual inflation rates in the United States from 1666 to 2004.
11.
Consumer price index
–
A consumer price index measures changes in the price level of market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of items whose prices are collected periodically. It is one of several price indices calculated by most national statistical agencies, the annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index the real value of wages, salaries, pensions, for regulating prices, in most countries, the CPI is, along with the population census one of the most closely watched national economic statistics. Basic types of data that are needed to construct the CPI, price data, the price data are collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times. The weighting data are estimates of the shares of the different types of expenditure in the total expenditure covered by the index, therefore, the sampling variance cannot be calculated. In any case, an estimate is required in most of the purposes for which the index is used. These indices compare prices each month with prices in the price-reference month and it takes time to assemble and process the information used for weighting which, in addition to household expenditure surveys, may include trade and tax data. Ideally, the weights would relate to the composition of expenditure during the time between the month and the current month. There is a large technical economics literature on index formulae which would approximate this, such an index would show how consumer expenditure would have to move to compensate for price changes so as to allow consumers to maintain a constant standard of living. Approximations can only be computed retrospectively, whereas the index has to appear monthly and, preferably, the coverage of the index may be limited. Saving and investment are always excluded, though the prices paid for services provided by financial intermediaries may be included along with insurance. The index reference period, usually called the year, often differs both from the weight-reference period and the price reference period. This is just a matter of rescaling the whole time-series to make the value for the index reference-period equal to 100. Current Item Price = Base Year Price × Current CPI Base Year CPI or CPI2 CPI1 = Price 2 Price 1 Where 1 is usually the comparison year, alternatively, the CPI can be performed as CPI = updated cost base period cost ×100. The updated cost is divided by that of the initial year, many but not all price indices are weighted averages using weights that sum to 1 or 100. Example, The prices of 85,000 items from 22,000 stores, and 35,000 rental units are added together and averaged. They are weighted this way, Housing,41. 4%, Food and Beverage,17. 4%, Transport,17. 0%, Medical Care,6. 9%, Other,6. 9%, Apparel,6. 0%, Entertainment,4. 4%
Consumer price index
–
A graph of the
US CPI from 1913 to 2014 (in blue), and its percentage annual change (in red)
12.
Poverty threshold
–
The poverty threshold, poverty limit or poverty line is the minimum level of income deemed adequate in a particular country. In practice, like the definition of poverty, the official or common understanding of the poverty line is higher in developed countries than in developing countries. In 2008, the World Bank came out with a figure of $1.25 at 2005 purchasing-power parity, the new IPL replaces the $1.25 per day figure, which used 2005 data. Most scholars agree that it better reflects todays reality, particularly new price levels in developing countries, the common international poverty line has in the past been roughly $1 a day. At present the percentage of the population living under extreme poverty is likely to fall below 10% according to the World Bank projections released in 2015. Determining the poverty line is usually done by finding the total cost of all the resources that an average human adult consumes in one year. Individual factors are used to account for various circumstances, such as whether one is a parent, elderly. The poverty threshold may be adjusted annually, charles Booth, a pioneering investigator of poverty in London at the turn of the 20th century, popularised the idea of a poverty line, a concept originally conceived by the London School Board. Booth set the line at 10 to 20 shillings per week, to secure the necessaries of a healthy life, which included fuel and light, rent, food, clothing, and household and personal items. Based on data from leading nutritionists of the period, he calculated the cheapest price for the minimum calorific intake and nutritional balance necessary and he considered this amount to set his poverty line and concluded that 27. 84% of the total population of York lived below this poverty line. Rowntree distinguished between primary poverty, those lacking in income and secondary poverty, those who had enough income, Absolute poverty is the level of poverty as defined in terms of the minimal requirements necessary to afford minimal standards of food, clothing, health care and shelter. For the measure to be absolute, the line must be the same in different countries, cultures, such an absolute measure should look only at the individuals power to consume and it should be independent of any changes in income distribution. Notice that if real income in an economy increases. Measuring poverty by a threshold has the advantage of applying the same standard across different locations and time periods. For example, a living in far northern Scandinavia requires a source of heat during colder months. The term absolute poverty is sometimes used as a synonym for extreme poverty. Absolute poverty is the absence of resources to secure basic life necessities. It depends not only on income but also on access to services, safe drinking water, Water must not come solely from rivers and ponds, and must be available nearby
Poverty threshold
–
Percentage of population living on less than
$ 1.25 per day.
UN estimates 2000–2007.
13.
Tourism
–
Tourism is travel for pleasure or business, also the theory and practice of touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tours. Tourism may be international, or within the travellers country, Tourism can be domestic or international, and international tourism has both incoming and outgoing implications on a countrys balance of payments. Today, tourism is a source of income for many countries. International tourism receipts grew to US$1.03 trillion in 2011, the ITB Berlin is the worlds leading tourism trade fair. The word tourist was used by 1772 and tourism by 1811. It is formed from the tour, which is derived from Old English turian, from Old French torner, from Latin tornare, to turn on a lathe. Tourism is an important, even vital, source of income for many regions and it also creates opportunities for employment in the service sector of the economy associated with tourism. This is in addition to goods bought by tourists, including souvenirs, in 1936, the League of Nations defined a foreign tourist as someone traveling abroad for at least twenty-four hours. Its successor, the United Nations, amended this definition in 1945 and it includes movements for all purposes. In 1981, the International Association of Scientific Experts in Tourism defined tourism in terms of particular activities chosen and undertaken outside the home, in this context, travel has a similar definition to tourism, but implies a more purposeful journey. The terms tourism and tourist are sometimes used pejoratively, to imply a shallow interest in the cultures or locations visited, by contrast, traveler is often used as a sign of distinction. The sociology of tourism has studied the values underpinning these distinctions. International tourist arrivals reached 1.035 billion in 2012, up from over 996 million in 2011, the World Tourism Organization reports the following ten destinations as the most visited in terms of the number of international travellers in 2016. International tourism receipts grew to US$1.2 trillion in 2014, based upon air traffic, the MasterCard Global Destination Cities Index reports the following cities as the top ten most popular destinations of international tourism worldwide. MasterCard reports the following cities as the top ten biggest earners on international tourism worldwide in 2015, as early as Shulgi, however, kings praised themselves for protecting roads and building waystations for travelers. During the Roman Republic, spas and coastal resorts such as Baiae were popular among the rich, pausanias wrote his Description of Greece in the 2nd century AD. In ancient China, nobles sometimes made a point of visiting Mount Tai and, on occasion, the Islamic hajj is still central to its faith and Chaucers Canterbury Tales and Wu Chengens Journey to the West remain classics of English and Chinese literature. The 10th- to 13th-century Song dynasty also saw secular travel writers such as Su Shi, under the Ming, Xu Xiake continued the practice
Tourism
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A tourist taking photographs and video at archaeological site
Tourism
–
Backpacking tourists in Vienna
Tourism
–
1922 postcard of tourists in the
High Tatras,
Slovakia.
Tourism
–
Strandkorb chairs on
Usedom Island, Germany. Not only the service sector grows thanks to tourism, but also local
manufacturers (like those producing the strandkorb),
retailers, the
real estate sector and the general
image of a location can benefit a lot.
14.
Cotton
–
Cotton is a soft, fluffy staple fiber that grows in a boll, or protective case, around the seeds of the cotton plants of the genus Gossypium in the mallow family Malvaceae. The fiber is almost pure cellulose, under natural conditions, the cotton bolls will tend to increase the dispersal of the seeds. The plant is a native to tropical and subtropical regions around the world, including the Americas, Africa. The greatest diversity of wild species is found in Mexico, followed by Australia. Cotton was independently domesticated in the Old and New Worlds, the fiber is most often spun into yarn or thread and used to make a soft, breathable textile. Current estimates for world production are about 25 million tonnes or 110 million bales annually, China is the worlds largest producer of cotton, but most of this is used domestically. The United States has been the largest exporter for many years, in the United States, cotton is usually measured in bales, which measure approximately 0.48 cubic meters and weigh 226.8 kilograms. Cotton cultivation in the region is dated to the Indus Valley Civilization, the Indus cotton industry was well-developed and some methods used in cotton spinning and fabrication continued to be used until the industrialization of India. Between 2000 and 1000 BC cotton became widespread across much of India, for example, it has been found at the site of Hallus in Karnataka dating from around 1000 BC. Cotton fabrics discovered in a cave near Tehuacán, Mexico have been dated to around 5800 BC, the domestication of Gossypium hirsutum in Mexico is dated between 3400 and 2300 BC. Cotton was grown upriver, made into nets, and traded with fishing villages along the coast for supplies of fish. The Spanish who came to Mexico and Peru in the early 16th century found the people growing cotton and this may be a reference to tree cotton, Gossypium arboreum, which is a native of the Indian subcontinent. According to the Columbia Encyclopedia, Cotton has been spun, woven and it clothed the people of ancient India, Egypt, and China. Hundreds of years before the Christian era, cotton textiles were woven in India with matchless skill, in Iran, the history of cotton dates back to the Achaemenid era, however, there are few sources about the planting of cotton in pre-Islamic Iran. The planting of cotton was common in Merv, Ray and Pars of Iran, in Persian poets poems, especially Ferdowsis Shahname, there are references to cotton. Marco Polo refers to the products of Persia, including cotton. John Chardin, a French traveler of the 17th century who visited the Safavid Persia, during the Han dynasty, cotton was grown by Chinese peoples in the southern Chinese province of Yunnan. Mohamed Ali Pasha accepted the proposition and granted himself the monopoly on the sale and export of cotton in Egypt, and later dictated cotton should be grown in preference to other crops
Cotton
–
Cotton
Cotton
–
Manually decontaminating cotton before processing at an Indian spinning mill (2010)
Cotton
–
Cotton field
Cotton
–
Cotton plant
15.
Salt
–
Salt is present in vast quantities in seawater, where it is the main mineral constituent. The open ocean has about 35 grams of solids per litre, Salt is essential for life in general, and saltiness is one of the basic human tastes. The tissues of animals contain larger quantities of salt than do plant tissues, Salt is one of the oldest and most ubiquitous food seasonings, and salting is an important method of food preservation. Salt was also prized by the ancient Hebrews, the Greeks, the Romans, the Byzantines, the Hittites, Egyptians, and the Indians. Salt became an important article of trade and was transported by boat across the Mediterranean Sea, along specially built salt roads, the scarcity and universal need for salt has led nations to go to war over it and use it to raise tax revenues. Salt is used in ceremonies and has other cultural significance. Salt is processed from salt mines, or by the evaporation of seawater or mineral-rich spring water in shallow pools. Its major industrial products are caustic soda and chlorine, and is used in industrial processes including the manufacture of polyvinyl chloride, plastics, paper pulp. Of the annual production of around two hundred million tonnes of salt, only about 6% is used for human consumption. Other uses include water conditioning processes, de-icing highways, and agricultural use, edible salt is sold in forms such as sea salt and table salt which usually contains an anti-caking agent and may be iodised to prevent iodine deficiency. As well as its use in cooking and at the table, sodium is an essential nutrient for human health via its role as an electrolyte and osmotic solute. Excessive salt consumption can increase the risk of diseases, such as hypertension, in children. Such health effects of salt have long been studied, accordingly, numerous world health associations and experts in developed countries recommend reducing consumption of popular salty foods. The World Health Organization recommends that adults should consume less than 2,000 mg of sodium, humans have always tended to build communities either around sources of salt, or where they can trade for it. All through history the availability of salt has been pivotal to civilization, the word salary comes from the Latin word for salt because the Roman Legions were sometimes paid in salt. The Natron Valley was a key region that supported the Egyptian Empire to its north, because it supplied it with a kind of salt that came to be called by its name, natron. Even before this, what is now thought to have been the first city in Europe is Solnitsata, in Bulgaria, even the name Solnisata means salt works. A very ancient salt-works operation has been discovered at the Poiana Slatinei archaeological site next to a spring in Lunca, Neamț County
Salt
–
Salt deposits beside the
Dead Sea
Salt
–
Red rock salt from the
Khewra Salt Mine in Pakistan
Salt
–
Salt production in
Halle, Saxony-Anhalt (1670)
Salt
–
Ponds near
Maras, Peru, fed from a mineral spring and used for salt production since the time of the
Incas.
16.
Copra
–
Copra is the dried meat, or dried kernel, of the coconut used to extract coconut oil. The earliest evidence of the extracting and use of oil from copra is in early Tamil literature from the 1st century AD. The word originated from the Malayalam word koppra, Coconut oil is extracted from it and this has made copra an important agricultural commodity for many coconut-producing countries. It also yields coconut cake, which is used as feed for livestock. Copra has traditionally been grated and ground then boiled in water to extract coconut oil and it was used by Pacific island cultures and became a valuable commercial product for merchants in the South Seas and South Asia in the 1860s. This 19th-century copra trading inspired Robert Louis Stevensons 1893 novella The Beach of Falesá, nowadays, the process of coconut oil extraction is performed by crushing copra to produce coconut oil, the by-product is known as copra cake or copra meal. Once the oil is extracted, the remaining cake is 18–25% protein. Instead it is fed to ruminants. The production of copra – removing the shell, breaking it up, Copra can be made by smoke drying, sun drying, or kiln drying. Sun drying requires little more than racks and sufficient sunlight, halved nuts are drained of water, and left with the meat facing the sky, they can be washed to remove mold-creating contaminants. After two days the meat can be removed from the shell with ease, and the process is complete after three to five more days. This process can also be reversed, partially drying the copra in the kiln, in India, small but whole coconuts can be dried over the course of eight months to a year, and the meat inside removed and sold as a whole ball. Meat prepared in this fashion is sweet, soft, oily and is cream-coloured instead of being white, Coconut meat can be dried using direct heat and smoke from a fire, using simple racks to suspend the coconut over the fire. The smoke residue can help preserve the meat but the process overall suffers from unpredictable results. While there are large plantations with integrated operations, copra remains primarily a smallholder crop. The major producing country is the Philippines and it is also a major exporter. Copra production begins on coconut plantations, Coconut trees are generally spaced 9 m apart, allowing a density of 100–160 coconut trees per hectare. A standard tree bears around 50–80 nuts a year, and average earnings in Vanuatu were US$0.20 per kg —so a farmer could earn approximately US$120 to US$320 yearly for each planted hectare
Copra
–
Whole dry coconuts, kept for sale in Ulsoor Market,
Bangalore, India
Copra
–
Coconuts sun-dried in
Kozhikode,
Kerala for making copra
17.
Manufacturing
–
Manufacturing is the value added to production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation. Manufacturing engineering or manufacturing process are the steps through which raw materials are transformed into a final product, the manufacturing process begins with the product design, and materials specification from which the product is made. These materials are modified through manufacturing processes to become the required part. Manufacturing takes turns under all types of economic systems, in a free market economy, manufacturing is usually directed toward the mass production of products for sale to consumers at a profit. In a collectivist economy, manufacturing is more directed by the state to supply a centrally planned economy. In mixed market economies, manufacturing occurs under some degree of government regulation, modern manufacturing includes all intermediate processes required the production and integration of a products components. Some industries, such as semiconductor and steel manufacturers use the term fabrication instead, the manufacturing sector is closely connected with engineering and industrial design. Examples of major manufacturers in North America include General Motors Corporation, General Electric, Procter & Gamble, General Dynamics, Boeing, Pfizer, examples in Europe include Volkswagen Group, Siemens, and Michelin. Examples in Asia include Sony, Huawei, Lenovo, Toyota, Samsung, in its earliest form, manufacturing was usually carried out by a single skilled artisan with assistants. In much of the world, the guild system protected the privileges. Before the Industrial Revolution, most manufacturing occurred in rural areas, entrepreneurs organized a number of manufacturing households into a single enterprise through the putting-out system. Toll manufacturing is an arrangement whereby a first firm with specialized equipment processes raw materials or semi-finished goods for a second firm, manufacturing provides important material support for national infrastructure and for national defense. On the other hand, most manufacturing may involve significant social and environmental costs, the clean-up costs of hazardous waste, for example, may outweigh the benefits of a product that creates it. Hazardous materials may expose workers to health risks and these costs are now well known and there is effort to address them by improving efficiency, reducing waste, using industrial symbiosis, and eliminating harmful chemicals. The negative costs of manufacturing can also be addressed legally, developed countries regulate manufacturing activity with labor laws and environmental laws. Across the globe, manufacturers can be subject to regulations and pollution taxes to offset the costs of manufacturing activities. Labor unions and craft guilds have played a role in the negotiation of worker rights. Environment laws and labor protections that are available in developed nations may not be available in the third world, tort law and product liability impose additional costs on manufacturing
Manufacturing
–
Textile factory (
Germany, circa 1975).
Manufacturing
Manufacturing
–
Assembly of Section 41 of a
Boeing 787 Dreamliner
Manufacturing
–
A female industrial
worker amidst heavy steel semi-products (KINEX BEARINGS,
Bytča,
Slovakia, c. 1995–2000)
18.
Beverages
–
A drink or beverage is a liquid intended for human consumption. In addition to their function of satisfying thirst, drinks play important roles in human culture. Common types of drinks include plain water, milk, juices, coffee, tea, in addition, alcoholic drinks such as wine, beer, and liquor, which contain the drug ethanol, have been part of human culture and development for 8,000 years. Non-alcoholic drinks often signify drinks that would normally contain alcohol, such as beer, the category includes drinks that have undergone an alcohol removal process such as non-alcoholic beers and de-alcoholized wines. When the human body becomes dehydrated it experiences the sensation of thirst and this craving of fluids results in an instinctive need to drink. Thirst is regulated by the hypothalamus in response to changes in the bodys electrolyte levels. The complete elimination of drinks, i. e. water, Water and milk have been basic drinks throughout history. As water is essential for life, it has also been the carrier of many diseases, as mankind evolved, new techniques were discovered to create drinks from the plants that were native to their areas. The earliest archaeological evidence of wine production yet found has been at sites in Georgia, beer may have been known in Neolithic Europe as far back as 3000 BCE, and was mainly brewed on a domestic scale. The invention of beer has been argued to be responsible for humanitys ability to develop technology, tea likely originated in Yunnan, China during the Shang Dynasty as a medicinal drink. Drinking has been a part of socialising throughout the centuries. In Ancient Greece, a gathering for the purpose of drinking was known as a symposium. The purpose of these gatherings could be anything from serious discussions to direct indulgence, in Ancient Rome, a similar concept of a convivium took place regularly. Many early societies considered alcohol a gift from the gods, leading to the creation of such as Dionysus. Other religions forbid, discourage, or restrict the drinking of alcoholic drinks for various reasons, in some regions with a dominant religion the production, sale, and consumption of alcoholic drinks is forbidden to everybody, regardless of religion. Toasting is a method of honouring a person or wishing good will by taking a drink, another tradition is that of the loving cup, at weddings or other celebrations such as sports victories a group will share a drink in a large receptacle, shared by everyone until empty. In East Africa and Yemen, coffee was used in religious ceremonies. As these ceremonies conflicted with the beliefs of the Christian church, the drink was also banned in Ottoman Turkey during the 17th century for political reasons and was associated with rebellious political activities in Europe
Beverages
–
The world's second-most-consumed drink, tea
Beverages
–
Caravagio 's interpretation of Bacchus
Beverages
–
First developed in the Middle Ages, basket presses have a long history of use in winemaking.
Beverages
–
An old
whiskey still.
19.
Tobacco
–
Tobacco is a product prepared from the leaves of the tobacco plant by curing them. The plant is part of the genus Nicotiana and of the Solanaceae family, while more than 70 species of tobacco are known, the chief commercial crop is N. tabacum. The more potent variant N. rustica is also used around the world, Tobacco contains the alkaloid nicotine, which is a stimulant. Dried tobacco leaves are used for smoking in cigarettes, cigars, pipe tobacco. They can be consumed as snuff, chewing tobacco, dipping tobacco. Tobacco use is a factor for many diseases, especially those affecting the heart, liver. In 2008, the World Health Organization named tobacco as the single greatest preventable cause of death. The English word tobacco originates from the Spanish and Portuguese word tabaco, the precise origin of this word is disputed, but it is generally thought to have derived at least in part, from Taino, the Arawakan language of the Caribbean. In Taino, it was said to either a roll of tobacco leaves or to tabago. Tobacco has long used in the Americas, with some cultivation sites in Mexico dating back to 1400–1000 BC. Many Native American tribes have traditionally grown and used tobacco, traditionally, tobacco is seen as a gift from the Creator, with the ceremonial tobacco smoke carrying ones thoughts and prayers to the Creator. Following the arrival of the Europeans to the Americas, tobacco became popular as a trade item. Hernández de Boncalo, Spanish chronicler of the Indies, was the first European to bring seeds to the Old World in 1559 following orders of King Philip II of Spain. These seeds were planted in the outskirts of Toledo, more specifically in a known as Los Cigarrales named after the continuous plagues of cicadas. Before the development of lighter Virginia and white burley strains of tobacco, small quantities were smoked at a time, using a pipe like the midwakh or kiseru or smoking newly invented waterpipes such as the bong or the hookah. The alleged benefits of tobacco also account for its considerable success, Tobacco smoking, chewing, and snuffing became a major industry in Europe and its colonies by 1700. Tobacco has been a major crop in Cuba and in other parts of the Caribbean since the 18th century. In the late 19th century, cigarettes became popular, James Bonsack created a machine that automated cigarette production
Tobacco
–
Tobacco can also be pressed into plugs and sliced into flakes.
Tobacco
–
A historic kiln in
Myrtleford, Victoria, Australia
Tobacco
–
Basma tobacco leaves drying in the sun at
Pomak village in
Xanthi, Greece
Tobacco
–
William Michael Harnett (American, 1848-1892), Still Life with Three Castles Tobacco, 1880,
Brooklyn Museum
20.
United States
–
Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography, climate and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power. The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations. In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
United States
–
Native Americans meeting with Europeans, 1764
United States
–
Flag
United States
–
The signing of the
Mayflower Compact, 1620.
United States
–
The
Declaration of Independence: the
Committee of Five presenting their draft to the
Second Continental Congress in 1776
21.
Bangladesh
–
Bangladesh, officially the Peoples Republic of Bangladesh, is a country in South Asia. It shares land borders with India and Myanmar, Nepal, Bhutan and China are located near Bangladesh but do not share a border with it. The countrys maritime territory in the Bay of Bengal is roughly equal to the size of its land area, Bangladesh is the worlds eighth most populous country. Dhaka is its capital and largest city, followed by Chittagong which has the countrys largest port, Bangladesh forms the largest and eastern part of the Bengal region. Bangladeshis include people of different ethnic groups and religions, Bengalis, who speak the official Bengali, make up 98% of the population. The politically dominant Bengali Muslims make the nation the worlds third largest Muslim-majority country, most of Bangladesh is covered by the Bengal delta, the largest delta on Earth. The country has 700 rivers and 8,046 km of inland waterways, highlands with evergreen forests are found in the northeastern and southeastern regions of the country. Bangladesh has many islands and a coral reef and it is home to the Sundarbans, the largest mangrove forest in the world. The countrys biodiversity includes a vast array of plant and wildlife, including critically endangered Bengal tigers, the Greeks and Romans identified the region as Gangaridai, a powerful kingdom of the historical subcontinent, in the 3rd century BCE. Archaeological research has unearthed several ancient cities in Bangladesh, which had trade links for millennia. The Bengal Sultanate and Mughal Bengal transformed the region into a cosmopolitan Islamic imperial power between the 14th and 18th centuries, the region was home to many principalities which had inland naval prowess. It was also a center of the worldwide muslin and silk trade. As part of British India, the region was influenced by the Bengali renaissance, the Partition of British India made East Bengal a part of the Dominion of Pakistan, and was renamed as East Pakistan. The region witnessed the Bengali Language Movement in 1952 and the Bangladesh Liberation War in 1971, after independence, a parliamentary republic was established. A presidential government was in place between 1975 and 1990, followed by a return to parliamentary democracy, the country has also been affected by poverty, natural disasters, hunger, dominant party systems and military coups. Bangladesh is a power and a major developing nation. Listed as one of the Next Eleven, it has the 46th largest economy and it is one of the largest textile exporters in the world. Its major trading partners are the European Union, the United States, China, India, Japan, Malaysia, with its strategically vital location between Southern, Eastern and Southeast Asia, Bangladesh is an important promoter of regional connectivity and cooperation
Bangladesh
–
Mahasthangarh is the oldest archaeological site in Bangladesh. It dates back to 700 BCE and was the ancient capital of the
Pundra Kingdom
Bangladesh
Bangladesh
–
Asia in 323 BC, the
Gangaridai Empire in relation to the
Nanda Empire,
Alexander 's Empire and neighbours
Bangladesh
–
The
Somapura Mahavihara, once the largest
Buddhist vihara in South Asia, built by Emperor
Dharmapala of Bengal
22.
Trinidad and Tobago
–
During the same period, the island of Tobago changed hands among Spanish, British, French, Dutch and Courlander colonizers, more times than any other island in the Caribbean. Trinidad and Tobago were ceded to Britain in 1802 under the Treaty of Amiens, the country Trinidad and Tobago obtained independence in 1962, becoming a republic in 1976. Trinidad and Tobago is the third richest country by GDP per capita in the Americas after the United States, furthermore, it is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the economy is primarily industrial, with an emphasis on petroleum. The countrys wealth is attributed to its reserves and exploitation of oil. Historian E. L. Joseph claimed that Trinidads Amerindian name was Iere or Land of the Humming Bird, derived from the Arawak name for hummingbird, however, Boomert claims that neither cairi nor caeri means hummingbird and tukusi or tucuchi does. Others have reported that kairi and iere simply mean island, christopher Columbus renamed it La Isla de la Trinidad, fulfilling a vow made before setting out on his third voyage of exploration. Trinidad and Tobago are islands situated between 10°2 and 11°12 N latitude and 60°30 and 61°56 W longitude, at the closest point, Trinidad is just 11 kilometres from Venezuelan territory. Trinidad is 4,768 km2 in area with a length of 80 km. Tobago has an area of about 300 km2, or 5. 8% of the area, is 41 km long and 12 km at its greatest width. Trinidad and Tobago lie on the shelf of South America. The terrain of the islands is a mixture of mountains and plains, the highest point in the country is found on the Northern Range at El Cerro del Aripo, which is 940 metres above sea level. As the majority of the live in the island of Trinidad. There are four municipalities in Trinidad, Port of Spain. The main town in Tobago is Scarborough, Trinidad is made up of a variety of soil types, the majority being fine sands and heavy clays. The alluvial valleys of the Northern Range and the soils of the East-West Corridor are the most fertile, the Northern Range consists mainly of Upper Jurassic and Cretaceous metamorphic rocks. The Northern Lowlands consist of shallow marine clastic sediments. South of this, the Central Range fold and thrust belt consists of Cretaceous and Eocene sedimentary rocks, the Naparima Plains and the Nariva Swamp form the southern shoulder of this uplift
Trinidad and Tobago
–
Mayaro Beach in the south-eastern area of Trinidad.
Trinidad and Tobago
–
Flag
Trinidad and Tobago
–
Pigeon Point in
Tobago, one of the top tourist destinations in the country.
Trinidad and Tobago
–
Parlatuvier Bay, a popular tourist destination in
Tobago.
23.
Italy
–
Italy, officially the Italian Republic, is a unitary parliamentary republic in Europe. Located in the heart of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia, San Marino, Italy covers an area of 301,338 km2 and has a largely temperate seasonal and Mediterranean climate. Due to its shape, it is referred to in Italy as lo Stivale. With 61 million inhabitants, it is the fourth most populous EU member state, the Italic tribe known as the Latins formed the Roman Kingdom, which eventually became a republic that conquered and assimilated other nearby civilisations. The legacy of the Roman Empire is widespread and can be observed in the distribution of civilian law, republican governments, Christianity. The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science, exploration, Italian culture flourished at this time, producing famous scholars, artists and polymaths such as Leonardo da Vinci, Galileo, Michelangelo and Machiavelli. The weakened sovereigns soon fell victim to conquest by European powers such as France, Spain and Austria. Despite being one of the victors in World War I, Italy entered a period of economic crisis and social turmoil. The subsequent participation in World War II on the Axis side ended in defeat, economic destruction. Today, Italy has the third largest economy in the Eurozone and it has a very high level of human development and is ranked sixth in the world for life expectancy. The country plays a prominent role in regional and global economic, military, cultural and diplomatic affairs, as a reflection of its cultural wealth, Italy is home to 51 World Heritage Sites, the most in the world, and is the fifth most visited country. The assumptions on the etymology of the name Italia are very numerous, according to one of the more common explanations, the term Italia, from Latin, Italia, was borrowed through Greek from the Oscan Víteliú, meaning land of young cattle. The bull was a symbol of the southern Italic tribes and was often depicted goring the Roman wolf as a defiant symbol of free Italy during the Social War. Greek historian Dionysius of Halicarnassus states this account together with the legend that Italy was named after Italus, mentioned also by Aristotle and Thucydides. The name Italia originally applied only to a part of what is now Southern Italy – according to Antiochus of Syracuse, but by his time Oenotria and Italy had become synonymous, and the name also applied to most of Lucania as well. The Greeks gradually came to apply the name Italia to a larger region, excavations throughout Italy revealed a Neanderthal presence dating back to the Palaeolithic period, some 200,000 years ago, modern Humans arrived about 40,000 years ago. Other ancient Italian peoples of undetermined language families but of possible origins include the Rhaetian people and Cammuni. Also the Phoenicians established colonies on the coasts of Sardinia and Sicily, the Roman legacy has deeply influenced the Western civilisation, shaping most of the modern world
Italy
–
The
Colosseum in Rome, built c. 70 – 80 AD, is considered one of the greatest works of
architecture and
engineering of ancient history.
Italy
–
Flag
Italy
–
The
Iron Crown of Lombardy, for centuries symbol of the
Kings of Italy.
Italy
–
Castel del Monte, built by German Emperor
Frederick II,
UNESCO World Heritage site
24.
United Kingdom
–
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
United Kingdom
–
Stonehenge, in
Wiltshire, was erected around 2500 BC.
United Kingdom
–
Flag
United Kingdom
–
The
Bayeux Tapestry depicts the
Battle of Hastings, 1066, and the events leading to it.
United Kingdom
–
The
Treaty of Union led to a single united kingdom encompassing all Great Britain.
25.
External debt
–
External debt is the total debt a country owes to foreign creditors, complemented by internal debt owed to domestic lenders. The debtors can be the government, corporations or citizens of that country, the debt includes money owed to private commercial banks, other governments, or international financial institutions such as the International Monetary Fund and World Bank. Note that the use of gross liability figures greatly distorts the ratio for countries which contain major money centers such as the United Kingdom due to Londons role as a financial capital, contrast with net international investment position. In this definition, the IMF defines the key elements as follows, Outstanding, principal and interest When the cost of borrowing is paid periodically, as commonly occurs, it is known as an interest payment. All other payments of economic value by the debtor to the creditor that reduce the amount outstanding are known as principal payments. However, the definition of external debt does not distinguish between principal payments or interest payments, or payments for both, also, the definition does not specify that the timing of the future payments of principal and/or interest need be known for a liability to be classified as debt. Residence To qualify as external debt, the debt liabilities must be owed by a resident to a nonresident, residence is determined by where the debtor and creditor have their centers of economic interest—typically, where they are ordinarily located—and not by their nationality. Current and not contingent Contingent liabilities are not included in the definition of external debt and these are defined as arrangements under which one or more conditions must be fulfilled before a financial transaction takes place. Generally, external debt is classified into four heads, public and publicly guaranteed debt, private non-guaranteed credits, central bank deposits, however, the exact treatment varies from country to country. External-debt-sustainability analysis is conducted in the context of medium-term scenarios. In these analysis, macroeconomic uncertainties, such as the outlook for the current account, high external debt is believed to be harmful for the economy. There are various indicators for determining a sustainable level of external debt, while each has its own advantage and peculiarity to deal with particular situations, there is no unanimous opinion amongst economists as to a sole indicator. These indicators are primarily in the nature of ratios—i. e, comparison between two heads and the relation thereon and thus facilitate the policy makers in their external debt management exercise. Examples of debt burden indicators include the Debt-to-GDP ratio, foreign debt to exports ratio and this set of indicators also covers the structure of the outstanding debt, including, Share of foreign debt, Short-term debt, and Concessional debt in the total debt stock. A second set of indicators focuses on the short-term liquidity requirements of the country with respect to its service obligations. These indicators are not only useful early-warning signs of service problems. The dynamic ratios show how the debt-burden ratios would change in the absence of repayments or new disbursements, an example of a dynamic ratio is the ratio of the average interest rate on outstanding debt to the growth rate of nominal GDP
External debt
26.
List of countries by credit rating
–
The ratings of DBRS, China Chengxin Credit Rating Group, Dagong and JCR are also included. The list also includes all country subdivisions issuing sovereign bonds, but it excludes regions, for S&P, a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, for Fitch, a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, for Moodys, a bond is considered investment grade if its credit rating is Baa3 or higher. Bonds rated Ba1 and below are considered to be speculative grade, for DBRS, a bond is considered investment grade if its credit rating is BBB or higher. Bonds rated BB and below are considered to be speculative grade, Japan Credit Rating Agency is a credit rating agency based in Japan. JCR is a Nationally Recognized Statistical Rating Organization by the U. S. Securities, Dagong is a credit rating agency based in China. Bond credit rating United States federal government credit-rating downgrades
List of countries by credit rating
–
Financial ratings of European States by Standard & Poor's (foreign currency) on 14 July 2015
27.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
United States dollar
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Series of 1917
$1 United States bill
United States dollar
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Federal Reserve Notes
United States dollar
–
Spanish silver real or
peso of 1768
United States dollar
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Obverse of rare 1934 $500 Federal Reserve Note, featuring a portrait of President
William McKinley.
28.
Sugar cane
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It has stout, jointed, fibrous stalks that are rich in the sugar sucrose, which accumulates in the stalk internodes. The plant is two to six meters tall, all sugar cane species interbreed and the major commercial cultivars are complex hybrids. Sugarcane belongs to the grass family Poaceae, an important seed plant family that includes maize, wheat, rice, and sorghum. Sucrose, extracted and purified in specialized factories, is used as raw material in the food industry or is fermented to produce ethanol. Ethanol is produced on a large scale by the Brazilian sugarcane industry, sugarcane is the worlds largest crop by production quantity. In 2012, The Food and Agriculture Organization estimates it was cultivated on about 26×106 hectares, in more than 90 countries, Brazil was the largest producer of sugar cane in the world. The next five major producers, in decreasing amounts of production, were India, China, Thailand, Pakistan, the world demand for sugar is the primary driver of sugarcane agriculture. Cane accounts for 80% of sugar produced, most of the rest is made from sugar beets, sugarcane predominantly grows in the tropical and subtropical regions. Other than sugar, products derived from sugarcane include falernum, molasses, rum, cachaça, bagasse, in some regions, people use sugarcane reeds to make pens, mats, screens, and thatch. The young, unexpanded inflorescence of tebu telor is eaten raw, steamed, or toasted, the Persians, followed by the Greeks, discovered the famous reeds that produce honey without bees in India between the 6th and 4th centuries BC. They adopted and then spread sugarcane agriculture, merchants began to trade in sugar from India, which was considered a luxury and an expensive spice. Sugarcane is a tropical, perennial grass that forms lateral shoots at the base to produce multiple stems, the stems grow into cane stalk, which when mature constitutes around 75% of the entire plant. A mature stalk is composed of 11–16% fiber, 12–16% soluble sugars, 2–3% nonsugars. A sugarcane crop is sensitive to the climate, soil type, irrigation, fertilizers, insects, disease control, varieties, the average yield of cane stalk is 60–70 tonnes per hectare per year. However, this figure can vary between 30 and 180 tonnes per hectare depending on knowledge and crop management approach used in sugarcane cultivation, sugarcane is a cash crop, but it is also used as livestock fodder. Sugarcane is indigenous to tropical South and Southeast Asia, different species likely originated in different locations, with Saccharum barberi originating in India and S. edule and S. officinarum in New Guinea. It is theorized that sugarcane was first domesticated as a crop in New Guinea around 6000 BC, New Guinean farmers and other early cultivators of sugarcane chewed the plant for its sweet juice. The exact date of the first cane sugar production is unclear, the earliest evidence of sugar production comes from ancient Sanskrit and Pali texts
Sugar cane
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Saccharum officinarum
Sugar cane
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Cut sugarcane
Sugar cane
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Sugarcane and bowl of refined sugar
Sugar cane
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The westward diffusion of sugarcane in pre-Islamic times (shown in red), in the medieval
Arab world (green) and by Europeans in the 15th century (islands circled by violet lines)
29.
Nevis
–
Nevis /ˈniːvɪs/ is a small island in the Caribbean Sea that forms part of the inner arc of the Leeward Islands chain of the West Indies. Nevis and the island of Saint Kitts constitute one country. Nevis is located near the end of the Lesser Antilles archipelago. Its area is 93 square kilometres and the capital is Charlestown, Saint Kitts and Nevis are separated by a shallow 3-kilometre channel known as The Narrows. Nevis is roughly conical in shape with a known as Nevis Peak at its centre. The gently-sloping coastal plain has natural springs as well as non-potable volcanic hot springs. The island was named Oualie by the Caribs and Dulcina by the early British settlers, the name, Nevis, is derived from the Spanish, Nuestra Señora de las Nieves, the name first appears on maps in the 16th century. Nevis is also known by the sobriquet Queen of the Caribees, which it earned in the 18th century, Nevis is of particular historical significance to Americans because it was the birthplace and early childhood home of Alexander Hamilton. For the British, Nevis is the place where Horatio Nelson was stationed as a sea captain, and is where he met and married a Nevisian, Frances Nisbet. The majority of the approximately 12,000 citizens of Nevis are of primarily African descent, English is the official language, and the literacy rate,98 percent, is one of the highest in the Western Hemisphere. In 1498, Christopher Columbus gave the island the name San Martin, the current name Nevis was derived from a Spanish name Nuestra Señora de las Nieves by a process of abbreviation and anglicisation. The Spanish name means Our Lady of the Snows and it is not known who chose this name for the island, but it is a reference to the story of a 4th-century Catholic miracle, a snowfall on the Esquiline Hill in Rome. Presumably the white clouds that cover the top of Nevis Peak reminded someone of this story of a miraculous snowfall in a hot climate. Nevis was part of the Spanish claim to the Caribbean islands, records indicate that the Spanish enslaved large numbers of the native inhabitants on the more accessible of the Leeward Islands and sent them to Cubagua, Venezuela to dive for pearls. Hubbard suggests that the reason the first European settlers found so few Caribs on Nevis is that they had already rounded up by the Spanish. Nevis was first sighted by Columbus in 1493, an island settled for more two thousand years by Amerindian people. It was not a name the Caribs called themselves, Carib Indians was the generic name used for all groups believed involved in cannibalistic war rituals, more particularly, the consumption of parts of a killed enemys body. The Amerindian name for Nevis was Oualie, land of beautiful waters, the structure of the Island Carib language has been linguistically identified as Arawakan
Nevis
Nevis
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Flag
Nevis
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The east coast of Nevis, partially protected by
coral reefs. Long Haul Bay is seen in the foreground.
Nevis
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Main Street,
Charlestown, Nevis.
30.
Saint Kitts
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Saint Kitts, also known more formally as Saint Christopher Island, is an island in the West Indies. The west side of the borders the Caribbean Sea. Saint Kitts and the island of Nevis constitute one country. Saint Kitts and Nevis are separated by a shallow 3-kilometre channel known as The Narrows, the island is one of the Leeward Islands in the Lesser Antilles. It is situated about 2,100 km southeast of Miami, the land area of St. Kitts is about 168 km2, being approximately 29 km long and on average about 8 km across. Saint Kitts has a population of around 35,000, the majority of whom are mainly of African descent, the primary language is English, with a literacy rate of approximately 98%. Brimstone Hill Fortress National Park, a UNESCO World Heritage Site, is the largest fortress ever built in the Eastern Caribbean, the island of Saint Kitts is home to the Warner Park Cricket Stadium, which was used to host 2007 Cricket World Cup matches. This made St. Kitts and Nevis the smallest nation to ever host a World Cup event, the capital of the two-island nation, and also its largest port, is the town of Basseterre on Saint Kitts. There is a facility for handling large cruise ships there. A ring road goes around the perimeter of the island with smaller roads branching off it, Saint Kitts is 10 km away from Sint Eustatius to the north and 3 km from Nevis to the south. St. Kitts has three groups of volcanic peaks, the North West or Mount Misery Range, the Middle or Verchilds Range. The highest peak is Mount Liamuiga, formerly Mount Misery, a dormant volcano 1,156 m high. There are nine parishes on the island of St. Kitts & Nevis uses the Eastern Caribbean dollar, the US dollar is almost as widely accepted as the Eastern Caribbean dollar. For hundreds of years, St. Kitts operated as a monoculture, but due to decreasing profitability. Tourism is a major and growing source of income to the island, although the number, transportation, non-sugar agriculture, manufacturing and construction are the other growing sectors of the economy. St. Kitts is dependent on tourism to drive its economy, tourism has been increasing since 1978. In 2009, there were 587,479 arrivals to Saint Kitts compared to 379,473 in 2007, as tourism grows, the demand for vacation property increases in conjunction. St. Kitts & Nevis also acquires foreign direct investment from their citizenship by investment program
Saint Kitts
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Battle of St. Kitts, 1782, as described by an observer in a French engraving titled "Attaque de Brimstomhill".
Saint Kitts
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Map showing Saint Kitts and Nevis
Saint Kitts
–
The peninsula on the south-east tip of St. Kitts. The island on the left is
Nevis.
Saint Kitts
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Downtown Basseterre
United States 56%
Canada 9.8%
Bangladesh 6.2% (2012)[2]
Trinidad and Tobago 19.9%
Italy 7% (2012)[3]
United Kingdom 2% (2012)[4]
