1.
Frankfurt
–
The city is at the centre of the larger Frankfurt Rhine-Main Metropolitan Region, which has a population of 5.8 million and is Germanys second-largest metropolitan region after Rhine-Ruhr. Since the enlargement of the European Union in 2013, the centre of the EU is about 40 km to the east of Frankfurts CBD. Frankfurt is culturally and ethnically diverse, with half of the population. A quarter of the population are foreign nationals, including many expatriates, Frankfurt is an alpha world city and a global hub for commerce, culture, education, tourism and traffic. Its the site of many global and European headquarters, Frankfurt Airport is among the worlds busiest. Automotive, technology and research, services, consulting, media, Frankfurts DE-CIX is the worlds largest internet exchange point. Messe Frankfurt is one of the worlds largest trade fairs, major fairs include the Frankfurt Motor Show, the worlds largest motor show, the Music Fair, and the Frankfurt Book Fair, the worlds largest book fair. Frankfurt is home to educational institutions, including the Goethe University, the UAS, the FUMPA. Its renowned cultural venues include the concert hall Alte Oper, Europes largest English Theatre and many museums, Frankfurts skyline is shaped by some of Europes tallest skyscrapers. In sports, the city is known as the home of the top football club Eintracht Frankfurt, the basketball club Frankfurt Skyliners, the Frankfurt Marathon. Its the seat of German sport unions for Olympics, football, Frankfurt is the largest financial centre in continental Europe. It is home to the European Central Bank, Deutsche Bundesbank, Frankfurt Stock Exchange, the Frankfurt Stock Exchange is one of the worlds largest stock exchanges by market capitalization and accounts for more than 90 percent of the turnover in the German market. Frankfurt is considered a city as listed by the GaWC groups 2012 inventory. Among global cities it was ranked 10th by the Global Power City Index 2011, among financial centres it was ranked 8th by the International Financial Centers Development Index 2013 and 9th by the Global Financial Centres Index 2013. Its central location within Germany and Europe makes Frankfurt a major air, rail, Frankfurt Airport is one of the worlds busiest international airports by passenger traffic and the main hub for Germanys flag carrier Lufthansa. Frankfurter Kreuz, the Autobahn interchange close to the airport, is the most heavily used interchange in the EU, in 2011 human-resource-consulting firm Mercer ranked Frankfurt as seventh in its annual Quality of Living survey of cities around the world. According to The Economist cost-of-living survey, Frankfurt is Germanys most expensive city, Frankfurt has many high-rise buildings in the city centre, forming the Frankfurt skyline. It is one of the few cities in the European Union to have such a skyline and because of it Germans sometimes refer to Frankfurt as Mainhattan, the other well known and obvious nickname is Bankfurt
Frankfurt
–
Collage of Frankfurt, clockwise from top of left to right: Facade of the
Römer and
Frankfurt Cathedral, statue of
Charlemagne in
Frankfurt Historical Museum, view of Frankfurt skyline and
Main River
Frankfurt
–
The legend of the Frankenfurt (ford of the Franks)
Frankfurt
–
Frankfurt in 1612
Frankfurt
–
Frankfurt in 1872
2.
European Central Bank
–
The European Central Bank is the central bank for the euro and administers monetary policy of the eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the worlds most important central banks and is one of the seven institutions of the European Union listed in the Treaty on European Union, the capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. As of 2015 the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, the bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters. The primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to price stability within the Eurozone. The ECB has, under Article 16 of its Statute, the right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand, the ECB is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Its capital is €11 billion held by the central banks of the member states as shareholders. The initial capital allocation key was determined in 1998 on the basis of the population and GDP. Shares in the ECB are not transferable and cannot be used as collateral, the European Central Bank is the de facto successor of the European Monetary Institute. The EMI itself took over from the earlier European Monetary Co-operation Fund, the bank was the final institution needed for EMU, as outlined by the EMU reports of Pierre Werner and President Jacques Delors. It was established on 1 June 1998, the first President of the Bank was Wim Duisenberg, the former president of the Dutch central bank and the European Monetary Institute. The French argued that since the ECB was to be located in Germany and this was opposed by the German, Dutch and Belgian governments who saw Duisenberg as a guarantor of a strong euro. Tensions were abated by an agreement in which Duisenberg would stand down before the end of his mandate. Trichet replaced Duisenberg as President in November 2003, there had also been tension over the ECBs Executive Board, with the United Kingdom demanding a seat even though it had not joined the Single Currency. Under pressure from France, three seats were assigned to the largest members, France, Germany, and Italy, Spain also demanded and obtained a seat. Despite such a system of appointment the board asserted its independence early on in resisting calls for interest rates, when the ECB was created, it covered a Eurozone of eleven members. On 1 December 2009, the Treaty of Lisbon entered into force, ECB according to the article 13 of TEU, on 1 November 2011, Mario Draghi replaced Jean-Claude Trichet as President of the ECB
European Central Bank
–
Seat
European Central Bank
–
Seat of the European Central Bank
European Central Bank
–
Wim Duisenberg, first President of the ECB
European Central Bank
–
Mario Draghi, the current President of the ECB
3.
Euro
–
Outside of Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally,210 million people worldwide as of 2013 use currencies pegged to the euro, the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The name euro was adopted on 16 December 1995 in Madrid. The euro was introduced to world markets as an accounting currency on 1 January 1999. While the euro dropped subsequently to US$0.8252 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.6038 on 18 July 2008. In July 2012, the euro fell below US$1.21 for the first time in two years, following concerns raised over Greek debt and Spains troubled banking sector, as of 26 March 2017, the euro–dollar exchange rate stands at ~ US$1.07. The euro is managed and administered by the Frankfurt-based European Central Bank, as an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all states. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, all nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 5 January 2002, the central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show which central bank issued them, Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated. The ECB issues 8% of the value of banknotes issued by the Eurosystem. In practice, the ECBs banknotes are put into circulation by the NCBs and these liabilities carry interest at the main refinancing rate of the ECB. The euro is divided into 100 cents, in Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are used, with many local variations such as centime in France. All circulating coins have a side showing the denomination or value. Due to the plurality in the European Union, the Latin alphabet version of euro is used. For the denominations except the 1-, 2- and 5-cent coins, beginning in 2007 or 2008 the old map is being replaced by a map of Europe also showing countries outside the Union like Norway
Euro
–
The
central bank has
its seat in
Frankfurt (Germany) and is in charge of the monetary policy of the
euro area.
Euro
–
Euro banknotes as of 2015
Euro
–
Euro coins and banknotes of various denominations.
4.
USD
–
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
USD
–
Series of 1917
$1 United States bill
USD
–
Federal Reserve Notes
USD
–
Spanish silver real or
peso of 1768
USD
–
Obverse of rare 1934 $500 Federal Reserve Note, featuring a portrait of President
William McKinley.
5.
World Trade Organization
–
The World Trade Organization is an intergovernmental organization which regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade, most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round. The WTO is attempting to complete negotiations on the Doha Development Round, as of June 2012, the future of the Doha Round remained uncertain, the work programme lists 21 subjects in which the original deadline of 1 January 2005 was missed, and the round is still incomplete. This impasse has made it impossible to launch new WTO negotiations beyond the Doha Development Round, as a result, there have been an increasing number of bilateral free trade agreements between governments. As of July 2012, there were various groups in the WTO system for the current agricultural trade negotiation which is in the condition of stalemate. The WTOs current Director-General is Roberto Azevêdo, who leads a staff of over 600 people in Geneva, a trade facilitation agreement, part of the Bali Package of decisions, was agreed by all members on 7 December 2013, the first comprehensive agreement in the organizations history. Seven rounds of negotiations occurred under GATT, the first real GATT trade rounds concentrated on further reducing tariffs. Then, the Kennedy Round in the mid-sixties brought about a GATT anti-dumping Agreement, because these plurilateral agreements were not accepted by the full GATT membership, they were often informally called codes. Several of these codes were amended in the Uruguay Round, only four remained plurilateral, but in 1997 WTO members agreed to terminate the bovine meat and dairy agreements, leaving only two. Well before GATTs 40th anniversary, its members concluded that the GATT system was straining to adapt to a new globalizing world economy. In response to the problems identified in the 1982 Ministerial Declaration, the GATT still exists as the WTOs umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations. GATT1994 is not however the only legally binding agreement included via the Final Act at Marrakesh, the highest decision-making body of the WTO is the Ministerial Conference, which usually meets every two years. It brings together all members of the WTO, all of which are countries or customs unions, the Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. When agricultural export subsidies were agreed to be phased out and adoption of the European Unions Everything, the WTO launched the current round of negotiations, the Doha Development Round, at the fourth ministerial conference in Doha, Qatar in November 2001. This was to be an effort to make globalization more inclusive and help the worlds poor, particularly by slashing barriers. The initial agenda comprised both further trade liberalization and new rule-making, underpinned by commitments to strengthen substantial assistance to developing countries. Among the various functions of the WTO, these are regarded by analysts as the most important and it provides a forum for negotiations and for settling disputes. Another priority of the WTO is the assistance of developing, least-developed and low-income countries in transition to adjust to WTO rules and disciplines through technical cooperation and training
World Trade Organization
–
The economists
Harry White (left) and
John Maynard Keynes at the
Bretton Woods Conference. Both had been strong advocates of a central-controlled international trade environment and recommended the establishment of three institutions: the
IMF (for fiscal and monetary issues); the
World Bank (for financial and structural issues); and the
ITO (for international economic cooperation).
World Trade Organization
–
Members
World Trade Organization
–
During the
Doha Round, the
US government blamed
Brazil and
India for being inflexible and the EU for impeding agricultural imports. The then-
President of Brazil,
Luiz Inácio Lula da Silva (above right), responded to the criticisms by arguing that progress would only be achieved if the richest countries (especially the US and countries in the EU) made deeper cuts in
agricultural subsidies and further opened their markets for agricultural goods.
World Trade Organization
–
The
World Trade Organization Ministerial Conference of 1998, in the
Palace of Nations (
Geneva,
Switzerland).
6.
G-20 major economies
–
The G20 is an international forum for the governments and central bank governors from 20 major economies. It was founded in 1999 with the aim of studying, reviewing and it seeks to address issues that go beyond the responsibilities of any one organization. The EU is represented by the European Commission and by the European Central Bank, collectively, the G20 economies account for around 85% of the gross world product, 80% of world trade, and two-thirds of the world population. Since its inception, the G20s membership policies have been criticized by numerous intellectuals, the heads of the G20 nations met semi-annually at G20 summits between 2009 and 2010. Since the November 2011 Cannes summit, all G20 summits have been held annually, the G20 superseded the G33, and was foreshadowed at the Cologne Summit of the G7 in June 1999, but was only formally established at the G7 Finance Ministers meeting on 26 September 1999. The inaugural meeting took place on 15–16 December 1999 in Berlin, Canadian finance minister Paul Martin was chosen to be the first chairman and German finance minister Hans Eichel hosted the inaugural meeting. According to researchers at the Brookings Institution, the group was founded primarily at the initiative of Eichel, however, some sources identify the G20 as a joint creation of Germany and the United States. Though the G20s primary focus is global economic governance, the themes of its summits vary from year to year, for example, the theme of the 2006 G20 ministerial meeting was Building and Sustaining Prosperity. Trevor A. Manuel, the South African Minister of Finance, was the chairperson of the G20 when South Africa hosted the secretariat in 2007, Spain and the Netherlands were included in the summit by French invitation. Despite lacking any formal ability to enforce rules, the G20s prominent membership gives it a strong input on global policy, however, there remain disputes over the legitimacy of the G20, and criticisms of its organisation and the efficacy of its declarations. After the 2008 debut summit in Washington, D. C, G20 leaders met twice a year in London and Pittsburgh in 2009, Toronto and Seoul in 2010. Since 2011, when France chaired and hosted the G20, the summits have been held once a year. The summit in 2016 was held in China and the in 2017 in Baden-Baden, a number of other ministerial-level G20 meetings have been held since 2010. In March 2014, Australian Foreign Minister Julie Bishop, as host of the 2014 G20 summit in Brisbane, Germany will be hosting the 2017 summit, while Argentina will be the host in 2018. To decide which member nation gets to chair the G20 leaders meeting for a given year, each group holds a maximum of four nations. This system has been in place since 2010, when South Korea, the table below lists the nations groupings, The G20 operates without a permanent secretariat or staff. The groups chair rotates annually among the members and is selected from a different regional grouping of countries, the chair is part of a revolving three-member management group of past, present and future chairs, referred to as the Troika. The incumbent chair establishes a temporary secretariat for the duration of its term, the role of the Troika is to ensure continuity in the G20s work and management across host years
G-20 major economies
–
A group photo of the participants of the
2008 G-20 Washington summit.
G-20 major economies
–
Member countries in the G-20
G-20 major economies
–
2009 G-20 London summit group photo.
G-20 major economies
–
2009 G-20 Pittsburgh summit group photo.
7.
Gross domestic product
–
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
8.
Purchasing power parity
–
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
–
Big Mac hamburgers, like this one from
Japan, are similar worldwide.
Purchasing power parity
–
GDP Per capita by
countries in 2014, calculated using PPP
exchange rates, based on
IMF data.
9.
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.
10.
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)
11.
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.
12.
Gini coefficient
–
The Gini coefficient is a measure of statistical dispersion intended to represent the income or wealth distribution of a nations residents, and is the most commonly used measure of inequality. It was developed by the Italian statistician and sociologist Corrado Gini, the Gini coefficient measures the inequality among values of a frequency distribution. A Gini coefficient of zero expresses perfect equality, where all values are the same, a Gini coefficient of 1 expresses maximal inequality among values. However, a greater than one may occur if some persons represent negative contribution to the total. For larger groups, values close to or above 1 are very unlikely in practice, the exception to this is in the redistribution of wealth resulting in a minimum income for all people. When the population is sorted, if their distribution were to approximate a well known function. The Gini coefficient was proposed by Gini as a measure of inequality of income or wealth, the global income Gini coefficient in 2005 has been estimated to be between 0.61 and 0.68 by various sources. There are some issues in interpreting a Gini coefficient, the same value may result from many different distribution curves. The demographic structure should be taken into account, Countries with an aging population, or with a baby boom, experience an increasing pre-tax Gini coefficient even if real income distribution for working adults remains constant. Scholars have devised over a dozen variants of the Gini coefficient, the line at 45 degrees thus represents perfect equality of incomes. The Gini coefficient can then be thought of as the ratio of the area lies between the line of equality and the Lorenz curve over the total area under the line of equality. It is also equal to 2A and to 1 - 2B due to the fact that A + B =0.5. If all people have non-negative income, the Gini coefficient can theoretically range from 0 to 1, in practice, both extreme values are not quite reached. If negative values are possible, then the Gini coefficient could theoretically be more than 1, normally the mean is assumed positive, which rules out a Gini coefficient less than zero. An alternative approach would be to consider the Gini coefficient as half of the mean absolute difference. The effects of income policy due to redistribution can be seen in the linear relationships. An informative simplified case just distinguishes two levels of income, low and high, if the high income group is u % of the population and earns a fraction f % of all income, then the Gini coefficient is f − u. An actual more graded distribution with these same values u and f will always have a higher Gini coefficient than f − u, the proverbial case where the richest 20% have 80% of all income would lead to an income Gini coefficient of at least 60%
Gini coefficient
–
Graphical representation of the Gini coefficient The graph shows that the Gini coefficient is equal to the area marked A divided by the sum of the areas marked A and B, that is, Gini = A / (A + B). It is also equal to 2* A due to the fact that A + B = 0.5 (since the axes scale from 0 to 1).
13.
Human Development Index
–
The Human Development Index is a composite statistic of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development. A country scores higher HDI when the lifespan is higher, the level is higher. The 2010 Human Development Report introduced an Inequality-adjusted Human Development Index, while the simple HDI remains useful, it stated that the IHDI is the actual level of human development, and the HDI can be viewed as an index of potential human development. The origins of the HDI are found in the annual Human Development Reports produced by the Human Development Reports Office of the United Nations Development Programme, nobel laureate Amartya Sen, utilized Haqs work in his own work on human capabilities. The following three indices are used,1, Life Expectancy Index = LE −2085 −20 LEI is 1 when Life expectancy at birth is 85 and 0 when Life expectancy at birth is 20. Education Index = MYSI + EYSI22.1 Mean Years of Schooling Index = MYS15 Fifteen is the maximum of this indicator for 2025. 2.2 Expected Years of Schooling Index = EYS18 Eighteen is equivalent to achieving a degree in most countries. Income Index = ln − ln ln − ln II is 1 when GNI per capita is $75,000 and 0 when GNI per capita is $100. Finally, the HDI is the mean of the previous three normalized indices, HDI = LEI ⋅ EI ⋅ II3. Standard of living, as indicated by the logarithm of gross domestic product per capita at purchasing power parity. This methodology was used by the UNDP until their 2011 report, the formula defining the HDI is promulgated by the United Nations Development Programme. The 2016 Human Development Report by the United Nations Development Programme was released on March 21,2017, below is the list of the very high human development countries, = increase. The number in brackets represents the number of ranks the country has climbed relative to the ranking in the 2015 report, the Inequality-adjusted Human Development Index is a measure of the average level of human development of people in a society once inequality is taken into account. The rankings are not relative to the HDI list above due to the exclusion of countries which are missing IHDI data. Countries in the top quartile of HDI with a missing IHDI, New Zealand, Singapore, Hong Kong, Liechtenstein, Brunei, Qatar, Saudi Arabia, Andorra, United Arab Emirates, Bahrain, and Kuwait. The 2015 Human Development Report by the United Nations Development Programme was released on December 14,2015, below is the list of the very high human development countries, = increase. The number in brackets represents the number of ranks the country has climbed relative to the ranking in the 2014 report, the Inequality-adjusted Human Development Index is a measure of the average level of human development of people in a society once inequality is taken into account. Note, The green arrows, red arrows, and blue dashes represent changes in rank, the rankings are not relative to the HDI list above due to the exclusion of countries which are missing IHDI data
Human Development Index
–
Mahbub ul Haq
Human Development Index
–
Amartya Sen
14.
Net pay
–
In business, net income is an entitys income minus cost of goods sold, expenses and taxes for an accounting period. In the context of the presentation of financial statements, the IFRS Foundation defines net income as synonymous with profit, net income is a distinct accounting concept from profit but the same as net profit. Net income can also be calculated by adding a companys operating income to non-operating income, net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings. As profit and earnings are used synonymously for income, net earnings, often, the term income is substituted for net income, yet this is not preferred due to the possible ambiguity. Net income is called the bottom line because it is typically found on the last line of a companys income statement. The items deducted will typically include tax expense, financing expense, likewise, preferred stock dividends will be subtracted too, though they are not an expense. For a merchandising company, subtracted costs may be the cost of goods sold, sales discounts, for a product company advertising, manufacturing, and design and development costs are included
Net pay
–
Accounting
15.
Ferrous
–
Ferrous, in chemistry, indicates a divalent iron compound, as opposed to ferric, which indicates a trivalent iron compound. Outside chemistry, ferrous is a used to indicate the presence of iron. The word is derived from the Latin word ferrum, Ferrous metals include steel and pig iron and alloys of iron with other metals. Manipulation of atom-to-atom relationships between iron, carbon, and various alloying elements establishes the specific properties of ferrous metals, the term non-ferrous is used to indicate metals other than iron and alloys that do not contain an appreciable amount of iron. Ferromagnetism Steelmaking Ferrous metal recycling Iron oxide Ferrous chloride Iron bromide
Ferrous
–
Ferrous oxide is more correctly called iron(II) oxide.
16.
Metal
–
A metal is a material that is typically hard, opaque, shiny, and has good electrical and thermal conductivity. Metals are generally malleable—that is, they can be hammered or pressed permanently out of shape without breaking or cracking—as well as fusible and ductile, about 91 of the 118 elements in the periodic table are metals, the others are nonmetals or metalloids. Some elements appear in both metallic and non-metallic forms, astrophysicists use the term metal to collectively describe all elements other than hydrogen and helium, the simplest two, in a star. The star fuses smaller atoms, mostly hydrogen and helium, to larger ones over its lifetime. In that sense, the metallicity of an object is the proportion of its matter made up of all chemical elements. Many elements and compounds that are not normally classified as metals become metallic under high pressures, the atoms of metallic substances are typically arranged in one of three common crystal structures, namely body-centered cubic, face-centered cubic, and hexagonal close-packed. In bcc, each atom is positioned at the center of a cube of eight others, in fcc and hcp, each atom is surrounded by twelve others, but the stacking of the layers differs. Some metals adopt different structures depending on the temperature, atoms of metals readily lose their outer shell electrons, resulting in a free flowing cloud of electrons within their otherwise solid arrangement. This provides the ability of metallic substances to easily transmit heat, while this flow of electrons occurs, the solid characteristic of the metal is produced by electrostatic interactions between each atom and the electron cloud. This type of bond is called a metallic bond, Metals are usually inclined to form cations through electron loss, reacting with oxygen in the air to form oxides over various timescales. Examples,4 Na + O2 →2 Na2O2 Ca + O2 →2 CaO4 Al +3 O2 →2 Al2O3, the transition metals are slower to oxidize because they form a passivating layer of oxide that protects the interior. Others, like palladium, platinum and gold, do not react with the atmosphere at all, some metals form a barrier layer of oxide on their surface which cannot be penetrated by further oxygen molecules and thus retain their shiny appearance and good conductivity for many decades. The oxides of metals are generally basic, as opposed to those of nonmetals, exceptions are largely oxides with very high oxidation states such as CrO3, Mn2O7, and OsO4, which have strictly acidic reactions. Painting, anodizing or plating metals are good ways to prevent their corrosion, however, a more reactive metal in the electrochemical series must be chosen for coating, especially when chipping of the coating is expected. Water and the two form an electrochemical cell, and if the coating is less reactive than the coatee. Metals in general have high conductivity, high thermal conductivity. Typically they are malleable and ductile, deforming under stress without cleaving, in terms of optical properties, metals are shiny and lustrous. Sheets of metal beyond a few micrometres in thickness appear opaque, although most metals have higher densities than most nonmetals, there is wide variation in their densities, lithium being the least dense solid element and osmium the densest
Metal
–
Gallium crystals
Metal
–
Hot metal work from a
blacksmith.
Metal
–
Zinc, a base metal, reacting with an acid
Metal
–
A gold nugget
17.
Petroleum
–
Petroleum is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earths surface, which is commonly refined into various types of fuels. Components of petroleum are separated using a technique called fractional distillation and it consists of hydrocarbons of various molecular weights and other organic compounds. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that are made up of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, usually zooplankton and algae, are buried underneath sedimentary rock, Petroleum has mostly been recovered by oil drilling. Drilling is carried out studies of structural geology, sedimentary basin analysis. Petroleum is used in manufacturing a variety of materials. Concern over the depletion of the earths finite reserves of oil, the burning of fossil fuels plays the major role in the current episode of global warming. The word petroleum comes from Greek, πέτρα for rocks and Greek, the term was found in 10th-century Old English sources. It was used in the treatise De Natura Fossilium, published in 1546 by the German mineralogist Georg Bauer, Petroleum, in one form or another, has been used since ancient times, and is now important across society, including in economy, politics and technology. Great quantities of it were found on the banks of the river Issus, ancient Persian tablets indicate the medicinal and lighting uses of petroleum in the upper levels of their society. By 347 AD, oil was produced from bamboo-drilled wells in China, early British explorers to Myanmar documented a flourishing oil extraction industry based in Yenangyaung that, in 1795, had hundreds of hand-dug wells under production. The mythological origins of the oil fields at Yenangyaung, and its hereditary monopoly control by 24 families, Pechelbronn is said to be the first European site where petroleum has been explored and used. The still active Erdpechquelle, a spring where petroleum appears mixed with water has been used since 1498, Oil sands have been mined since the 18th century. In Wietze in lower Saxony, natural asphalt/bitumen has been explored since the 18th century, both in Pechelbronn as in Wietze, the coal industry dominated the petroleum technologies. In 1848 Young set up a small business refining the crude oil, Young eventually succeeded, by distilling cannel coal at a low heat, in creating a fluid resembling petroleum, which when treated in the same way as the seep oil gave similar products. The production of oils and solid paraffin wax from coal formed the subject of his patent dated 17 October 1850. In 1850 Young & Meldrum and Edward William Binney entered into partnership under the title of E. W. Binney & Co. at Bathgate in West Lothian, the worlds first oil refinery was built in 1856 by Ignacy Łukasiewicz. The demand for petroleum as a fuel for lighting in North America, edwin Drakes 1859 well near Titusville, Pennsylvania, is popularly considered the first modern well
Petroleum
–
Pumpjack pumping an oil well near
Lubbock, Texas
Petroleum
–
An oil refinery in Mina-Al-Ahmadi, Kuwait
Petroleum
–
Natural petroleum spring in
Korňa, Slovakia
Petroleum
–
Oil derrick in
Okemah, Oklahoma, 1922
18.
Coal
–
Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure. Coal is composed primarily of carbon, along with quantities of other elements, chiefly hydrogen, sulfur, oxygen. A fossil fuel, coal forms when plant matter is converted into peat, which in turn is converted into lignite, then sub-bituminous coal, after that bituminous coal. This involves biological and geological processes that take place over time, throughout history, coal has been used as an energy resource, primarily burned for the production of electricity and heat, and is also used for industrial purposes, such as refining metals. Coal is the largest source of energy for the generation of electricity worldwide, the extraction of coal, its use in energy production and its byproducts are all associated with environmental and health effects including climate change. Coal is extracted from the ground by coal mining, since 1983, the worlds top coal producer has been China. In 2015 China produced 3,747 million tonnes of coal –47. 7% of 7,861 million tonnes world coal production, in 2015 other large producers were United States, India, European Union and Australia. The word originally took the col in Old English, from Proto-Germanic *kula. In Old Turkic languages, kül is ash, cinders, öčür is quench, the compound charcoal in Turkic is öčür kül, literally quenched ashes, cinders, coals with elided anlaut ö- and inflection affixes -ülmüş. At various times in the geologic past, the Earth had dense forests in low-lying wetland areas, due to natural processes such as flooding, these forests were buried underneath soil. As more and more soil deposited over them, they were compressed, the temperature also rose as they sank deeper and deeper. As the process continued the plant matter was protected from biodegradation and oxidation and this trapped the carbon in immense peat bogs that were eventually covered and deeply buried by sediments. Under high pressure and high temperature, dead vegetation was slowly converted to coal, as coal contains mainly carbon, the conversion of dead vegetation into coal is called carbonization. The wide, shallow seas of the Carboniferous Period provided ideal conditions for coal formation, the exception is the coal gap in the Permian–Triassic extinction event, where coal is rare. Coal is known from Precambrian strata, which predate land plants — this coal is presumed to have originated from residues of algae, in its dehydrated form, peat is a highly effective absorbent for fuel and oil spills on land and water. It is also used as a conditioner for soil to make it able to retain. Lignite, or brown coal, is the lowest rank of coal, jet, a compact form of lignite, is sometimes polished and has been used as an ornamental stone since the Upper Palaeolithic
Coal
–
Anthracite coal
Coal
–
Bituminous coal
Coal
–
Coastal exposure of the Point Aconi Seam (Nova Scotia)
Coal
–
Coal miner in Britain, 1942
19.
Cement
–
A cement is a binder, a substance used in construction that sets, hardens and adheres to other materials, binding them together. Cement is seldom used solely, but is used to bind sand, Cement is used with fine aggregate to produce mortar for masonry, or with sand and gravel aggregates to produce concrete. Non-hydraulic cement will not set in wet conditions or underwater, rather, it sets as it dries and it is resistant to attack by chemicals after setting. Hydraulic cements set and become adhesive due to a reaction between the dry ingredients and water. The chemical reaction results in mineral hydrates that are not very water-soluble and so are quite durable in water and this allows setting in wet condition or underwater and further protects the hardened material from chemical attack. The chemical process for hydraulic cement found by ancient Romans used volcanic ash with added lime, the word cement can be traced back to the Roman term opus caementicium, used to describe masonry resembling modern concrete that was made from crushed rock with burnt lime as binder. The volcanic ash and pulverized brick supplements that were added to the burnt lime, to obtain a hydraulic binder, were referred to as cementum, cimentum, cäment. In modern times, organic polymers are used as cements in concrete. Non-hydraulic cement, such as slaked lime, hardens by carbonation in the presence of carbon dioxide which is present in the air. The carbonation reaction requires the dry cement to be exposed to air and this whole process is called the lime cycle. Conversely, hydraulic cement hardens by hydration when water is added, Hydraulic cements are made of a mixture of silicates and oxides, the four main components being, Belite, Alite, Tricalcium aluminate, Brownmillerite. The chemistry of the above listed reactions is not completely clear and is still the object of research, Cement, chemically speaking, is a product that includes lime as the primary curing ingredient, but is far from the first material used for cementation. The Babylonians and Assyrians used bitumen to bind together burnt brick or alabaster slabs, in Egypt stone blocks were cemented together with a mortar made of sand and roughly burnt gypsum, which often contained calcium carbonate. Lime was used on Crete and by the ancient Greeks, there is evidence that the Minoans of Crete used crushed potshards as an artificial pozzolan for hydraulic cement. A kind of powder which from natural causes produces astonishing results and it is found in the neighborhood of Baiae and in the country belonging to the towns round about Mt. Vesuvius. This substance when mixed with lime and rubble not only lends strength to buildings of other kinds, the Greeks used volcanic tuff from the island of Thera as their pozzolan and the Romans used crushed volcanic ash with lime. This mixture was able to set under water increasing its resistance, the material was called pozzolana from the town of Pozzuoli, west of Naples where volcanic ash was extracted. In the absence of ash, the Romans used powdered brick or pottery as a substitute
Cement
–
Cement is usually a grey powder before being mixed with other materials and water. Typically, cement powder causes allergic reactions at skin contact and is irritating to skin, eyes, and lungs, so handlers should wear a
dust mask,
goggles, and protective
gloves
Cement
–
The National Cement Share Company of
Ethiopia 's new plant in
Dire Dawa.
20.
Chemicals
–
A chemical substance is a form of matter that has constant chemical composition and characteristic properties. It cannot be separated into components by physical methods, i. e. without breaking chemical bonds. Chemical substances can be chemical elements, chemical compounds, ions or alloys, Chemical substances are often called pure to set them apart from mixtures. A common example of a substance is pure water, it has the same properties. Other chemical substances commonly encountered in pure form are diamond, gold, table salt, however, in practice, no substance is entirely pure, and chemical purity is specified according to the intended use of the chemical. Chemical substances exist as solids, liquids, gases, or plasma, Chemical substances may be combined or converted to others by means of chemical reactions. Forms of energy, such as light and heat, are not matter, a chemical substance may well be defined as any material with a definite chemical composition in an introductory general chemistry textbook. According to this definition a chemical substance can either be a chemical element or a pure chemical compound. But, there are exceptions to this definition, a substance can also be defined as a form of matter that has both definite composition and distinct properties. The chemical substance index published by CAS also includes several alloys of uncertain composition, in geology, substances of uniform composition are called minerals, while physical mixtures of several minerals are defined as rocks. Many minerals, however, mutually dissolve into solid solutions, such that a rock is a uniform substance despite being a mixture in stoichiometric terms. Feldspars are an example, anorthoclase is an alkali aluminium silicate. In law, chemical substances may include both pure substances and mixtures with a composition or manufacturing process. For example, the EU regulation REACH defines monoconstituent substances, multiconstituent substances and substances of unknown or variable composition, the latter two consist of multiple chemical substances, however, their identity can be established either by direct chemical analysis or reference to a single manufacturing process. For example, charcoal is a complex, partially polymeric mixture that can be defined by its manufacturing process. Therefore, although the chemical identity is unknown, identification can be made to a sufficient accuracy. The CAS index also includes mixtures, polymers almost always appear as mixtures of molecules of multiple molar masses, each of which could be considered a separate chemical substance. However, the polymer may be defined by a precursor or reaction
Chemicals
–
Steam and liquid water are two different forms of the same chemical substance, water.
Chemicals
–
Colors of a single chemical (
Nile red) in different solvents, under visible and UV light, showing how the chemical interacts dynamically with its solvent environment.
Chemicals
–
Native sulfur crystals. Sulfur occurs naturally as elemental sulfur, in
sulfide and
sulfate minerals and in
hydrogen sulfide.
Chemicals
–
Potassium ferricyanide is a compound of potassium, iron, carbon and nitrogen; although it contains cyanide anions, it does not release them and is nontoxic.
21.
Pharmaceuticals
–
A pharmaceutical drug is a drug used to diagnose, cure, treat, or prevent disease. Drug therapy is an important part of the field and relies on the science of pharmacology for continual advancement. Drugs are classified in various ways, one of the key divisions is by level of control, which distinguishes prescription drugs from over-the-counter drugs. Other ways to classify medicines are by mode of action, route of administration, biological system affected, an elaborate and widely used classification system is the Anatomical Therapeutic Chemical Classification System. The World Health Organization keeps a list of essential medicines, Drug discovery and drug development are complex and expensive endeavors undertaken by pharmaceutical companies, academic scientists, and governments. Governments generally regulate what drugs can be marketed, how drugs are marketed, controversies have arisen over drug pricing and disposal of used drugs. In the US, a drug is, A substance recognized by an official pharmacopoeia or formulary, a substance intended for use in the diagnosis, cure, mitigation, treatment, or prevention of disease. A substance intended to affect the structure or any function of the body, a substance intended for use as a component of a medicine but not a device or a component, part or accessory of a device. Pharmaceutical or a drug is classified on the basis of their origin, Drug from natural origin, Herbal or plant or mineral origin, some drug substances are of marine origin. Drug from chemical as well as origin, Derived from partial herbal and partial chemical synthesis Chemical. Drug derived from animal origin, For example, hormones, Drug derived from microbial origin, Antibiotics Drug derived by biotechnology genetic-engineering, hybridoma technique for example Drug derived from radioactive substances. An elaborate and widely used system is the Anatomical Therapeutic Chemical Classification System. The World Health Organization keeps a list of essential medicines, the main classes of painkillers are NSAIDs, opioids and Local anesthetics. For consciousness Some anesthetics include Benzodiazepines and Barbiturates, the main categories of drugs for musculoskeletal disorders are, NSAIDs, muscle relaxants, neuromuscular drugs, and anticholinesterases. Euthanasia is not permitted by law in countries, and consequently medicines will not be licensed for this use in those countries. Administration is the process by which a patient takes a medicine, there are three major categories of drug administration, enteral, parenteral, and other. It can be performed in various forms such as pills, tablets. There are many variations in the routes of administration, including intravenous and they can be administered all at once as a bolus, at frequent intervals or continuously
Pharmaceuticals
–
"Medication" redirects here. For other uses, see
Medication (disambiguation).
22.
Aerospace
–
Aerospace is the human effort in science, engineering and business to fly in the atmosphere of Earth and surrounding space. Aerospace organisations research, design, manufacture, operate, or maintain aircraft and/or spacecraft, Aerospace activity is very diverse, with a multitude of commercial, industrial and military applications. Aerospace is not the same as airspace, which is the air space directly above a location on the ground. In most industrial countries, the industry is a cooperation of public. Along with these public space programs, many companies produce technical tools and components such as spaceships, some known companies involved in space programs include Boeing, Airbus Group, SpaceX, Lockheed Martin, MacDonald Dettwiler and Northrop Grumman. These companies are involved in other areas of aerospace such as the construction of aircraft. Modern aerospace began with George Cayley in 1799, Cayley proposed an aircraft with a fixed wing and a horizontal and vertical tail, defining characteristics of the modern airplane. Airmen like Otto Lilienthal, who introduced cambered airfoils in 1891, the Wright brothers were interested in Lilienthals work and read several of his publications. They also found inspiration in Octave Chanute, an airman and the author of Progress in Flying Machines, war and science fiction inspired great minds like Konstantin Tsiolkovsky and Wernher von Braun to achieve flight beyond the atmosphere. The launch of Sputnik 1 in October 1957 started the Space Age, in April 1981, the Space Shuttle Columbia launched, the start of regular manned access to orbital space. A sustained human presence in space started with Mir in 1986 and is continued by the International Space Station. Space commercialization and space tourism are more recent focuses in aerospace, Aerospace manufacturing is a high-technology industry that produces aircraft, guided missiles, space vehicles, aircraft engines, propulsion units, and related parts. Most of the industry is geared toward governmental work, for each original equipment manufacturer, the US government has assigned a Commercial and Government Entity code. These codes help to each manufacturer, repair facilities. In the United States, the Department of Defense and the National Aeronautics, others include the very large airline industry. The aerospace industry employed 472,000 wage and salary workers in 2006, most of those jobs were in Washington state and in California, with Missouri, New York and Texas also being important. The leading aerospace manufacturers in the U. S. are Boeing, United Technologies Corporation, SpaceX, Northrop Grumman and these manufacturers are facing an increasing labor shortage as skilled U. S. workers age and retire. In India, Bangalore is a center of the aerospace industry, where Hindustan Aeronautics Limited, the National Aerospace Laboratories
Aerospace
–
View of the Earth's atmosphere and the Moon beyond
23.
Rail transport
–
Rail transport is a means of conveyance of passengers and goods on wheeled vehicles running on rails, also known as tracks. It is also referred to as train transport. In contrast to road transport, where vehicles run on a flat surface. Tracks usually consist of rails, installed on ties and ballast, on which the rolling stock, usually fitted with metal wheels. Other variations are possible, such as slab track, where the rails are fastened to a concrete foundation resting on a prepared subsurface. Rolling stock in a transport system generally encounters lower frictional resistance than road vehicles, so passenger. The operation is carried out by a company, providing transport between train stations or freight customer facilities. Power is provided by locomotives which either draw electric power from a railway system or produce their own power. Most tracks are accompanied by a signalling system, Railways are a safe land transport system when compared to other forms of transport. The oldest, man-hauled railways date back to the 6th century BC, with Periander, one of the Seven Sages of Greece, Rail transport blossomed after the British development of the steam locomotive as a viable source of power in the 19th centuries. With steam engines, one could construct mainline railways, which were a key component of the Industrial Revolution, also, railways reduced the costs of shipping, and allowed for fewer lost goods, compared with water transport, which faced occasional sinking of ships. The change from canals to railways allowed for markets in which prices varied very little from city to city. In the 1880s, electrified trains were introduced, and also the first tramways, starting during the 1940s, the non-electrified railways in most countries had their steam locomotives replaced by diesel-electric locomotives, with the process being almost complete by 2000. During the 1960s, electrified high-speed railway systems were introduced in Japan, other forms of guided ground transport outside the traditional railway definitions, such as monorail or maglev, have been tried but have seen limited use. The history of the growth, decline and restoration to use of transport can be divided up into several discrete periods defined by the principal means of motive power used. The earliest evidence of a railway was a 6-kilometre Diolkos wagonway, trucks pushed by slaves ran in grooves in limestone, which provided the track element. The Diolkos operated for over 600 years, Railways began reappearing in Europe after the Dark Ages. The earliest known record of a railway in Europe from this period is a window in the Minster of Freiburg im Breisgau in Germany
Rail transport
–
Four
BNSF GE C44-9W diesel locomotives hauling a mixed freight train along the banks of the
Columbia River, between
Kennewick and
Wishram,
Washington State, United States
Rail transport
–
Horsecar in
Brno, Czech Republic
Rail transport
–
A British steam locomotive-hauled train
Rail transport
–
Tren a las Nubes (Train to the Clouds), located in
Salta,
Argentina
24.
Automobile
–
A car is a wheeled, self-powered motor vehicle used for transportation and a product of the automotive industry. The year 1886 is regarded as the year of the modern car. In that year, German inventor Karl Benz built the Benz Patent-Motorwagen, cars did not become widely available until the early 20th century. One of the first cars that was accessible to the masses was the 1908 Model T, an American car manufactured by the Ford Motor Company. Cars were rapidly adopted in the United States of America, where they replaced animal-drawn carriages and carts, cars are equipped with controls used for driving, parking, passenger comfort and safety, and controlling a variety of lights. Over the decades, additional features and controls have been added to vehicles, examples include rear reversing cameras, air conditioning, navigation systems, and in car entertainment. Most cars in use in the 2010s are propelled by a combustion engine. Both fuels cause air pollution and are blamed for contributing to climate change. Vehicles using alternative fuels such as ethanol flexible-fuel vehicles and natural gas vehicles are also gaining popularity in some countries, electric cars, which were invented early in the history of the car, began to become commercially available in 2008. There are costs and benefits to car use, the costs of car usage include the cost of, acquiring the vehicle, interest payments, repairs and auto maintenance, fuel, depreciation, driving time, parking fees, taxes, and insurance. The costs to society of car use include, maintaining roads, land use, road congestion, air pollution, public health, health care, road traffic accidents are the largest cause of injury-related deaths worldwide. The benefits may include transportation, mobility, independence. The ability for humans to move flexibly from place to place has far-reaching implications for the nature of societies and it was estimated in 2010 that the number of cars had risen to over 1 billion vehicles, up from the 500 million of 1986. The numbers are increasing rapidly, especially in China, India, the word car is believed to originate from the Latin word carrus or carrum, or the Middle English word carre. In turn, these originated from the Gaulish word karros, the Gaulish language was a branch of the Brythoic language which also used the word Karr, the Brythonig language evolved into Welsh where Car llusg and car rhyfel still survive. It originally referred to any wheeled vehicle, such as a cart, carriage. Motor car is attested from 1895, and is the formal name for cars in British English. Autocar is a variant that is attested from 1895
Automobile
–
Benz "Velo" model (1894) by German inventor
Carl Benz – entered into an
early automobile race as a
motocycle
Automobile
–
A modern car,
BMW E90
Automobile
–
Cugnot's 1771 fardier à vapeur, as preserved at the
Musée des Arts et Métiers, Paris
Automobile
–
Karl Benz, the inventor of the modern car
25.
Construction equipment
–
Construction Equipment is a trade publication and web site serving the information needs of construction contractors, materials producers, and other owners and operators of construction equipment. Established in 1949, Construction Equipment is published monthly, each issue typically includes Product Evaluations and Buying File as new products are introduced into the market. In addition, the magazine coveres fleet-management topics, including the monthly column Equipment Executive, every December, Construction Equipment ranks new products introduced that year in a feature called Top 100 New Products. As of June 2013, total BPA circulation was 76,030 subscribers, in 2010, former owner Reed Business Information sold the magazine to MB Media. MB Media was acquired by Scranton Gillette Communications forming a company called SGC Horizon. BPA Worldwide Construction Equipment website Scranton Gillette Communications, Inc
Construction equipment
–
Construction Equipment
26.
Shipbuilding
–
Shipbuilding is the construction of ships and other floating vessels. It normally takes place in a facility known as a shipyard. Shipbuilders, also called shipwrights, follow a specialized occupation that traces its roots to before recorded history, Shipbuilding and ship repairs, both commercial and military, are referred to as naval engineering. The construction of boats is an activity called boat building. The dismantling of ships is called ship breaking, the ancestors of Australian Aborigines and New Guineans also went across the Lombok Strait to Sahul by boat over 50,000 years ago. Evidence from Ancient Egypt shows that the early Egyptians knew how to assemble planks of wood into a ship hull as early as 3000 BC, the Archaeological Institute of America reports that some of the oldest ships yet unearthed are known as the Abydos boats. These are a group of 14 ships discovered in Abydos that were constructed of wooden planks which were sewn together, the ship dating to 3000 BC was about 25 m,75 feet long and is now thought to perhaps have belonged to an earlier pharaoh. According to professor OConnor, the 5, 000-year-old ship may have belonged to Pharaoh Aha. Early Egyptians also knew how to assemble planks of wood with treenails to fasten them together, early Egyptians also knew how to fasten the planks of this ship together with mortise and tenon joints. The oldest known tidal dock in the world was built around 2500 BC during the Harappan civilisation at Lothal near the present day Mangrol harbour on the Gujarat coast in India, other ports were probably at Balakot and Dwarka. However, it is probable that many small-scale ports, and not massive ports, were used for the Harappan maritime trade, ships from the harbour at these ancient port cities established trade with Mesopotamia. Shipbuilding and boatmaking may have been prosperous industries in ancient India, native labourers may have manufactured the flotilla of boats used by Alexander the Great to navigate across the Hydaspes and even the Indus, under Nearchos. The Indians also exported teak for shipbuilding to ancient Persia, other references to Indian timber used for shipbuilding is noted in the works of Ibn Jubayr. The ships of Ancient Egypts Eighteenth Dynasty were typically about 25 meters in length and they mounted a single square sail on a yard, with an additional spar along the bottom of the sail. These ships could also be oar propelled, the ocean and sea going ships of Ancient Egypt were constructed with cedar wood, most likely hailing from Lebanon. The ships of Phoenicia seem to have been of a similar design, the naval history of China stems back to the Spring and Autumn period of the ancient Chinese Zhou Dynasty. The Chinese built large rectangular barges known as ships, which were essentially floating fortresses complete with multiple decks with guarded ramparts. There is considerable knowledge regarding shipbuilding and seafaring in the ancient Mediterranean and this was dually met with the introduction of the Han Dynasty junk ship design in the same century
Shipbuilding
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An expedition's shipwrights building a
brigantine, 1541
Shipbuilding
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A two-masted Chinese junk, from the Tiangong Kaiwu of
Song Yingxing, published in 1637
Shipbuilding
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Illustration of some shipbuilding methods in England, 1858
Shipbuilding
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Babbitt's
rotary engine
27.
Machine tools
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A machine tool is a machine for shaping or machining metal or other rigid materials, usually by cutting, boring, grinding, shearing, or other forms of deformation. Machine tools employ some sort of tool that does the cutting or shaping, all machine tools have some means of constraining the workpiece and provide a guided movement of the parts of the machine. Thus the relative movement between the workpiece and the tool is controlled or constrained by the machine to at least some extent. The precise definition of the machine tool varies among users. While all machine tools are machines that help people to make things, today machine tools are typically powered other than by human muscle, used to make manufactured parts in various ways that include cutting or certain other kinds of deformation. With their inherent precision, machine tools enabled the production of interchangeable parts. In this view of the definition, the term, arising at a time when all tools up till then had been hand tools and this lathe produced screw threads out of wood and employed a true compound slide rest. The mechanical toolpath guidance grew out of various concepts, First is the spindle concept itself. The machine slide, which has many forms, such as dovetail ways, box ways, Machine slides constrain tool or workpiece movement linearly. If a stop is added, the length of the line can also be accurately controlled, tracing, which involves following the contours of a model or template and transferring the resulting motion to the toolpath. Cam operation, which is related in principle to tracing but can be a step or two removed from the traced elements matching the reproduced elements final shape. For example, several cams, no one of which matches the desired output shape. Abstractly programmable toolpath guidance began with mechanical solutions, such as in musical box cams, later, electromechanical solutions and soon electronic solutions were added, leading to numerical control and computer numerical control. The value that machine tools added to these human talents is in the areas of rigidity, accuracy and precision, efficiency, as an example, it is physically possible to make interchangeable screws, bolts, and nuts entirely with freehand toolpaths. But it is practical to make them only with machine tools. In the 1930s, the U. S. National Bureau of Economic Research referenced the definition of a tool as any machine operating by other than hand power which employs a tool to work on metal. The narrowest colloquial sense of the reserves it only for machines that perform metal cutting—in other words. These processes are a type of deformation that produces swarf, thus presses are usually included in the economic definition of machine tools
Machine tools
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A
lathe is an example of a machine tool
28.
Automated systems
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Some processes have been completely automated. The biggest benefit of automation is that it saves labor, however, it is used to save energy and materials and to improve quality, accuracy. The term automation, inspired by the word automatic, was not widely used before 1947. It was during this time industry was rapidly adopting feedback controllers. Automation has been achieved by means including mechanical, hydraulic, pneumatic, electrical, electronic devices and computers. Complicated systems, such as factories, airplanes and ships typically use all these combined techniques. Fundamentally, there are two types of control loop, open loop control, and closed loop control, in open loop control, the control action from the controller is independent of the process output. A good example of this is a central heating boiler controlled only by a timer, so heat is applied for a constant time. In closed loop control, the action from the controller is dependent on the process output. A closed loop controller therefore has a loop which ensures the controller exerts a control action to give a process output the same as the Reference input or set point. For this reason, closed loop controllers are also called feedback controllers, the theoretical basis of closed loop automation is control theory. The control action is the form of the output action. One of the simplest types of control is on-off control, an example is the thermostat used on household appliances which either opens or closes an electrical contact. Sequence control, in which a sequence of discrete operations is performed. An elevator control system is an example of sequence control, a proportional–integral–derivative controller is a control loop feedback mechanism widely used in industrial control systems. Sequential control may be either to a sequence or to a logical one that will perform different actions depending on various system states. An example of an adjustable but otherwise fixed sequence is a timer on a lawn sprinkler, States refer to the various conditions that can occur in a use or sequence scenario of the system. An example is an elevator, which uses logic based on the state to perform certain actions in response to its state
Automated systems
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KUKA industrial robots being used at a bakery for food production
Automated systems
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Main articles
29.
Electronics
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Electronics is the science of controlling electrical energy electrically, in which the electrons have a fundamental role. Commonly, electronic devices contain circuitry consisting primarily or exclusively of active semiconductors supplemented with passive elements, the science of electronics is also considered to be a branch of physics and electrical engineering. The ability of electronic devices to act as switches makes digital information processing possible, until 1950 this field was called radio technology because its principal application was the design and theory of radio transmitters, receivers, and vacuum tubes. Today, most electronic devices use semiconductor components to perform electron control and this article focuses on engineering aspects of electronics. Components are generally intended to be connected together, usually by being soldered to a circuit board. Components may be packaged singly, or in more complex groups as integrated circuits, some common electronic components are capacitors, inductors, resistors, diodes, transistors, etc. Components are often categorized as active or passive, vacuum tubes were among the earliest electronic components. They were almost solely responsible for the revolution of the first half of the Twentieth Century. They took electronics from parlor tricks and gave us radio, television, phonographs, radar, long distance telephony and they played a leading role in the field of microwave and high power transmission as well as television receivers until the middle of the 1980s. Since that time, solid state devices have all but completely taken over, vacuum tubes are still used in some specialist applications such as high power RF amplifiers, cathode ray tubes, specialist audio equipment, guitar amplifiers and some microwave devices. The 608 contained more than 3,000 germanium transistors, thomas J. Watson Jr. ordered all future IBM products to use transistors in their design. From that time on transistors were almost exclusively used for computer logic, circuits and components can be divided into two groups, analog and digital. A particular device may consist of circuitry that has one or the other or a mix of the two types, most analog electronic appliances, such as radio receivers, are constructed from combinations of a few types of basic circuits. Analog circuits use a range of voltage or current as opposed to discrete levels as in digital circuits. The number of different analog circuits so far devised is huge, especially because a circuit can be defined as anything from a single component, analog circuits are sometimes called linear circuits although many non-linear effects are used in analog circuits such as mixers, modulators, etc. Good examples of analog circuits include vacuum tube and transistor amplifiers, one rarely finds modern circuits that are entirely analog. These days analog circuitry may use digital or even microprocessor techniques to improve performance and this type of circuit is usually called mixed signal rather than analog or digital. Sometimes it may be difficult to differentiate between analog and digital circuits as they have elements of both linear and non-linear operation, an example is the comparator which takes in a continuous range of voltage but only outputs one of two levels as in a digital circuit
Electronics
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Surface-mount electronic components
Electronics
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Electronics Technician performing a voltage check on a power circuit card in the air navigation equipment room aboard the aircraft carrier
USS Abraham Lincoln (CVN 72).
Electronics
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Hitachi J100 adjustable frequency drive chassis
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1.9% (2016)[3]
1.5% (August 2017)[5]
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