A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems; the decentralized control of each cryptocurrency works through distributed ledger technology a blockchain, that serves as a public financial transaction database. Bitcoin, first released as open-source software in 2009, is considered the first decentralized cryptocurrency. Since the release of bitcoin, over 4,000 altcoins have been created. In 1983, the American cryptographer David Chaum conceived an anonymous cryptographic electronic money called ecash. In 1995, he implemented it through Digicash, an early form of cryptographic electronic payments which required user software in order to withdraw notes from a bank and designate specific encrypted keys before it can be sent to a recipient.
This allowed the digital currency to be untraceable by the issuing bank, the government, or any third party. In 1996, the NSA published a paper entitled How to Make a Mint: the Cryptography of Anonymous Electronic Cash, describing a Cryptocurrency system first publishing it in a MIT mailing list and in 1997, in The American Law Review. In 1998, Wei Dai published a description of "b-money", characterized as an anonymous, distributed electronic cash system. Shortly thereafter, Nick Szabo described bit gold. Like bitcoin and other cryptocurrencies that would follow it, bit gold was described as an electronic currency system which required users to complete a proof of work function with solutions being cryptographically put together and published. A currency system based on a reusable proof of work was created by Hal Finney who followed the work of Dai and Szabo; the first decentralized cryptocurrency, was created in 2009 by pseudonymous developer Satoshi Nakamoto. It used a cryptographic hash function, as its proof-of-work scheme.
In April 2011, Namecoin was created as an attempt at forming a decentralized DNS, which would make internet censorship difficult. Soon after, in October 2011, Litecoin was released, it was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256. Another notable cryptocurrency, Peercoin was the first to use a proof-of-work/proof-of-stake hybrid. On 6 August 2014, the UK announced its Treasury had been commissioned to do a study of cryptocurrencies, what role, if any, they can play in the UK economy; the study was to report on whether regulation should be considered. According to Jan Lansky, a cryptocurrency is a system that meets six conditions: The system does not require a central authority, its state is maintained through distributed consensus; the system keeps an overview of their ownership. The system defines. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
Ownership of cryptocurrency units can be proved cryptographically. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units. If two different instructions for changing the ownership of the same cryptographic units are entered, the system performs at most one of them. In March 2018, the word cryptocurrency was added to the Merriam-Webster Dictionary; the term altcoin has various similar definitions. Stephanie Yang of The Wall Street Journal defined altcoins as "alternative digital currencies," while Paul Vigna of The Wall Street Journal, described altcoins as alternative versions of bitcoin. Aaron Hankins of the MarketWatch refers to any cryptocurrencies other than bitcoin as altcoins. A blockchain account can provide functions other than making payments, for example in decentralized applications or smart contracts. In this case, the units or coins are sometimes referred to as crypto tokens.
Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate, defined when the system is created and, publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it; the underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto. As of May 2018, over 1,800 cryptocurrency specifications existed. Within a cryptocurrency system, the safety and balance of ledgers is maintained by a community of mutually distrustful parties referred to as miners: who use their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular timestamping scheme.
Most cryptocurrencies are designed to decrease production of that currency, placing a cap on the total amount of that currency that will be in circulation. Compared with ordinary currencies held by financial institutions or kept as cash on hand, cryptocurrencies can be more difficult for seizure by law enforcement; this difficulty is derived from lev
A government bond or sovereign bond is a bond issued by a national government with a promise to pay periodic interest payments and to repay the face value on the maturity date. Government bonds are denominated in the country's own currency, in which case the government cannot be forced to default, although it may choose to do so. If a government is close to default on its debt the media refer to this as a sovereign debt crisis; the terms on which a government can sell bonds depend on how creditworthy the market considers it to be. International credit rating agencies will provide ratings for the bonds, but market participants will make up their own minds about this; the first general government bonds were issued in the Netherlands in 1517. Because the Netherlands did not exist at that time, the bonds issued by the city of Amsterdam are considered their predecessor which merged into Netherlands government bonds; the average interest rate at that time fluctuated around 20%. The first bond issued by a national government was issued by the Bank of England in 1694 to raise money to fund a war against France.
It was in the form of a tontine. The Bank of England and government bonds were introduced in England by William III of England, who financed England's war efforts by copying the approach of issuing bonds and raising government debt from the Seven Dutch Provinces, where he ruled as a Stadtholder. Governments in Europe started issuing perpetual bonds to fund wars and other government spending; the use of perpetual bonds ceased in the 20th century, governments issue bonds of limited term to maturity. A government bond in a country's own currency is speaking a risk-free bond, because the government can if necessary create additional currency in order to redeem the bond at maturity. There have however been instances where a government has chosen to default on its domestic currency debt rather than create additional currency, such as Russia in 1998. Currency risk is the risk that the value of the currency a bond pays out will decline compared to the holder's reference currency. For example, a German investor would consider United States bonds to have more currency risk than German bonds.
A bond paying in a currency that does not have a history of keeping its value may not be a good deal if a high interest rate is offered. Inflation risk is the risk. Investors expect some amount of inflation, so the risk is that the inflation rate will be higher than expected. Many governments issue inflation-indexed bonds, which protect investors against inflation risk by linking both interest payments and maturity payments to a consumer prices index. If a central bank purchases a government security, such as a bond or treasury bill, it increases the money supply, in effect creating money. In the UK, government bonds are called gilts. Older issues have names such as "Treasury Stock" and newer issues are called "Treasury Gilt". Inflation-indexed gilts are called Index-linked gilts. UK gilts have maturities stretching much further into the future than other European government bonds, which has influenced the development of pension and life insurance markets in the respective countries. Consol Foreign exchange reserves of the People's Republic of China Government debt List of government bonds Municipal bond Treasury War Bonds
Economics is the social science that studies the production and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, the outcomes of interactions. Individual agents may include, for example, firms and sellers. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, economic growth, the public policies that address these issues. See glossary of economics. Other broad distinctions within economics include those between positive economics, describing "what is", normative economics, advocating "what ought to be". Economic analysis can be applied throughout society, in business, health care, government. Economic analysis is sometimes applied to such diverse subjects as crime, the family, politics, social institutions, war and the environment; the discipline was renamed in the late 19th century due to Alfred Marshall, from "political economy" to "economics" as a shorter term for "economic science".
At that time, it became more open to rigorous thinking and made increased use of mathematics, which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences. There are a variety of modern definitions of economics. Scottish philosopher Adam Smith defined what was called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: a branch of the science of a statesman or legislator a plentiful revenue or subsistence for the people... to supply the state or commonwealth with a revenue for the publick services. Jean-Baptiste Say, distinguishing the subject from its public-policy uses, defines it as the science of production and consumption of wealth. On the satirical side, Thomas Carlyle coined "the dismal science" as an epithet for classical economics, in this context linked to the pessimistic analysis of Malthus. John Stuart Mill defines the subject in a social context as: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object.
Alfred Marshall provides a still cited definition in his textbook Principles of Economics that extends analysis beyond wealth and from the societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. Lionel Robbins developed implications of what has been termed "erhaps the most accepted current definition of the subject": Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins describes the definition as not classificatory in "pick out certain kinds of behaviour" but rather analytical in "focus attention on a particular aspect of behaviour, the form imposed by the influence of scarcity." He affirmed that previous economists have centred their studies on the analysis of wealth: how wealth is created and consumed. But he said that economics can be used to study other things, such as war, that are outside its usual focus.
This is because war has as the goal winning it, generates both cost and benefits. If the war is not winnable or if the expected costs outweigh the benefits, the deciding actors may never go to war but rather explore other alternatives. We cannot define economics as the science that studies wealth, crime and any other field economic analysis can be applied to; some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas treated in other fields. There are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. Gary Becker, a contributor to the expansion of economics into new areas, describes the approach he favours as "combin assumptions of maximizing behaviour, stable preferences, market equilibrium, used relentlessly and unflinchingly."
One commentary characterizes the remark as making economics an approach rather than a subject matter but with great specificity as to the "choice process and the type of social interaction that analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. A
The yuan is the base unit of a number of former and present-day currencies in Chinese. A yuan is known colloquially as a kuai. One yuan is divided into colloquially mao. One jiao is divided into 10 fen. Today, it refers to the primary unit of account of the renminbi, the currency of the People's Republic of China, it is used as a synonym of that currency in international contexts – the ISO 4217 standard code for renminbi is CNY, an abbreviation of "Chinese yuan". The symbol for the yuan is used in Chinese to refer to the currency units of Japan and Korea, is used to translate the currency unit dollar as well as some other currencies; when used in English in the context of the modern foreign exchange market, the Chinese yuan refers to the renminbi, the official currency used in mainland China. Having been in use for at least 2000 years, the yuan was the first decimal currency system, it is the first to use metal coins and bank notes, which shaped the global financial system. In Standard Chinese, yuán means a "round object" or "round coin".
During the Qing Dynasty, the yuan was a round coin made of silver. In informal contexts, the word is written with the simplified Chinese character 元, that means "beginning". In formal contexts it is written with the simplified character 圆 or with the traditional version 圓, both meaning "round", after the shape of the coins; these are all pronounced yuán in modern Standard Chinese, but were pronounced differently, remain distinct in Wu Chinese: 元 = nyoe, 圓 = yoe. In the People's Republic of China,'￥' or'RMB' is prefixed to the amount to indicate that the currency is the renminbi. In many parts of China, the unit of renminbi is sometimes colloquially called kuài rather than yuán. In Cantonese spoken in Guangdong, Hong Kong and Macau, the yuan and fen are called mān, hòuh, sīn, respectively. Sīn is a loan word from the English cent; the traditional character 圓 is used to denote the base unit of Hong Kong dollar, the Macanese pataca, the New Taiwan dollar. However, they do not share the same names for the subdivisions.
The unit of a New Taiwan dollar is referred to in Standard Chinese as yuán and written as 元, 圆 or 圓. The names of the Korean and Japanese currency units and yen are cognates of Mandarin yuán meaning "round" in the Korean and Japanese languages; the Japanese yen was also written with the kanji character 圓, simplified to 円 with the promulgation of the Tōyō kanji in 1946. The Korean won used to be written with the hanja character 圜 from 1902 to 1910, 圓 some time after World War II, it is now written as 원 in Hangul in both North and South Korea. In 1889, the yuan was equated at par with the Mexican peso, a silver coin deriving from the Spanish dollar which circulated in southeast Asia since the 17th century due to Spanish presence in the region, namely the Philippines and Guam, it was subdivided into 1000 cash, 100 cents or fen, 10 jiao. It replaced; the sycees were denominated in tael. The yuan was valued at 0.72 tael. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with the Imperial Bank of China and the "Hu Pu Bank", established by the Imperial government.
During the Imperial period, banknotes were issued in denominations of 1, 2 and 5 jiao, 1, 2, 5, 10, 50 and 100 yuan, although notes below 1 yuan were uncommon. The earliest issues were silver coins produced at the Guangdong mint, known in the West at the time as Canton, transliterated as Kwangtung, in denominations of 5 cents, 1, 2 and 5 jiao and 1 yuan. Other regional mints were opened in the 1890s producing similar silver coins along with copper coins in denominations of 1, 2, 5, 10 and 20 cash. Other regional mints were opened in the 1890s; the central government began issuing its own coins in the yuan currency system in 1903. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with banks established by the Imperial government; the central government began issuing its own coins in the yuan currency system in 1903. These were brass 1 cash, copper 2, 5, 10 and 20 cash, silver 1, 2 and 5 jiao and 1 yuan. After the revolution, although the designs changed, the sizes and metals used in the coinage remained unchanged until the 1930s.
From 1936, the central government issued 1⁄2 yuan coins. Aluminium 1 and 5 fen pieces were issued in 1940; this table sets out the first "silver yuan" coins minted by each province. In 1917, the warlord in control of Manchuria, Zhang Zuolin, introduced a new currency, known as the Fengtien yuan or dollar, for use in the Three Eastern Provinces, it w
In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods that are tangible property, services, which are non-physical. A good may be a consumable item, useful to people but scarce in relation to its demand, so that human effort is required to obtain it. In contrast, free goods, such as air, are in abundant supply and need no conscious effort to obtain them. Personal goods are things such as televisions, living room furniture, cellular telephones anything owned or used on a daily basis, not food related. Commercial goods are construed as any tangible product, manufactured and made available for supply to be used in an industry of commerce. Commercial goods could be tractors, commercial vehicles, mobile structures and roofing materials. Commercial and personal goods as categories are broad and cover everything a person sees from the time they wake up in their home, on their commute to work to their arrival at the workplace.
Commodities may be used as a synonym for economic goods but refer to marketable raw materials and primary products. Although in economic theory all goods are considered tangible, in reality certain classes of goods, such as information, only take intangible forms. For example, among other goods an apple is a tangible object, while news belongs to an intangible class of goods and can be perceived only by means of an instrument such as print or television. Goods may increase or decrease their utility directly or indirectly and may be described as having marginal utility; some things are useful, but not scarce enough to have monetary value, such as the Earth's atmosphere, these are referred to as'free goods'. In normal parlance, "goods" is always a plural word, but economists have long termed a single item of goods "a good". Ugly though this may sound, an alternative is hard to find. In economics, a bad is the opposite of a good. Whether an object is a good or a bad depends on each individual consumer and therefore, it is important to realize that not all goods are good all the time and not all goods are goods to all people.
Goods' diversity allows for their classification into different categories based on distinctive characteristics, such as tangibility and relative elasticity. A tangible good like an apple differs from an intangible good like information due to the impossibility of a person to physically hold the latter, whereas the former occupies physical space. Intangible goods differ from services in that final goods are transferable and can be traded, whereas a service cannot. Price elasticity differentiates types of goods. An elastic good is one for which there is a large change in quantity due to a small change in price, therefore is to be part of a family of substitute goods. An inelastic good is one for which there are few or no substitutes, such as tickets to major sporting events, original works by famous artists, prescription medicine such as insulin. Complementary goods are more inelastic than goods in a family of substitutes. For example, if a rise in the price of beef results in a decrease in the quantity of beef demanded, it is that the quantity of hamburger buns demanded will drop, despite no change in buns' prices.
This is. It is important to note that goods considered complements or substitutes are relative associations and should not be understood in a vacuum; the degree to which a good is a substitute or a complement depends on its relationship to other goods, rather than an intrinsic characteristic, can be measured as cross elasticity of demand by employing statistical techniques such as covariance and correlation. The following chart illustrates the classification of goods according to their exclusivity and competitiveness. Goods are capable of being physically delivered to a consumer. Goods that are economic intangibles can only be stored and consumed by means of media. Goods, both tangibles and intangibles, may involve the transfer of product ownership to the consumer. Services do not involve transfer of ownership of the service itself, but may involve transfer of ownership of goods developed or marketed by a service provider in the course of the service. For example, sale of storage related goods, which could consist of storage sheds, storage containers, storage buildings as tangibles or storage supplies such as boxes, bubble wrap, tape and the like which are consumables, or distributing electricity among consumers is a service provided by an electric utility company.
This service can only be experienced through the consumption of electrical energy, available in a variety of voltages and, in this case, is the economic goods produced by the electric utility company. While the service is a process that remains in its entirety in the ownership of the electric service provider, the goods is the object of ownership transfer; the consumer becomes electric energy owner by purchase and may use it for any lawful purposes just like any other goods. Fast-moving consumer goods Final goods Intangible asset Intangible good List of economics topics Goods and services Service Tangible property Bannock, Graham et al.. Dictionary of Economics, Penguin Books. Milgate, Murray, "goods and commodities," The New Palgrave: A Dictionary of Economics, v. 2, pp. 546–48. Includes historical and contemporary uses of the terms in economics. Media related to Good