Media are the communication outlets or tools used to store and deliver information or data. The term refers to components of the mass media communications industry, such as print media, the news media, cinema and advertising; the term "medium" is defined as "one of the means or channels of general communication, information, or entertainment in society, as newspapers, radio, or television."The phrase "mass media" was, according to H. L. Mencken, used as early as 1923 in the United States; the term media in its modern application relating to communication channels was first used by Canadian communications theorist Marshall McLuhan, who stated in Counterblast: "The media are not toys. They can be entrusted only to new artists, because they are art forms." By the mid-1960s, the term had spread to general use in the United Kingdom. Writers such as Howard Rheingold have framed early forms of human communication as early forms of media, such as the Lascaux cave paintings and early writing. Another framing of the history of media starts with the Chauvet Cave paintings and continues with other ways to carry human communication beyond the short range of voice: smoke signals, trail markers, sculpture.
The development of early writing and paper enabled longer-distance communication systems such as mail, including in the Persian Empire and Roman Empire, which can be interpreted as early forms of media. In the last century, a revolution in telecommunications has altered communication by providing new media for long distance communication; the first transatlantic two-way radio broadcast occurred in 1906 and led to common communication via analog and digital media: Analog telecommunications include some radio systems, historical telephony systems, historical television broadcasts. Digital telecommunications allow for computer-mediated communication and computer networks. Modern communication media now allow for intense long-distance exchanges between larger numbers of people. On the other hand, many traditional broadcast media and mass media favor one-to-many communication. Electronic media usage is growing, although concern has arisen that it distracts youth from face-to-face contact with friends and family.
Research on the social engagement effect is mixed. One study by Wellman found that "33% of Internet users said that the Internet had improved their connections to friends'a lot', 23% said it had increased the quality of their communication with family members by a similar amount. Young people in particular took advantage of the social side of the Internet. Nearly half of the 18- to 29-year-olds said that the Internet had improved their connections to friends a lot. On the other hand, 19% of employed Internet users said that the Internet had increased the amount of time they spent working in home". Electronic media now comes in the forms of tablets, desktops, cell phones, mp3 players, DVDs, game systems and television. Technology has spiked to record highs within the last decade, thus changing the dynamic of communication; the spike in electronic media started to grow in 2007 when the release of the first iPhone came out. The meaning of electronic media, as it is known in various spheres, has changed with the passage of time.
The term media has achieved a broader meaning nowadays as compared to that given it a decade ago. Earlier, there was multimedia, once only a piece of software used to play video. Following this, it was CD and DVD camera of 3G applications in the field. In modern terms, the term "media" includes all the software which are used in PC or laptop or mobile phone installed for normal or better performance of the system; this type of hard disc is becoming smaller in size. The latest inclusion in the field is magnetic media whose application is common in the fastest growing information technology field. Modern day IT media is used in the banking sector and by the Income Tax Department for the purpose of providing the easiest and fastest possible services to consumers. In this magnetic strip, account information linking to all the data relating to a particular consumer is stored; the main features of these types of media are prepared unrecorded, data is stored at a stage as per the requirement of its user or consumer.
Media technology has made viewing easier as time has passed throughout history. Children today are encouraged to use media tools in school and are expected to have a general understanding of the various technologies available; the internet is arguably one of the most effective tools in media for communication tools such as e-mail and Facebook have brought people closer together and created new online communities. However, some may argue. Therefore, it is an important source of communication. In a large consumer-driven society, electronic media and print media are important for distributing advertisement media. More technologically advanced societies have access to goods and services through newer media than less technologically advanced societies. In addition to this "advertising" role
Principles of Economics (Marshall)
Principles of Economics is a leading political economy or economics textbook of Alfred Marshall, first published in 1890. It was the standard text for generations of economics students. Marshall began writing the Principles of Economics in 1881 and he spent much of the next decade at work on the treatise, his plan for the work extended to a two-volume compilation on the whole of economic thought. The second volume, to address foreign trade, trade fluctuations and collectivism, was never published at all. Over the next two decades he worked to complete his second volume of the Principles, but his unyielding attention to detail and ambition for completeness prevented him from mastering the work's breadth. Preface I Introduction. II The Substance of Economics. III Economic Laws. IV The Order and Aims of Economic Studies. I Introductory. II Wealth. III Production. Consumption. Labour. Necessaries. IV Income. Capital. I Introductory. II Wants In Relation To Activities. III Gradations Of Consumers' Demand. IV The Elasticity of Wants.
V Choice Between Different Uses of the Same Thing. Immediate and Deferred Uses. VI Value and Utility. I Introductory. II The Fertility of Land. III The Fertility of Land, Continued; the Tendency To Diminishing Return. IV The Growth of Population. V The Health and Strength of the Population. VI Industrial Training. VII The Growth of Wealth. VIII Industrial Organization. IX Industrial Organization, Continued. Division of Labour; the Influence of Machinery. X Industrial Organization, Continued; the Concentration of Specialized Industries in Particular Localities. XI Industrial Organization, Continued. Production on a Large Scale. XII Industrial Organization, Continued. Business Management. XIII Conclusion. Correlation of the Tendencies To Increasing and To Diminishing Return. I Introductory. On Markets. II Temporary Equilibrium of Demand and Supply. III Equilibrium of Normal Demand and Supply. IV The Investment and Distribution of Resources. V Equilibrium of Normal Demand and Supply, With Reference To Long and Short Periods.
VI Joint and Composite Demand. Joint and Composite Supply. VII Prime and Total Cost in Relation To Joint Products. Cost of Marketing. Insurance Against Risk. Cost of Reproduction. VIII Marginal Costs in Relation To Values. General Principles. IX Marginal Costs in Relation To Values. General Principles, Continued. X Marginal Costs in Relation To Agricultural Values. XI Marginal Costs in Relation To Urban Values. XII Equilibrium of Normal Demand and Supply, With Reference To the Law of Increasing Return. XIII Theory of Changes of Normal Demand and Supply in Relation To the Doctrine of Maximum Satisfaction. XIV The Theory of Monopolies. XV Summary of the General Theory of Equilibrium of Demand and Supply I Preliminary Survey of Distribution. II Preliminary Survey of Distribution, Continued. III Earnings of Labour. IV Earnings of Labour, Continued. V Earnings of Labour, Continued. VI Interest of Capital. VII Profits of Capital and Business Power. VIII Profits of Capital and Business Power, Continued. IX Rent of Land.
X Land Tenure. XI General View of Distribution. Marshall summarises how wealth is distributed through society."The efficiency as compared with the cost of every class of labour, is thus continually being weighed in the balance in one or more branches of production against some other classes of labour: and each of these in its turn against others. This competition is "vertical": it is a struggle for the field of employment between groups of labour belonging to different grades, but engaged in the same branch of production, inclosed, as it were, between the same vertical walls, but meanwhile "horizontal" competition is always at work, by simpler methods: for, there is great freedom of movement of adults from one business to another within each trade. By means of this combined vertical and horizontal competition there is an effective and adjusted balance of payments to services as between labour in different grades; the working of the principle of substitution is thus chiefly indirect. When two tanks containing fluid are joined by a pipe, the fluid, near the pipe in the tank with the higher level, will flow into the other though it be rather viscous.
And the principle of substitution is tending by indirect routes to apportion earnings to efficiency between trades, between grades, which are not directly in contact with one another, which appear at first sight to have no way of competing with one another." - VI. XI.6-7 XII General Influences of Economic Progress. Marshall discusses the causes of economic development."But after all the chief cause of the modern prosperity of new countries lies in the markets that the old world offers, not for goods delivered on the spot, but for promises to deliver goods at a distant date." - VI. XII.3 "The key-notes of the modern movement are the reduction of a great number of tasks to one pattern.
A raw material known as a feedstock, unprocessed material, or primary commodity, is a basic material, used to produce goods, finished products, energy, or intermediate materials which are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are important with regard to producing other products. An example of this is crude oil, a raw material and a feedstock used in the production of industrial chemicals, fuels and pharmaceutical goods; the term "raw material" denotes materials in minimally processed or unprocessed in states. Many raw metallic materials used in industrial purposes must first be processed into a usable state. Metallic ores are first processed through a combination of crushing, magnetic separation and leaching to make them suitable for use in a foundry. Foundries smelt the ore into usable metal that may be alloyed with other materials to improve certain properties. One metallic raw material, found across the world is iron, when combined with nickel, this material makes up over 35% of the material in the Earth's inner and outer core.
Places with plentiful raw materials and little economic development show a phenomenon, known as "Dutch disease" or the "resource curse", that occurs when the economy of a country is based upon its exports due to its method of governance. An example of this is the Democratic Republic of Congo. Raw materials are used by non-humans, such as birds using found objects and twigs to create nests. Karl Marx, Vol. 1, Part III, Chap. 7
A synonym is a word or phrase that means or nearly the same as another lexeme in the same language. Words that are synonyms are said to be synonymous, the state of being a synonym is called synonymy. For example, the words begin, start and initiate are all synonyms of one another. Words are synonymous in one particular sense: for example and extended in the context long time or extended time are synonymous, but long cannot be used in the phrase extended family. Synonyms with the exact same meaning share a seme or denotational sememe, whereas those with inexactly similar meanings share a broader denotational or connotational sememe and thus overlap within a semantic field; the former are sometimes called cognitive synonyms and the latter, near-synonyms, plesionyms or poecilonyms. Some lexicographers claim that no synonyms have the same meaning because etymology, phonic qualities, ambiguous meanings, so on make them unique. Different words that are similar in meaning differ for a reason: feline is more formal than cat.
Synonyms are a source of euphemisms. Metonymy can sometimes be a form of synonymy: the White House is used as a synonym of the administration in referring to the U. S. executive branch under a specific president. Thus a metonym is a type of synonym, the word metonym is a hyponym of the word synonym; the analysis of synonymy, polysemy and hypernymy is inherent to taxonomy and ontology in the information-science senses of those terms. It has applications in pedagogy and machine learning, because they rely on word-sense disambiguation; the word comes from ónoma. Synonyms can be any part of speech. Examples: noun drink and beverage verb buy and purchase adjective big and large adverb and speedily preposition on and upon"glass" and"cup"Synonyms are defined with respect to certain senses of words: pupil as the aperture in the iris of the eye is not synonymous with student; such like, he expired means the same as he died, yet my passport has expired cannot be replaced by my passport has died. In English, many synonyms emerged after the Norman conquest of England.
While England's new ruling class spoke Norman French, the lower classes continued to speak Old English. Thus, today we have synonyms like the Norman-derived people and archer, the Saxon-derived folk and bowman. For more examples, see the list of Germanic and Lat Latinate equivalents in English. A thesaurus lists related words; the word poecilonym is a rare synonym of the word synonym. It is not entered in most major dictionaries and is a curiosity or piece of trivia for being an autological word because of its meta quality as a synonym of synonym. Antonyms are words with nearly opposite meanings. For example: hot ↔ cold, large ↔ small, thick ↔ thin, synonym ↔ antonym Hypernyms and hyponyms are words that refer to a general category and a specific instance of that category. For example, vehicle is a hypernym of car, car is a hyponym of vehicle. Homophones are words that have different meanings. For example and which are homophones in most accents. Homographs are words that have different pronunciations.
For example, one can keep a record of documents. Homonyms are words that have different meanings. For example and rose are homonyms. -onym Cognitive synonymy Elegant variation, the gratuitous use of a synonym in prose Synonym ring Synonomy in Japanese Tools which graph words relations: Graph Words – Online tool for visualization word relations Synonyms.net – Online reference resource that provides instant synonyms and antonyms definitions including visualizations, voice pronunciations and translations English/French Semantic Atlas – Graph words relations in English and gives cross representations for translations – offers 500 searches per user per day. Plain words synonyms finder: Synonym Finder – Synonym finder including hypernyms in search result Thesaurus – Online synonyms in English, Italian and German Woxikon Synonyms – Over 1 million synonyms – English, Spanish, Italian, Portuguese and Dutch FindMeWords Synonyms – Online Synonym Dictionary with definitions Classic Thesaurus - Crowdsourced Synonym Dictionary Power Thesaurus - Synonym dictionary with definitions and examples
Murray Milgate, is an Australian-born academic economist and Fellow and Director of Studies in Economics at Queens' College in the University of Cambridge. He is the co-creator and co-editor of the celebrated original edition of The New Palgrave Dictionary of Economics together with John Eatwell and Peter Newman. Milgate was educated at the University of Sydney and the University of Cambridge where he taught economics before moving to Harvard University in 1984, he returned to Cambridge in 1996. He is best known for his contributions to the dissemination of economic knowledge through his New Palgrave activities and his published writings that focus on exploring: the relation between classical economic theory and Keynesian economics as an alternative to standard neoclassical thinking about the market mechanism. An assessment of aspects of the first set of contributions can be found in Dutt and Amadeo's Keynes's Third Alternative. In 1992 Milgate shared the Eccles Prize for Excellence in Economic Writing for the New Palgrave Dictionary of Money and Finance and in 1995 The New Palgrave World of Economics was named among the 100 most influential books since WW2 by the CEEPP at the University of Oxford.
In 2011 his After Adam Smith was awarded the David and Elaine Spitz Prize for the best book on liberal and democratic theory by the International Conference for the Study of Political Thought. He was a Visiting Professor at the University of California at Berkeley and was made Distinguished Visiting Professor of Economics at Osaka Gakuin University in Japan in 2008, he is a founding editor of the journal Contributions to Political Economy. This is a list of some of Milgate's major works. Milgate, Murray. Capital and employment: a study of Keynes's economics. London New York: Academic Press. ISBN 9780124962507. Milgate, Murray. Keynes's the theory of value and distribution. London New York: Duckworth. ISBN 9780715617496. Milgate, Murray; the New Palgrave: a dictionary of economics. London New York Tokyo: Macmillan Stockton Press Maruzen. ISBN 9780333740408. Milgate, Murray; the New Palgrave: allocation and markets. New York: Norton. ISBN 9780393958546. Milgate, Murray; the New Palgrave: capital theory. New York: Norton.
ISBN 9780393958553. Milgate, Murray. Critical issues in social thought. London San Diego: Academic Press. ISBN 9780124962484. Milgate, Murray. Ricardian politics. Princeton, New Jersey: Princeton University Press. ISBN 9780691042787. Milgate, Murray; the new Palgrave dictionary of money & finance. London New York: Macmillan Press Stockton Press. ISBN 9780333527221. Milgate, Murray. After Adam Smith: a century of transformation in politics and political economy. Princeton, New Jersey Woodstock: Princeton University Press. ISBN 9780691152349. Milgate, Murray; the fall and rise of Keynesian economics. New York: Oxford University Press. ISBN 9780199777693. Milgate, Murray. "Economic theory and European society: the influence of J. M. Keynes". History of European Ideas. 9: 215–225. Doi:10.1016/0191-659990042-3
Trade involves the transfer of goods or services from one person or entity to another in exchange for money. A system or network that allows trade is called a market. An early form of trade, saw the direct exchange of goods and services for other goods and services. Barter involves trading things without the use of money. One bartering party started to involve precious metals, which gained symbolic as well as practical importance. Modern traders negotiate through a medium of exchange, such as money; as a result, buying can be separated from earning. The invention of money simplified and promoted trade. Trade between two traders is called bilateral trade, while trade involving more than two traders is called multilateral trade. Trade exists due to specialization and the division of labor, a predominant form of economic activity in which individuals and groups concentrate on a small aspect of production, but use their output in trades for other products and needs. Trade exists between regions because different regions may have a comparative advantage in the production of some trade-able commodity—including production of natural resources scarce or limited elsewhere, or because different regions' sizes may encourage mass production.
In such circumstances, trade at market prices between locations can benefit both locations. Retail trade consists of the sale of goods or merchandise from a fixed location, online or by mail, in small or individual lots for direct consumption or use by the purchaser. Wholesale trade is defined as traffic in goods that are sold as merchandise to retailers, or to industrial, institutional, or other professional business users, or to other wholesalers and related subordinated services. Commerce is derived from the Latin commercium, from cum "together" and merx, "merchandise."Trade from Middle English trade, introduced into English by Hanseatic merchants, from Middle Low German trade, from Old Saxon trada, from Proto-Germanic *tradō, cognate with Old English tredan. Trade originated with human communication in prehistoric times. Trading was the main facility of prehistoric people, who bartered goods and services from each other before the innovation of modern-day currency. Peter Watson dates the history of long-distance commerce from circa 150,000 years ago.
In the Mediterranean region the earliest contact between cultures were of members of the species Homo sapiens principally using the Danube river, at a time beginning 35,000–30,000 BCE. Some trace the origins of commerce to the start of transaction in prehistoric times. Apart from traditional self-sufficiency, trading became a principal facility of prehistoric people, who bartered what they had for goods and services from each other. Trade is believed to have taken place throughout much of recorded human history. There is evidence of the exchange of flint during the stone age. Trade in obsidian is believed to have taken place in Guinea from 17,000 BCE; the earliest use of obsidian in the Near East dates to the Middle paleolithic. Trade in the stone age was investigated by Robert Carr Bosanquet in excavations of 1901. Trade is believed to have first begun in south west Asia. Archaeological evidence of obsidian use provides data on how this material was the preferred choice rather than chert from the late Mesolithic to Neolithic, requiring exchange as deposits of obsidian are rare in the Mediterranean region.
Obsidian is thought to have provided the material to make cutting utensils or tools, although since other more obtainable materials were available, use was found exclusive to the higher status of the tribe using "the rich man's flint". Obsidian was traded at distances of 900 kilometres within the Mediterranean region. Trade in the Mediterranean during the Neolithic of Europe was greatest in this material. Networks were in existence at around 12,000 BCE Anatolia was the source for trade with the Levant and Egypt according to Zarins study of 1990. Melos and Lipari sources produced among the most widespread trading in the Mediterranean region as known to archaeology; the Sari-i-Sang mine in the mountains of Afghanistan was the largest source for trade of lapis lazuli. The material was most traded during the Kassite period of Babylonia beginning 1595 BCE. Ebla was a prominent trading centre during the third millennia, with a network reaching into Anatolia and north Mesopotamia. Materials used for creating jewelry were traded with Egypt since 3000 BCE.
Long-range trade routes first appeared in the 3rd millennium BCE, when Sumerians in Mesopotamia traded with the Harappan civilization of the Indus Valley. The Phoenicians were noted sea traders, traveling across the Mediterranean Sea, as far north as Britain for sources of tin to manufacture bronze. For this purpose they established trade colonies. From the beginning of Greek civilization until the fall of the Roman empire in the 5th century, a financially lucrative trade brought valuable spice to Europe from the far east, including India and China. Roman commerce allowed its empire to endure; the latter Roman Republic and the Pax Romana of the Roman empire produced a stable and secure transportation network that enabled the shipment of trade goods without fear of significant piracy, as Rome had become the sole effective sea power in the Mediterranean with the conquest of Egypt and the near east. In ancient Greece Hermes was the god of trade and weights and measures, for Romans Mercurius god of merchants, whose festival was celebrated by traders on the 25th day o
A substitute good is a good that can be used in place of another. In consumer theory, substitute goods or substitutes are products that a consumer perceives as similar or comparable, so that having more of one product makes them desire less of the other product. Formally, X and Y are substitutes. Potatoes from different farms are an example: if the price of one farm's potatoes goes up it can be presumed that fewer people will buy potatoes from that farm and source them from another farm instead. There are different degrees of substitutability. For example, a car and a bicycle may substitute to some extent: if the price of motor fuel increases one may expect that some people will switch to bicycles. In economics, one way that two or more goods can be classified is by examining the relationship of the demand schedules when the price of one good changes; this relationship between demand schedules leads to classification of goods as either substitutes or complements. Substitute goods are goods. A substitute good, in contrast to a complementary good, is a good with a positive cross elasticity of demand.
This means. Conversely, the demand for a good is decreased. If goods A and B are substitutes, an increase in the price of A will result in a leftward movement along the demand curve of A and cause the demand curve for B to shift out. A decrease in the price of A will result in a rightward movement along the demand curve of A and cause the demand curve for B to shift in. Examples of substitute goods include margarine and butter and coffee, beer and wine. Substitute goods not only occur on the consumer side of the market but the producer side. Substitutable producer goods would include: petroleum and natural gas; the degree to which a good has a perfect substitute depends on how the good is defined. Take for example, the demand for Rice Krispies cereal, a narrowly defined good as compared to the demand for cereal generally; the fact that one good is substitutable for another has immediate economic consequences: insofar as one good can be substituted for another, the demands for the two kinds of good will be interrelated by the fact that customers can trade off one good for the other if it becomes advantageous to do so.
An increase in price will result in an increase in demand for its substitute goods. If two goods have a high substitutability, the change in demand will be much greater. Thus, economists can predict that a spike in the cost of a particular brand of detergent is to result in a large change in demand for other brands, whereas a change in the price of pencils will have a much smaller effect on the demand for other stationery, such as pens on legal documents or pencils on most high-school maths homework, it is important to note that when speaking about substitute goods one is referring to two different kinds of goods. One good is a perfect substitute for another only if it can be used in the same way. In that case the utility of a combination is an increasing function of the sum of the two amounts, theoretically, in the case of a price difference, there would be no demand for the more expensive good. In microeconomics, two types of substitutes are being distinguished, gross substitutes and net substitutes.
Good X i is said to be gross substitute of good Y if ∂ X i ∂ P Y > 0 Goods X and Y are said to be net substitutes if ∂ X i ∂ P Y | U = c o n s t > 0 where U = U is a utility function for the two goods. Substitutes differ with respect to their category membership. Within-category substitutes are goods that are members of the same taxonomic category, goods sharing common attributes. Cross-category substitutes are goods that are members of different taxonomic categories but can satisfy the same goal. A person who cannot have the chocolate that she desires, for example, might instead buy ice cream to satisfy her goal to have a dessert. Goods that are substitutable with each other are called perfect substitutes, they may be characterized as goods having a linear utility function or a constant marginal rate of substitution. Writeable compact disks from different manufacturers are considered to be perfect substitutes; as the price of one brand of CD rises, consumers will be expected to substitute other brands of CD in a one-to-one fashion.
This means. Imperfect substitutes have a lesser level of substitutability, therefore exhibit variable marginal rates of substitution along the consumer indifference curve; the consumption points on the curve offer the same level of utility as before but the compensation now depends on the starting point of the substitution. An example of such a product is the