David Ricardo was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill. Born in London, Ricardo was the third of 17 children of a Sephardic Jewish family of Portuguese origin who had relocated from the Dutch Republic, his father, Abraham Ricardo, was a successful stockbroker. He began working with his father at the age of 14. At age 21, Ricardo eloped with a Quaker, Priscilla Anne Wilkinson, against his father's wishes, converted to the Unitarian faith; this religious difference resulted in estrangement from his family, he was led to adopt a position of independence. His father disowned him and his mother never spoke to him again. Following this estrangement he went into business for himself with the support of Lubbocks and Forster, an eminent banking house, he made the bulk of his fortune as a result of speculation on the outcome of the Battle of Waterloo. The Sunday Times reported in Ricardo's obituary, published on 14 September 1823, that during the Battle of Waterloo Ricardo "netted upwards of a million sterling", a huge sum at the time.
He retired, his position on the floor no longer tenable, subsequently purchased Gatcombe Park, an estate in Gloucestershire, now owned by Princess Anne, the Princess Royal and retired to the country. He was appointed High Sheriff of Gloucestershire for 1818–19. In August 1818 he bought Lord Portarlington's seat in Parliament for £4,000, as part of the terms of a loan of £25,000, his record in Parliament was that of an earnest reformer. He held the seat until his death five years later. Ricardo was a close friend of James Mill. Other notable friends included Jeremy Bentham and Thomas Malthus, with whom Ricardo had a considerable debate over such things as the role of landowners in a society, he was a member of Malthus' Political Economy Club, a member of the King of Clubs. He was one of the original members of The Geological Society, his youngest sister was author Sarah Ricardo-Porter. He voted with opposition in support of the liberal movements in Naples, 21 Feb. and Sicily, 21 June, for inquiry into the administration of justice in Tobago, 6 June.
He divided for repeal of the Blasphemous and Seditious Libels Act, 8 May, inquiry into the Peterloo massacre, 16 May, abolition of the death penalty for forgery, 25 May, 4 June 1821. He adamantly supported the implementation of free trade, he voted against renewal of the sugar duties, 9 Feb. and objected to the higher duty on East as opposed to West Indian produce, 4 May 1821. He opposed the timber duties, he voted silently for parliamentary reform, 25 Apr. 3 June, spoke in its favour at the Westminster anniversary reform dinner, 23 May 1822. He again voted for 4 June, his friend John Louis Mallett commented: " … he meets you upon every subject that he has studied with a mind made up, opinions in the nature of mathematical truths. He spoke of parliamentary reform and ballot as a man who would bring such things about, destroy the existing system tomorrow, if it were in his power, without the slightest doubt on the result … It is this quality of the man’s mind, his entire disregard of experience and practice, which makes me doubtful of his opinions on political economy."
Ten years after retiring and four years after entering Parliament Ricardo died from an infection of the middle ear that spread into the brain and induced septicaemia. He was 51, he had eight children, including three sons, of whom Osman Ricardo and another David Ricardo, became Members of Parliament, while the third, Mortimer Ricardo, served as an officer in the Life Guards and was a deputy lieutenant for Oxfordshire. Ricardo is buried in an ornate grave in the churchyard of Saint Nicholas in Hardenhuish, now a suburb of Chippenham, Wiltshire. At the time of his death his fortune was estimated at about £600,000. Ricardo became interested in economics after reading Adam Smith's The Wealth of Nations in 1799, he wrote his first economics article at age 37, firstly in The Morning Chronicle advocating reduction in the note-issuing of the Bank of England and publishing "The High Price of Bullion, a Proof of the Depreciation of Bank Notes" in 1810. He was an abolitionist, speaking at a meeting of the Court of the East India Company in March 1823, where he said he regarded slavery as a stain on the character of the nation.
His sister, had married David Samuda who came from a slave-owning family with a substantial number of slaves in Jamaica. Ricardo's most famous work is his Principles of Political Taxation, he advanced a labor theory of value: The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour, necessary for its production, not on the greater or less compensation, paid for that labour. Ricardo's note to Section VI: Mr. Malthus appears to think that it is a part of my doctrine, that the cost and value of a thing be the same. Ricardo contributed to the development of theories of rent and profits, he defined rent as "the difference between the produce obtained by the employment of two equal quantities of capital and labor." Ricardo believed that the process of economic development, which increased land utilization and led to the cultivation of poorer land, principally benefited landowners. According to Ricardo, such premium over "real social value", reaped due to ownership constitutes value to an individual but is at best a paper
The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage. Comparative advantage is the economic reality describing the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. One does not compare the monetary costs of production or the resource costs of production. Instead, one must compare the opportunity costs of producing goods across countries. David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade when one country's workers are more efficient at producing every single good than workers in other countries.
He demonstrated that if two countries capable of producing two commodities engage in the free market each country will increase its overall consumption by exporting the good for which it has a comparative advantage while importing the other good, provided that there exist differences in labor productivity between both countries. Regarded as one of the most powerful yet counter-intuitive insights in economics, Ricardo's theory implies that comparative advantage rather than absolute advantage is responsible for much of international trade. Adam Smith first alluded to the concept of absolute advantage as the basis for international trade in The Wealth of Nations: If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it off them with some part of the produce of our own industry employed in a way in which we have some advantage; the general industry of the country, being always in proportion to the capital which employs it, will not thereby be diminished but only left to find out the way in which it can be employed with the greatest advantage.
Writing several decades after Smith in 1808, Robert Torrens articulated a preliminary definition of comparative advantage as the loss from the closing of trade: f I wish to know the extent of the advantage, which arises to England, from her giving France a hundred pounds of broadcloth, in exchange for a hundred pounds of lace, I take the quantity of lace which she has acquired by this transaction, compare it with the quantity which she might, at the same expense of labour and capital, have acquired by manufacturing it at home. The lace that remains, beyond what the labour and capital employed on the cloth, might have fabricated at home, is the amount of the advantage which England derives from the exchange. In 1817, David Ricardo published what has since become known as the theory of comparative advantage in his book On the Principles of Political Economy and Taxation. In a famous example, Ricardo considers a world economy consisting of two countries and England, which produce two goods of identical quality.
In Portugal, the a priori more efficient country, it is possible to produce wine and cloth with less labor than it would take to produce the same quantities in England. However, the relative costs of producing those two goods differ between the countries. In this illustration, England could commit 100 hours of labor to produce one unit of cloth, or produce 5/6 units of wine. Meanwhile, in comparison, Portugal could commit 90 hours of labor to produce one unit of cloth, or produce 9/8 units of wine. So, Portugal possesses an absolute advantage in producing cloth due to fewer labor hours, England has a comparative advantage due to lower opportunity cost. In the absence of trade, England requires 220 hours of work to both produce and consume one unit each of cloth and wine while Portugal requires 170 hours of work to produce and consume the same quantities. England is more efficient at producing cloth than wine, Portugal is more efficient at producing wine than cloth. So, if each country specializes in the good for which it has a comparative advantage the global production of both goods increases, for England can spend 220 labor hours to produce 2.2 units of cloth while Portugal can spend 170 hours to produce 2.125 units of wine.
Moreover, if both countries specialize in the above manner and England trades a unit of its cloth for 5/6 to 9/8 units of Portugal's wine both countries can consume at least a unit each of cloth and wine, with 0 to 0.2 units of cloth and 0 to 0.125 units of wine remaining in each respective country to be consumed or exported. Both England and Portugal can consume more wine and cloth under free trade than in autarky; the Ricardian model is a general equilibrium mathematical model of international trade. Although the idea of the Ricardian model was first presented in the Essay on Profits and in the Principles by David Ricardo, the first mathematical Ricardian model was published by William Whewell in 1833; the earliest test of the Ricardian model was performed by G. D. A MacDougall, published in Economic Journal of 1951 and 1952. In the Ricardian model, trade patterns depend on productivity differences; the following is a typical modern interpretation of the classical Ricardian model. In the interest of simplicity, it uses notation and definitions, such as opportunity cost, unavailable to Ricardo.
The world economy consists of two countries and Foreign, which produce wine and cloth. Labor, the only factor of production, is not internationally. We denote the labor force in Home by
Paul Robin Krugman is an American economist, Distinguished Professor of Economics at the Graduate Center of the City University of New York, a columnist for The New York Times. In 2008, Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography; the Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services. Krugman was a professor of economics at MIT, at Princeton University, he retired from Princeton in June 2015, holds the title of professor emeritus there. He holds the title of Centenary Professor at the London School of Economics. Krugman was President of the Eastern Economic Association in 2010, is among the most influential economists in the world. Krugman is known in academia for his work on international economics, economic geography, liquidity traps, currency crises.
Krugman is the author or editor of 27 books, including scholarly works and books for a more general audience, has published over 200 scholarly articles in professional journals and edited volumes. He has written several hundred columns on economic and political issues for The New York Times and Slate. A 2011 survey of economics professors named him their favorite living economist under the age of 60; as a commentator, Krugman has written on a wide range of economic issues including income distribution, taxation and international economics. Krugman considers himself a modern liberal, referring to his books, his blog on The New York Times, his 2007 book The Conscience of a Liberal, his popular commentary has attracted widespread attention and comments, both negative. Krugman was born to the son of Anita and David Krugman. In 1922, his paternal grandparents immigrated to the United States from Brest, Belarus, at that time a part of Poland, he was born in Albany, New York, grew up in Merrick, a hamlet in Nassau County.
He graduated from John F. Kennedy High School in Bellmore. According to Krugman, his interest in economics began with Isaac Asimov's Foundation novels, in which the social scientists of the future use a new science of "psychohistory" to try to save civilization. Since present-day science fell far short of "psychohistory", Krugman turned to economics as the next best thing. Krugman earned his B. A. summa cum laude in economics from Yale University in 1974, went on to pursue a PhD in economics from Massachusetts Institute of Technology. In 1977, he completed his PhD in three years, with a thesis titled Essays on flexible exchange rates. While at MIT, he was part of a small group of MIT students sent to work for the Central Bank of Portugal for three months in the summer of 1976, during the chaotic aftermath of the Carnation Revolution. Krugman praised his PhD thesis advisor, Rudi Dornbusch, as "one of the great economics teachers of all time" and said that he "had the knack of inspiring students to pick up his enthusiasm and technique, but find their own paths".
In 1978, Krugman presented a number of ideas to Dornbusch, who flagged as interesting the idea of a monopolistically competitive trade model. Encouraged, Krugman worked on it and wrote, " knew within a few hours that I had the key to my whole career in hand". In that same year, Krugman wrote "The Theory of Interstellar Trade", a tongue-in-cheek essay on computing interest rates on goods in transit near the speed of light, he says he wrote it to cheer himself up when he was "an oppressed assistant professor". Krugman became an assistant professor at Yale University in September 1977, he joined the faculty of MIT in 1979. From 1982 to 1983, Krugman spent a year working at the Reagan White House as a staff member of the Council of Economic Advisers, he rejoined MIT as a full professor in 1984. Krugman has taught at Stanford and the London School of Economics. In 2000, Krugman joined Princeton University as Professor of International Affairs, he is currently Centenary Professor at the London School of Economics, a member of the Group of Thirty international economic body.
He has been a research associate at the National Bureau of Economic Research since 1979. Krugman was President of the Eastern Economic Association in 2010. In February 2014, he announced that he would be retiring from Princeton in June 2015 and that he would be joining the faculty at the Graduate Center of the City University of New York. Paul Krugman has written extensively on international economics, including international trade, economic geography, international finance; the Research Papers in Economics project ranks him among the world's most influential economists. Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld, is a standard undergraduate textbook on international economics, he is co-author, with Robin Wells, of an undergraduate economics text which he says was inspired by the first edition of Paul Samuelson's classic textbook. Krugman writes on economic topics for the general public, sometimes on international economic topics but on income distribution and public policy.
The Nobel Prize Committee stated that Krugman's main contribution is his analysis of the effects of economies of scale, combined with the assumption that consumers appreciate diversity, on international trade and on the location of economic activity. The importance of spatial issues in economics has been enhanced by Krugman's ability to popularize this complicated theory with the
Budweiser is an American-style pale lager produced by Anheuser-Busch part of the transnational corporation Anheuser-Busch InBev. Introduced in 1876 by Carl Conrad & Co. of St. Louis, Missouri, it has grown to become one of the largest selling beers in the United States, is available in over 80 markets worldwide—though, due to a trademark dispute, not under the Budweiser name, it is made with up to 30 % rice in addition to barley malt. Produced in various breweries around the world, Budweiser is a filtered beer available in draft and packaged forms. Anheuser–Busch has been involved in a trademark dispute with the Budweiser Budvar Brewery of České Budějovice, Czech Republic, over the trademark rights to the name "Budweiser". Beer has been brewed in České Budějovice since it was founded by King Ottokar II of Bohemia in 1245; the name Budweiser is a derivative adjective, meaning "of Budweis". In 1876, Adolphus Busch and his friend Carl Conrad, a liquor importer, developed a "Bohemian-style" lager in the United States, inspired after a trip to the region.
In the European Union, excluding the United Kingdom, Republic of Ireland, Sweden and Spain, the American beer is marketed as Bud, as the Budweiser trademark name is owned by the Czech beer maker, Budweiser Budvar. In 2008, Anheuser-Busch had a market share in the United States of 50.9% for all beers sold. Budweiser brands account for about half of Anheuser-Busch's sales volume, a figure, declining at 1 1⁄2–2% per year. Anheuser-Busch advertises the Budweiser brand expending $449 million in 2012 in the United States; this made it the most advertised drink brand in America, accounted for a third of the company's US marketing budget. The Budweiser from Budějovice has been called "The Beer of Kings" since the 16th century. Adolphus Busch adapted this slogan to "The King of Beers." This history notwithstanding, Anheuser Busch owns the trademark to these slogans in the United States. In the late 1980s, Bud Light ran an advertising campaign centered around a canine mascot, Spuds MacKenzie. In 2010, the Bud Light brand paid $1 billion for a six-year licensing agreement with the NFL.
Budweiser pays $20 million annually for MLB licensing rights. Budweiser has produced a number of TV advertisements, such as the Budweiser Frogs, lizards impersonating the Budweiser frogs, a campaign built around the phrase "Whassup?", a team of Clydesdale horses known as the Budweiser Clydesdales. Budweiser advertises extensively in motorsports, from Bernie Little's Miss Budweiser hydroplane boat to sponsorship of the Budweiser King Top Fuel Dragster driven by Brandon Bernstein. Anheuser-Busch has sponsored the CART championship, it is the "Official Beer of NHRA" and it was the "Official Beer of NASCAR" from 1998 to 2007. It has sponsored motorsport events such as the Daytona Speedweeks, Budweiser Shootout, Budweiser Duel, Budweiser Pole Award, Budweiser 500, Budweiser 400, Budweiser 300, Budweiser 250, Budweiser 200, Carolina Pride / Budweiser 200. However, starting in 2016, the focus of A-B's NASCAR sponsorship became its Busch brand. Budweiser has been sponsor of NASCAR teams such as Junior Johnson, Hendrick Motorsports, DEI, Stewart-Haas Racing.
Sponsored drivers include Dale Earnhardt, Jr. Kasey Kahne, Kevin Harvick. In IndyCar, Budweiser sponsored Mario Andretti, Bobby Rahal, Scott Pruett, Roberto Guerrero, Scott Goodyear, Paul Tracy, Christian Fittipaldi, Richie Hearn. Between 2003 and 2006, Budweiser was a sponsor of the BMW Williams Formula One team. Anheuser-Busch has placed Budweiser as an official partner and sponsor of Major League Soccer and Los Angeles Galaxy and was the headline sponsor of the British Basketball League in the 1990s. Anheuser-Busch has placed Budweiser as an official sponsor of the Premier League and the presenting sponsor of the FA Cup. In the early 20th century, the company commissioned a play-on-words song called "Under the Anheuser Bush,", recorded by several early phonograph companies. In 2009, Anheuser-Busch partnered with popular Chinese video-sharing site, Tudou.com for a user-generated online video contest. The contest encourages users to suggest ideas that include ants for a Bud TV spot set to run in February 2010 during the Chinese New Year.
In 2010, Budweiser produced an online reality TV series, called Bud House, centered around the 2010 FIFA World Cup in South Africa, following the lives of 32 international football fans living together in a house in South Africa. On November 5, 2012, Anheuser-Busch asked Paramount Pictures to obscure or remove the Budweiser logo from the film Flight, directed by Robert Zemeckis and starring Denzel Washington. In an advertisement titled "Brewed the Hard Way" that aired during Super Bowl XLIX, Budweiser touted itself as "Proudly A Macro Beer", distinguishing it from smaller production craft beers. In 2016, Beer Park by Budweiser opened on the Las Vegas Strip. Over the years, Budweiser has been distributed in many containers; until the early 1950s Budweiser was distributed in three packages: kegs, 12 U. S. fl oz bottles and 1 US quart bottles. Cans were first introduced in 1936. In 1955 August Busch Jr. made a strategic move to expand Budweiser's national brand and distributor presence. Along with this expansion came advances in bottling automation, new bottling materials and more efficient distribution methods.
These advances brought to market many new containers and package designs. As of 2011 Budweiser is distributed in four large container volumes: half-barrel kegs, quarter-barr
A drink is a liquid intended for human consumption. In addition to their basic function of satisfying thirst, drinks play important roles in human culture. Common types of drinks include plain drinking water, coffee, hot chocolate and soft drinks. In addition, alcoholic drinks such as wine and liquor, which contain the drug ethanol, have been part of human culture for more than 8,000 years. Non-alcoholic drinks signify drinks that would contain alcohol, such as beer and wine, but are made with less than.5 percent alcohol by volume. The category includes drinks that have undergone an alcohol removal process such as non-alcoholic beers and de-alcoholized wines; when the human body becomes dehydrated, it experiences thirst. This craving of fluids results in an instinctive need to drink. Thirst is regulated by the hypothalamus in response to subtle changes in the body's electrolyte levels, as a result of changes in the volume of blood circulating; the complete elimination of drinks, that is, from the body will result in death faster than the removal of any other substance.
Water and milk have been basic drinks throughout history. As water is essential for life, it has been the carrier of many diseases; as society developed, new techniques were discovered to create the drinks from the plants that were available in different areas. The earliest archaeological evidence of wine production yet found has been at sites in Georgia and Iran. Beer may have been known in Neolithic Europe as far back as 3000 BCE, was brewed on a domestic scale; the invention of beer has been argued to be responsible for humanity's ability to develop technology and build civilization. Tea originated in Yunnan, China during the Shang Dynasty as a medicinal drink. Drinking has been a large part of socialising throughout the centuries. In Ancient Greece, a social gathering for the purpose of drinking was known as a symposium, where watered down wine would be drunk; the purpose of these gatherings could be anything from serious discussions to direct indulgence. In Ancient Rome, a similar concept of a convivium took place regularly.
Many early societies considered alcohol a gift from the gods, leading to the creation of gods such as Dionysus. Other religions forbid, discourage, or restrict the drinking of alcoholic drinks for various reasons. In some regions with a dominant religion the production and consumption of alcoholic drinks is forbidden to everybody, regardless of religion. Toasting is a method of wishing good will by taking a drink. Another tradition is that of the loving cup, at weddings or other celebrations such as sports victories a group will share a drink in a large receptacle, shared by everyone until empty. In East Africa and Yemen, coffee was used in native religious ceremonies; as these ceremonies conflicted with the beliefs of the Christian church, the Ethiopian Church banned the secular consumption of coffee until the reign of Emperor Menelik II. The drink was banned in Ottoman Turkey during the 17th century for political reasons and was associated with rebellious political activities in Europe. A drink is a form of liquid, prepared for human consumption.
The preparation can include a number of different steps, some prior to transport, others prior to consumption. Water is the chief constituent in all drinks, the primary ingredient in most. Water is purified prior to drinking. Methods for purification include the addition of chemicals, such as chlorination; the importance of purified water is highlighted by the World Health Organization, who point out 94% of deaths from diarrhea – the third biggest cause of infectious death worldwide at 1.8 million annually – could be prevented by improving the quality of the victim's environment safe water. Pasteurisation is the process of heating a liquid for a period of time at a specified temperature immediately cooling; the process reduces the growth of micro-organisms within the liquid, thereby increasing the time before spoilage. It is used on milk, which prior to pasteurisation is infected with pathogenic bacteria and therefore is more than any other part of the common diet in the developed world to cause illness.
The process of extracting juice from fruits and vegetables can take a number of forms. Simple crushing of most fruits will provide a significant amount of liquid, though a more intense pressure can be applied to get the maximum amount of juice from the fruit. Both crushing and pressing are processes used in the production of wine. Infusion is the process of extracting flavours from plant material by allowing the material to remain suspended within water; this process can be used to prepare coffee. The name is derived from the word "percolate" which means to cause to pass through a permeable substance for extracting a soluble constituent. In the case of coffee-brewing the solvent is water, the permeable substance is the coffee grounds, the soluble constituents are the chemical compounds that give coffee its color, taste and stimulating properties. Carbonation is the process such as water. Fermentation is a metabolic process. Fermentation has been used by humans for the production of drinks since the Neolithic age.
In winemaking, grape juice is combined with yeast in an anaerobic environment to allow the fermentation. The amount of sugar in the wine and the length of time given for fermentation determine the alcohol level and the sweetness of the wine; when brewing beer, there are four primary ingre
Heineken Lager Beer, or Heineken is a pale lager beer with 5% alcohol by volume produced by the Dutch brewing company Heineken International. Heineken is well known for red star. On 15 February 1864, Gerard Adriaan Heineken convinced his wealthy mother to buy De Hooiberg brewery in Amsterdam, a popular working-class brand founded in 1592. In 1873 after hiring a Dr. Elion to develop Heineken a yeast for Bavarian bottom fermentation, the HBM was established, the first Heineken brand beer was brewed. In 1875 Heineken won the Medaille D'Or at the International Maritime Exposition in Paris began to be shipped there after which Heineken sales topped 64,000 hectolitres, making them the biggest beer exporter to France. In Heineken's early years, the beer won four awards: Medaille d'Or at the International Maritime Exhibition in Paris in May 1875. Diplome d'Honneurs at the International Colonial Exposition in Amsterdam in 1883. Grand Prix at the Exposition Universelle in Paris in 1889. Hors Concours Membre du Jury in Paris in 1900.
The two awards that are still mentioned on the label are the Medaille Diplome d'Honneurs. In 2013, Heineken joined leading alcohol producers as part of a producers' commitments to reducing harmful drinking. In the end of February 2013, Heineken stopped producing the brown bottles used for the Dutch market in favor of the green color of bottles it used for exports. In 2014, Heineken celebrated its 150th anniversary. In 2015, Heineken won the Creative Marketer of the Year Award, becoming the second company to win the award twice; the original brewery where Gerard Adriaan Heineken first started making Heineken is now the Heineken Experience Museum. Since 1975, most Heineken brand beer has been brewed at their brewery in Netherlands. In 2011, 2.74 billion litres of Heineken brand beer were produced worldwide, while the total beer production of all breweries owned by the Heineken Group over all brands was 16.46 billion litres globally. Heineken has been sold in more than 170 countries, they have been incorporated with numerous beer brands in different countries all over the world including Mexico, China and various countries in Africa.
Heineken beer is brewed in the United Kingdom, Serbia and Saint Lucia for those respective markets. Heineken was the major sponsor of Rugby World Cup. Dating back to 1997, Heineken has had a long withstanding relationship with the Bond franchise, consecutively being featured in 7 of their films; this is the brand's largest global marketing platform as of 2015. In 2016, Heineken became the Official Beer of the FIA Formula One World Championship starting from the Canadian Grand Prix. Official website
A car is a wheeled motor vehicle used for transportation. Most definitions of car say they run on roads, seat one to eight people, have four tires, transport people rather than goods. Cars came into global use during the 20th century, developed economies depend on them; the year 1886 is regarded as the birth year of the modern car when German inventor Karl Benz patented his Benz Patent-Motorwagen. Cars became available in the early 20th century. One of the first cars accessible to the masses was the 1908 Model T, an American car manufactured by the Ford Motor Company. Cars were adopted in the US, where they replaced animal-drawn carriages and carts, but took much longer to be accepted in Western Europe and other parts of the world. Cars have controls for driving, passenger comfort, safety, controlling a variety of lights. Over the decades, additional features and controls have been added to vehicles, making them progressively more complex; these include rear reversing cameras, air conditioning, navigation systems, in-car entertainment.
Most cars in use in the 2010s are propelled by an internal combustion engine, fueled by the combustion of fossil fuels. Electric cars, which were invented early in the history of the car, began to become commercially available in 2008. There are benefits to car use; the costs include acquiring the vehicle, interest payments and maintenance, depreciation, driving time, parking fees and insurance. The costs to society include maintaining roads, land use, road congestion, air pollution, public health, health care, disposing of the vehicle at the end of its life. Road traffic accidents are the largest cause of injury-related deaths worldwide; the benefits include on-demand transportation, mobility and convenience. The societal benefits include economic benefits, such as job and wealth creation from the automotive industry, transportation provision, societal well-being from leisure and travel opportunities, revenue generation from the taxes. People's ability to move flexibly from place to place has far-reaching implications for the nature of societies.
There are around 1 billion cars in use worldwide. The numbers are increasing especially in China and other newly industrialized countries; 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, it referred to any wheeled horse-drawn vehicle, such as a cart, carriage, or wagon. "Motor car" is attested from 1895, is the usual formal name for cars in British English. "Autocar" is a variant, attested from 1895, but, now considered archaic. It means "self-propelled car"; the term "horseless carriage" was used by some to refer to the first cars at the time that they were being built, is attested from 1895. The word "automobile" is a classical compound derived from the Ancient Greek word autós, meaning "self", the Latin word mobilis, meaning "movable", it entered the English language from French, was first adopted by the Automobile Club of Great Britain in 1897. Over time, the word "automobile" fell out of favour in Britain, was replaced by "motor car".
"Automobile" remains chiefly North American as a formal or commercial term. An abbreviated form, "auto", was a common way to refer to cars in English, but is now considered old-fashioned; the word is still common as an adjective in American English in compound formations like "auto industry" and "auto mechanic". In Dutch and German, two languages related to English, the abbreviated form "auto" / "Auto", as well as the formal full version "automobiel" / "Automobil" are still used — in either the short form is the most regular word for "car"; the first working steam-powered vehicle was designed — and quite built — by Ferdinand Verbiest, a Flemish member of a Jesuit mission in China around 1672. It was a 65-cm-long scale-model toy for the Chinese Emperor, unable to carry a driver or a passenger, it is not known with certainty if Verbiest's model was built or run. Nicolas-Joseph Cugnot is credited with building the first full-scale, self-propelled mechanical vehicle or car in about 1769, he constructed two steam tractors for the French Army, one of, preserved in the French National Conservatory of Arts and Crafts.
His inventions were, handicapped by problems with water supply and maintaining steam pressure. In 1801, Richard Trevithick built and demonstrated his Puffing Devil road locomotive, believed by many to be the first demonstration of a steam-powered road vehicle, it was unable to maintain sufficient steam pressure for long periods and was of little practical use. The development of external combustion engines is detailed as part of the history of the car but treated separately from the development of true cars. A variety of steam-powered road vehicles were used during the first part of the 19th century, including steam cars, steam buses and steam rollers. Sentiment against them led to the Locomotive Acts of 1865. In 1807, Nicéphore Niépce and his brother Claude created what was the world's first internal combustion engine, but they chose to install it in a boat on the river Saone in France. Coincidentally, in 1807 the Swiss inventor François Isaac de Rivaz designed his own'de Rivaz internal combustion engine' and used it to develop the world's first vehicle to be powered by such an engine.