1.
Tertiary sector of the economy
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The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector, and the primary sector, the basic characteristic of this sector is the production of services instead of end products. Services include attention, advice, access, experience, and discussion, the production of information has long been regarded as a service, but some economists now attribute it to a fourth sector, the quaternary sector. The tertiary sector of industry involves the provision of services to businesses as well as final consumers. The goods may be transformed in the process of providing the service, however, the focus is on people interacting with people and serving the customer rather than transforming physical goods. It is sometimes hard to define whether a company is part of the secondary or tertiary sector. These governmental classification systems have a hierarchy that reflects whether the economic goods are tangible or intangible. Unlike governmental classification systems, the first level of market-based classification systems divides the economy into functionally related markets or industries, the second or third level of these hierarchies then reflects whether goods or services are produced. For the last 100 years, there has been a shift from the primary and secondary sectors to the tertiary sector in industrialised countries. The tertiary sector is now the largest sector of the economy in the Western world and these are not necessarily busboys and live-in maids. Many of them are in the professional category and they are earning as much as manufacturing workers, and often more. The first economy to follow path in the modern world was the United Kingdom. The speed at which other economies have made the transition to service-based economies has increased over time, historically, manufacturing tended to be more open to international trade and competition than services. Service providers face obstacles selling services that goods-sellers rarely face, services are intangible, making it difficult for potential customers to understand what they will receive and what value it will hold for them. Indeed, some, such as consultants and providers of investment services, since the quality of most services depends largely on the quality of the individuals providing the services, people costs are usually a high fraction of service costs. Whereas a manufacturer may use technology, simplification, and other techniques to lower the cost of goods sold, for example, how does one choose one investment adviser over another, since they are often seen to provide identical services. Charging a premium for services is usually an option only for the most established firms, who charge extra based upon brand recognition
2.
Economy
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An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location. Economic agents can be individuals, businesses, organizations, or governments, Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Monetary transactions only account for a part of the economic domain. Economic activity is spurred by production which uses resources, labor. It has changed over time due to technology, innovation such as that which produces intellectual property and these factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the domain is a social domain of human practices. A command-based economy is where political agents directly control what is produced and how it is sold, a green economy is low-carbon, resource efficient, and socially inclusive. Today the range of fields of the examining the economy revolve around the social science of economics, but may include sociology, history, anthropology. All professions, occupations, economic agents or economic activities, contribute to the economy, consumption, saving, and investment are variable components in the economy that determine macroeconomic equilibrium. There are three sectors of economic activity, primary, secondary, and tertiary. Alternate and long-standing terminology distinguishes measures of an economy expressed in real values, such as real GDP, the English words economy and economics can be traced back to the Greek word οἰκονόμος, a composite word derived from οἶκος and νέμω by way of οἰκονομία. The first recorded sense of the economy is in the phrase the management of œconomic affairs. Economy is later recorded in more senses, including thrift. The most frequently used current sense, denoting the system of a country or an area. As long as someone has been making, supplying and distributing goods or services, there has some sort of economy, economies grew larger as societies grew. The Babylonians and their city state neighbors developed forms of economics comparable to currently used civil society concepts and they developed the first known codified legal and administrative systems, complete with courts, jails, and government records. The ancient economy was based on subsistence farming. The Shekel referred to an ancient unit of weight and currency, the first usage of the term came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related other values in a metric such as silver, bronze, copper etc
3.
Entrepreneurship
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What appears as a real opportunity ex ante might actually be a non-opportunity or one that cannot be actualized by entrepreneurs lacking the necessary business skills, financial or social capital. Traditionally, an entrepreneur has been defined as a person who starts, organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. Rather than working as an employee, an entrepreneur runs a business and assumes all the risk and reward of a given business venture, idea. The entrepreneur is commonly seen as a leader and innovator of new ideas. They act as the manager and oversee the launch and growth of an enterprise, Entrepreneurship is the process by which an individual identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. For Schumpeter, the changes and dynamic disequilibrium brought on by the innovating entrepreneur, the ‘norm’ of a healthy economy. Entrepreneurial spirit is characterized by innovation and risk-taking, for example, in the 2000s, the field of social entrepreneurship has been identified, in which entrepreneurs combine business activities with humanitarian, environmental or community goals. In the 2010s, entrepreneurship can be studied in college or university as part of the disciplines of management or business administration, Entrepreneur, is a loanword from French. First used in 1723, today the term entrepreneur implies qualities of leadership, initiative, economist Robert Reich has called team-building, leadership, and management ability essential qualities for the entrepreneur. Historically the study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of Richard Cantillon and Adam Smith, which was foundational to classical economics. In the 20th century, entrepreneurship was studied by Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger, Ludwig von Mises, the term entrepreneurship was coined around the 1920s, while the loan from French of the word entrepreneur dates to the 1850s. According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation, thus, creative destruction is largely responsible for long-term economic growth. The idea that leads to economic growth is an interpretation of the residual in endogenous growth theory. For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs, Schumpeters initial example of this was the combination of a steam engine and then current wagon making technologies to produce the horseless carriage. In this case the innovation, the car, was transformational and it did not immediately replace the horse-drawn carriage, but in time, incremental improvements reduced the cost and improved the technology, leading to the modern auto industry. Despite Schumpeters early 20th-century contributions, traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks, in this treatment, the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of x-efficiency. For Schumpeter, the entrepreneur did not bear risk, the capitalist did, Schumpeter was of the opinion that entrepreneurs shift the Production Possibility Curve to a higher level using innovations. Cantillon emphasized the willingness of the entrepreneur to assume risk and to deal with uncertainty, thus, he draws attention to the function of the entrepreneur, and distinguishes clearly between the function of the entrepreneur and the owner who provides the money
4.
Unemployment
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During periods of recession, an economy usually experiences a relatively high unemployment rate. According to International Labour Organization report, more than 200 million people globally or 6% of the workforce were without a job in 2012. There remains considerable debate regarding the causes, consequences and solutions for unemployment. Classical economics, new classical economics, and the Austrian School of economics argue that market mechanisms are reliable means of resolving unemployment, Keynesian economics emphasizes the cyclical nature of unemployment and recommends government interventions in the economy that it claims will reduce unemployment during recessions. This theory focuses on recurrent shocks that suddenly reduce aggregate demand for goods and services, Keynesian models recommend government interventions designed to increase demand for workers, these can include financial stimuli, publicly funded job creation, and expansionist monetary policies. Structural arguments emphasize causes and solutions related to disruptive technologies and globalization, Causes and solutions for frictional unemployment often address job entry threshold and wage rates. Behavioral economists highlight individual biases in decision making, and often involve problems and solutions concerning sticky wages, for centuries, experts have predicted that machines would make workers obsolete and increase unemployment. The state of being without any work both for an educated & uneducated person, for earning ones livelihood is meant by unemployment, some additional types of unemployment that are occasionally mentioned are seasonal unemployment, hardcore unemployment, and hidden unemployment. Though there have been several definitions of voluntary and involuntary unemployment in the economics literature, voluntary unemployment is attributed to the individuals decisions, whereas involuntary unemployment exists because of the socio-economic environment in which individuals operate. In these terms, much or most of frictional unemployment is voluntary, on the other hand, cyclical unemployment, structural unemployment, and classical unemployment are largely involuntary in nature. So, in practice, the distinction between voluntary and involuntary unemployment is hard to draw and this happens with cyclical unemployment, as macroeconomic forces cause microeconomic unemployment which can boomerang back and exacerbate these macroeconomic forces. Classical, or real-wage unemployment, occurs when real wages for a job are set above the market-clearing level causing the number of job-seekers to exceed the number of vacancies. On the other hand, some argue that as wages fall below a livable wage many choose to drop out of the labor market. This is especially true in countries where low-income families are supported through public welfare systems, in such cases, wages would have to be high enough to motivate people to choose employment over what they receive through public welfare. Wages below a livable wage are likely to result in lower labor market participation in above stated scenario, in addition it must be noted that consumption of goods and services is the primary driver of increased need for labor. Higher wages leads to workers having more available to consume goods. Therefore, higher wages increase general consumption and as a result need for labor increases, many economists have argued that unemployment increases with increased governmental regulation. For example, minimum wage laws raise the cost of some low-skill laborers above market equilibrium, laws restricting layoffs may make businesses less likely to hire in the first place, as hiring becomes more risky
5.
We Can Do It!
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We Can Do It. is an American wartime propaganda poster produced by J. Howard Miller in 1943 for Westinghouse Electric as an inspirational image to boost worker morale. The poster was very little during World War II. It was rediscovered in the early 1980s and widely reproduced in many forms, but also called Rosie the Riveter after the iconic figure of a strong female war production worker. Image was used to promote feminism and other political issues beginning in the 1980s, the image made the cover of the Smithsonian magazine in 1994 and was fashioned into a US first-class mail stamp in 1999. It was incorporated in 2008 into campaign materials for several American politicians, the poster is one of the ten most-requested images at the National Archives and Records Administration. After its rediscovery, observers assumed that the image was always used as a call to inspire women workers to join the war effort. However, during the war the image was strictly internal to Westinghouse, displayed only during February 1943, after she saw the Smithsonian cover image in 1994, Geraldine Hoff Doyle said that she was the subject of the poster. Doyle thought that she had also captured in a wartime photograph of a woman factory worker. Conflating her as Rosie the Riveter, Doyle was honored by organizations including the Michigan Womens Historical Center. However, in 2015, the woman in the photograph was identified as 20-year-old Naomi Parker. Doyles notion that the photograph inspired the poster cannot be proved or disproved, so first Doyle, after the Japanese attack on Pearl Harbor, the U. S. government called upon manufacturers to produce greater amounts of war goods. The workplace atmosphere at large factories was often tense because of resentment built up between management and labor unions throughout the 1930s, directors of companies such as General Motors sought to minimize past friction and encourage teamwork. The poster read, Together We Can Do It. and Keep Em Firing, the intent of the poster project was to raise worker morale, to reduce absenteeism, to direct workers questions to management, and to lower the likelihood of labor unrest or a factory strike. Each of the more than 42 posters designed by Miller was displayed in the factory for two weeks, then replaced by the one in the series. Most of the featured men, they emphasized traditional roles for men and women. One of the posters pictured a smiling male manager with the words Any Questions About Your Work, no more than 1,800 copies of the 17-by-22-inch We Can Do It. The targeted factories were making plasticized helmet liners impregnated with Micarta, mostly women were employed in this enterprise, which yielded some 13 million helmet liners over the course of the war. The upbeat image served as propaganda to boost employee morale
6.
Rosie the Riveter
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Rosie the Riveter is a cultural icon of the United States, representing the American women who worked in factories and shipyards during World War II, many of whom produced munitions and war supplies. These women sometimes took entirely new jobs replacing the workers who were in the military. Rosie the Riveter is used as a symbol of feminism and womens economic power, similar images of women war workers appeared in other countries such as Britain and Australia. Rosie the Riveter became the subject and title of a song, during World War I women across the United States were employed in jobs previously done by men. Nearly 19 million women held jobs during World War II, many of these women were already working in a lower paying job or were returning to the work force after being laid off during the depression. Only three million new workers entered the workforce during the time of the war. Although most women took on male dominated trades during World War II, one government advertisement asked women, Can you use an electric mixer. If so, you can learn to operate a drill, propaganda was also directed at their husbands, many of whom were unwilling to support such jobs. Many of the women who took jobs during World War II were mothers and these women with children at home pooled together in their efforts to raise their families. They assembled into groups and shared such chores as cooking, cleaning and washing clothes, many who did have young children shared apartments and houses so they could save time, money, utilities and food. If they both worked, they worked different shifts so they could take turns babysitting. Taking on a job during World War II made people unsure if they should urge the women to keep acting as full-time mothers, being able to support the soldiers by making all different products made the women feel very accomplished and proud of their work. Over 6 million women got war jobs, African American, Hispanic, White, in the book A Mouthful of Rivets Vi Kirstine Vrooman shares about the time when she decided to take action and become a riveter. She got a job building B-17s on a line, she shares just how exciting it was saying. You cant believe the feeling we had, once women accepted the challenge of the workforce they continued to make strong advances towards equal rights. In 1944, when victory seemed assured for the United States, later, many women returned to traditional work such as clerical or administration positions, despite their reluctance to re-enter the lower-paying fields. However, some of these women continued working in the factories, the overall percentage of women working fell from 36% to 28% in 1947. The term Rosie the Riveter was first used in 1942 in a song of the name written by Redd Evans
7.
Marketplace
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A market, or marketplace, is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a place may be described as a souk, bazaar. Some markets operate on most days, others may be once a week. The term, market comes from the Latin mercatus, the exact phrase was “Ic wille þæt markete beo in þe selue tun, ” which roughly translates as “I want to be at that market in the good town. ”Markets have existed since ancient times. Open air, public markets were known in ancient Babylonia and Assyria and these markets were typically situated in the towns centre where they were surrounded by alleyways occupied by skilled artisans, such as metal-workers and leather workers. These artisans may have sold wares directly from their premises, in ancient Greece markets operated within the agora, and in ancient Rome the forum. In the Graeco-Roman world, the market primarily served the local peasantry. They would sell small surpluses from their farming activities, purchase minor farm equipment. Major producers such as the estates were sufficiently attractive for merchants to call directly at their farm-gates. The very wealthy landowners managed their own distribution, which may have involved exporting, the nature of export markets in antiquity is well documented in ancient sources and archaeological case studies. At Pompeii multiple markets served the population of approximately 12,000, produce markets were located in the vicinity of the Forum, while livestock markets were situated on the citys perimeter, near the amphitheatre. A long narrow building at the north-west corner of the Forum was some type of market, on the opposite corner stood the macellum, thought to have been a meat and fish market. Market stall-holders paid a tax for the right to trade on market days. Some archaeological evidence suggests that markets and street vendors were controlled by local government, a graffito on the outside of a large shop documents a seven-day cycle of markets, Saturn’s day at Pompeii and Nuceria, Sun’s day at Atella and Nola, Moon’s day at Cumae. etc. The presence of an official commercial calendar suggests something of the importance to community life. Markets were also important centres of social life, in early Western Europe, markets developed close to monasteries, castles or royal residences. Priories and aristocratic manorial households created considerable demand for goods and services - both luxuries and necessities and these centres of trade attracted sellers and would stimulate the growth of the town. A charter would protect trading privileges in return for an annual fee, from the 11th and 12th century, the number of markets and fairs burgeoned
8.
International Labour Organization
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The International Labour Organization is a United Nations agency dealing with labour problems, particularly international labour standards, social protection, and work opportunities for all. The ILO has 187 member states,186 of the 193 UN member states plus the Cook Islands are members of the ILO, the ILO registers complaints against entities that are violating international rules, however, it does not impose sanctions on governments. Unlike other United Nations specialized agencies, the International Labour Organization has a governing structure – representing governments, employers. The rationale behind the structure is the creation of free and open debate among governments. The ILO secretariat is referred to as the International Labour Office, juan Somavía was the ILOs director-general from 1999 until October 2012, when Guy Ryder was elected as his replacement. This governing body is composed of 28 government representatives,14 workers representatives, ten of the government seats are held by member states that are nations of chief industrial importance, as first considered by an impartial committee. The nations are Brazil, China, France, Germany, India, Italy, Japan, the Russian Federation, the United Kingdom, the terms of office are three years. The ILO organizes the International Labour Conference in Geneva every year in June, also known as the parliament of labour, the conference also makes decisions about the ILOs general policy, work programme and budget. Each member state has four representatives at the conference, two government delegates, a delegate and a worker delegate. All of them have individual voting rights, and all votes are equal, the employer and worker delegates are normally chosen in agreement with the most representative national organizations of employers and workers. Usually, the workers delegates coordinate their voting, as do the employers delegates, all delegate have the same rights, and are not required to vote in blocs. Through July 2011, the ILO has adopted 189 conventions, if these conventions are ratified by enough governments, they become in force. However, ILO conventions are considered international labour standards regardless of ratification, when a convention comes into force, it creates a legal obligation for ratifying nations to apply its provisions. Every year the International Labour Conferences Committee on the Application of Standards examines a number of alleged breaches of international labour standards, governments are required to submit reports detailing their compliance with the obligations of the conventions they have ratified. Conventions that have not been ratified by member states have the legal force as do recommendations. In 1998, the 86th International Labour Conference adopted the Declaration on Fundamental Principles, the ILO asserts that its members have an obligation to work towards fully respecting these principles, embodied in relevant ILO Conventions. The ILO Conventions which embody the principles have now been ratified by most member states. Recommendations do not have the force of conventions and are not subject to ratification
9.
Oxford University Press
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Oxford University Press is the largest university press in the world, and the second oldest after Cambridge University Press. It is a department of the University of Oxford and is governed by a group of 15 academics appointed by the known as the delegates of the press. They are headed by the secretary to the delegates, who serves as OUPs chief executive, Oxford University has used a similar system to oversee OUP since the 17th century. The university became involved in the print trade around 1480, and grew into a printer of Bibles, prayer books. OUP took on the project became the Oxford English Dictionary in the late 19th century. Moves into international markets led to OUP opening its own offices outside the United Kingdom, by contracting out its printing and binding operations, the modern OUP publishes some 6,000 new titles around the world each year. OUP was first exempted from United States corporation tax in 1972, as a department of a charity, OUP is exempt from income tax and corporate tax in most countries, but may pay sales and other commercial taxes on its products. The OUP today transfers 30% of its surplus to the rest of the university. OUP is the largest university press in the world by the number of publications, publishing more than 6,000 new books every year, the Oxford University Press Museum is located on Great Clarendon Street, Oxford. Visits must be booked in advance and are led by a member of the archive staff, displays include a 19th-century printing press, the OUP buildings, and the printing and history of the Oxford Almanack, Alice in Wonderland and the Oxford English Dictionary. The first printer associated with Oxford University was Theoderic Rood, the first book printed in Oxford, in 1478, an edition of Rufinuss Expositio in symbolum apostolorum, was printed by another, anonymous, printer. Famously, this was mis-dated in Roman numerals as 1468, thus apparently pre-dating Caxton, roods printing included John Ankywylls Compendium totius grammaticae, which set new standards for teaching of Latin grammar. After Rood, printing connected with the university remained sporadic for over half a century, the chancellor, Robert Dudley, 1st Earl of Leicester, pleaded Oxfords case. Some royal assent was obtained, since the printer Joseph Barnes began work, Oxfords chancellor, Archbishop William Laud, consolidated the legal status of the universitys printing in the 1630s. Laud envisaged a unified press of world repute, Oxford would establish it on university property, govern its operations, employ its staff, determine its printed work, and benefit from its proceeds. To that end, he petitioned Charles I for rights that would enable Oxford to compete with the Stationers Company and the Kings Printer and these were brought together in Oxfords Great Charter in 1636, which gave the university the right to print all manner of books. Laud also obtained the privilege from the Crown of printing the King James or Authorized Version of Scripture at Oxford and this privilege created substantial returns in the next 250 years, although initially it was held in abeyance. The Stationers Company was deeply alarmed by the threat to its trade, under this, the Stationers paid an annual rent for the university not to exercise its full printing rights – money Oxford used to purchase new printing equipment for smaller purposes
10.
Russell Sage Foundation
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The Russell Sage Foundation is an American philanthropic foundation that primarily funds research relating to income inequality. Located in New York City, it is a research center, the foundation also publishes, under its own imprint, the books that derive from the work of its grantees and visiting scholars. The foundation focuses on labor markets, immigration and ethnicity, and social inequality in the United States and her will added a $5 million bequest in 1917. The Foundation was also responsible for reforms in health care, city planning, consumer credit, labor law, the training of nurses. In 1907, the foundation funded the Pittsburgh Survey, the first systematic effort to survey working class conditions in a large U. S. city, considered a major Progressive Era achievement, the findings inspired labor reforms and helped end twelve-hour days and seven-day weeks for steel workers. Between 1909 and 1922, the Foundation spent nearly a sixth of its capital to build Forest Hills Gardens, the aim was to demonstrate the economic and social viability of an intelligently planned suburban community. The first lots sold for $800, and a new suburb began thriving by 1917, in 1922, the Foundation helped launch the Regional Plan Association to research, write and publish a plan to guide the future development of the New York metropolitan region. In its first 40 years, the Foundation spent more than $1 million on the Regional Survey, researchers completed 12 massive volumes as part of the effort, with the first being published in 1928-29. The Foundation also provided support for social feminists such as Mary van Kleeck, since World War II, the Foundation has devoted its efforts to strengthening the social sciences as a means of achieving more informed and rational social policy. It launched a variety of programs to draw the social sciences closer to decision-makers in other professions and this initiative included funds for research on social indicators, a collection of data that measure the quality of life. In the 1950s, the Foundation supported research on the practice and it established the Foundation Center, a non-profit that maintains data on organized philanthropy. It was also the first to publish The Foundation Directory, a listing of the nation’s several thousand largest foundations. During this decade, the foundation also received money from the Ford Foundation for the utilization of the behavioral sciences. In the 1960s and 1970s, the Foundation turned to ethics, including patients rights, extreme measures to sustain life. Foundation-supported books from this period include Bernard Barber’s Drugs and Society, the Foundation was an early force in the development of behavioral economics, launching the Behavioral Economics program in 1986 with the Alfred P. Sloan Foundation. Books on behavioral economics published by Russell Sage include Quasi Rational Economics, three charter members of the Roundtable subsequently received the Noble Prize in economics, George Akerlof, Daniel Kahneman, and Thomas Schelling. The Foundation launched new programs to study immigration, the rise of economic inequality, between 1992 and 2000, the Foundation worked with the Ford Foundation to conduct a Multi-City Study of Urban Inequality. In 2000, the Foundation partnered with the Population Reference Bureau to produce The American People, Census 2000, edited by Reynolds Farley of the University of Michigan and John Haaga of PRB
