1.
Species richness
–
Species richness is the number of different species represented in an ecological community, landscape or region. Species richness is simply a count of species, and it does not take account the abundances of the species or their relative abundance distributions. Species diversity takes into account both species richness and species evenness, depending on the purposes of quantifying species richness, the individuals can be selected in different ways. They can be, for example, trees found in a plot, birds observed from a monitoring point. Once the set of individuals has been defined, its species richness can be quantified, provided the species-level taxonomy of the organisms of interest is well enough known. Applying different species delimitations will lead to different species richness values for the set of individuals. In practice, people are interested in the species richness of areas so large that not all individuals in them can be observed and identified to species. Then applying different sampling methods will lead to different sets of individuals being observed for the area of interest. When a new individual is added to a set, it may introduce a species that was not yet represented in the set, for this reason, sets with many individuals can be expected to contain more species than sets with fewer individuals. Resampling methods can be used to bring samples of different sizes to a common footing, the observed species richness is affected not only by the number of individuals but also by the heterogeneity of the sample. If individuals are drawn from different environmental conditions, the richness of the resulting set can be expected to be higher than if all individuals are drawn from similar environments. The accumulation of new species with increasing sampling effort can be visualised with a species accumulation curve, such curves can be constructed in different ways. Many organism groups have most species in the tropics, which leads to latitudinal gradients in species richness, there has been much discussion about the relationship between productivity and species richness. Results have varied among studies, such that no consensus on either the pattern or its possible causes has emerged. Species richness is often used as a criterion when assessing the conservation values of habitats or landscapes. However, species richness is blind to the identity of the species, an area with many endemic or rare species is generally considered to have higher conservation value than another area where species richness is similar, but all the species are common and widespread. Latitudinal gradients in species diversity Rapoports rule Scaling pattern of occupancy Species-area curve Species discovery curve Storage effect Kevin J. Gaston & John I, ecosystems and Human Well-being, Current State and Trends, Volume 1
Species richness
–
General
Species richness
–
Population ecology
2.
Wealthy (apple)
–
The Wealthy was the earliest apple cultivar to thrive in the Minnesota climate. Horticulturalist Peter Gideon grew it first in 1868, after years of trial, before 1868, only crab apples grew reliably in Minnesota. American Indians in the area harvested other crops, but they did not grow apples, in 1853, Peter Gideon moved to Minnesota for health reasons and took a homestead with his family on the shores of Lake Minnetonka, near Excelsior. He had learned fruit-growing as a child, and when he arrived on his new land, by 1861, Gideon and his family had only one surviving apple tree, a Siberian crab apple, and they were down to their last eight dollars. Determined to find an apple that would grow in Minnesota, Gideon sent the familys last dollars to a grower in Bangor, Maine. Just one of the trees, crossed with Gideons Siberian crab apple, produced the apple that Gideon later named the Wealthy, after his wife. He was a member of the Minnesota State Horticultural Society, and he shared his knowledge and his trees freely, soon, Wealthy apples were growing in many locations in Minnesota, as well as in other states, especially states in the Upper Midwest with similar climates. The Wealthy apple also was the parent of other successful Minnesota apples, such as the Haralson, tartu Rose Applecrab Alderman, W. H. Development of Horticulture on the Northern Great Plains, sponsored by the Great Plains Region American Society for Horticultural Science,1962. Duin, Edgar C. Peter M. Gideon, Pioneer Horticulturist, a History of Horticulture in America to 1860. New York, Oxford University Press,1950, Peter Gideon, Pioneer, Kept on Raising Apples, Minnetonka Record, September 20,1935. This article incorporates text from MNopedia, which is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License
Wealthy (apple)
–
Apple of the cultivar Wealthy, photographed in conjunction with the Apple Festival at the
Nordic Museum, Stockholm, Sweden in September 2014.
Wealthy (apple)
–
Peter Gideon (1820-1899), creator of the cultivar
Wealthy (apple)
–
Species
3.
Value (economics)
–
Economic value is a measure of the benefit provided by a good or service to an economic agent. It is generally measured relative to units of currency, and the interpretation is therefore what is the amount of money a specific actor is willing. Note that economic value is not the same as market price, if a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the price is called consumer surplus. It is easy to see situations where the value is considerably larger than the market price. The economic value of a good or service has puzzled economists since the beginning of the discipline, first, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods which can be exchanged. From this analysis came the concepts value in use and value in exchange, Value is linked to price through the mechanism of exchange. When an economist observes an exchange, two important value functions are revealed, those of the buyer and seller. Just as the buyer reveals what he is willing to pay for a amount of a good. Additional information about market value is obtained by the rate at which transactions occur, said another way, value is how much a desired object or condition is worth relative to other objects or conditions. Economic values are expressed as how much of one condition or commodity will. Among the competing schools of economic theory there are differing metrics for value assessment, Value theories are a large part of the differences and disagreements between the various schools of economic theory. In neoclassical economics, the value of an object or service is seen as nothing but the price it would bring in an open. This is determined primarily by the demand for the relative to supply in a perfectly competitive market. Many neoclassical economic theories equate the value of a commodity with its price, as such, everything is seen as a commodity and if there is no market to set a price then there is no economic value. In classical economics, the value of an object or condition is the amount of discomfort/labor saved through the consumption or use of an object or condition. Though exchange value is recognized, economic value is not, in theory, dependent on the existence of a market and price and this is complicated, however, by the efforts of classical economists to connect price and labor value. In this tradition, Steve Keen makes the claim that value refers to the worth of a commodity
Value (economics)
–
Value or Price
Value (economics)
–
World GDP (PPP) per capita by country (2014)
4.
Resource
–
A resource is a source or supply from which benefit is produced. Resources are two types based upon their availability they are renewable and non renewable resources, typically resources are materials, energy, services, staff, knowledge, or other assets that are transformed to produce benefit and in the process may be consumed or made unavailable. Benefits of resource utilization may include increased wealth or wants, proper functioning of a system, from a human perspective a natural resource is anything obtained from the environment to satisfy human needs and wants. From a broader biological or ecological perspective a resource satisfies the needs of a living organism, in application within human society, commercial or non-commercial factors require resource allocation through resource management. Resources have three characteristics, utility, limited availability, and potential for depletion or consumption. Resources have been categorized as biotic versus abiotic, renewable versus non-renewable. In economics a resource is defined as a service or other used to produce goods and services that meet human needs. Economics itself has been defined as the study of how society manages its scarce resources, classical economics recognizes three categories of resources, also referred to as factors of production, land, labour, and capital. Land includes all natural resources and is viewed as both the site of production and the source of raw materials, labour or human resources consists of human effort provided in the creation of products, paid in wage. Capital consists of human-made goods or means of production used in the production of goods and services. In biology and ecology a resource is defined as a substance that is required by an organism for normal growth, maintenance. The main essential resources for animals are food, water, for plants key resources include light, nutrients, water, and a place to grow. Resources, can be consumed by an organism and, as a result, competition for resources vary from complete symmetric to perfectly size symmetric to absolutely size-asymmetric. A computer resource is any physically or virtual component of limited availability within a computer or information management system, computer resources include means for input, processing, output, communication, and storage. Natural resources are derived from the environment, many natural resources are essential for human survival, while others are used for satisfying human desire. Conservation is the management of resources with the goal of sustainability. Natural resources may be classified in different ways. Resources can be categorized on the basis of origin, Abiotic resources comprise non-living things, biotic resources are obtained from the biosphere
Resource
–
Air
5.
Property
–
In the abstract, property is that which belongs to or with something, whether as an attribute or as a component of said thing. In economics and political economy, there are three forms of property, private property, public property, and collective property. Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. However, there is an expectation that each partys will with regard to the property be clearly defined and unconditional, so as to distinguish ownership and this mediating relationship between individual, property and state is called a property regime. The distinction between property and private property is regarded as a confusion since different individuals often hold differing rights over a single object. An article of property may have physical and incorporeal parts, a title, or a right of ownership, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as the owner sees fit. Often property is defined by the code of the sovereignty, and protected wholly or more usually partially by such entity. The standards of proof concerning proofs of ownerships are also addressed by the code of the local sovereignty, some philosophers assert that property rights arise from social convention, while others find justifications for them in morality or in natural law. Property, in the first instance, is a thing-in-itself, when a person finds a thing and takes that thing into that persons possession and control, then that thing becomes a thing-for-you for that person. Generally, the ground and any buildings which are attached are considered real property, while movable goods. Also, property cannot be considered a concept, because in the first instance. Various scholarly disciplines may treat the concept more systematically, but definitions vary, positive law defines such rights, and the judiciary can adjudicate and enforce property rights. According to Adam Smith, the expectation of profit from improving ones stock of capital rests on private property rights, Capitalism has as a central assumption that property rights encourage their holders to develop the property, generate wealth, and efficiently allocate resources based on the operation of markets. From this has evolved the modern conception of property as a right enforced by law, in the expectation that this will produce more wealth. In his text The Common Law, Oliver Wendell Holmes describes property as having two fundamental aspects, the first, possession, can be defined as control over a resource based on the practical inability of another to contradict the ends of the possessor. The second, title, is the expectation that others will recognize rights to control resource and he elaborates the differences between these two concepts, and proposes a history of how they came to be attached to persons, as opposed to families or to entities such as the church. Classical liberalism subscribes to the theory of property. They hold that each own their own life, it follows that one must own the products of that life
Property
–
Art
Property
–
Fields
6.
Indo-European languages
–
The Indo-European languages are a language family of several hundred related languages and dialects. There are about 445 living Indo-European languages, according to the estimate by Ethnologue, the most widely spoken Indo-European languages by native speakers are Spanish, English, Hindustani, Portuguese, Bengali, Russian, and Punjabi, each with over 100 million speakers. Today, 46% of the population speaks an Indo-European language as a first language. The Indo-European family includes most of the languages of Europe, and parts of Western, Central. It was also predominant in ancient Anatolia, the ancient Tarim Basin and most of Central Asia until the medieval Turkic migrations, all Indo-European languages are descendants of a single prehistoric language, reconstructed as Proto-Indo-European, spoken sometime in the Neolithic era. Several disputed proposals link Indo-European to other language families. In the 16th century, European visitors to the Indian subcontinent began to notice similarities among Indo-Aryan, Iranian, in 1583, English Jesuit missionary Thomas Stephens in Goa wrote a letter to his brother in which he noted similarities between Indian languages and Greek and Latin. Another account to mention the ancient language Sanskrit came from Filippo Sassetti, a merchant born in Florence in 1540, writing in 1585, he noted some word similarities between Sanskrit and Italian. However, neither Stephens nor Sassettis observations led to further scholarly inquiry and he included in his hypothesis Dutch, Albanian, Greek, Latin, Persian, and German, later adding Slavic, Celtic, and Baltic languages. However, Van Boxhorns suggestions did not become known and did not stimulate further research. Ottoman Turkish traveler Evliya Çelebi visited Vienna in 1665–1666 as part of a diplomatic mission, gaston Coeurdoux and others made observations of the same type. Coeurdoux made a comparison of Sanskrit, Latin and Greek conjugations in the late 1760s to suggest a relationship among them. Thomas Young first used the term Indo-European in 1813, deriving from the extremes of the language family. A synonym is Indo-Germanic, specifying the familys southeasternmost and northwesternmost branches, a number of other synonymous terms have also been used. Franz Bopps Comparative Grammar appeared between 1833 and 1852 and marks the beginning of Indo-European studies as an academic discipline, the classical phase of Indo-European comparative linguistics leads from this work to August Schleichers 1861 Compendium and up to Karl Brugmanns Grundriss, published in the 1880s. Brugmanns neogrammarian reevaluation of the field and Ferdinand de Saussures development of the theory may be considered the beginning of modern Indo-European studies. This led to the laryngeal theory, a major step forward in Indo-European linguistics. Isolated terms in Luwian/Hittite mentioned in Semitic Old Assyrian texts from the 20th and 19th centuries BC, Hittite texts from about 1650 BC, Armenian, writing known from the beginning of the 5th century AD
Indo-European languages
–
Franz Bopp, pioneer in the field of comparative linguistic studies.
Indo-European languages
7.
Economics
–
Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services according to the Merriam-Webster Dictionary. Economics focuses on the behaviour and interactions of economic agents and how economies work, consistent with this focus, textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behaviour of elements in the economy, including individual agents and markets, their interactions. Individual agents may include, for example, households, firms, buyers, macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, inflation, economic growth, and the public policies that address these issues. Economic analysis can be applied throughout society, as in business, finance, health care, Economic analyses may also be applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment. At the turn of the 21st century, the domain of economics in the social sciences has been described as economic imperialism. The ultimate goal of economics is to improve the conditions of people in their everyday life. There are a variety of definitions of economics. Some of the differences may reflect evolving views of the subject or different views among economists, to supply the state or commonwealth with a revenue for the publick services. Say, distinguishing the subject from its uses, defines it as the science of production, distribution. On the satirical side, Thomas Carlyle coined the dismal science as an epithet for classical economics, in this context and it enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. He affirmed that previous economists have usually centred their studies on the analysis of wealth, how wealth is created, distributed, and consumed, but he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it, generates both cost and benefits, and, resources are used to attain the goal. If the war is not winnable or if the costs outweigh the benefits. Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets, there are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. The same source reviews a range of included in principles of economics textbooks. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving, microeconomics examines how entities, forming a market structure, interact within a market to create a market system
Economics
–
Economists study trade, production and consumption decisions, such as those that occur in a traditional
marketplace.
Economics
–
World GDP (PPP) per capita by country (2014)
Economics
–
In
Virtual Markets, buyer and seller are not present and trade via intermediates and electronic information. Pictured:
São Paulo Stock Exchange, Brazil.
Economics
–
A map showing the main
trade routes for goods within
late medieval Europe.
8.
Growth economics
–
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in gross domestic product, or real GDP. Growth is usually calculated in real terms – i. e. inflation-adjusted terms – to eliminate the effect of inflation on the price of goods produced. Measurement of economic growth uses national income accounting, since economic growth is measured as the annual percent change of gross domestic product, it has all the advantages and drawbacks of that measure. The rate of economic growth refers to the annual rate of growth in GDP between the first and the last year over a period of time. Implicitly, this rate is the trend in the average level of GDP over the period. An increase in economic growth caused by efficient use of inputs is referred to as intensive growth. GDP growth caused only by increases in the amount of available for use is called extensive growth. The economic growth rate is calculated from data on GDP estimated by countries´statistical agencies, the rate of growth of GDP/capita is calculated from data on GDP and people for the initial and final periods included in the analysis. The rate of change of GDP/population is the sum of the rates of change of four variables plus their cross products. Increases in labor productivity have historically been the most important source of real per capita economic growth, increases in productivity lower the real cost of goods. Over the 20th century the price of many goods fell by over 90%. Economic growth has traditionally been attributed to the accumulation of human and physical capital, the rapid economic growth that occurred during the Industrial Revolution was remarkable because it was in excess of population growth, providing an escape from the Malthusian trap. Countries that industrialized eventually saw their population growth slow down, a known as the demographic transition. Increases in productivity are the factor responsible for per capita economic growth – this has been especially evident since the mid-19th century. Most of the growth in the 20th century was due to increased output per unit of labor, materials, energy. The balance of the growth in output has come from using more inputs, both of these changes increase output. The increased output included more of the goods produced previously and new goods
Growth economics
–
Productivity lowered the cost of most items in terms of work time required to purchase. Real food prices fell due to improvements in transportation and trade,
mechanized agriculture,
fertilizers, scientific farming and the
Green Revolution.
Growth economics
–
GDP real growth rates, 1990–1998 and 1990–2006, in selected countries.
Growth economics
–
Forest in
Indonesia being cut for
palm oil plantation.
9.
Development economics
–
Development economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Development economics involves the creation of theories and methods that aid in the determination of policies and practices, unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans. Also unlike many other fields of economics, there is no consensus on what students should know, different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries. The earliest Western theory of development economics was mercantilism, which developed in the 17th century, earlier theories had given little attention to development. For example, Scholasticism the dominant school of thought during medieval feudalism, emphasized reconciliation with Christian theology and ethics, the 16th- and 17th-century School of Salamanca, credited as the earliest modern school of economics, likewise did not address development specifically. Mercantilism held that a nations prosperity depended on its supply of capital and it emphasised the maintenance of a high positive trade balance as a means of accumulating this bullion. To achieve a trade balance, protectionist measures such as tariffs. Mercantilist development theory also advocated colonialism, in France, mercantilist policy is most associated with 17th-century finance minister Jean-Baptiste Colbert, whose policies proved influential in later American development. Mercantilist ideas continue in the theories of nationalism and neomercantilism. A significant difference from mercantilism was the de-emphasis on colonies, in favor of a focus on domestic production, the names most associated with 19th-century economic nationalism are the American Alexander Hamilton, the German-American Friedrich List, and the American Henry Clay. Hamiltons 1791 Report on Manufactures, his opus, is the founding text of the American System. The key authors are Paul Rosenstein-Rodan, Kurt Mandelbaum, Ragnar Nurkse, only after the war did economists turn their concerns towards Asia, Africa and Latin America. At the heart of these studies, by such as Simon Kuznets and W. Arthur Lewis was an analysis of not only economic growth. The linear-stages-of-growth model posits that there are a series of five stages of development which all countries must go through during the process of development. Such theories have been criticized for not recognizing that, while necessary and that is to say that this early and simplistic theory failed to account for political, social and institutional obstacles to development. Furthermore, this theory was developed in the years of the Cold War and was largely derived from the successes of the Marshall Plan. This has led to the criticism that the theory assumes that the conditions found in developing countries are the same as those found in post-WWII Europe. There are two forms of structural-change theory, W
Development economics
–
Alexander Hamilton, credited as Father of the National System.
Development economics
–
World GDP per capita, from 1400 to 2003 A.D.
10.
Ethical
–
Ethics or moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct. The term ethics derives from the Ancient Greek word ἠθικός ethikos, the branch of philosophy axiology comprises the sub-branches of ethics and aesthetics, each concerned with values. As a branch of philosophy, ethics investigates the questions What is the best way for people to live, and What actions are right or wrong in particular circumstances. In practice, ethics seeks to resolve questions of morality by defining concepts such as good and evil, right and wrong, virtue and vice, justice. As a field of enquiry, moral philosophy also is related to the fields of moral psychology, descriptive ethics. Richard William Paul and Linda Elder define ethics as a set of concepts, the Cambridge Dictionary of Philosophy states that the word ethics is commonly used interchangeably with morality. And sometimes it is used narrowly to mean the moral principles of a particular tradition. Paul and Elder state that most people confuse ethics with behaving in accordance with social conventions, religious beliefs, the word ethics in English refers to several things. It can refer to philosophical ethics or moral philosophy—a project that attempts to use reason in order to various kinds of ethical questions. As bioethicist Larry Churchill has written, Ethics, understood as the capacity to think critically about moral values, Ethics can also be used to describe a particular persons own idiosyncratic principles or habits. For example, Joe has strange ethics, the English word ethics is derived from an Ancient Greek word êthikos, which means relating to ones character. The Ancient Greek adjective êthikos is itself derived from another Greek word, meta-ethics asks how we understand, know about, and what we mean when we talk about what is right and what is wrong. An ethical question fixed on some particular practical question—such as, Should I eat this particular piece of chocolate cake. —cannot be a meta-ethical question, a meta-ethical question is abstract and relates to a wide range of more specific practical questions. For example, Is it ever possible to have knowledge of what is right. Meta-ethics has always accompanied philosophical ethics, meta-ethics is also important in G. E. In it he first wrote about what he called the naturalistic fallacy, moore was seen to reject naturalism in ethics, in his Open Question Argument. This made thinkers look again at second order questions about ethics, earlier, the Scottish philosopher David Hume had put forward a similar view on the difference between facts and values. Studies of how we know in ethics divide into cognitivism and non-cognitivism, non-cognitivism is the claim that when we judge something as right or wrong, this is neither true nor false
Ethical
–
Socrates
Ethical
–
Plato –
Kant –
Nietzsche
Ethical
–
Immanuel Kant
11.
United Nations
–
The United Nations is an intergovernmental organization to promote international co-operation. A replacement for the ineffective League of Nations, the organization was established on 24 October 1945 after World War II in order to prevent another such conflict, at its founding, the UN had 51 member states, there are now 193. The headquarters of the UN is in Manhattan, New York City, further main offices are situated in Geneva, Nairobi, and Vienna. The organization is financed by assessed and voluntary contributions from its member states, the UNs mission to preserve world peace was complicated in its early decades by the Cold War between the US and Soviet Union and their respective allies. The organization participated in actions in Korea and the Congo. After the end of the Cold War, the UN took on major military, the UN has six principal organs, the General Assembly, the Security Council, the Economic and Social Council, the Secretariat, the International Court of Justice, and the UN Trusteeship Council. UN System agencies include the World Bank Group, the World Health Organization, the World Food Programme, UNESCO, the UNs most prominent officer is the Secretary-General, an office held by Portuguese António Guterres since 2017. Non-governmental organizations may be granted consultative status with ECOSOC and other agencies to participate in the UNs work, the organization won the Nobel Peace Prize in 2001, and a number of its officers and agencies have also been awarded the prize. Other evaluations of the UNs effectiveness have been mixed, some commentators believe the organization to be an important force for peace and human development, while others have called the organization ineffective, corrupt, or biased. Following the catastrophic loss of life in the First World War, the earliest concrete plan for a new world organization began under the aegis of the US State Department in 1939. It incorporated Soviet suggestions, but left no role for France, four Policemen was coined to refer to four major Allied countries, United States, United Kingdom, Soviet Union, and China, which emerged in the Declaration by United Nations. Roosevelt first coined the term United Nations to describe the Allied countries, the term United Nations was first officially used when 26 governments signed this Declaration. One major change from the Atlantic Charter was the addition of a provision for religious freedom, by 1 March 1945,21 additional states had signed. Each Government pledges itself to cooperate with the Governments signatory hereto, the foregoing declaration may be adhered to by other nations which are, or which may be, rendering material assistance and contributions in the struggle for victory over Hitlerism. During the war, the United Nations became the term for the Allies. To join, countries had to sign the Declaration and declare war on the Axis, at the later meetings, Lord Halifax deputized for Mr. Eden, Wellington Koo for T. V. Soong, and Mr Gromyko for Mr. Molotov. The first meetings of the General Assembly, with 51 nations represented, the General Assembly selected New York City as the site for the headquarters of the UN, and the facility was completed in 1952. Its site—like UN headquarters buildings in Geneva, Vienna, and Nairobi—is designated as international territory, the Norwegian Foreign Minister, Trygve Lie, was elected as the first UN Secretary-General
United Nations
–
1943 sketch by Franklin Roosevelt of the United Nations' original three branches: The
Four Policemen, an executive branch, and an international assembly of forty UN member states.
United Nations
–
Flag
United Nations
–
The
Chilean delegation signing the
UN Charter in San Francisco, 1945
United Nations
–
Dag Hammarskjöld was a particularly active Secretary-General from 1953 until his death in 1961.
12.
Energy resources
–
World energy resources are the estimated maximum capacity for energy production given all available resources on Earth. They can be divided by type into fossil fuel, nuclear fuel, remaining reserves of fossil fuel are estimated as, These are the proven energy reserves, real reserves may be up to a factor 4 larger. Significant uncertainty exists for these numbers, estimating the remaining fossil fuels on the planet depends on a detailed understanding of the Earths crust. In addition to uncertainty in real reserves, there is significant uncertainty in technological and economical factors that impact what percentage of reserves can be recovered gainfully, in general the easiest to reach deposits are the first extracted. Coal is the most abundant and burned fossil fuel, with the Fischer- Tropsch process it is possible to make liquid fuels such as diesel and jet fuel from coal. In the United States, 49% of electricity comes from burning coal. Natural gas is a widely available fossil fuel with estimated 850000 km³ in recoverable reserves, improvements in technology and wide exploration led to a major increase in recoverable natural gas reserves as shale fracking methods were developed. At present usage rates, natural gas could supply most of the energy needs for between 100 and 250 years, depending on increase in consumption over time. Current consensus among the 18 recognized estimates of supply profiles is that the peak of extraction will occur in 2020 at the rate of 93-million barrels per day, current oil consumption is at the rate of 0.18 ZJ per year or 85-mbd. There is growing concern that oil production may be reached in the near future. A2005 French Economics, Industry and Finance Ministry report suggested a scenario that could occur as early as 2013. There are also theories that peak of the oil production may occur in as little as 2–3 years. The ASPO predicts peak year to be in 2010, some other theories present the view that it has already taken place in 2005. World crude oil production according to US EIA data decreased from a peak of 73.720 mbd in 2005 to 73.437 in 2006,72.981 in 2007, and 73.697 in 2008. In a stated goal of increasing oil prices to $75/barrel, which had fallen from a high of $147 to a low of $40, OPEC announced decreasing production by 2.2 mbd beginning 1 January 2009. Political considerations over the security of supplies, environmental concerns related to global warming, the concept of peak oil shows that about half of the available petroleum resources have been produced, and predicts a decrease of production. A government move away from fossil fuels would most likely create economic pressure through carbon emissions, some countries are taking action as a result of the Kyoto Protocol, and further steps in this direction are proposed. Some estimate, assuming current consumption rates, current oil reserves could be depleted by the year 2050
Energy resources
–
Worldwide energy sources (TW)(2004)
13.
Adam Smith
–
Adam Smith FRSA was a Scottish economist, philosopher, and author. He was a philosopher, a pioneer of political economy. He is best known for two works, The Theory of Moral Sentiments, and An Inquiry into the Nature. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, after graduating, he delivered a successful series of public lectures at Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote, in his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. Smith laid the foundations of free market economic theory. The Wealth of Nations was a precursor to the academic discipline of economics. In this and other works, he developed the concept of division of labour, Smith was controversial in his own day and his general approach and writing style were often satirised by Tory writers in the moralising tradition of William Hogarth and Jonathan Swift. In 2005, The Wealth of Nations was named among the 100 Best Scottish Books of all time, the minor planet 12838 Adamsmith was named in his memory. Smith was born in Kirkcaldy, in the County of Fife and his father, also Adam Smith, was a Scottish Writer to the Signet, advocate, and prosecutor and also served as comptroller of the Customs in Kirkcaldy. In 1720 he married Margaret Douglas, daughter of the landed Robert Douglas of Strathendry and his father died two months after he was born, leaving his mother a widow. The date of Smiths baptism into the Church of Scotland at Kirkcaldy was 5 June 1723, and this has often been treated as if it were also his date of birth, Smith was close to his mother, who probably encouraged him to pursue his scholarly ambitions. He attended the Burgh School of Kirkcaldy—characterised by Rae as one of the best secondary schools of Scotland at that period—from 1729 to 1737, he learned Latin, mathematics, history, Smith entered the University of Glasgow when he was fourteen and studied moral philosophy under Francis Hutcheson. Here, Smith developed his passion for liberty, reason, in 1740 Smith was the graduate scholar presented to undertake postgraduate studies at Balliol College, Oxford, under the Snell Exhibition. Adam Smith considered the teaching at Glasgow to be far superior to that at Oxford, according to William Robert Scott, The Oxford of time gave little if any help towards what was to be his lifework. Nevertheless, Smith took the opportunity while at Oxford to teach several subjects by reading many books from the shelves of the large Bodleian Library. When Smith was not studying on his own, his time at Oxford was not a happy one, near the end of his time there, Smith began suffering from shaking fits, probably the symptoms of a nervous breakdown
Adam Smith
–
Adam Smith
Adam Smith
–
Portrait of Smith's mother, Margaret Douglas
Adam Smith
–
David Hume was a friend and contemporary of Smith.
Adam Smith
–
François Quesnay, one of the leaders of the
Physiocratic school of thought
14.
The Wealth of Nations
–
First published in 1776, the book offers one of the worlds first collected descriptions of what builds nations wealth, and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the touches upon such broad topics as the division of labour, productivity. An important theme that persists throughout the work is the idea that the system is automatic, and. This is often referred to as the “invisible hand, the Wealth of Nations was published 9 March 1776, during the Scottish Enlightenment and the Scottish Agricultural Revolution. It influenced a number of authors and economists, as well as governments, for example, Alexander Hamilton was influenced in part by The Wealth of Nations to write his Report on Manufactures, in which he argued against many of Smiths policies. Interestingly, Hamilton based much of this report on the ideas of Jean-Baptiste Colbert and it provided the foundation for new economists, politicians, mathematicians, biologists, and thinkers of all fields to build upon. Five editions of The Wealth of Nations were published during Smiths lifetime, in 1776,1778,1784,1786, numerous editions appeared after Smiths death in 1790. To better understand the evolution of the work under Smiths hand, the differences were published along with an edited sixth edition in 1904. They found minor but numerous differences between the first and the editions, both of which were published in two volumes. Among other things, the Additions and Corrections included entirely new sections, finally, Cannan notes only trivial differences between the fourth and fifth editions – a set of misprints being removed from the fourth and a different set of misprints being introduced. The first edition of the sold out in six months. Strahan also wrote, What you say of Mr. Gibbons, gibbon wrote to Adam Ferguson on 1 April, What an excellent work is that with which our common friend Mr. Adam Smith has enriched the public. An extensive science in a book, and the most profound ideas expressed in the most perspicuous language. The review of the book in the Annual Register was probably written by Whig MP Edmund Burke, Smiths biographer John Rae contends that The Wealth of Nations shaped government policy soon after it was published. In 1777 the Prime Minister, Lord North, in the first budget after the book was published, the budget of 1778 introduced the inhabited house duty and the malt tax, both recommended by Smith. In 1779 Smith was consulted by politicians Henry Dundas and Lord Carlisle on the subject of giving Ireland free trade, in that book it was stated that the only way to become rich was to manage matters so as to make ones income exceed ones expenses. This maxim applied equally to an individual and to a nation, the proper line of conduct therefore was by a well-directed economy to retrench every current expense, and to make as large a saving during the peace as possible. In 1796 when Fox was dining with Lord Lauderdale, Lauderdale remarked that they knew nothing of political economy before Adam Smith wrote, pooh, replied Fox, your Adam Smiths are nothing, but that is his love, we must spare him there
The Wealth of Nations
–
The Wealth of Nations
The Wealth of Nations
–
Bust of Smith in the Adam Smith Theatre, Kirkcaldy
The Wealth of Nations
–
Bustling with work and activity, "The Wealth of the Nation" by
Seymour Fogel is an interpretation of the theme of Social Security.
15.
Money
–
The main functions of money are distinguished as, a medium of exchange, a unit of account, a store of value, and, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money, Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender, the money supply of a country consists of currency and, depending on the particular definition used, one or more types of bank money. Bank money, which consists only of records, forms by far the largest part of money in developed countries. The word money is believed to originate from a temple of Juno, in the ancient world Juno was often associated with money. The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located, the name Juno may derive from the Etruscan goddess Uni and Moneta either from the Latin word monere or the Greek word moneres. In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning in kind. The use of methods may date back to at least 100,000 years ago. Instead, non-monetary societies operated largely along the principles of gift economy, when barter did in fact occur, it was usually between either complete strangers or potential enemies. Many cultures around the world eventually developed the use of commodity money, the Mesopotamian shekel was a unit of weight, and relied on the mass of something like 160 grains of barley. The first usage of the came from Mesopotamia circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used shell money – often, according to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. It is thought by scholars that these first stamped coins were minted around 650–600 BC. The system of commodity money eventually evolved into a system of representative money and this occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. Eventually, these became generally accepted as a means of payment and were used as money. Paper money or banknotes were first used in China during the Song Dynasty and these banknotes, known as jiaozi, evolved from promissory notes that had been used since the 7th century. However, they did not displace commodity money, and were used alongside coins, in the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck
Money
–
A 640 BC one-third
stater electrum coin from
Lydia
Money
–
A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.
Money
–
Song Dynasty Jiaozi, the world's earliest paper money
Money
–
Printing paper money at a printing press in Perm
16.
Real estate
–
Also, the business of real estate, the profession of buying, selling, or renting land, buildings or housing. It is a term used in jurisdictions whose legal system is derived from English common law, such as India, the United Kingdom, United States, Canada, Pakistan, Australia. Residential real estate may contain either a family or multifamily structure. Residences can be classified by, if, and how they are connected to neighbouring residences, different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by an entity and leased out. Major categories in North America and Europe Attached / multi-unit dwellings Apartment or Flat – An individual unit in a multi-unit building, the boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in apartment buildings. Multi-family house – Often seen in multi-story detached buildings, where each floor is an apartment or unit. Terraced house – A number of single or multi-unit buildings in a row with shared walls. Condominium – Building or complex, similar to apartments, owned by individuals, common grounds and common areas within the complex are owned and shared jointly. There are townhouse or rowhouse style condominiums as well, semi-detached dwellings Duplex – Two units with one shared wall. Single-family detached house Portable dwellings Mobile homes – Potentially a full-time residence which can be movable on wheels, houseboats – A floating home Tents – Usually very temporary, with roof and walls consisting only of fabric-like material. The size of an apartment or house can be described in square feet or meters, in the United States, this includes the area of living space, excluding the garage and other non-living spaces. It can be described roughly by the number of rooms. A studio apartment has a bedroom with no living room. A one-bedroom apartment has a living or dining room separate from the bedroom, Two bedroom, three bedroom, and larger units are common. Major categories in India and the Asian Subcontinent Co-operative Housing Societies Condominiums Chawls Villas Havelis The size is measured in Gaz, Quila, Marla, Beegha, and acre. See List of house types for a listing of housing types and layouts, real estate trends for shifts in the market
Real estate
–
'Single-family detached house'
17.
Property (ownership right)
–
In the abstract, property is that which belongs to or with something, whether as an attribute or as a component of said thing. In economics and political economy, there are three forms of property, private property, public property, and collective property. Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. However, there is an expectation that each partys will with regard to the property be clearly defined and unconditional, so as to distinguish ownership and this mediating relationship between individual, property and state is called a property regime. The distinction between property and private property is regarded as a confusion since different individuals often hold differing rights over a single object. An article of property may have physical and incorporeal parts, a title, or a right of ownership, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as the owner sees fit. Often property is defined by the code of the sovereignty, and protected wholly or more usually partially by such entity. The standards of proof concerning proofs of ownerships are also addressed by the code of the local sovereignty, some philosophers assert that property rights arise from social convention, while others find justifications for them in morality or in natural law. Property, in the first instance, is a thing-in-itself, when a person finds a thing and takes that thing into that persons possession and control, then that thing becomes a thing-for-you for that person. Generally, the ground and any buildings which are attached are considered real property, while movable goods. Also, property cannot be considered a concept, because in the first instance. Various scholarly disciplines may treat the concept more systematically, but definitions vary, positive law defines such rights, and the judiciary can adjudicate and enforce property rights. According to Adam Smith, the expectation of profit from improving ones stock of capital rests on private property rights, Capitalism has as a central assumption that property rights encourage their holders to develop the property, generate wealth, and efficiently allocate resources based on the operation of markets. From this has evolved the modern conception of property as a right enforced by law, in the expectation that this will produce more wealth. In his text The Common Law, Oliver Wendell Holmes describes property as having two fundamental aspects, the first, possession, can be defined as control over a resource based on the practical inability of another to contradict the ends of the possessor. The second, title, is the expectation that others will recognize rights to control resource and he elaborates the differences between these two concepts, and proposes a history of how they came to be attached to persons, as opposed to families or to entities such as the church. Classical liberalism subscribes to the theory of property. They hold that each own their own life, it follows that one must own the products of that life
Property (ownership right)
–
Art
18.
Assets
–
In financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value, simply stated, assets represent value of ownership that can be converted into cash. The balance sheet of a firm records the value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business, one can classify assets into two major asset classes, tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets, current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace. Examples of intangible assets include goodwill, copyrights, trademarks, patents and computer programs, an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. One of the most widely accepted accounting definitions of asset is the one used by the International Accounting Standards Board, employees are not considered assets like machinery is, even though they can generate future economic benefits. This is because an entity does not have sufficient control over its employees to satisfy the Frameworks definition of an asset, similarly, in economics an asset is any form in which wealth can be held. The accounting equation is the structure of the balance sheet. It relates assets, liabilities, and owners equity, Assets = Liabilities + Capital Liabilities = Assets − Capital Equity = Assets − Liabilities Assets are listed on the balance sheet. On a companys balance sheet certain divisions are required by generally accepted accounting principles, Assets can be divided into e. g. current assets and fixed assets, often with further subdivisions such as cash, receivables and inventory. Assets are formally controlled and managed within larger organizations via the use of asset tracking tools and these monitor the purchasing, upgrading, servicing, licensing, disposal etc. of both physical and non-physical assets. Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle and these assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets, Cash and cash equivalents – it is the most liquid asset, which includes currency, deposit accounts, short-term investments – include securities bought and held for sale in the near future to generate income on short-term price differences. Receivables – usually reported as net of allowance for non-collectable accounts, inventory – trading these assets is a normal business of a company. The inventory value reported on the sheet is usually the historical cost or fair market value. This is known as the lower of cost or market rule, prepaid expenses – these are expenses paid in cash and recorded as assets before they are used or consumed
Assets
–
Accounting
19.
Liability (accounting)
–
Liabilities in financial accounting need not be legally enforceable, but can be based on equitable obligations or constructive obligations. An equitable obligation is a duty based on ethical or moral considerations, a constructive obligation is an obligation that is implied by a set of circumstances in a particular situation, as opposed to a contractually based obligation. The accounting equation relates assets, liabilities, and owners equity, probably the most accepted accounting definition of liability is the one used by the International Accounting Standards Board. The following is a quotation from IFRS Framework, Regulations as to the recognition of liabilities are different all over the world, examples of types of liabilities include, money owing on a loan, money owing on a mortgage, or an IOU. Liabilities are debts and obligations of the business they represent as creditors claim on business assets and they usually include payables such as wages, accounts, taxes, and accounts payable, unearned revenue when adjusting entries, portions of long-term bonds to be paid this year, short-term obligations. Long-term liabilities — these liabilities are reasonably expected not to be liquidated within a year and they usually include issued long-term bonds, notes payables, long-term leases, pension obligations, and long-term product warranties. Liabilities of uncertain value or timing are called provisions, when a company deposits cash with a bank, the bank records a liability on its balance sheet, representing the obligation to repay the depositor, usually on demand. Simultaneously, in accordance with the principle, the bank records the cash, itself. The company, on the hand, upon depositing the cash with the bank, records a decrease in its cash. A debit either increases an asset or decreases a liability, a credit either decreases an asset or increases a liability, according to the principle of double-entry, every financial transaction corresponds to both a debit and a credit. When cash is deposited in a bank, the bank is said to debit its cash account, on the asset side, in this case, the bank is debiting an asset and crediting a liability, which means that both increase. When cash is withdrawn from a bank, the opposite happens, in this case, the bank is crediting an asset and debiting a liability, which means that both decrease
Liability (accounting)
–
Accounting
20.
Income
–
Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. However, for households and individuals, income is the sum of all the wages, salaries, profits, interests payments, rents, in a given period of time. In the field of economics, the term may refer to the accumulation of both monetary and non-monetary consumption ability, with the former being used as a proxy for total income. Income per capita has been increasing steadily in almost every country, many factors contribute to people having a higher income such as education, globalisation and favorable political circumstances such as economic freedom and peace. Increase in income tends to lead to people choosing to work less hours. Developed countries have higher incomes as opposed to developing countries tending to have lower incomes, from labor services, as well as ownership of land and capital. In consumer theory income is another name for the budget constraint, the basic equation for this is Y = P x ⋅ x + P y ⋅ y This equation implies two things. First buying one unit of good x implies buying P x P y less units of good y. So, P x P y is the price of a unit of x as to the number of units given up in y. Second, if the price of x falls for a fixed Y, the usual hypothesis is that the quantity demanded of x would increase at the lower price, the law of demand. The generalization to more than two goods consists of modelling y as a composite good, the theoretical generalization to more than one period is a multi-period wealth and income constraint. For example, the person can gain more productive skills or acquire more productive income-earning assets to earn a higher income. In the multi-period case, something might happen to the economy beyond the control of the individual to reduce the flow of income. Changing measured income and its relation to consumption over time might be modeled accordingly, full income refers to the accumulation of both the monetary and the non-monetary consumption-ability of any given entity, such as a person or a household. According to what the economist Nicholas Barr describes as the definition of income, income may be defined as the. Sum of the value of rights exercised in consumption and the change in the value of the store of property rights. Since the consumption potential of non-monetary goods, such as leisure, cannot be measured, as such, however, it is criticized for being unreliable, i. e. failing to accurately reflect affluence of any given agent. It omits the utility a person may derive from non-monetary income and, on a macroeconomic level, according to Barr, in practice money income as a proportion of total income varies widely and unsystematically
Income
–
Inequality of income growth, rich getting richer
21.
Capital (economics)
–
In economics, capital goods, real capital, or capital assets are already-produced, durable goods or any non-financial asset that is used in production of goods or services. Adam Smith defines capital as That part of a stock which he expects to afford him revenue. The term stock is derived from the Old English word for stump or tree trunk and it has been used to refer to all the moveable property of a farm since at least 1510. In Middle Ages France contracted leases and loans bearing interest specified payment, how a capital good is maintained or returned to its pre-production state varies with the type of capital involved. In most cases capital is replaced after a period as newer forms of capital make continued use of current capital non profitable. It is also possible that advances make a form of capital practical again. Capital is distinct from land in that capital can be increased by human labor, at any given moment in time, total physical capital may be referred to as the capital stock. Capital is an input in the production function, homes and personal autos are not usually defined as capital but as durable goods because they are not used in a production of saleable goods and services. In Marxist political economy, capital is used to buy something only in order to sell it again to realize a financial profit. In more contemporary schools of economics, this form of capital is referred to as financial capital and is distinguished from capital goods. Classical and neoclassical economics regard capital as one of the factors of production, all other inputs to production are called intangibles in classical economics. This includes organization, entrepreneurship, knowledge, goodwill, or management and this is what makes it a factor of production, The good is not used up immediately in the process of production unlike raw materials or intermediate goods. The good can be produced or increased and these distinctions of convenience have carried over to contemporary economic theory. There was the clarification that capital is a stock. As such, its value can be estimated at a point in time, by contrast, investment, as production to be added to the capital stock, is described as taking place over time, thus a flow. Since at least the 1960s economists have increasingly focused on forms of capital. These terms lead to questions and controversies discussed in those articles. It is in the form of assets, traded in financial markets
Capital (economics)
–
Is Capital Income? (1921) by
George Howard Earle, Jr.
22.
Stocks
–
Stocks are devices that were used internationally, in medieval, Renaissance and colonial American times as a form of physical punishment involving public humiliation. The stocks partially immobilized its victims and they were exposed in a public place such as the site of a market to the scorn of those who passed by. This scorn was commonly represented by throwing food at the victim. With stocks, boards are placed around the ankles and the wrists in some cases, whereas in the pillory they are placed around the arms and neck and fixed to a pole, and the victim stands. However, the terms can be confused, and many refer to the pillory as the stocks. The victims feet were bare, this caused heightened humiliation. Since stocks served a public form of punishment, its victims were subjected to the daily and nightly weather. As a consequence it was common for people kept in stocks over several days to die from exposure, the practice of using stocks continues to be cited as an example of torture and cruel and unusual punishment. Victims may be insulted, kicked, tickled, spat on, one of the earliest references to the stocks in literature appears in the Bible. Paul and Silas, disciples of Jesus, were arrested and their treatment by their jailer was detailed in the Book of Acts, Having received such a charge, he put them into the inner prison and fastened their feet in the stocks. The Old Testaments book of Job also describes the stocks, referring to God, He puts my feet in the stocks, he watches all my paths. The stocks were popular among civil authorities from medieval to early modern times. In the stocks, an offenders ankles, and sometimes wrists, the stocks were popular during the Colonial days in America. Public punishment in the stocks was an occurrence from around 1500 until at least 1748. The stocks were popular among the early American Puritans, who frequently employed the stocks for punishing the lower class. In the American colonies, the stocks were used, not only for punishment. They would eventually be brought before a judge, the offender would be exposed to whatever treatment those who passed by could imagine. This could include tickling of the feet, englands second Statute of Labourers prescribed the use of the stocks for unruly artisans in 1350, and required that every town and village erect a set of stocks
Stocks
–
The old village stocks in
Chapeltown, Lancashire, England.
Stocks
–
Black slaves in stocks in
Brazil circa 1830
Stocks
–
Village stocks in
Bramhall, England
Stocks
–
Stocks in
Keevil,
Wiltshire
23.
Bond (finance)
–
In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds, interest is usually payable at fixed intervals. Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market and this means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market. Thus, a bond is a form of loan or IOU, the holder of the bond is the lender, the issuer of the bond is the borrower, and the coupon is the interest. Bonds provide the borrower with funds to finance long-term investments, or, in the case of government bonds. Certificates of deposit or short term commercial paper are considered to be money market instruments and not bonds, the main difference is in the length of the term of the instrument. Bonds and stocks are both securities, but the difference between the two is that stockholders have an equity stake in the company, whereas bondholders have a creditor stake in the company. Being a creditor, bondholders have priority over stockholders and this means they will be repaid in advance of stockholders, but will rank behind secured creditors in the event of bankruptcy. Another difference is that usually have a defined term, or maturity, after which the bond is redeemed. An exception is a bond, such as a consol, which is a perpetuity, that is. Bonds are issued by authorities, credit institutions, companies. The most common process for issuing bonds is through underwriting, when a bond issue is underwritten, one or more securities firms or banks, forming a syndicate, buy the entire issue of bonds from the issuer and re-sell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have contact with investors and act as advisers to the bond issuer in terms of timing. The bookrunner is listed first among all participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners willingness to underwrite must be discussed prior to any decision on the terms of the issue as there may be limited demand for the bonds. In contrast, government bonds are issued in an auction. In some cases, both members of the public and banks may bid for bonds, in other cases, only market makers may bid for bonds
Bond (finance)
–
Securities
Bond (finance)
–
Bond certificate for the state of South Carolina issued in 1873 under the state's Consolidation Act.
Bond (finance)
–
Railroad obligation Moscow-Kiev-Voronezh
Bond (finance)
–
Receipt for temporary bonds for the state of Kansas issued in 1922
24.
Business
–
A business is an organizational entity involved in the provision of goods and services to consumers. Businesses may also be social non-profit enterprises or state-owned public enterprises operated by governments with specific social, a business owned by multiple private individuals may form as an incorporated company or jointly organise as a partnership. Countries have different laws that may ascribe different rights to the business entities. The word business can refer to an organization or to an entire market sector or to the sum of all economic activity. Compound forms such as agribusiness represent subsets of the broader meaning. Businesses aim to maximize sales to have their income exceed their expenditures, resulting in a profit, the owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, partnership, A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business, the three most prevalent types of for-profit partnerships are, general partnerships, limited partnerships, and limited liability partnerships. Corporation, The owners of a corporation have limited liability and the business has a legal personality from its owners. Corporations can be either government-owned or privately owned and they can organize either for profit or as nonprofit organizations. A privately owned, for-profit corporation is owned by its shareholders, a privately owned, for-profit corporation can be either privately held by a small group of individuals, or publicly held, with publicly traded shares listed on a stock exchange. Cooperative, Often referred to as a co-op, a cooperative is a limited-liability business that can organize as for-profit or not-for-profit, a cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives, cooperatives are fundamental to the ideology of economic democracy. In contrast, unincorporated businesses or persons working on their own are not as protected. Franchises, A franchise is a system in which entrepreneurs purchase the rights to open, franchising in the United States is widespread and is a major economic powerhouse. One out of retail businesses in the United States are franchised and 8 million people are employed in a franchised business. Real estate businesses sell, invest, construct and develop properties – including land, residential homes, retailers, wholesalers, and distributors act as middlemen and get goods produced by manufacturers to the intended consumers, they make their profits by marking up their prices. Most stores and catalog companies are distributors or retailers, transportation businesses such as railways, airlines, shipping companies that deliver goods and individuals to their destinations for a fee
Business
–
Offices in the
Los Angeles Downtown Financial District
Business
25.
Social stratification
–
Social stratification is a societys categorization of people into socioeconomic strata, based upon their occupation and income, wealth and social status, or derived power. As such, stratification is the social position of persons within a social group, category, geographic region. The upper-stratum, the middle-stratum, and the lower stratum, moreover, a social stratum can be formed upon the bases of kinship or caste, or both. Determining the structures of social stratification arises from inequalities of status among persons, therefore, generally, the greater the social complexity of a society, the more social strata exist, by way of social differentiation. Social stratification is a used in the social sciences to describe the relative social position of persons in a given social group, category. In modern Western societies, stratification is often classified into three major divisions of social class, upper class, middle class, and lower class. Each of these classes can be subdivided into smaller classes. Social strata may also be delineated on the basis of kinship ties or caste relations, the concept of social stratification is often used and interpreted differently within specific theories. So-called conflict theories, such as Marxism, point to the inaccessibility of resources, talcott Parsons, an American sociologist, asserted that stability and social order are regulated, in part, by universal values. Such values are not identical with consensus but can as well be an impetus for ardent social conflict as it has multiple times through history. Parsons never claimed that universal values, in and by themselves, indeed, the constitution of society is a much more complicated codification of emerging historical factors. Theorists such as Ralf Dahrendorf alternately note the tendency toward an enlarged middle-class in modern Western societies due to the necessity of a workforce in technological economies. Various social and political perspectives concerning globalization, such as dependency theory, four principles are posited to underlie social stratification. First, social stratification is socially defined as a property of a society rather than individuals in that society, second, social stratification is reproduced from generation to generation. Third, social stratification is universal but variable, fourth, social stratification involves not just quantitative inequality but qualitative beliefs and attitudes about social status. Although stratification is not limited to complex societies, all complex societies exhibit features of stratification, the term stratification system is sometimes used to refer to the complex social relationships and social structure that generate these observed inequalities. Social mobility is the movement of individuals, social groups or categories of people between the layers or strata in a stratification system and this movement can be intragenerational or intergenerational. Such mobility is used to classify different systems of social stratification
Social stratification
–
The 1911 "
Pyramid of Capitalist System " cartoon is an example of socialist
critique of capitalism and of social stratification
26.
Poverty
–
Poverty is general scarcity or the state of one who lacks a certain amount of material possessions or money. It is a concept, which includes social, economic. Absolute poverty or destitution refers to the lack of necessary to meet basic needs such as food, clothing. Absolute poverty is meant to be about the independent of location. After the industrial revolution, mass production in factories made producing goods increasingly less expensive, of more importance is the modernization of agriculture, such as fertilizers, to provide enough yield to feed the population. Strategies of increasing income to make basic needs more affordable typically include welfare, economic freedoms, Poverty reduction is a major goal and issue for many international organizations such as the United Nations and the World Bank. The World Bank forecasts that 702.1 million people, down from 1.75 billion in 1990, of these, about 347.1 million people lived in Sub-Saharan Africa and 231.3 million lived in South Asia. According to the World Bank, between 1990 and 2015, the percentage of the population living in extreme poverty fell from 37. 1% to 9. 6%. Nevertheless, given the current economic model, built on GDP, extreme poverty is a global challenge, it is observed in all parts of the world, including developed economies. UNICEF estimates half the children live in poverty. It has been argued by some academics that the policies promoted by global financial institutions such as the IMF. Another estimate places the true scale of poverty much higher than the World Bank, with an estimated 4.3 billion people living with less than $5 a day and unable to meet basic needs adequately. In 2012 it is estimated that, given a poverty line of $1.25 a day 1.2 billion people lived in poverty, the word poverty comes from old French poverté, from Latin paupertās from pauper. The English word poverty via Anglo-Norman povert, there are several definitions of poverty depending on the context of the situation it is placed in, and the views of the person giving the definition. Income Poverty, a familys income fails to meet a federally established threshold that differs across countries, United Nations, Fundamentally, poverty is the inability of having choices and opportunities, a violation of human dignity. It means lack of capacity to participate effectively in society. It means insecurity, powerlessness and exclusion of individuals, households and it means susceptibility to violence, and it often implies living in marginal or fragile environments, without access to clean water or sanitation. World Bank, Poverty is pronounced deprivation in well-being, and comprises many dimensions and it includes low incomes and the inability to acquire the basic goods and services necessary for survival with dignity
Poverty
–
An example of urban poverty in this
slum in
Jakarta,
Indonesia
Poverty
–
Children of the
Depression -era migrant workers, Arizona, 1937
Poverty
–
An early morning outside the Opera Tavern in Stockholm, with a gang of beggars waiting for delivery of the scraps from the previous day.
Sweden, 1868.
Poverty
–
A
Somali boy receiving treatment for malnourishment at a health facility.
27.
Social contract
–
The question of the relation between natural and legal rights, therefore, is often an aspect of social contract theory. The term takes its name from The Social Contract, a 1762 book by Jean-Jacques Rousseau that discussed this concept, the starting point for most social contract theories is an examination of the human condition absent any political order that Thomas Hobbes termed the state of nature. In this condition, individuals actions are only by their personal power. Each solved the problem of authority in a different way. Grotius posited that human beings had natural rights. Thomas Hobbes famously said that in a state of nature, human life would be solitary, poor, nasty, brutish, though the sovereigns edicts may well be arbitrary and tyrannical, Hobbes saw absolute government as the only alternative to the terrifying anarchy of a state of nature. Hobbes asserted that humans consent to abdicate their rights in favor of the authority of government. Pufendorf disputed Hobbess equation of a state of nature with war, the central assertion of social contract approaches is that law and political order are not natural, but are instead human creations. According to Hobbes citizens are not obligated to submit to the government when it is too weak to act effectively to suppress factionalism, the Lockean concept of the social contract was invoked in the United States Declaration of Independence. The concept of the contract is posed by Glaucon, as described by Plato in The Republic. They say that to do injustice is, by nature, good, to suffer injustice, evil, for no man who is worthy to be called a man would ever submit to such an agreement if he were able to resist, he would be mad if he did. Such is the account, Socrates, of the nature. The social contract theory also appears in Crito, another dialogue from Plato, Social contract formulations are preserved in many of the worlds oldest records. The Buddhist text of the second century BCE, Mahāvastu, recounts the legend of Mahasammata, then gradually the process of cosmic decay began its work, and mankind became earthbound, and felt the need of food and shelter. As men lost their glory, distinctions of class arose, and they entered into agreements with one another, accepting the institution of private property. He was called the Great Chosen One, and he received the title of raja because he pleased the people, in his rock edicts, the Buddhist king Asoka was said to have argued for a broad and far-reaching social contract. Natural justice is a pledge of reciprocal benefit, to prevent one man from harming or being harmed by another. There never was such a thing as justice, but only agreements made in mutual dealings among men in whatever places at various times providing against the infliction or suffering of harm
Social contract
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The original cover of
Thomas Hobbes 's work
Leviathan, 1651.
28.
Developing country
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Also, the general term less-developed country should not be confused with the specific least developed country. The term developing describes a currently observed situation and not a dynamic or expected direction of progress, since the late 1990s developing countries tended to demonstrate higher growth rates than the developed ones. There is criticism of the use of the developing country. The term implies inferiority of a country or undeveloped country compared with a developed country. It assumes a desire to develop along the traditional Western model of development which a few countries, such as Cuba and Bhutan. An alternative measurement that has suggested is that of gross national happiness. Countries on the boundary between developed and developing are often categorized under the newly industrialized countries. In the 2016 edition of its World Development Indicators, the World Bank made a decision to no longer distinguish between “developed” and “developing” countries in the presentation of its data, nobody has ever agreed on a definition for these terms in the first place. Various terms are used for whatever is not a developed country, terms used include less developed country or less economically developed country, and for the more extreme, least developed country or least economically developed country. But according to the United Nations Statistics Division, There is no established convention for the designation of developed, the World Bank classifies countries into four income groups. These are set each year on July 1, economies were divided according to 2016 GNI per capita using the following ranges of income, Low income countries had GNI per capita of US$1,025 or less. Lower middle income countries had GNI per capita between US$1,026 and US$4,035, upper middle income countries had GNI per capita between US$4,036 and US$12,475. High income countries had GNI per capita above US$12,476 and this may be by absolute numbers or country ranking. The UN has developed the Human Development Index, an indicator of the above statistics. The UN sets Millennium Development Goals from a blueprint developed by all of the countries and leading development institutions. There is an association between low income and high population growth. The terms utilized when discussing developing countries refer to the intent, other terms sometimes used are less developed countries, least economically developed countries, underdeveloped nations or Third World nations, and non-industrialized nations. Conversely, developed countries, most economically developed countries, First World nations and that is, LEDCs are the poorest subset of LDCs
Developing country
–
developing economies according to the IMF
29.
Sciences
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Science is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe. The formal sciences are often excluded as they do not depend on empirical observations, disciplines which use science, like engineering and medicine, may also be considered to be applied sciences. However, during the Islamic Golden Age foundations for the method were laid by Ibn al-Haytham in his Book of Optics. In the 17th and 18th centuries, scientists increasingly sought to formulate knowledge in terms of physical laws, over the course of the 19th century, the word science became increasingly associated with the scientific method itself as a disciplined way to study the natural world. It was during this time that scientific disciplines such as biology, chemistry, Science in a broad sense existed before the modern era and in many historical civilizations. Modern science is distinct in its approach and successful in its results, Science in its original sense was a word for a type of knowledge rather than a specialized word for the pursuit of such knowledge. In particular, it was the type of knowledge which people can communicate to each other, for example, knowledge about the working of natural things was gathered long before recorded history and led to the development of complex abstract thought. This is shown by the construction of calendars, techniques for making poisonous plants edible. For this reason, it is claimed these men were the first philosophers in the strict sense and they were mainly speculators or theorists, particularly interested in astronomy. In contrast, trying to use knowledge of nature to imitate nature was seen by scientists as a more appropriate interest for lower class artisans. A clear-cut distinction between formal and empirical science was made by the pre-Socratic philosopher Parmenides, although his work Peri Physeos is a poem, it may be viewed as an epistemological essay on method in natural science. Parmenides ἐὸν may refer to a system or calculus which can describe nature more precisely than natural languages. Physis may be identical to ἐὸν and he criticized the older type of study of physics as too purely speculative and lacking in self-criticism. He was particularly concerned that some of the early physicists treated nature as if it could be assumed that it had no intelligent order, explaining things merely in terms of motion and matter. The study of things had been the realm of mythology and tradition, however. Aristotle later created a less controversial systematic programme of Socratic philosophy which was teleological and he rejected many of the conclusions of earlier scientists. For example, in his physics, the sun goes around the earth, each thing has a formal cause and final cause and a role in the rational cosmic order. Motion and change is described as the actualization of potentials already in things, while the Socratics insisted that philosophy should be used to consider the practical question of the best way to live for a human being, they did not argue for any other types of applied science
Sciences
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Maize, known in some English-speaking countries as corn, is a large
grain plant domesticated by
indigenous peoples in
Mesoamerica in
prehistoric times.
Sciences
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The scale of the universe mapped to the branches of science and the hierarchy of science.
Sciences
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Aristotle, 384 BC – 322 BC, - one of the early figures in the development of the
scientific method.
Sciences
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Galen (129—c.216) noted the optic chiasm is X-shaped. (Engraving from
Vesalius, 1543)
