A black market, underground economy, or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal. Parties engaging in the production or distribution of prohibited goods and services are members of the illegal economy. Examples include the drug trade, illegal currency transactions and human trafficking. Violations of the tax code involving income tax evasion constitute membership in the unreported economy; because tax evasion or participation in a black market activity is illegal, participants will attempt to hide their behavior from the government or regulatory authority. Cash usage is the preferred medium of exchange in illegal transactions since cash usage does not leave a footprint.
Common motives for operating in black markets are to trade contraband, avoid taxes and regulations, or skirt price controls or rationing. The totality of such activity is referred to with the definite article as a complement to the official economies, by market for such goods and services, e.g. "the black market in bush meat". The black market is distinct from the grey market, in which commodities are distributed through channels that, while legal, are unofficial, unauthorized, or unintended by the original manufacturer, the white market, in which trade is legal and official. Black money is the proceeds of an illegal transaction, on which income and other taxes have not been paid, which can only be legitimised by some form of money laundering; because of the clandestine nature of the black economy it is not possible to determine its size and scope. The literature on the black market has not established a common terminology and has instead offered many synonyms including: subterranean. There is no single underground economy.
These underground economies are omnipresent, existing in market oriented as well as in centrally planned nations, be they developed or developing. Those engaged in underground activities circumvent, escape or are excluded from the institutional system of rules, rights and enforcement penalties that govern formal agents engaged in production and exchange. Different types of underground activities are distinguished according to the particular institutional rules that they violate. Four major underground economies can be identified: the illegal economy the unreported economy the unrecorded economy the informal economyThe "illegal economy" consists of the income produced by those economic activities pursued in violation of legal statutes defining the scope of legitimate forms of commerce. Illegal economy participants engage in the production and distribution of prohibited goods and services, such as drug trafficking, arms trafficking, prostitution; the "unreported economy" consists of those economic activities that circumvent or evade the institutionally established fiscal rules as codified in the tax code.
A summary measure of the unreported economy is the amount of income that should be reported to the tax authority but is not so reported. A complementary measure of the unreported economy is the "tax gap", namely the difference between the amount of tax revenues due the fiscal authority and the amount of tax revenue collected. In the U. S. unreported income is estimated to be $2 trillion resulting in a "tax gap" of $450–$600 billion. The "unrecorded economy" consists of those economic activities that circumvent the institutional rules that define the reporting requirements of government statistical agencies. A summary measure of the unrecorded economy is the amount of unrecorded income, namely the amount of income that should be recorded in national accounting systems but is not. Unrecorded income is a particular problem in transition countries that switched from a socialist accounting system to UN standard national accounting. New methods have been proposed for estimating the size of the unrecorded economy.
But there is still little consensus concerning the size of the unreported economies of transition countries. The "informal economy" comprises those economic activities that circumvent the costs and are excluded from the benefits and rights incorporated in the laws and administrative rules covering property relationships, commercial licensing, labor contracts, financial credit and social security systems. A summary measure of the informal economy is the income generated by economic agents that operate informally; the informal sector is defined as the part of an economy, not taxed, monitored by any form of government, or included in any gross national product, unlike the formal economy. In developed countries the informal sector is characterized by unreported employment; this is hidden from the state for tax, social security or labour law purposes but is legal in all other aspects. On the other hand, the term black market can be used in reference to a specific part of the economy in which contraband is traded.
Goods and services acquired illegally and/or transacted for in an illegal manner may exchange above or below the price of legal market transactions: They may be cheaper than legal market prices. The supplier taxes; this is the case in the underground economy. Criminals steal goods and sell them below the legal market price, but there is no receipt, so for
Australia the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands. It is the world's sixth-largest country by total area; the neighbouring countries are Papua New Guinea and East Timor to the north. The population of 25 million is urbanised and concentrated on the eastern seaboard. Australia's capital is Canberra, its largest city is Sydney; the country's other major metropolitan areas are Melbourne, Brisbane and Adelaide. Australia was inhabited by indigenous Australians for about 60,000 years before the first British settlement in the late 18th century, it is documented. After the European exploration of the continent by Dutch explorers in 1606, who named it New Holland, Australia's eastern half was claimed by Great Britain in 1770 and settled through penal transportation to the colony of New South Wales from 26 January 1788, a date which became Australia's national day; the population grew in subsequent decades, by the 1850s most of the continent had been explored and an additional five self-governing crown colonies established.
On 1 January 1901, the six colonies federated. Australia has since maintained a stable liberal democratic political system that functions as a federal parliamentary constitutional monarchy, comprising six states and ten territories. Being the oldest and driest inhabited continent, with the least fertile soils, Australia has a landmass of 7,617,930 square kilometres. A megadiverse country, its size gives it a wide variety of landscapes, with deserts in the centre, tropical rainforests in the north-east and mountain ranges in the south-east. A gold rush began in Australia in the early 1850s, its population density, 2.8 inhabitants per square kilometre, remains among the lowest in the world. Australia generates its income from various sources including mining-related exports, telecommunications and manufacturing. Indigenous Australian rock art is the oldest and richest in the world, dating as far back as 60,000 years and spread across hundreds of thousands of sites. Australia is a developed country, with the world's 14th-largest economy.
It has a high-income economy, with the world's tenth-highest per capita income. It is a regional power, has the world's 13th-highest military expenditure. Australia has the world's ninth-largest immigrant population, with immigrants accounting for 26% of the population. Having the third-highest human development index and the eighth-highest ranked democracy globally, the country ranks in quality of life, education, economic freedom, civil liberties and political rights, with all its major cities faring well in global comparative livability surveys. Australia is a member of the United Nations, G20, Commonwealth of Nations, ANZUS, Organisation for Economic Co-operation and Development, World Trade Organization, Asia-Pacific Economic Cooperation, Pacific Islands Forum and the ASEAN Plus Six mechanism; the name Australia is derived from the Latin Terra Australis, a name used for a hypothetical continent in the Southern Hemisphere since ancient times. When Europeans first began visiting and mapping Australia in the 17th century, the name Terra Australis was applied to the new territories.
Until the early 19th century, Australia was best known as "New Holland", a name first applied by the Dutch explorer Abel Tasman in 1644 and subsequently anglicised. Terra Australis still saw occasional usage, such as in scientific texts; the name Australia was popularised by the explorer Matthew Flinders, who said it was "more agreeable to the ear, an assimilation to the names of the other great portions of the earth". The first time that Australia appears to have been used was in April 1817, when Governor Lachlan Macquarie acknowledged the receipt of Flinders' charts of Australia from Lord Bathurst. In December 1817, Macquarie recommended to the Colonial Office. In 1824, the Admiralty agreed that the continent should be known by that name; the first official published use of the new name came with the publication in 1830 of The Australia Directory by the Hydrographic Office. Colloquial names for Australia include "Oz" and "the Land Down Under". Other epithets include "the Great Southern Land", "the Lucky Country", "the Sunburnt Country", "the Wide Brown Land".
The latter two both derive from Dorothea Mackellar's 1908 poem "My Country". Human habitation of the Australian continent is estimated to have begun around 65,000 to 70,000 years ago, with the migration of people by land bridges and short sea-crossings from what is now Southeast Asia; these first inhabitants were the ancestors of modern Indigenous Australians. Aboriginal Australian culture is one of the oldest continual civilisations on earth. At the time of first European contact, most Indigenous Australians were hunter-gatherers with complex economies and societies. Recent archaeological finds suggest. Indigenous Australians have an oral culture with spiritual values based on reverence for the land and a belief in the Dreamtime; the Torres Strait Islanders, ethnically Melanesian, obtained their livelihood from seasonal horticulture and the resources of their reefs and seas. The northern coasts and waters of Australia were visited s
Asia is Earth's largest and most populous continent, located in the Eastern and Northern Hemispheres. It shares the continental landmass of Eurasia with the continent of Europe and the continental landmass of Afro-Eurasia with both Europe and Africa. Asia covers an area of 44,579,000 square kilometres, about 30% of Earth's total land area and 8.7% of the Earth's total surface area. The continent, which has long been home to the majority of the human population, was the site of many of the first civilizations. Asia is notable for not only its overall large size and population, but dense and large settlements, as well as vast populated regions, its 4.5 billion people constitute 60% of the world's population. In general terms, Asia is bounded on the east by the Pacific Ocean, on the south by the Indian Ocean, on the north by the Arctic Ocean; the border of Asia with Europe is a historical and cultural construct, as there is no clear physical and geographical separation between them. It has moved since its first conception in classical antiquity.
The division of Eurasia into two continents reflects East–West cultural and ethnic differences, some of which vary on a spectrum rather than with a sharp dividing line. The most accepted boundaries place Asia to the east of the Suez Canal separating it from Africa. China and India alternated in being the largest economies in the world from 1 to 1800 CE. China was a major economic power and attracted many to the east, for many the legendary wealth and prosperity of the ancient culture of India personified Asia, attracting European commerce and colonialism; the accidental discovery of a trans-Atlantic route from Europe to America by Columbus while in search for a route to India demonstrates this deep fascination. The Silk Road became the main east–west trading route in the Asian hinterlands while the Straits of Malacca stood as a major sea route. Asia has exhibited economic dynamism as well as robust population growth during the 20th century, but overall population growth has since fallen. Asia was the birthplace of most of the world's mainstream religions including Hinduism, Judaism, Buddhism, Taoism, Islam, Sikhism, as well as many other religions.
Given its size and diversity, the concept of Asia—a name dating back to classical antiquity—may have more to do with human geography than physical geography. Asia varies across and within its regions with regard to ethnic groups, environments, historical ties and government systems, it has a mix of many different climates ranging from the equatorial south via the hot desert in the Middle East, temperate areas in the east and the continental centre to vast subarctic and polar areas in Siberia. The boundary between Asia and Africa is the Red Sea, the Gulf of Suez, the Suez Canal; this makes Egypt a transcontinental country, with the Sinai peninsula in Asia and the remainder of the country in Africa. The border between Asia and Europe was defined by European academics; the Don River became unsatisfactory to northern Europeans when Peter the Great, king of the Tsardom of Russia, defeating rival claims of Sweden and the Ottoman Empire to the eastern lands, armed resistance by the tribes of Siberia, synthesized a new Russian Empire extending to the Ural Mountains and beyond, founded in 1721.
The major geographical theorist of the empire was a former Swedish prisoner-of-war, taken at the Battle of Poltava in 1709 and assigned to Tobolsk, where he associated with Peter's Siberian official, Vasily Tatishchev, was allowed freedom to conduct geographical and anthropological studies in preparation for a future book. In Sweden, five years after Peter's death, in 1730 Philip Johan von Strahlenberg published a new atlas proposing the Urals as the border of Asia. Tatishchev announced; the latter had suggested the Emba River as the lower boundary. Over the next century various proposals were made until the Ural River prevailed in the mid-19th century; the border had been moved perforce from the Black Sea to the Caspian Sea into which the Ural River projects. The border between the Black Sea and the Caspian is placed along the crest of the Caucasus Mountains, although it is sometimes placed further north; the border between Asia and the region of Oceania is placed somewhere in the Malay Archipelago.
The Maluku Islands in Indonesia are considered to lie on the border of southeast Asia, with New Guinea, to the east of the islands, being wholly part of Oceania. The terms Southeast Asia and Oceania, devised in the 19th century, have had several vastly different geographic meanings since their inception; the chief factor in determining which islands of the Malay Archipelago are Asian has been the location of the colonial possessions of the various empires there. Lewis and Wigen assert, "The narrowing of'Southeast Asia' to its present boundaries was thus a gradual process." Geographical Asia is a cultural artifact of European conceptions of the world, beginning with the Ancient Greeks, being imposed onto other cultures, an imprecise concept causing endemic contention about what it means. Asia does not correspond to the cultural borders of its various types of constituents. From the time of Herodotus a minority of geographers have rejected the three-continent system on the grounds that there is no substantial physical separation between
A country is a region, identified as a distinct entity in political geography. A country may be an independent sovereign state or part of a larger state, as a non-sovereign or sovereign political division, or a geographic region associated with sets of independent or differently associated people with distinct political characteristics. Regardless of the physical geography, in the modern internationally accepted legal definition as defined by the League of Nations in 1937 and reaffirmed by the United Nations in 1945, a resident of a country is subject to the independent exercise of legal jurisdiction. There is no fast definition of what regions are countries and which are not. Countries can refer both to sovereign states and to other political entities, while other times it can refer only to states. For example, the CIA World Factbook uses the word in its "Country name" field to refer to "a wide variety of dependencies, areas of special sovereignty, uninhabited islands, other entities in addition to the traditional countries or independent states".
The word country comes from Old French contrée, which derives from Vulgar Latin contrata, derived from contra. It most entered the English language after the Franco-Norman invasion during the 11th century. In English the word has become associated with political divisions, so that one sense, associated with the indefinite article – "a country" – through misuse and subsequent conflation is now a synonym for state, or a former sovereign state, in the sense of sovereign territory or "district, native land". Areas much smaller than a political state may be called by names such as the West Country in England, the Black Country, "Constable Country", the "big country", "coal country" and many other terms; the equivalent terms in French and other Romance languages have not carried the process of being identified with political sovereign states as far as the English "country", instead derived from, which designated the territory controlled by a medieval count, a title granted by the Roman Church. In many European countries the words are used for sub-divisions of the national territory, as in the German Bundesländer, as well as a less formal term for a sovereign state.
France has many "pays" that are recognised at some level, are either natural regions, like the Pays de Bray, or reflect old political or economic entities, like the Pays de la Loire. A version of "country" can be found in the modern French language as contrée, based on the word cuntrée in Old French, used to the word "pays" to define non-state regions, but can be used to describe a political state in some particular cases; the modern Italian contrada is a word with its meaning varying locally, but meaning a ward or similar small division of a town, or a village or hamlet in the countryside. The term "country" can refer to a sovereign state. There is no universal agreement on the number of "countries" in the world since a number of states have disputed sovereignty status. There are 206 sovereign states, of which 193 states are members of the United Nations, two states have observer status at the U. N. and 11 other states are neither a member or observer at the U. N. All are defined as states by declarative theory of constitutive theory of statehood.
The latest proclaimed state is South Sudan in 2011. The degree of autonomy of non-sovereign countries varies widely; some are possessions of sovereign states, as several states have overseas territories, with citizenry at times identical and at times distinct from their own. Such territories, with the exception of distinct dependent territories, are listed together with sovereign states on lists of countries, but may nonetheless be treated as a separate "country of origin" in international trade, as Hong Kong is; the Kingdom of Denmark, a sovereign state, comprises Denmark proper and two autonomous countries—the Faroe Islands, Greenland—which are autonomous. The Kingdom of the Netherlands, a sovereign state, comprises four separate countries: Netherlands, Curaçao, Sint Maarten. Although not sovereign states, England and Wales are countries and Northern Ireland is a province, which collectively form the United Kingdom—a sovereign state, commonly referred to as a country; the United Kingdom is a Union of four separate countries brought about by a series of international treaties and legislated for by several Acts of Union.
These include the Acts of Union 1707 in both the English and Scottish parliaments, although by England and Wales had united. While a political Union was created and England retained distinct churches, legal systems and education systems, as a result, the issue of sovereignty is different in the two countries: in Scotland sovereignty lies with the people, whereas in England sovereignty lies with Parliament and the Monarch. Lord President stated that "the principle of the unlimited sovereignty of Parliament is a distinctively English principle which has no counterpart in Scottish Constitutional Law", that legislation contrary to the Act of Union would not be regarded as constitutionally valid; the Crown Dependencies, which are each internally self-governing but in a relationship of suzerainty with the United Kingdom, are sometimes referred to as countries. City network Constituent state List of sovere
Economy of Central America
The economy of Central America is the eleventh-largest economy in Latin America, behind Brazil, Argentina and Colombia, According to the World Bank, the nominal GDP of Central America reached 204 billion US dollar in 2010, as recovery from the crisis of 2009, where gross domestic product suffered a decline to 3.8%. The major economic income are the agriculture and tourism, although the industrial sector is in strong growth in Panama. United States is the main socio-commercial of all Central American countries. Other important socio-commercial countries in Central America are the European Union, Dominican Republic and Mexico; the Central American bloc is based on a bilateral free trade agreement with the United States known as CAFTA-DR, another in negotiations with Peru. The Panama Canal is the connection of Central America with the rest of the world, the main means of communication for trade with Central America, South America, United States and Asia; the economic development of Central America is the middle level, although competitiveness is remarkable: Guatemala: Is the largest economy in the isthmus and the tenth in Latin America, has the largest nominal GDP and GDP purchasing power parity of $81.51 billion.
Maintains strong commercial relations with the United States, Taiwan, Dominican Republic and Korea. According to the International Monetary Fund, Guatemala has a stable economy. Panama: Besides having the highest Human Development Index in the region, Panama has been the highest economic growth in Latin America, with an increase of 6.2%. Panama is recognized as the most industrial country in Central America, the second in Latin America after Chile. Has strong business relationships and treaties with the United States, Colombia, Costa Rica and Singapore. Costa Rica: The economy of Costa Rica is the third-largest in the region, is the Central American country that has more trade relations with the United States, European Union, Chile, China, CARICOM, among others countries. Politically, Costa Rica is the most stable country in Central America. El Salvador: According to the World Bank, El Salvador is the fourth-largest economy in the region, has a GDP PPP of $50,903 million; the Salvadoran economy grew by 3% in 2010, after a strong contraction in 2009.
Honduras: Is the second-poorest country in Central America, with 60% living in poverty according to the CIA World Factbook. In percentage, Honduras has the largest cheap labor in Central America, its economy is agricultural, the main export products are rice, bananas and other products. Nicaragua: Is the least stable country in the region, the second-poorest in the hemisphere after Haiti. Nicaragua is the country that produces less, has the lowest HDI in the region, it has the lowest minimum wage in Central America. Nicaragua is the country that receives financial assistance in the region, since 4 out of 10 people live on less than a dollar a day, according to the United Nations Development Programme. Nicaragua is integrated into the Bolivarian Alliance for the Peoples of Our America; each country has its own national currency, with the exception of El Salvador, where the US dollar was taken as currency in the country as of January 1, 2001, replacing the Salvadoran colón, Belize is a country where the dollar circulates, but of Belizean type.
In the case of Panama two types of currency are circulating, the Panamanian balboa and the US dollar. Guatemala has the highest gross domestic product in Central America, followed by Panama, Costa Rica and El Salvador; the GDP data are based on data from the World Bank corresponding to 2012. The rates of economic growth come from the CIA World Factbook. Regarding exports and imports, the balance is negative in the region, each country consumes more than it produces; the main products that the region exports are agricultural type, the largest purchaser is the United States. While on the other hand, the region imports nontraditional products and the main seller is United States. According to the World Bank, Costa Rica and Guatemala are the countries that receive more foreign direct investment in Central America, exceeded one billion US dollars; the next table shows the values in dollars, investment growth between 2010 and 2014: Banking is one of the main economic activities in Central America, which takes place in Panama, El Salvador and Costa Rica.
Since 2010, Guatemala and Nicaragua have developed strong growth of the banking. Regarding financial centers, El Salvador and Panama are the only Central American countries that have a World Trade Center; the economist magazine American Economy published its ranking "The 250 best banks in Latin America," presented the list of the 42 Central American banks included. Within the Latin American general ranking, the first Central American Bank is the number 39 in the list, it is the HSBC Panama in Panama City. Within the first 100 places in the general ranking of Amperica Economy, 7 Central banks appears: HSBC Panama ranked 39th, General of Panama at 42, National Panama, National of Costa Rica, Bladex of Panama, Agricultural Bank of El Salvador and Costa Rica Bank of Costa Rica. Central America