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Multilateral Trade
Bilateral trade or clearing trade is trade exclusively between two states, particularly, barter trade based on bilateral deals between governments, and without using hard currency for payment. Bilateral trade agreements often aim to keep trade deficits at minimum by keeping a clearing account where deficit would accumulate. The Soviet Union conducted bilateral trade with two nations, India and Finland. On the Soviet side, the trade was nationalized, but on the other side, also private capitalists negotiated deals. Relationships with politicians in charge of foreign policy were especially important for such businessmen. The framework limited the traded goods to those manufactured domestically and as such, constituted a subsidy to domestic industry. Bilateral trade was highly popular within Finnish business circles, as it allowed the commission of very large orders, additionally with less stringent requirements for sophistication or quality, if compared to Western markets. The So ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barter Trade
In trade, barter (derived from ''baretor'') is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. Economists distinguish barter from gift economies in many ways; barter, for example, features immediate reciprocal exchange, not one delayed in time. Barter usually takes place on a bilateral basis, but may be multilateral (if it is mediated through a trade exchange). In most developed countries, barter usually exists parallel to monetary systems only to a very limited extent. Market actors use barter as a replacement for money as the method of exchange in times of monetary crisis, such as when currency becomes unstable (such as hyperinflation or a deflationary spiral) or simply unavailable for conducting commerce. No ethnographic studies have shown that any present or past society has used barter without any other medium of exchange or measurement, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crude Oil
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, mostly zooplankton and algae, are buried underneath sedimentary rock and subjected to both prolonged heat and pressure. Petroleum is primarily recovered by oil drilling. Drilling is carried out after studies of structural geology, sedimentary basin analysis, and reservoir characterisation. Recent developments in technologies have also led to exploitation of other unconventional reserves such as oil sands and oil shale. Once extracted, oil is refined and separated, most easily by distillation, into innumerable products for direct use or use in manufacturing. Products include fuels such as gaso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multilateral Exchange
A multilateral exchange is a transaction, or forum for transactions, which involve more than two parties. For example, Alice gives Bob an apple in exchange for an orange, that is a bilateral exchange. A multilateral exchange would involve a third party, for example: Alice gives an apple to Bob who gives an orange to Charles, who gives a pear to Alice. In the real world, such transactions are spread over time, and involved items of different values, and involve many more parties. A special type of accounting is used for this, called mutual credit, or credit clearing. Accounting Although any accounting framework can be used, there is one approach that fits naturally for multilateral exchange. It is the simplest possible database/spreadsheet design, single-entry bookkeeping rather than double-entry bookkeeping. All accounts begin with a balance of zero, meaning they owe nothing and are owed nothing. An account may only close at zero, meaning it has given as much as it has receiv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bilateral Trade Agreement
A trade agreement (also known as trade pact) is a wide-ranging taxes, tariff and trade treaty that often includes investment guarantees. It exists when two or more countries agree on terms that help them trade with each other. The most common trade agreements are of the preferential and free trade types, which are concluded in order to reduce (or eliminate) tariffs, quotas and other trade restrictions on items traded between the signatories. The logic of formal trade agreements is that they outline what is agreed upon and the punishments for deviation from the rules set in the agreement. Trade agreements therefore make misunderstandings less likely, and create confidence on both sides that cheating will be punished; this increases the likelihood of long-term cooperation. An international organization, such as the IMF, can further incentivize cooperation by monitoring compliance with agreements and reporting third countries of the violations. Monitoring by international agenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nuclear Technology
Nuclear technology is technology that involves the nuclear reactions of atomic nuclei. Among the notable nuclear technologies are nuclear reactors, nuclear medicine and nuclear weapons. It is also used, among other things, in smoke detectors and gun sights. History and scientific background Discovery The vast majority of common, natural phenomena on Earth only involve gravity and electromagnetism, and not nuclear reactions. This is because atomic nuclei are generally kept apart because they contain positive electrical charges and therefore repel each other. In 1896, Henri Becquerel was investigating phosphorescence in uranium salts when he discovered a new phenomenon which came to be called radioactivity. He, Pierre Curie and Marie Curie began investigating the phenomenon. In the process, they isolated the element radium, which is highly radioactive. They discovered that radioactive materials produce intense, penetrating rays of three distinct sorts, which they labeled ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bilateralism
Bilateralism is the conduct of political, economic, or cultural relations between two sovereign states. It is in contrast to unilateralism or multilateralism, which is activity by a single state or jointly by multiple states, respectively. When states recognize one another as sovereign states and agree to diplomatic relations, they create a bilateral relationship. States with bilateral ties will exchange diplomatic agents such as ambassadors to facilitate dialogues and cooperations. Economic agreements, such as free trade agreements (FTA) or foreign direct investment (FDI), signed by two states, are a common example of bilateralism. Since most economic agreements are signed according to the specific characteristics of the contracting countries to give preferential treatment to each other, not a generalized principle but a situational differentiation is needed. Thus through bilateralism, states can obtain more tailored agreements and obligations that only apply to particular ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Added
In business, total value added is calculated by tabulating the unit value added (measured by summing unit profit Price.html" ;"title="he difference between Price">sale price and production cost], unit depreciation cost, and unit Direct labor cost, labor cost) per each unit of product sold. Thus, total value added is equivalent to revenue minus intermediate consumption. Value added is a higher portion of revenue for integrated companies (e.g. manufacturing companies) and a lower portion of revenue for less integrated companies (e.g. retail companies); total value added is very closely approximated by compensation of employees, which represents a return to labor, plus earnings before taxes, representative of a return to capital. In economics, specifically macroeconomics, the term value added refers to the contribution of the factors of production (i.e. capital and labor) to raise the value of the product and increase the income of those who own the said factors. Therefore, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loviisa Nuclear Power Plant
The Loviisa Nuclear Power Plant (NPP) ( fi, Loviisan ydinvoimalaitos, sv, Lovisa kärnkraftverk) is located close to the Finnish town of Loviisa. It houses two Soviet-designed VVER-440 PWR reactors, with capacities of 507 MW each. It is one of Finland's two operating nuclear power plants, the other being the three-unit Olkiluoto Nuclear Power Plant. History The reactors at Loviisa NPP went into commercial operation in 1977 and 1981 respectively. To comply with Finnish nuclear regulation, Westinghouse and Siemens supplied equipment and engineering expertise. This unorthodox mix of Western and Soviet enterprise led to the project developers being given the nickname "Eastinghouse". The plant is operated by Fortum Oyj. In 1996, the pressure vessel of Unit 1 was successfully heat annealed in order to clear embrittlement caused by neutron bombardment and impurities of the welding seam between the two halves of the vessel. The operating licence for both units has bee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nuclear Power Plant
A nuclear power plant (NPP) is a thermal power station in which the heat source is a nuclear reactor. As is typical of thermal power stations, heat is used to generate steam that drives a steam turbine connected to a generator that produces electricity. , the International Atomic Energy Agency reported there were 422 nuclear power reactors in operation in 32 countries around the world, and 57 nuclear power reactors under construction. Nuclear plants are very often used for base load since their operations, maintenance, and fuel costs are at the lower end of the spectrum of costs. However, building a nuclear power plant often spans five to ten years, which can accrue to significant financial costs, depending on how the initial investments are financed. Nuclear power plants have a carbon footprint comparable to that of renewable energy such as solar farms and wind farms, and much lower than fossil fuels such as natural gas and brown coal. Despite some spectacula ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Good
A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike a intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good, but the parts purchased to manufacture them are intermediate goods. When used in measures of national income and output, the term "final goods" includes only new goods. For example, gross domestic product (GDP) excludes items counted in an earlier year to prevent double counting based on resale of items. In that context, the economic definition of goods also includes what are commonly known as '' services''. Manufactured goods are goods that have been processed in any way. They are distinct from raw materials but include both intermediate goods and final goods. Law There are legal definitions. For example, the United States' Consumer Product Safety Act has an extensive definition of consumer product, which begins: CONSUMER PRODUCT.--Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hard Currency
In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value. Factors contributing to a currency's ''hard'' status might include the stability and reliability of the respective state's legal and bureaucratic institutions, level of corruption, long-term stability of its purchasing power, the associated country's political and fiscal condition and outlook, and the policy posture of the issuing central bank. Safe haven currency is defined as a currency which behaves like a hedge for a reference portfolio of risky assets conditional on movements in global risk aversion. Conversely, a weak or soft currency is one which is expected to fluctuate erratically or depreciate against other currencies. Softness is typically the result of weak legal institutions and/or political or fiscal instability. History The paper currencies of some developed countries have earned recognition as har ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Train Carriage
In rail transport, a train (from Old French , from Latin , "to pull, to draw") is a series of connected vehicles that run along a railway track and transport people or freight. Trains are typically pulled or pushed by locomotives (often known simply as "engines"), though some are self-propelled, such as multiple units. Passengers and cargo are carried in railroad cars, also known as wagons. Trains are designed to a certain gauge, or distance between rails. Most trains operate on steel tracks with steel wheels, the low friction of which makes them more efficient than other forms of transport. Trains have their roots in wagonways, which used railway tracks and were powered by horses or pulled by cables. Following the invention of the steam locomotive in the United Kingdom in 1804, trains rapidly spread around the world, allowing freight and passengers to move over land faster and cheaper than ever possible before. Rapid transit and trams were first built in the late ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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