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Medium Of Exchange
In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency. The origin of "mediums of exchange" in human societies is assumed to have arisen in antiquity as awareness grew of the limitations of barter. The form of the "medium of exchange" follows that of a token, which has been further refined as money. A "medium of exchange" is considered one of the functions of money. The exchange acts as an intermediary instrument as the use can be to acquire any good or service and avoids the limitations of barter; where what one wants has to be matched with what the other has to offer. Most forms of money are categorised as mediums of exchange, including commodity money, representative money, cryptocurrency, and most commonly fiat money. Representative and fiat money most widely exist in digital form as well as physical tokens, for example coins and notes. Overcom ...
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Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational a ...
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Unit Of Measure
A unit of measurement is a definite magnitude of a quantity, defined and adopted by convention or by law, that is used as a standard for measurement of the same kind of quantity. Any other quantity of that kind can be expressed as a multiple of the unit of measurement. For example, a length is a physical quantity. The metre (symbol m) is a unit of length that represents a definite predetermined length. For instance, when referencing "10 metres" (or 10 m), what is actually meant is 10 times the definite predetermined length called "metre". The definition, agreement, and practical use of units of measurement have played a crucial role in human endeavour from early ages up to the present. A multitude of systems of units used to be very common. Now there is a global standard, the International System of Units (SI), the modern form of the metric system. In trade, weights and measures is often a subject of governmental regulation, to ensure fairness and transpare ...
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Debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity. The term can also be used metaphorically to cover moral obligations and other interactions not based on a monetary value. For example, in Western cultures, a person who has been helped by a second person is sometimes said to owe a "debt of gratitude" to the second person. Etymology The English term "debt" was first used in the late 13th century. The term "debt" com ...
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Central Banking
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank (" lender of last resort"); * Reserve management: managing a country's ...
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Banking
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in ...
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Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ...
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Gresham's Law
In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation. The law was named in 1860 by economist Henry Dunning Macleod after Sir Thomas Gresham (1519–1579), an English financier during the Tudor dynasty. Gresham had urged Queen Elizabeth to restore confidence in then-debased English currency. The concept was thoroughly defined in medieval Europe by Nicolaus Copernicus and known centuries earlier in classical Antiquity, the Middle East and China. "Good money" and "bad money" Under Gresham's Law, "good money" is money that shows little difference between its nominal value (the face value of the coin) and its commodity value (the value of the metal of which it is made, often precious metals, nickel, or copper). In the absence of legal-tend ...
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Thomas Gresham
Sir Thomas Gresham the Elder (; c. 151921 November 1579), was an English merchant and financier who acted on behalf of King Edward VI (1547–1553) and Edward's half-sisters, queens Mary I (1553–1558) and Elizabeth I (1558–1603). In 1565 Gresham founded the Royal Exchange in the City of London. Origins Born in London and descended from an old Norfolk family, Gresham was one of two sons and two daughters of Sir Richard Gresham, a leading merchant mercer and Lord Mayor of London, who was knighted by King Henry VIII for negotiating favourable loans with foreign merchants. Education Gresham was educated at St Paul's School. After that, although his father wanted Thomas to become a merchant, Sir Richard first sent him to university at Gonville and Caius College, Cambridge. He was concurrently apprenticed in the Mercers' Company to his uncle Sir John Gresham, founder of Gresham's School, while he was still at Cambridge. Agent in the Low Countries In 1543 the Mercers' Compa ...
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Copernicus
Nicolaus Copernicus (; pl, Mikołaj Kopernik; gml, Niklas Koppernigk, german: Nikolaus Kopernikus; 19 February 1473 – 24 May 1543) was a Renaissance polymath, active as a mathematician, astronomer, and Catholic canon, who formulated a model of the universe that placed the Sun rather than Earth at its center. In all likelihood, Copernicus developed his model independently of Aristarchus of Samos, an ancient Greek astronomer who had formulated such a model some eighteen centuries earlier. The publication of Copernicus's model in his book ' (''On the Revolutions of the Celestial Spheres''), just before his death in 1543, was a major event in the history of science, triggering the Copernican Revolution and making a pioneering contribution to the Scientific Revolution. Copernicus was born and died in Royal Prussia, a region that had been part of the Kingdom of Poland since 1466. A polyglot and polymath, he obtained a doctorate in canon law and was a mathematician, ...
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Oresme
Nicole Oresme (; c. 1320–1325 – 11 July 1382), also known as Nicolas Oresme, Nicholas Oresme, or Nicolas d'Oresme, was a French philosopher of the later Middle Ages. He wrote influential works on economics, mathematics, physics, astrology and astronomy, philosophy, and theology; was Bishop of Lisieux, a translator, a counselor of King Charles V of France, and one of the most original thinkers of 14th-century Europe. Life Nicole Oresme was born c. 1320–1325 in the village of Allemagnes (today's Fleury-sur-Orne) in the vicinity of Caen, Normandy, in the diocese of Bayeux. Practically nothing is known concerning his family. The fact that Oresme attended the royally sponsored and subsidised College of Navarre, an institution for students too poor to pay their expenses while studying at the University of Paris, makes it probable that he came from a peasant family. Oresme studied the "arts" in Paris, together with Jean Buridan (the so-called founder of the French school of n ...
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Value (marketing)
Value in marketing, also known as customer-perceived value, is the difference between a prospective customer's evaluation of the benefits and costs of one product when compared with others. Value may also be expressed as a straightforward relationship between perceived benefits and perceived costs: Value = . The basic underlying concept of value in marketing is human needs. The basic human needs may include food, shelter, belonging, love, and self expression. Both culture and individual personality shape human needs in what is known as wants. When wants are backed by buying power, they become demands. With a consumers' wants and resources (financial ability), they demand products and services with benefits that add up to the most value and satisfaction. The four types of value include: ''functional value'', ''monetary value'', ''social value'', and ''psychological value''. The sources of value are not equally important to all consumers. How important a value is, depends on th ...
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Accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and " financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the mea ...
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