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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. 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. The origin of "mediums of exchange" in human societies is assumed by economists, such as William Stanley Jevons, 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 ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unit Of Account
In economics, unit of account is one of the functions of money. A unit of account is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. Money acts as a standard measure and a common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems. Economics Unit of account in economics allows a somewhat meaningful interpretation of prices, costs, and profits, so that an entity can monitor its own performance. It allows shareholders to make sense of its past performance and have an idea of its future profitability. The use of money, as a relatively stable unit of measure, can tend to drive market economies toward efficiency. Historically, prices were of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Copernicus
Nicolaus Copernicus (19 February 1473 – 24 May 1543) was a Renaissance polymath who formulated a mathematical model, model of Celestial spheres#Renaissance, the universe that placed heliocentrism, the Sun rather than Earth at its center. Copernicus likely developed his model independently of Aristarchus of Samos, an List of ancient Greek astronomers, ancient Greek astronomer who had formulated such a model some eighteen centuries earlier. The publication of Copernicus' 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 semiautonomous and multilingual region created within the Crown of the Kingdom of Poland from lands regained from the Teutonic Order after the Thirteen Years' War (1454–1466), Thirteen Years' War. A Poly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oresme
Nicole Oresme (; ; 1 January 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, astronomy, philosophy, and theology. He 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 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 natural philoso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value (marketing)
Value in marketing Marketing is the act of acquiring, satisfying and retaining customers. It is one of the primary components of Business administration, business management and commerce. Marketing is usually conducted by the seller, typically a retailer or ma ..., 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 m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting
Accounting, also known as accountancy, is the process of recording and processing information about economic entity, economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and Regulatory agency, regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably. 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. Management accounting focuses on the measurement, analysis and reporting of information for internal use by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time Price
A time price is the amount of time a person needs to work to earn the amount of money necessary to buy a particular product or service. For example, if a person makes $5.00 an hour and wants to buy a product that costs $20.00 then the time price will be 4 hours. Time prices are universal, meaning that they are not dependent on any particular currency, and reflect the amount of time needed to achieve the goal of obtaining a product or service with money used only as a medium of exchange, making the type of currency irrelevant. The following is the equation for Time Price: : Note that the equation uses "nominal" like in the use of nominal GDP. Specifically, the money price and hourly income in the equation are given without adjusting for inflation. Inflation focuses on the buying power of a given currency over time. However, inflation and people's salary changes over time do not align. Consider Hershey's candy bar. In 1935–1939, a 1.5-ounce Hershey candy bar cost 5 ¢ (or 3.3� ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chartalism
In macroeconomics, chartalism is the theory of money that money originated historically with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with which to tokenize debt, and that fiat currency has value in exchange because of sovereign power to levy taxes on economic activity payable in the currency they issue. Background Georg Friedrich Knapp, a German economist, invented the term "chartalism" in his ''State Theory of Money'', which was published in German in 1905 and translated into English in 1924. The name derives from the Latin '' charta'', in the sense of a token or ticket. Knapp argued that "money is a creature of law" rather than a commodity. Knapp contrasted his state theory of money with " metallism", as embodied at the time in the gold standard, where the value of a unit of currency depended on the quantity of precious metal it contained or could be exchanged for. He argued the state could cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chemically Inert
In chemistry, the term chemically inert is used to describe a substance that is not chemically reactive. From a thermodynamic perspective, a substance is inert, or nonlabile, if it is thermodynamically unstable (negative standard Gibbs free energy of formation) yet decomposes at a slow, or negligible rate. Most of the noble gases, which appear in the last column of the periodic table, are classified as inert (or unreactive). These elements are stable in their naturally occurring form (gaseous form) and they are called inert gases. Noble gas The noble gases (helium, neon, argon, krypton, xenon and radon) were previously known as 'inert gases' because of their perceived lack of participation in any chemical reactions. The reason for this is that their outermost electron shells (valence shells) are completely filled, so that they have little tendency to gain or lose electrons. They are said to acquire a noble gas configuration, or a full electron configuration. It is now ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unit Of Measure
A unit of measurement, or unit of measure, 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 are often a subject of governmental regulation, to ensure ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Natural Economic Order
''The Natural Economic Order'' through Free Land and Free Money (, in short ''NWO''; published in Bern in 1916) is considered Silvio Gesell's most important book. It is a work on monetary reform and land reform. It attempts to provide a solid basis for economic liberalism in contrast to the 20th-century trend of collectivism and planned economy A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, ....Silvio GesellNatural Economic Order T G S, 2007. The work was translated into English by Philip Pye in 1929. References External links * Full text o Freiwirtschaft 1916 non-fiction books Georgist publications {{econ-book-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demurrage Currency
Demurrage currency, also known as depreciating money or stamp scrip in its paper money form, is a type of money that is designed to gradually lose purchasing power at a flat constant rate. Unlike traditional money, demurrage is designed to only be a ''temporary'' store of value. Demurrage money functions primarily as a medium of exchange and unit of account. In some cases, demurrage currencies have been employed as emergency currencies, intended to keep the circular flow of income running throughout the economy during recessions and times of war, due to their faster circulation velocities. Demurrage is sometimes cited as economically advantageous, usually in the context of complementary currency systems. The German-Argentine economist, Silvio Gesell, advocated for demurrage currency as part of the Freiwirtschaft economic system. He referred to demurrage as '' Freigeld'' 'free money' — "free" because it would be freed from hoarding and interest. Gesell theorized that Freigeld ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
