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Real Prices And Ideal Prices
The distinction between real prices and ideal prices is a distinction between ''actual prices paid'' for products, services, assets and labour (the net amount of money that actually changes hands), and ''computed'' prices which are not actually charged or paid in market trade, although they may facilitate trade. The difference is between actual prices ''paid'', and information about ''possible'', ''potential'' or ''likely'' prices, or "average" price levels. This distinction should not be confused with the difference between "nominal prices" (current-value) and "real prices" (adjusted for price inflation, and/or tax and/or ancillary charges). It is more similar to, though not identical with, the distinction between "theoretical value" and "market price" in financial economics. Characteristics Ideal prices, expressed in money-units, can be "estimated", "theorized" or " imputed" for accounting, trading, marketing or calculation purposes, for example using the law of averages. Often th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estimation
Estimation (or estimating) is the process of finding an estimate or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. The value is nonetheless usable because it is derived from the best information available.C. Lon Enloe, Elizabeth Garnett, Jonathan Miles, ''Physical Science: What the Technology Professional Needs to Know'' (2000), p. 47. Typically, estimation involves "using the value of a statistic derived from a sample to estimate the value of a corresponding population parameter".Raymond A. Kent, "Estimation", ''Data Construction and Data Analysis for Survey Research'' (2001), p. 157. The sample provides information that can be projected, through various formal or informal processes, to determine a range most likely to describe the missing information. An estimate that turns out to be incorrect will be an overestimate if the estimate exceeds the actual result and an underestimate if the estimate fall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equilibrium Price
In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the ( equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes, and quantity is called the "competitive quantity" or market clearing quantity. But the concept of ''equilibrium'' in economics also applies to imperfectly competitive markets, where it takes the form of a Nash equilibrium. Understanding economic equilibriu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exact Sciences
The exact sciences, sometimes called the exact mathematical sciences, are those sciences "which admit of absolute precision in their results"; especially the mathematical sciences. Examples of the exact sciences are mathematics, optics, astronomy, and physics, which many philosophers from Descartes, Leibniz, and Kant to the logical positivists took as paradigms of rational and objective knowledge. These sciences have been practiced in many cultures from antiquity to modern times. Given their ties to mathematics, the exact sciences are characterized by accurate quantitative expression, precise predictions and/or rigorous methods of testing hypotheses involving quantifiable predictions and measurements. The distinction between the quantitative exact sciences and those sciences that deal with the causes of things is due to Aristotle, who distinguished mathematics from natural philosophy and considered the exact sciences to be the "more natural of the branches of mathematics." ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sociological Aspects Of Secrecy
The sociological aspects of secrecy were first studied by Georg Simmel in the early-1900s. Simmel describes secrecy as the ability or habit of keeping secrets. He defines the secret as the ultimate sociological form for the regulation of the flow and distribution of information. Simmel put it best by saying "if human interaction is conditioned by the capacity to speak, it is shaped by the capacity to be silent." It also can control the very essence of social relations through manipulations of the ratio of "knowledge" to "ignorance". The secrecy "concept" SimmelGeorg Simmel. "The Sociology of Secrecy and of the Secret Societies" ''American Journal of Sociology'' 11(1906): 441-498. defines the secret society as an interactional unit characterized in its total by the fact that reciprocal relations among its members are governed by the protective function of secrecy. This central feature is established on a dual contingency: #Members of the interactional unit are concerned with t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Security
Information security, sometimes shortened to InfoSec, is the practice of protecting information by mitigating information risks. It is part of information risk management. It typically involves preventing or reducing the probability of unauthorized/inappropriate access to data, or the unlawful use, disclosure, disruption, deletion, corruption, modification, inspection, recording, or devaluation of information. It also involves actions intended to reduce the adverse impacts of such incidents. Protected information may take any form, e.g. electronic or physical, tangible (e.g. paperwork) or intangible (e.g. knowledge). Information security's primary focus is the balanced protection of the confidentiality, integrity, and availability of data (also known as the CIA triad) while maintaining a focus on efficient policy implementation, all without hampering organization productivity. This is largely achieved through a structured risk management process that involves: * identifying inform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchasing Power Parity
Purchasing power parity (PPP) is the measurement of prices in different countries that uses the prices of specific goods to compare the absolute purchasing power of the countries' currency, currencies. PPP is effectively the ratio of the price of a basket of goods at one location divided by the price of the basket of goods at a different location. The PPP inflation and exchange rate may differ from the Exchange rate, market exchange rate because of tariffs, and other transaction costs. The Purchasing Power Parity indicator can be used to compare economies regarding their Gross Domestic Product, labour productivity and actual individual consumption, and in some cases to analyse price convergence and to compare the cost of living between places. The calculation of the PPP, according to the OECD, is made through a ''basket of goods'' that contains a "final product list [that] covers around 3,000 consumer goods and services, 30 occupations in government, 200 types of equipment goods a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transfer Pricing
In taxation and accounting, transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control. Because of the potential for cross-border controlled transactions to distort taxable income, tax authorities in many countries can adjust intragroup transfer prices that differ from what would have been charged by unrelated enterprises dealing at arm’s length (the arm’s-length principle). The OECD and World Bank recommend intragroup pricing rules based on the arm’s-length principle, and 19 of the 20 members of the G20 have adopted similar measures through bilateral treaties and domestic legislation, regulations, or administrative practice.World Bank pp. 35-51 Countries with transfer pricing legislation generally follow th''OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations''in most respects, although their rules can differ on some important details. Where adopted, transfe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FOB (shipping)
FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway transport. As with all Incoterms, FOB does not define the point at which ownership of the goods is transferred. The term FOB is also used in modern domestic shipping within North America to describe the point at which a seller is no longer responsible for shipping costs. Ownership of a cargo is independent of Incoterms, which relate to delivery and risk. In international trade, ownership of the cargo is defined by the contract of sale and the bill of lading or waybill. Historical usage The term "free on board", or "f.o.b." was used historically in relation to the transfer of risk from seller to buyer as goods are shipped. Incoterms Under ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Book Value
In accounting, book value is the value of an asset according to its balance sheet account balance. For assets, the value is based on the original cost of the asset less any depreciation, amortization or impairment costs made against the asset. Traditionally, a company's book value is its minus intangible assets and liabilities. However, in practice, depending on the source of the calculation, book value may variably include goodwill, intangible assets, or both.Graham and Dodd's ''Security Analysis'', Fifth Edition, pp 318 – 319 The value inherent in its workforce, part of the intellectual capital of a company, is always ignored. When intangible assets and goodwill are explicitly excluded, the metric is often specified to be ''tangible book value''. In the United Kingdom, the term net asset value may refer to the book value of a company. Asset book value An asset's initial book value is its actual cash value or its acquisition cost. Cash assets are recorded or "booked" at actu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Historic Cost
In accounting, an economic item's historical cost is the original nominal monetary value of that item. Historical cost accounting involves reporting assets and liabilities at their historical costs, which are not updated for changes in the items' values. Consequently, the amounts reported for these balance sheet items often differ from their current economic or market values. While use of historical cost measurement is criticised for its lack of timely reporting of value changes, it remains in use in most accounting systems during periods of low and high inflation and deflation. During hyperinflation, International Financial Reporting Standards (IFRS) require financial capital maintenance in units of constant purchasing power in terms of the monthly CPI as set out in IAS 29, Financial Reporting in Hyperinflationary Economies. Various adjustments to historical cost are used, many of which require the use of management judgment and may be difficult to verify. The trend in most accou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Instrument
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different meanings depending on the use of the term as it is used in the application of different laws, and depending in which country and context it is used. Concept of negotiability William Searle Holdsworth defines the concept of negotiability as follows: #Negotiable instruments are transferable under the following circumstances: they are transferable by delivery where they are made payable to the bearer, they are transferable by delivery and endorsement where they are made payable to order. #Consideration is presumed. #The transferee acquires a good title, even though the transferor had a defective or n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shock (economics)
In economics, a shock is an unexpected or unpredictable event that affects an economy, either positively or negatively. Technically, it is an unpredictable change in exogenous factors—that is, factors unexplained by an economic model—which may influence endogenous economic variables. The response of economic variables, such as GDP and employment, at the time of the shock and at subsequent times, is measured by an impulse response function. Types of shocks A technology shock is the kind resulting from a technological development that affects productivity. If the shock is due to constrained supply, it is termed a supply shock and usually results in price increases for a particular product. Supply shocks can be produced when accidents or disasters occur. The 2008 Western Australian gas crisis resulting from a pipeline explosion at Varanus Island is one example. A demand shock is a sudden change of the pattern of private expenditure, especially of consumption spending by cons ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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