This force can be either physical or paper psychological, and includes threats. Collateral Assets used to assure the payment of a debt. Command System A command system is an economic system in which the factors of production are managed by central planners,. A command system is also known as socialism and was shown by ludwig von Mises in his book, socialism, to be an inefficient method for allocating scarce resources. Commercial bank a bank which accepts deposits subject to withdrawal on demand. Commodity a tangible economic good or item of trade or commerce; for example, corn, gold, or hogs, as distinguished from intangibles and services. Commodity bill doctrine The doctrine that promissory notes, drafts, and similar documents representing loans secured by commodities provide an elastic credit system.
Central Bank Credits Funds available to be borrowed by member banks from a central bank and secured by securities or repurchase agreements. By increasing available funds paper (credits) more money is available to be loaned out by banks. Cheap Money funds borrowed at a low interest rate. Chicago School The Chicago School is a loosely defined group of economists historically associated with the University of Chicago whose fundamental characteristic is its empirical epistemology. Its foremost contemporary representative. Clearing house An agency established by banks or brokers to reduce the labor of paying and receiving funds due one another. Each member's net credit or debit to another member is settled by transfers of net balances to or from established accounts. Coercion The use of force against another person.
Cash Flow Money coming in and money going out. If more money comes in than goes out, there is a positive cash flow. If more money goes out than comes in, there is a negative cash flow. Catallactics The theory of the market economy, which is an important part of the general theory of human action called praxeology. Central Bank a country's bank that alone can legally issue currency and holds the reserves of other banks. It administers monetary policy and engages in transactions designed to influence the economy. In the United States the federal Reserve bank is the central bank.
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Recessions then are the markets attempt to correct for the misallocation of capital during the expansionary periods. Unprofitable investments are liquidated with a renewed emphasis placed on meeting market priorities (unless central banks continue to intervene in the markets). Business Plan A statement of goals and a list against of steps to be taken to accomplish the goals. Most business plans include a description of products or services to be offered, marketing strategies, production methods, human resource requirements, and financial projections of future earnings and expenses. Capital Capital is both productive assets that help to produce either more productive assets or consumer goods, and money that can be used to purchase productive goods. In either case, the asset employed earns enough of a return to pay back the owners (entrepreneurs and businessmen) and form a self-sustaining activity. To the extent that an activity does not earn essays a profit, it is consumptive in nature, rather than productive.
Thus, an automobile in the hands of a profit-making traveling salesman is capital, while a students car used to go out for lunch is not. Cash, too, can be capital or not, depending on what it is used to purchase—a productive asset or a consumer good. Thus, by definition, capital increases productivity and, ultimately, standards of living. Capital goods Produced factors of production, such as tools, buildings, transportation facilities, etc. That make human labor more productive. Capitalism A social system in which the means of production are owned privately. Supply and demand is met by entrepreneurs seeking to earn profits by supplying goods efficiently.
It opposed any discretionary increases or decreases in the quantity of money by central or commercial bankers. Economic Bubble, bullion, bars of a metal. Gold bullion comes in one ounce, ten ounce, one kilogram, and 100 ounce bars. Bullion coins, coins that are minted in large quantities and carry only a slight premium above the spot price of the bullion from which they are minted. Because bullion coins derive most of their value from the metal out of which they are minted, grading their quality is generally not necessary. Bureaucratic Management, bureaucratic management is the type of management used by governments;.
E., where rules and regulations are promulgated from a superior body for bureaucrats to follow. Furthermore, the objectives of such management are not measured in terms of money (profit). Bureaucracy for more information. Business cycle periods of expansion and contraction in economic activity due to central bank manipulation of money. Without a central banks intervention, the market rate of interest would guide investment decisions. On the other hand, if central banks set their interest rates below the market rate of interest, borrowers are encouraged to borrow more than if the market rate of interest prevailed. Conversely, if the central banks set their interest rates above the market rate of interest less money will be available than would be were there a market interest rate in effect. In the long run, the central banks intervention misallocates capital which results in booms (when interest rates are held below the market rate for extended periods) and busts (when interest rates are then raised above the market rates).
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The debtor issues the bond and receives cash (or other assets) in return for the bond. The bond purchaser (or bondholder) is entitled to repayment mba of the loaned funds, plus interest (as payment for the use of the capital over time). Boom, a time of inflation-induced prosperity. Bretton woods Agreement, agreement reached by an international conference at Bretton woods, new Hampshire, in 1944, for the establishment. International Bank for Reconstruction and development and an, international Monetary fund. The American position at the conference was prepared by harry dexter White. The British proposal was in large part the work of John maynard keynes. British Currency School, a nineteenth century school of thought which advocated that all future changes in the nation's quantity of money should correspond precisely with changes in the nation's holdings of monetary gold.
Bankruptcy, a legally recognized status for a debtor who is unable to pay his/her debts. There may be different procedures to follow depending on the severity of the debtors debt to equity ratio and earnings power. A monetary system in which gold and silver coins are used as standard money. Black market, a generic term describing economic transactions in violation of price controls and ration regulations. Black Swan, an event or occurrence that is very rare and not foreseen by most wallpaper people due to their reliance on historical data that does not include the possibility of such an event because it has never occurred before. The consequences of this event are cataclysmic, having a huge impact out of all proportion with normal events. An intangible asset designating debt.
the exports are larger than the imports, a trade surplus exists. Consist of cash in the vault and monies deposited with the central bank. Minimum required bank reserves are set by the central bank. Excess reserves may be lent to other banks that fall short of their required bank reserves. Bank run, when a banks customers lose confidence in the banks ability to pay out the customers deposits, they simultaneously demand their money from the bank. This act ultimately ends in the banks bankruptcy when the banks are operating under a fractional reserve banking system and they dont have enough funds on hand to meet their customers demands for cash.
The two transactions may take place on different exchanges, between two different commodities, in different delivery months, or between the cash and futures markets. Asset, property owned by or owed to an individual or business. On a balance sheet, this includes: cash, accounts receivable, inventory, plant and equipment, loans receivable, deposits, pre-paid expenses, investments, and goodwill, to name a few. Some people think of an asset as anything that puts money into ones pocket. One who believes in authoritarian policies and obedience to authority rather than individual freedom. Balance of payments, recording of a country's economic transactions with the rest of the world during a particular time period. It is divided into two accounts current and capital. The current account covers imports and exports of goods and services; the capital account covers movements of investments. A balance-of-payment deficit usually refers to a current-account excess of imports of goods and services over exports and a deficit in the capital account.needed
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Inflationomics Glossary, a priori, self-evident, known by reason alone without any appeal to experience or sensory perceptions. Acatallactic, catallactics is the theory of the market economy, that is, of exchanges and prices. Lack of this theory is called acatallactic. Acceleration principle, in keynesian theory, the principle that changes in demand for finished goods and services tend to give rise to much greater changes in the demand for producers' or capital goods. A loan secured by real property with an interest rate that is altered periodically to reflect the current interest rate trend. A three year arm plan is adjusted every three (3) years according to the formula outlined in the mortgage documents. If the market interest rate is higher at the time of adjustment, the mortgage rate of interest will be increased with commensurate higher monthly payments. Arbitrage, the purchase of a commodity against the simultaneous sale of a commodity to profit from unequal prices.