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Businessperson
A business person is a person involved in business – in particular someone undertaking activities (commercial or industrial) for the purpose of generating cash flow, sales, and revenue utilizing a combination of human, financial, intellectual and physical capital with a view to fuelling economic development and growth. An entrepreneur is an example of a businessperson
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Businessman (other)
A businessman or businessperson is a business professional.Look up businessman in Wiktionary, the free dictionary.(The) Businessman or (The) Business Man may refer to:"The Business Man" (short story), a short story by Edgar Allan Poe Businessman (film), a film by Puri Jagannadh The Businessman (novel), a novel by Thomas M
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Profit (economics)
In economics, profit in the accounting sense of the excess of revenue over cost is the sum of two components: normal profit and economic profit. Normal profit is the profit that is necessary to just cover the opportunity costs of the owner-manager or of the firm's investors. In the absence of this much profit, these parties would withdraw their time and funds from the firm and use them to better advantage elsewhere
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Financial Market
A financial market is a market in which people trade financial securities, commodities, and value at low transaction costs and at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include precious metals or agricultural products. The term "market" is sometimes used for what are more strictly exchanges, organizations that facilitate the trade in financial securities, e.g., a stock exchange or commodity exchange. This may be a physical location (like the NYSE, BSE, LSE, JSE) or an electronic system (like NASDAQ)
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Business Sector
In economics, the business sector or corporate sector - sometimes popularly called simply "business" - is "the part of the economy made up by companies".[1] It is a subset of the domestic economy,[2] excluding the economic activities of general government, of private households, and of non-profit organizations serving individuals.[3] An alternative analysis of economies, the three-sector theory, subdivides them into:[citation needed]the primary sector (producing raw materials) the secondary sector (carrying out manufacturing) the tertiary sector (providing sales and services)In the United States
United States

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Invisible Hand
The invisible hand is a term used by Adam Smith
Adam Smith
to describe the unintended social benefits of individual self-interested actions. The phrase was employed by Smith with respect to income distribution (1759) and production (1776). The exact phrase is used just three times in Smith's writings, but has come to capture his notion that individuals' efforts to pursue their own interest may frequently benefit society more than if their actions were directly intending to benefit society. Smith may have come up with the two meanings of the phrase from Richard Cantillon
Richard Cantillon
who developed both economic applications in his model of the isolated estate.[1] Smith first introduced the concept in The Theory of Moral Sentiments, written in 1759, invoking it in reference to income distribution
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Liberalization
Liberalization (or liberalisation) is a general term for any process whereby a state lifts restrictions on some private individual activities. Liberalization occurs when something which used to be banned is no longer banned, or when government regulations are relaxed. Liberalisation means the removal of rules and regulations at various levels of the economy. It prefers free and competitive market and reduce the role of the state in economic affairs. It refers free trade and the removal of government control over economy, for example external trade, foreign investment, loans and aid, technological progress, etc
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Marginalism
Marginalism
Marginalism
is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost
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Private Property
Private property
Private property
is a legal designation for the ownership of property by non-governmental legal entities.[1] Private property
Private property
is distinguishable from public property, which is owned by a state entity; and from collective (or cooperative) property, which is owned by a group of non-governmental entities.[2][3] Private property
Private property
can be either personal property (consumption goods) or capital goods. Private property is a legal concept defined and enforced by a country's political system.[4]Contents1 History 2 Economics 3 Criticism 4 See also 5 References 6 External linksHistory[edit]Gate with a private property sign.Prior to the 18th century, English-speakers generally used the word "property" in reference to land ownership
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Rent Seeking
In economics and in public-choice theory, rent-seeking involves seeking to increase one's share of existing wealth without creating new wealth. Rent-seeking results in reduced economic efficiency through poor allocation of resources, reduced actual wealth-creation, lost government revenue, increased income inequality,[1] and (potentially) national decline. Attempts at capture of regulatory agencies to gain a coercive monopoly can result in advantages for the rent seeker in a market while imposing disadvantages on (incorrupt) competitors
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Economic Surplus
In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities. Consumer surplus or consumers' surplus is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay
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Surplus Value
Surplus value
Surplus value
is a central concept in Karl Marx's critique of political economy. "Surplus value" is a translation of the German word "Mehrwert", which simply means value added (sales revenue less the cost of materials used up). Conventionally, value-added is equal to the sum of gross wage income and gross profit income. However, Marx uses the term Mehrwert to describe the yield, profit or return on production capital invested, i.e. the amount of the increase in the value of capital
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Anglo-Saxon Model
The Anglo-Saxon model or Anglo-Saxon capitalism (so called because it is practiced in English-speaking countries such as the United Kingdom, the United States, Canada, New Zealand, Australia[1] and Ireland[2]) is a capitalist model that emerged in the 1970s, based on the Chicago school of economics. However, its origins date to the 18th century in the United Kingdom
United Kingdom
under the ideas of the classical economist Adam Smith. Characteristics of this model include low levels of regulation and taxes, and the public sector providing very few services
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Mercantilism
Mercantilism
Mercantilism
is a national economic policy designed to maximize the trade of a nation and, historically, to maximize the accumulation of gold and silver.[citation needed] Mercantilism
Mercantilism
was dominant in modernized parts of Europe from the 16th to the 18th centuries[1] before falling into decline, although some commentators argue[2] that it is still practised in the economies of industrializing countries in the form of neomercantilism. It promotes governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. Mercantilism
Mercantilism
includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods
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Mixed Economy
A mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise.[1] There is not only one definition of a mixed economy,[2] but two major definitions are recognized. The first of these definitions is a mixture of markets with state interventionism, referring to capitalist market economies with strong regulatory oversight, interventionist policies and governmental provision of public services. The second definition is apolitical in nature and strictly refers to an economy containing a mixture of private enterprise with public enterprise.[3] In most cases and particularly with reference to Western economies, a mixed economy refers to a capitalist economy characterized by the predominance of private ownership of the means of production with profit-seeking enterprise and the accumulation of capital as its fundamental driving force
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Nordic Model
The Nordic model
Nordic model
(also called Nordic capitalism[1] or Nordic social democracy)[2][3] refers to the economic and social policies common to the Nordic countries
Nordic countries
(Denmark, Finland, Norway, Iceland, the Faroe Islands and Sweden). This includes a combination of free market capitalism with a comprehensive welfare state and collective bargaining at the national level with a high percentage of workers belonging to a labour union;[4] and state provision of free education and free healthcare as well as generous, guaranteed pension payments for retirees funded by taxation.[5][6] The Nordic model
Nordic model
began to earn attention after World War II.[7][8] Although there are significant differences among the Nordic countries, they all share some common traits
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