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Money
Money
Money
is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment.[4][5] Any item or verifiable record that fulfills these functions can be considered as money. Money
Money
is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money.[4] Fiat money, like any check or note of debt, is without use value as a physical commodity
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Money (other)
Disambiguation usually refers to word-sense disambiguation, the process of identifying which meaning of a word is used in context. Disambiguation may also refer to:Sentence boundary disambiguation, the problem in natural language processing of deciding where sentences begin and end Syntactic disambiguation, the problem of resolving syntactic ambiguity Memory disambiguation, a set of microprocessor execution techniquesMusic[edit]Ø (Disambiguation), a 2010 album by Underoath Disambiguation (Pandelis Karayorgis album), a 2002 album by Pandelis Karayorgis and Mat ManeriSee also[edit]Ambiguity, an attribute of any concept, idea, statement or claim whose meaning, intention or interpretation cannot be definitively resolvedThis disambiguation page lists articles associated with the title Disambiguation. If an internal link led you here, you may wish to change the link to point directly to the
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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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American School (economics)
The American School, also known as the "National System", represents three different yet related constructs in politics, policy and philosophy. It was the American policy from the 1860s to the 1970s, waxing and waning in actual degrees and details of implementation. Historian Michael Lind
Michael Lind
describes it as a coherent applied economic philosophy with logical and conceptual relationships with other economic ideas.[1] It is the macroeconomic philosophy that dominated United States national policies from the time of the American Civil War
American Civil War
until the mid-twentieth century.[2][3][4][5][6][7] Closely related to mercantilism, it can be seen as contrary to classical economics
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State-sponsored Capitalism
The East Asian model (sometimes known as state-sponsored capitalism [1]) is an economic system where the government invests in certain sectors of the economy in order to stimulate the growth of new (or specific) industries in the private sector. It generally refers to the model of development pursued in East Asian economies such as Hong Kong, Macau, Japan, South Korea, and Taiwan.[2] It has also been used to classify the contemporary economic system in Mainland China
China
since the Deng Xiaoping economic reforms during the late 1970s.[3] Key aspects of the East Asian model include state control of finance, direct support for state-owned enterprises in "strategic sectors" of the economy or the creation of privately owned "national champions", high dependence on the export market for growth, and a high rate of savings
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Regulated Market
A regulated market (RM) or controlled market is an idealized system where the government controls the forces of supply and demand, such as who is allowed to enter the market and/or what prices may be charged.[1] It is common for some markets to be regulated under the claim that they are natural monopolies. For example, telecommunications, water, gas or electricity supply. Often, regulated markets are established during the partial privatisation of government controlled utility assets
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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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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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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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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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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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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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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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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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Competition (economics)
In economics, "competition" is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, promotion and place
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Company
A company, abbreviated as co., is a legal entity made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise. Company
Company
members share a common purpose, and unite in order to focus their various talents and organize their collectively available skills or resources to achieve specific, declared goals
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