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False Economy
In economics, a false economy or hallucinated economy is an action that does save money at the beginning but which, over a longer period of time, results in more money being spent or wasted than being saved. For example, it may be false economy if a city government decided to purchase the cheapest automobiles for use by city workers to save money; however, if cheap automobiles have a record of needing more frequent repairs, the additional repair costs would eradicate any initial savings. Motivating factors on the part of the party engaging in a false economy may be linked to the long-term involvement of this party. For example, a real estate developer who builds a condominium may turn the finished structure over to the ensuing condominium corporation which is run by its members once the last unit is sold and the building has passed a final inspection. Longevity of the components of the structure beyond the final turnover of the facility may not be a major motivating factor for the d ... [...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] |
Frederick William I Of Prussia
Frederick William I (; 14 August 1688 – 31 May 1740), known as the Soldier King (), was King in Prussia and Elector of Brandenburg from 1713 until his death in 1740, as well as Prince of Neuchâtel. Born in Berlin, he was raised by the Huguenot governess Marthe de Roucoulle. His political awakening occurred during the Great Northern War's plague outbreak in Prussia, leading to his challenge against corruption and inefficiency in government. He initiated reforms, especially in the military, doubling the Prussian Army and increased the officer corps to 3,000. A believer in absolute monarchy, he focused on state development and financial reorganization, imposing taxes and stringent regulations on public servants. He made efforts to reduce crime and centralized his authority during his 27 years' reign, cementing Prussia as a regional power. Despite his effective rule, he had a harsh nature, exacerbated by his health issues. He engaged in colonial affairs, but prioritized militar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Macaulay
Thomas Babington Macaulay, 1st Baron Macaulay, (; 25 October 1800 – 28 December 1859) was an English historian, poet, and Whig politician, who served as the Secretary at War between 1839 and 1841, and as the Paymaster General between 1846 and 1848. He is best known for his '' The History of England'', a seminal example of Whig history which expressed Macaulay's belief in the inevitability of sociopolitical progress and has been widely commended for its prose style. Macaulay also played a substantial role in determining India's education policy, in which he was guided by his conviction that Western European culture was superior to that of India and the Middle East. Early life Macaulay was born at Rothley Temple in Leicestershire on 25 October 1800, the son of Zachary Macaulay, a Scottish Highlander, who became a colonial governor and abolitionist, and Selina Mills of Bristol, a former pupil of Hannah More. They named their first child after his uncle Thomas Babin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reichsthaler
The ''Reichsthaler'' (; modern spelling Reichstaler), or more specifically the ''Reichsthaler specie'', was a standard thaler silver coin introduced by the Holy Roman Empire in 1566 for use in all German states, minted in various versions for the next 300 years, and containing 25–26 grams fine silver. ''North German thaler, Reichsthaler'' was also the name of a currency unit worth less than the ''Reichsthaler specie'' introduced by several North German states from the 17th century; discussed separately under ''North German thaler''. Several old books confusingly use the same term ''Reichsthaler'' for the Speciesthaler, specie silver coin as well as the currency unit. This is disambiguated by referring to the full-valued coin as the ''Speciesthaler, Reichsthaler specie'' and the lower-valued currency unit as the ''Reichsthaler currency (courant, kurant)''. History The ''Reichsthaler'' – literally, the ''dollar of the realm'' – was the most successful standard silver coin re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Counterfeit Consumer Goods
Counterfeit consumer goods are goods illegally made or sold without the brand owner's authorization, often violating trademarks. Counterfeit goods can be found in nearly every industry, from luxury products like designer handbags and watches to everyday goods like electronics and medications. Typically of lower quality, counterfeit goods may pose health and safety risks. Various organizations have attempted to estimate the size of the global counterfeit market. According to the OECD, counterfeit goods made up approximately 2.5% of global trade in 2019, with an estimated value of $464 billion. Sales of counterfeit and pirated goods are projected to reach €1.67 trillion (approximately $1.89 trillion USD) by 2030. Despite the illegality of counterfeit items, many counterfeit items, especially fashion items such as handbags, watches, shoes and sports jerseys, are widely sold in many regions and are purchased by both locals and tourists, typically at markets in Africa, Asia, Lati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Do It Yourself
"Do it yourself" ("DIY") is the method of building, wikt:modification, modifying, or repairing things by oneself without the direct aid of professionals or certified experts. Academic research has described DIY as behaviors where "individuals use Raw material, raw and semi-raw materials and parts to produce, transform, or reconstruct material possessions, including those drawn from the natural environment (e.g., landscaping)". DIY behavior can be triggered by various motivations previously categorized as market economy, marketplace motivations (economic benefits, lack of product availability, lack of product quality, need for customization), and identity (social science), identity enhancement (Workmanship, craftsmanship, empowerment, community seeking, uniqueness). The term "do-it-yourself" has been associated with consumers since at least 1912 primarily in the domain of home improvement and maintenance activities. The phrase "do it yourself" had come into common usage (in stan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Planned Obsolescence
In economics and industrial design, planned obsolescence (also called built-in obsolescence or premature obsolescence) is the concept of policies planning or designing a good (economics), product with an artificially limited Product lifetime, useful life or a purposely frail design, so that it becomes obsolete after a certain predetermined period of time upon which it decrementally functions or suddenly ceases to function, or might be perceived as fashion, unfashionable. The rationale behind this strategy is to generate long-term sales volume by reducing the time between repeat purchases (referred to as "shortening the replacement cycle"). It is the deliberate shortening of the lifespan of a product to force people to purchase functional replacements. Planned obsolescence tends to work best when a producer has at least an oligopoly. Before introducing a planned obsolescence, the producer has to know that the customer is at least somewhat likely to buy a replacement from them in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poverty
Poverty is a state or condition in which an individual lacks the financial resources and essentials for a basic standard of living. Poverty can have diverse Biophysical environment, environmental, legal, social, economic, and political causes and effects. When evaluating poverty in statistics or economics there are two main measures: ''absolute poverty'' which compares income against the amount needed to meet basic needs, basic personal needs, such as food, clothing, and Shelter (building), shelter; secondly, ''relative poverty'' measures when a person cannot meet a minimum level of living standards, compared to others in the same time and place. The definition of ''relative poverty'' varies from one country to another, or from one society to another. Statistically, , most of the world's population live in poverty: in Purchasing Power Parity, PPP dollars, 85% of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Total Cost Of Ownership
Total cost of ownership (TCO) is a financial estimate intended to help buyers and owners determine the direct and indirect costs of a product or service. It is a management accounting concept that can be used in full cost accounting or even ecological economics where it includes social costs. For manufacturing, as TCO is typically compared with doing business overseas, it goes beyond the initial manufacturing cycle time and cost to make parts. TCO includes a variety of cost of doing business items, for example, ship and re-ship, and opportunity costs, while it also considers incentives developed for an alternative approach. Incentives and other variables include tax credits, common language, expedited delivery, and customer-oriented supplier visits. Use of concept TCO, when incorporated in any financial benefit analysis, provides a cost basis for determining the total economic value of an investment. Examples include: return on investment, internal rate of return, economic v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Planned Obsolescence
In economics and industrial design, planned obsolescence (also called built-in obsolescence or premature obsolescence) is the concept of policies planning or designing a good (economics), product with an artificially limited Product lifetime, useful life or a purposely frail design, so that it becomes obsolete after a certain predetermined period of time upon which it decrementally functions or suddenly ceases to function, or might be perceived as fashion, unfashionable. The rationale behind this strategy is to generate long-term sales volume by reducing the time between repeat purchases (referred to as "shortening the replacement cycle"). It is the deliberate shortening of the lifespan of a product to force people to purchase functional replacements. Planned obsolescence tends to work best when a producer has at least an oligopoly. Before introducing a planned obsolescence, the producer has to know that the customer is at least somewhat likely to buy a replacement from them in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boots Theory
The Sam Vimes theory of socioeconomic unfairness, often called simply the boots theory, is an economic theory that people in poverty have to buy cheap and subpar products that need to be replaced repeatedly, proving more expensive in the long run than more expensive items. The term was coined by English fantasy writer Sir Terry Pratchett in his 1993 ''Discworld'' novel '' Men at Arms''. In the novel, Sam Vimes, the captain of the Ankh-Morpork City Watch, illustrates the concept with the example of boots. The theory has been cited with regard to analyses of the prices of boots, fuel prices, and economic conditions in the United Kingdom. Conception In the ''Discworld'' series of novels by Terry Pratchett, Sam Vimes is the captain of the City Watch of the fictional city-state of Ankh-Morpork. In the 1993 novel '' Men at Arms'', the second novel focusing on the City Watch through Vimes' perspective, Vimes muses on how expensive it is to be poor: In the ''New Statesman'', Marc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
