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Consumption as word became popular from Adam Smith’s term consumptibility used in 1763 as a replacement for comestibleness (comeasttibleness) coined by Mandeville from comestible or edible based on comedere Latin to eat. Mandeville used the term for the opulence or … Continue reading
Utility refers to the aesthetic pleasure afforded by the convenience of a thing or result. Adam Smith took this pleasure to play an important role in sustaining economic activity and political planning. This abstract term gave rise to the terms … Continue reading
Capitalism stems from a range of financial facilities that enable control of economic activities to accumulate in the hands of the elite segment of society. That those who supply labour fall below the suppliers of capital and financial instruments, is … Continue reading
Dollar as currency was made popular by the USA – the American Dollar, but some other countries also have their own dollar valued differently this days. There is the Australian dollar, and the Canadian dollar for example. How did the … Continue reading
Since Roman times, the word pound has normally referred to a unit of weight. The currency unit Pound Sterling was stabilised by queen Elizabeth I in 1560 by fixing its value at the equivalent of four ounces of sterling silver. … Continue reading
Banking including the use of cheques was already in practice among the Persians in the time of king Darius I (521-486 BC). Modern Banking started in Italy with bookkeeping called scritta by which merchants settled transactions by booking the one … Continue reading
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