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process of making a product/ service available for use or consumption by a consumer using direct means, or using indirect means with intermediaries

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allocates capital with the expectation of a future financial return

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A speculative investment is one with a high degree of risk where the focus of the purchaser is on price fluctuations. The investor buys the tradable good (financial instrument) in an attempt to profit from market value changes.

We call somebody who makes a speculative investment a speculator. He or she is less concerned with the fundamental value of a security, and more on price movements. The investor doesn't care about the annual income the asset may bring, such as dividends or interest payments. What matters is how much he or she can sell it for at a future date.

Speculative investments may occur in markets for real estate, stocks, currencies, antiques, fine art, commodity futures, and collectibles.
It is important to know the difference between saving, an investment and a speculative investment.
With the emergence in 1867 of the stock ticker machine, traders no longer had to be physically present on the stock exchange floor. From then to the end of the 1920s, stock speculation expanded dramatically. In 1900 there were 4.4 billion shareholders in the United States. This number grew to 26 million by 1932.

Speculative investment vs. an investment

Investment refers to the application of resources (money) to make more money, or the buying of goods that are not consumed today, but are used to create future wealth. Investments typically provide income plus growth.

Many experts say a speculative investment is simply an investment with more risk. However, the definition varies widely among academics, legislators and pundits.

The US Commodity Futures Trading Commission defines a speculator (in commodity futures) as:

"A trader who does not hedge, but who trades with the objective of achieving profits through the successful anticipation of price movements."

Cambridge Dictionaries Online defines a speculative investment as follows:

"An investment that carries a high level of risk of loss, or the activity of investing in these types of investment."

Put simply, one could say that a speculative investment is just about growth, while an investment is about income plus growth.

A speculative-grade bond is defined by Moody's as one with a Ba or lower rating, a BB or lower by Standard & Poor's, or an unrated bond ( source: Nasdaq Business Glossary) We call high-yield high-risk bonds junk bonds.

Example of a speculative investment

Imagine you live in a fictitious country called Malandia, and its currency is the malan. There are 100 malans to one US dollar.

Malandia's main export is oil. In fact, oil makes up more than 90% of the country's hard currency earnings. A hard currency is one that people trust and expect to maintain its value, such as the US dollar, British pound sterling, euro, Swiss franc and Japanese yen.

You read that most of the world's experts predict the price of crude oil globally will plummet by more than 60% over the next two months and stay low for at least two years.

You believe this will trigger a severe devaluation of the malan. So you convert all your local currency to US dollars. That is a speculative investment. You are just want to make a profit because of the change in value of a currency.

Many people see gold as a safe haven during turbulent times. However, the price of this precious metal fluctuates, sometimes significantly; meaning that it is a speculative investment.

Although speculation is frowned upon, speculators play a vital role in the market by providing much needed liquidity.

Video - Saving, Investment or Speculative Investment?

An investor must understand the difference between saving, investment and a speculative investment. People who mix up the three definitions run the risk of losing loads of money.

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What is a speculative investment? Definition and examples

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A speculative investment is one with a high degree of risk where the focus of the purchaser is on price fluctuations. The investor buys the tradable good (financial instrument) in an attempt to profit from market value changes. We call somebody who makes a speculative investment a speculator.

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a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively/action(strategy) that may be used in adverse circumstances.

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Writing your first terminological definition might be a bit overwhelming. So how do you start? Well, many authors seem to agree that the most widely used type of definition is the intensional definition. I recommend you consult the sources below for more information as this is just a brief introduction to the subject, especially if you are going to be writing a lot of definitions for your termbase.

First, let's review the ideas of superordinate, subordinate, and coordinate concepts. Let's say we have three levels: The top level is superordinate and refers to the general topic (e.g. energy), the second level is subordinate and refers to those specific concepts under the general topic (e.g., (i) renewable energy or (2) nonrenewable energy) and the third level is coordinate and refers to same-level concepts (e.g., (1) wind, solar, bio, geothermal energies, etc. or (2) fossil fuels, coal, petroleum, etc.).

So, when you write an intensional definition you usually start by referring to the superordinate concept and then you describe the characteristics that make that concept unique. It's composed of a "genus" (superordinate) and a "differentia" (delimiting characteristics), where genus is the "class of things to which the term belongs" and differentia "distinguishes it from other things in that class." (Source 2). By the way, it was Aristotle who first introduced the concept of definition and used "genus proximum" and "differentia specifica" to define species.

Let's take the above examples to explain this. How do we define renewable energy and nonrenewable energy?
Renewable energy
Energy that comes from resources which are naturally replenished on a human timescale such as sunlight, wind, rain, tides, waves, and geothermal heat. ( Wikipedia)

Another way of writing a definition is using another comprehensive (superordinate) concept other than "energy".
Nonrenewable energy
A resource that does not renew itself at a sufficient rate for sustainable economic extraction in meaningful human time-frames. ( Wikipedia)

You might have noticed that the definition of renewable energy also presents a list of renewable energies. This is also very common and is called an " extensional definition ". So you could also make use of a definition that is extensional, i.e., you list the coordinate concepts. The easiest example to understand it is by looking at the definition of "Solar System". Can you define it without enumerating the planets? If the answer is no, then you probably have an extensional definition (or a hybrid: intensional/extensional). In many cases, you can add the extension of your definition to your termbase as a Note field to clarify the concept.

In their article on Intensional Definitions (Source 1 below), the authors give an easy-to-follow list of the rules for writing and assessing intensional definitions. Among others, the list suggests to

1. be precise: Include all the characteristics that make that concept unique.

2. be concise: Make it short, don't go overboard by giving too many unnecessary details.

3. be objective: Make sure your definition is neutral and impartial.

4. keep your target group in mind: are you writing for experts or laypeople?

5. avoid circular and negative definitions: do not repeat the same idea or term and keep it real (that is, say "what a concept is, not what it is not").

Finally, keep in mind the description given by Encyclopedia Britannica of "Intension" and "Extension". I think it will help you get a better idea of what I just explained.
"'intension' indicates the internal content of a term or concept that constitutes its formal definition; and ´extension' indicates its range of applicability by naming the particular objects that it denotes. For instance, the intension of 'ship' [...] is 'vehicle for conveyance on water,' whereas its extension embraces such things as cargo ships, passenger ships, battleships, and sailing ships."
Note: Do not confuse the homonyms "intension" with an "s" and "intention" with a "t" (purpose, goal).
Sources and further reading:

1. Löckinger, Georg; Kockaert, Hendrik J., and Budin, Gerhard. Intensional Definitions, in Handbook of Terminology, Volume 1, edited by Hendrik J. Kockaert and Frieda Steurs.

2. "Critical Thinking: Definitions Pt. 2: Intensional vs Extensional Definitions, Genus and Differentia, Four Rules for Good Definitions", posted by Amitabha Palmer in the blog "Mission to Transition" [consulted on July 13, 2015)

3. Encyclopedia Britannica, Intension and extension, consulted on July 13, 2015).

Image source

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Writing your first terminological definition - In My Own Terms

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Writing your first terminological definition might be a bit overwhelming. So how do you start? Well, many authors seem to agree that the most widely used type of definition is the intensional definition. I recommend you consult the... Read More

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an authoritative warning or order.

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the use of an arbitrator to settle a dispute.

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The legal definition of Arbitration is An agreement to submit a dispute for a hearing and binding decision by a third-party, an arbitrator(s), who is neither a judge or a Court

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a device used to ensure that machines remain inoperable while repairs or adjustments are made.

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OSHA Standard 29 CFR 1910.147Lockout/tagout Refresher Training

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a list of people or products viewed with suspicion or disapproval.

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Press question mark to see available shortcut keys

Great post for email marketers with tips to stay off email blacklists. Have you ever found yourself on a blacklist? If so, what did you do to get removed?

Tips To Keep Off (and Stay Off) Email Blacklists
In an ideal world the only #email #marketers that would end up on email #blacklists would be #spammers; unfortunately, as careful and well-intended as you might be, you can still end up getting #blacklisted. According to Return Path, a surprising 20% of businesses in the U.S. have been blacklisted. These are "white hat" email marketers who are not intentionally #spamming customers, rather they're sending relevant content to an audience that has expressed interest in receiving communication.

Before we go into the "How To Keep Off" - let's define blacklists. Blacklists generally refer to lists of email or IP addresses that are suspected to deliver spam emails, #malware or other unwanted messages. While the exact number of blacklists is not known, the most reputable ones carry quite a bit of weight and can negatively impact email delivery. They are often used by mail servers for filtering incoming mail in order to reduce spam and enhance security and reliability.

There are two types of blacklists: IP blacklists and domain blacklists. IP blacklists are concerned with the source of the message (the sending IP), while domain blacklists are concerned with the source of the links inside the message. There are several main blacklists you should be concerned about staying off of, as a sender, including Spamhaus and SpamCop. Learn more about them and the other key players here: http://gplus.ly/1Eab8vC

Here are some tips to avoid being added to an email blacklist:

1) Do not be a spammer!
Only send out email to people who actually subscribed to receive your message and be sure to include an unsubscribe link. This means do not use purchased email lists.

The best plan of attack to prevent being blacklisted is to ask customers to whitelist you. Having your customers add your sender address to their address book increases your deliverability since ISPs will see you as a personal contact of this individual customer. An added benefit is that this is a way to get your emails out of the Promotions tab and into the main inbox.

2) Manage your email list, message and frequency.
If you are bombarding your subscribers with emails, especially if the message is not very important or poorly crafted, you are more likely to be seen as a spammer. Choose your words carefully. Be aware of spammy words and make a conscious effort to avoid them. The most common reasons behind being listed are poor data quality and high complaints.

On the flipside, blacklisting is often triggered by sending emails to subscribers on a list that has been inactive for a long time - often around the Christmas holidays when marketers suddenly remember that they have a list.

Keep your list clean by removing unsubscribes and inactive email addresses to control bounce rates.

3) Watch your links and redirects.
The domain based blacklists are lists of domain names that appear within the email body. This blacklist will look for the URLs within the body of the email to see if it contains a domain that has been identified as a source of spam. These blacklists will not only look at the initial link, but those it redirects to as well to see if they contain the spammy domains. It is also recommended that you steer clear of link shorteners.

4) Monitor blacklist status and sender score
Use sites such as Return Path or MultiRLB.valli.org to check your IP address against these databases and make sure that you aren't blacklisted.

Sources:
http://gplus.ly/1Ea8mqv
http://gplus.ly/1Eab8vC
http://gplus.ly/1EabpPh
http://gplus.ly/1Ihs2NK
http://gplus.ly/1IhsBav

We would love to hear from the email marketers in our audience! Have you ever found yourself on a blacklist? Have you ever given this any thought before? Are you planning to make any changes to how you send email now that you have read this?

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Tips To Keep Off (and Stay Off) Email Blacklists In an ideal world the only #...

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Press question mark to see available shortcut keys Great post for email marketers with tips to stay off email blacklists. Have you ever found yourself on a blacklist? If so, what did you do to get removed?

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a grant of public land, especially to an institution, organization, or to particular groups of people.

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LAND GRANTS | The Handbook of Texas Online| Texas State Historical Association (TSHA)

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All copyrighted materials included within the Handbook of Texas Online are in accordance with Title 17 U.S.C. Section 107 related to Copyright and "Fair Use" for Non-Profit educational institutions, which permits the Texas State Historical Association (TSHA), to utilize copyrighted materials to further scholarship, education, and inform the public.

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a group of people elected to govern a city, town, or borough.

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The business structure you choose will have legal and tax implications. Learn about the different types of business structures and find the one best suited for your business.

A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner. You are entitled to all profits and are responsible for all your business's debts, losses and liabilities.

Like all businesses, you need to obtain the necessary licenses and permits. Regulations vary by industry, state and locality.

If you choose to operate under a name different than your own, you will most likely have to file a fictitious name (also known as an assumed name, trade name, or a DBA name, short for "Doing Business As"). You must choose an original name; it cannot already be claimed by another business.

Partnership

A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return each partner shares in the profits and losses of the business.

Because partnerships entail more than one person in the decision-making process, it is important to discuss a wide variety of issues up front and develop a legal partnership agreement. This agreement should document how future business decisions will be made, including how the partners will divide profits, resolve disputes, change partners, and how to dissolve the partnership.

A partnership must file a federal annual information return to report the income, deductions, and gains and losses from the business' operations. The business itself does not pay income tax. Instead the business passes through any profits or losses to its partners. Partners include their respective share of the partnership's income or loss on their personal returns.

A corporation is an independent legal entity owned by shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs. Corporations are more complex than other business structures because they tend to have costly administrative fees and complex tax and legal requirements. Because of these issues, corporations are generally suggested for established, larger companies with multiple employees. For businesses in that position, corporations offer the ability to sell ownership shares in the business through stock offerings. "Going public" through an initial public offering (IPO) is a major selling point in attracting investment capital and high quality employees.

To register your business as a corporation, you need to file certain documents, typically articles of incorporation, with your state's Secretary of State office. Some states require corporations to establish directors and issue stock certificates to initial shareholders in the registration process. Contact your state business entity registration office to find out about specific filing requirements in the state where you form your business.

Deciding the legal structure of your business is a very important decision. I would recommend consultations with a qualified attorney before you thake that final legal step.

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The legal structure of your business is important

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The business structure you choose will have legal and tax implications. Learn about the different types of business structures and find the one best suited for your business. A sole proprietorship is the simplest and most common structure chosen to start a business.

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the combination in one company of two or more stages of production normally operated by separate companies.

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An illustration of vertical integration process.

Definition

Vertical integration

is a strategy used by a company to gain control over its suppliers or distributors in order to increase the firm's power in the marketplace, reduce transaction costs and secure supplies or distribution channels.

Forward integration

is a strategy where a firm gains ownership or increased control over its previous customers (distributors or retailers).

Backward integration

is a strategy where a firm gains ownership or increased control over its previous suppliers.

What is vertical integration?

Vertical integration (VI) is a strategy that many companies use to gain control over their industry's value chain. This strategy is one of the major considerations when developing corporate level strategy. The important question in corporate strategy is, whether the company should participate in one activity (one industry) or many activities (many industries) along the industry value chain. For example, the company has to decide if it only manufactures its products or would engage in retailing and after-sales services as well. Two issues have to be considered before integration:

Costs. An organization should vertically integrate when costs of making the product inside the company are lower than the costs of buying that product in the market.

Scope of the firm. A firm should consider whether moving into new industries would not dilute its current competencies. New activities in a company are also harder to manage and control. The answers to previous questions determine if a company will pursue none, partial or full VI.

The example below illustrates a general industry value chain and none, partial or full VI of a corporate operating in that industry.

Difference between vertical and horizontal integrations

VI is different from horizontal integration, where a corporate usually acquires or mergers with a competitor in a same industry. An example of horizontal integration would be a company competing in raw materials industry and buying another company in the same industry rather than trying to expand to intermediate goods industry. Horizontal integration examples: Kraft Foods taking over Cadbury, HP acquiring Compaq or Lenovo buying personal computer division from IBM.

Types of vertical integration

Firms can pursue forward, backward or balanced VI strategies.

Forward integration

If the manufacturing company engages in sales or after-sales industries it pursues forward integration strategy. This strategy is implemented when the company wants to achieve higher economies of scale and larger market share. Forward integration strategy became very popular with increasing internet appearance. Many manufacturing companies have built their online stores and started selling their products directly to consumers, bypassing retailers. Forward integration strategy is effective when:

Few quality distributors are available in the industry.

Distributors or retailers have high profit margins.

Distributors are very expensive, unreliable or unable to meet firm's distribution needs.

The industry is expected to grow significantly.

There are benefits of stable production and distribution.

The company has enough resources and capabilities to manage the new business.

Backward integration

When the same manufacturing company starts making intermediate goods for itself or takes over its previous suppliers, it pursues backward integration strategy. Firms implement backward integration strategy in order to secure stable input of resources and become more efficient. Backward integration strategy is most beneficial when:

Firm's current suppliers are unreliable, expensive or cannot supply the required inputs.

There are only few small suppliers but many competitors in the industry.

The industry is expanding rapidly.

The prices of inputs are unstable.

Suppliers earn high profit margins.

A company has necessary resources and capabilities to manage the new business.

Balanced integration strategy is simply a combination of forward and backward integrations.

Vertical integration examples

Many businesses around the world use vertical integration to gain competitive advantage. Some of the examples include: Apple Inc., Samsung Electronics, The Coca Cola Company, Alphabet (Google) Inc., Ford Motor Company, Toyota Motor Corporation and many other businesses.

Advantages

Advantages of the strategy:

Lower costs due to eliminated market transaction costs;

Improved quality of supplies;

Critical resources can be acquired through VI;

Improved coordination in supply chain;

Greater market share;

Secured distribution channels;

Facilitates investment in specialized assets (site, physical-assets and human-assets);

New competencies.

Disadvantages

Disadvantages of VI:

Higher costs if the company is incapable of managing new activities efficiently;

The ownership of supply and distribution channels may lead to lower quality products and reduced efficiency because of the lack of competition;

Increased bureaucracy and higher investments leads to reduced flexibility;

Higher potential for legal repercussion due to size (An organization may become a monopoly);

New competencies may clash with old ones and lead to competitive disadvantage.

Alternatives to VI

This strategy may not always be the best choice for an organization due to a lack of sufficient resources that are needed to venture into a new industry. Sometimes the alternatives to VI offer more benefits. The available choices differ in the amount of investments required and the integration level. For example, short-term contracts require little integration and much less investments than joint ventures.

Vertical Integration Alternatives

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The Best Explanation of Vertical Integration Ever

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Vertical integration is a strategy used by a company to gain control over its suppliers or distributors in order to increase the firm's power in the marketplace, reduce transaction costs and secure supplies or distribution channels. Forward integration is a strategy where a firm gains ownership or increased control over its previous customers (distributors or retailers).

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a proportionate saving in costs gained by an increased level of production.

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Economies of scale occur when increasing output leads to lower long-run average costs.

Diagram of economies of scale

Increasing output from Q2 to Q1, we see a decrease in long-run average costs from P1 to P2.

Economies of scale are important because they mean that as firms increase in size, they can become more efficient. For certain industries, with significant economies of scale, it is important to be a large firm; otherwise, they will be inefficient

Examples of economies of scale
1. Specialization and division of labour
In large scale operations workers can do more specific tasks. With little training they can become very proficient in their task, this enables greater efficiency. A good example is an assembly line with many different jobs.
2. Technical
Some production processes require high fixed costs e.g. building a large factory. If a car factory was then only used on a small scale, it would be very inefficient to run. By using the factory to full capacity, average costs will be lower.

3. Bulk buying
If you buy a large quantity, then the average costs will be lower. This is because of lower transport costs and less packaging. This is why supermarkets get lower prices from suppliers than local corner shops.

4. Spreading overheads
If a firm merged, it could rationalise its operational centres. E.g. it could have one head office rather than two.
5. Risk-bearing economies
Some investments are very expensive and perhaps risky. Therefore only a large firm will be able and willing to undertake the necessary investment. E.g. pharmaceutical industry needs to take risks in developing new drugs
6. Marketing economies of scale
There is little point a small firm advertising on a national TV campaign because the return will not cover the high sunk costs
7. The container principle
To increase capacity eight-fold, it is necessary to increase surface area only four fold.
8. Financial economies
A bigger firm can get a better rate of interest than small firms
9. External economies of scale
This occurs when firms benefit from the whole industry getting bigger. E.g. firms will benefit from better infrastructure, access to specialised labour and good supply networks. E.g. microchip producers often set up in Silicon Valley

Internal economies of scale

Most of the above economies of scale are internal. It means the economies benefit the firm when it grows in size

Studies in economies of scale

Studies in economies of scale suggest that, in the automobile industry, to attain the lowest point on the long run average costs the minimum number of cars to be produced in 1 year is 400,000.
See also

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Definition of economies of scale - Economics Help

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Economies of scale occur when increasing output leads to lower long-run average costs. Increasing output from Q2 to Q1, we see a decrease in long-run average costs from P1 to P2. Economies of scale are important because they mean that as firms increase in size, they can become more efficient.

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the exclusive possession or control of the supply or trade in a commodity or service.

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A multiplant monopoly is given in that have their production divided into more than one production plant, each one having its own . Different cost stuctures give place to different and hence each production plant will have to choose the individual production output level following the maximising principle. For a monopoly with two plants, we have

where and are the same product, but produced at different plants. This multiplant monopoly will maximise its profits when

where MR is the marginal revenue and MC is the marginal cost in each plant.

The multiplant monopolist will need to decide whether to produce in both plants or just in one plant. This decision depends on each plant's marginal costs. If it has increasing marginal costs, the multiplant monopoly will produce in either plant, taking into account the marginal total cost of both firms. If there are decreasing marginal costs, it will produce only in one plant, the one with the steepest marginal cost curve, provided it has equal or lower than the other plant.
If marginal costs are constant and equal in both plants, the multiplant monopolist can produce in either plant, as long as capacity allows it (see figure below). If demand can be reached with only one plant, the others must be shut down.

If marginal costs are constant but different in each plant, production should take place only in the plant with lowest marginal costs, as long as maximum capacity is not reached. When this maximum capacity is reached, production will be moved to the other plant, as shown in the figure below.

In this Learning Path we've learned about monopolies. Starting with their definition, we've learned about how they affect social welfare, and how their power can be measured by using the Lerner index. We've also learned about a few types of monopolies: bilateral, multiproduct and multiplant monopolies.

In the next Learning Path on monopolies, we analyse other types of monopolies, and study how price discrimination is used by monopolies to extract as much surplus as possible.

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A multiplant monopoly is given in that have their production divided into more than one production plant, each one having its own . Different cost stuctures give place to different and hence each production plant will have to choose the individual production output level following the maximising principle.

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process of a company increasing production of goods or services at the same part of the supply chain

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Horizontal integration is the process of a company increasing production of goods or services at the same part of the supply chain. A company may do this via internal expansion, acquisition or merger.

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a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

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Entrepreneur Attributes, Definition, Character,What Entrepreneurs are like? Bolton Thompson

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Entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived opportunities.

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a policy or attitude of letting things take their own course, without interfering.

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I tend to write a lot about messaging and sound bites [ here and here, for two], sometimes with the simple sounding proposal that the environmental movement needs better and catchier phrases. (For instance, something less dull and abstract than "the environmental movement.") So a sentence in a current post in one of my most favorite and least catchily-named blogs, The Center for the Advancement of the Steady State Economy, caught my eye: " Laissez-faire takes on a new meaning - it is the ecosystem, not the economy that must be "left alone" to manage itself and evolve by its own rules."

What a neat twist on the religious-like belief in conventional laissez-faire, the doctrine that the so-called free market, if "left alone" - which is a near literal translation of the term - will provide the best outcomes.

A reasonable response to that orthodoxy is: the best outcomes for whom? Herman Daly, the renowned economist and author of that post, similarly turns the laissez-faire idea on its head by suggesting that it's the environment, not the market, which should be left alone.

A closer translation of laissez-faire is "let do." And that interpretation, I think, is even more suitable as an approach to the environment because, from our human point of view, it is what the environment does that is critical to our existence. Interfering in the environment's ability, honed over millennia, to do things like purify water and air, and maintain the exquisitely balanced temperature of the troposphere, is in the interest of neither us humans nor that free market that supposedly makes our lives better.

So how can we co-opt the phrase or come up with our own (preferably in the authoritative tones of a foreign language)? Any of you French-speakers out there have suggestions? At the risk of trivializing another powerful slogan, and since I'm bound by my fluency only in English, my dangerously off-the-cuff first thought is "let my environment do."

OK, I withdraw that suggestion. Contain your sighs of relief. But I stand by the idea, or rather Herman Daly's idea.

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I tend to write a lot about messaging and sound bites [ here and here, for two], sometimes with the simple sounding proposal that the environmental movement needs better and catchier phrases.

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the total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments.

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2018 Copyright. All Rights Reserved. The Sponsored Listings displayed above are served automatically by a third party. Neither the service provider nor the domain owner maintain any relationship with the advertisers. In case of trademark issues please contact the domain owner directly (contact information can be found in whois).