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Business term of the day - Term for June 12, 2013: Product

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Product

1. A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase. For example a seller of a toothbrush not only offers the physical product but also the idea that the consumer will be improving the health of their teeth.
2. Law: A commercially distributed good that is (1) tangible personal property, (2) output or result of a fabrication, manufacturing, or production process, and (3) passes through a distribution channel before being consumed or used.
3. Marketing: A good or service that most closely meets the requirements of a particular market and and yields enough profit to justify its continued existence. As long as cars are manufactured, companies such as Michelin that produce tires fill the market need and continue to be profitable.

Usage Example
A commodity is any physical substance, such as food, grains, and metals, which is interchangeable with another product of the same type, and which investors buy or sell, usually through futures contracts.
Source: InvestorGuide.com: Introduction to Commodities  

Russia says it's ready to grant asylum to whistle blower Edward Snowden

Russia would consider asylum for U.S. cyber leaker




MOSCOW (Reuters) - Russia would consider granting asylum to the American who has exposed top-secret U.S. surveillance programs, if he were to ask for it, President Vladimir Putin's spokesman said on Tuesday.
Spokesman Dmitry Peskov stopped short of saying Moscow would accept Edward Snowden, but pro-Kremlin lawmakers spoke out in favor of the idea, tapping into a lingering Cold War rivalry with the United States and a vein of anti-American sentiment Putin has often encouraged.

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"Promising Snowden asylum, Moscow takes upon itself the defense of people persecuted for political reasons," Alexei Pushkov, chairman of the international affairs committee in the lower house of parliament, said on Twitter.
"There will be hysteria in the United States. They recognize this as their right alone," he said.
Putin and other Russian officials have often accused the United States of hypocrisy, saying it tries to impose standards of human rights, freedom and democracy on other nations while falling far short of them itself.
"This is an ideological catastrophe for the United States," Pushkov said, referring to Snowden's leaks about National Security Agency surveillance programs.
Snowden, who provided the information for reports that revealed broad monitoring of phone call and Internet data by the NSA, fled to Hong Kong and has said he hopes that Iceland might grant him asylum.
Putin said the methods revealed by Snowden were widespread and were justified "in the circumstances of the struggle against international terrorism", but that they must be applied legally and not behind the public's back.
"In Russia, for instance, one cannot listen to a telephone conversation without the proper permission from a court," Putin told state-run English-language channel RT. He was not asked about the asylum issue.
"WE'LL CONSIDER IT"
Snowden is not known to have mentioned the possibility of asylum in Russia, where the government taps the phones of opposition members and keeps close tabs on social networks, but Peskov was quoted in Russian daily Kommersant as saying Moscow was open to such an approach.
Asked by Reuters whether Russia would be inclined to grant a request from Snowden, Peskov said: "It is impossible (to say) now. No one has applied yet. If he says: I request (political asylum), then we will consider it."
Accused by the West of curtailing democracy and civil liberties over 13 years in power, Putin has missed few chances to champion public figures who challenge Western governments, and to portray Washington as an overzealous global policeman.
He has pursued warm ties with U.S. foes such as the late Venezuelan leader Hugo Chavez, and this year granted Russian citizenship to Gerard Depardieu after the French actor abandoned his homeland to escape high taxes.
In 2010, the Kremlin suggested Wikileaks founder Julian Assange should be nominated for a Nobel prize.
"By tapping telephones and conducting surveillance on the Internet, the U.S. security services have violated the laws of their own country. In this sense Snowden, like Assange, is a rights defender," member of parliament Pushkov tweeted.
Russia recently began criticizing the United States in annual reports on the state of human rights around the world - fighting back for the drubbing Russia gets in yearly rights reports by the U.S. State Department.
In another pointed intervention, Putin offered on Friday to send Russian troops to the Golan Heights buffer zone between Israel and Syria, after Austria said it would withdraw from a U.N. peacekeeping force. His proposal went down badly in the West because of Russia's support for the Syrian government.

Ancient coins - History

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The history of Ancient Greek coinage can be divided (along with most other Greek art forms) into three periods, the Archaic, the Classical, and the Hellenistic. The Archaic period extends from the introduction of coinage to the Greek world in about 600 BC until the Persian Wars in about 480 BC. The Classical period then began, and lasted until the conquests of Alexander the Great in about 330 BC, which began the Hellenistic period, extending until the Roman absorption of the Greek world in the 1st century BC. The Greek cities continued to produce their own coins for several more centuries under Roman rule. The coins produced during this period are called Roman provincial coins or Greek Imperial Coins.
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Denominations

The central denomination to the Ancient Greek monetary system was the drachm. The word drachm(a) means "a handful", literally "a grasp". Drachmae were divided into six obols (from the Greek word for a spit of iron), and six spits made a "handful". This suggests that before coinage came to be used in Greece, spits were used as measures of value, perhaps for paying fines. In archaic/pre-numismatic times iron was valued for making durable tools and weapons, and its casting in spit form may have actually represented a form of transportable bullion, which eventually became bulky and inconvenient after the adoption of precious metals. Because of this very aspect, Spartan legislation famously forbade issuance of Spartan coin, and enforced the continued use of iron spits so as to discourage avarice and the hoarding of wealth. In addition to its original meaning (which also gave the euphemistic diminutive "obelisk", "little spit"), the word obol (ὀβολός, obolós, or ὀβελός, obelós) was retained as a Greek word for coins of small value, still used as such in Modern Greek slang (όβολα, óvola, "monies").
The obol was further subdivided into tetartemorioi (singular tetartemorion) which represented 1/4 of an obol, or 1/24 of a drachm. This coin (which was known to have been struck in Athens, Colophon, and several other cities) is mentioned by Aristotle as the smallest silver coin.[1]:237 Various multiples of this denomination were also struck, including the trihemitetartemorion (literally three half-tetartemorioi) valued at 3/8 of an obol.[1]:247

Ken Ilgunas' alternative to paying student loan

Duke Grad Student Secretly Lived In a Van to Escape Loan Debt



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By the time Ken Ilgunas was wrapping up his last year of undergraduate studies at the University of Buffalo in 2005, he had no idea what kind of debt hole he'd dug himself into.

He had majored in the least marketable fields of study possible — English and History — and had zero job prospects after getting turned down for no fewer than 25 paid internships.

"That was a wake-up call," he told Business Insider. "I had this huge $32,000 student debt and at the time I was pushing carts at Home Depot, making $8 an hour. I was just getting kind of frantic."

Back then, student loans had yet to become the front page news they are today. Ilgunas could have simply deferred his loans or declared forbearance. He also could have asked his parents (who were more than willing to help) for a leg up. He could have thrown up his hands and gone to grad school until the job market bounced back.

Instead, he moved to Alaska and spent two years paying back every dime. And when he enrolled at Duke University for graduate school later, he lived out of his van to be sure he wouldn't have to take out loans again. Read more...

Information technology - The first IBM computer in 1981

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The IBM Personal Computer, commonly known as the IBM PC, is the original version and progenitor of the IBM PC compatible hardware platform. It is IBM model number 5150, and was introduced on August 12, 1981. It was created by a team of engineers and designers under the direction of Don Estridge of the IBM Entry Systems Division in Boca Raton, Florida.
Alongside "microcomputer" and "home computer", the term "personal computer" was already in use before 1981. It was used as early as 1972 to characterize Xerox PARC's Alto. However, because of the success of the IBM Personal Computer, the term PC came to mean more specifically a microcomputer compatible with IBM's PC products.

Business term of the day - Term for June 11, 2013: Nominal

nominal

1. Existing or being in name only.
2. For the sake of comparison, form, or name only, and which may bear little or no relation or resemblance to the actual thing.
3. Of or relating to, or constituting, a name, noun, or term.
4. Apparent, estimated, temporary, token.
Usage Example
Gross government debt, for example, seems manageable if you assume nominal growth of 10% a year.
Source: No nationalisation, but onerous mine regime likely - Yahoo! News South Africa

Business term of the day - Term for June 10, 2013: Marginal cost

The increase or decrease in the total cost of a production run for making one additional unit of an item. It is computed in situations where the breakeven point has been reached: the fixed costs have already been absorbed by the already produced items and only the direct (variable) costs have to be accounted for.

Marginal costs are variable costs consisting of labor and material costs, plus an estimated portion of fixed costs (such as administration overheads and selling expenses). In companies where average costs are fairly constant, marginal cost is usually equal to average cost. However, in industries that require heavy capital investment (automobile plants, airlines, mines) and have high average costs, it is comparatively very low. The concept of marginal cost is critically important in resource allocation because, for optimum results, management must concentrate its resources where the excess of marginal revenue over the marginal cost is maximum. Also called choice cost, differential cost, or incremental cost.