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44
nancial services, and in commodity markets; significantly altering employment
patterns; and leading to shifts in international competitiveness.
Many countries - developed and developing alike, including the least devel-
oped countries - are investing substantial efforts in adjusting their economies to
these new realities in pursuit of their national objectives. They are also reapprais-
ing the respective roles of the public and private sectors in economy. However
much remains to be done.
Starting a Business
Starting a business it is necessary to provide capital needed for this business.
There is always an element of risk because this business may fail. If the business
is successful, the risk-taking has been stifled and invested capital earns part of the
profits as a return on the investment and the period during which the capital was
at risk.
Capital in this instance is simply the accumulation of previous surpluses on
previous business activities. It this way the past is used to finance the future. The
accumulation of capital is almost always deliberate, either on the part of individ-
ual citizens or on the part of the state. Even in non-capitalistic societies a certain
part of the surplus achieved in any enterprise is "ploughed back" into the system
in order to promote further growth.
When capital, labour and enterprise combine to make a new business success-
ful, the business must still continue to compete on the market with other compa-
nies producing the same type of commodity. The term "market", as used by
economists, is a logical extention from the idea of a place set aside for buying and
selling. Formally, part of a town was kept as a marketplace, and country people
would come in on market days to buy and sell. Markets today need not however
be located in any fixed places the sugar market and the cotton market are not
geographical locations, but simply sets of conditions which permit buyers and
sellers to work together.
In a free market, competition takes place among sellers in order to sell their
commodities at the best possible price, and among buyers competition influences
prices. Changes in supply and demand have their effects, and it is not surprising
that considerable fluctuations in price can take place over periods of weeks and
months.
Since these modern markets are not normally located in any special place,
buyers and sellers do not always have to meet face-to-face. They may communi-
cate by letter, lay cable, by telephone or through their agents. In a perfect market
such communications are easy, buyers and sellers are numerous, the competition
nancial services, and in commodity markets; significantly altering employment
patterns; and leading to shifts in international competitiveness.
Many countries - developed and developing alike, including the least devel-
oped countries - are investing substantial efforts in adjusting their economies to
these new realities in pursuit of their national objectives. They are also reapprais-
ing the respective roles of the public and private sectors in economy. However
much remains to be done.
Starting a Business
Starting a business it is necessary to provide capital needed for this business.
There is always an element of risk because this business may fail. If the business
is successful, the risk-taking has been stifled and invested capital earns part of the
profits as a return on the investment and the period during which the capital was
at risk.
Capital in this instance is simply the accumulation of previous surpluses on
previous business activities. It this way the past is used to finance the future. The
accumulation of capital is almost always deliberate, either on the part of individ-
ual citizens or on the part of the state. Even in non-capitalistic societies a certain
part of the surplus achieved in any enterprise is "ploughed back" into the system
in order to promote further growth.
When capital, labour and enterprise combine to make a new business success-
ful, the business must still continue to compete on the market with other compa-
nies producing the same type of commodity. The term "market", as used by
economists, is a logical extention from the idea of a place set aside for buying and
selling. Formally, part of a town was kept as a marketplace, and country people
would come in on market days to buy and sell. Markets today need not however
be located in any fixed places the sugar market and the cotton market are not
geographical locations, but simply sets of conditions which permit buyers and
sellers to work together.
In a free market, competition takes place among sellers in order to sell their
commodities at the best possible price, and among buyers competition influences
prices. Changes in supply and demand have their effects, and it is not surprising
that considerable fluctuations in price can take place over periods of weeks and
months.
Since these modern markets are not normally located in any special place,
buyers and sellers do not always have to meet face-to-face. They may communi-
cate by letter, lay cable, by telephone or through their agents. In a perfect market
such communications are easy, buyers and sellers are numerous, the competition
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