Supply - a basic economic concept that describes the total amount of a specific

good or service that is available to consumers.

Demand - an economic principle that describes a consumer's willingness to pay a

price for a specific good or service.

Deadweight loss - A cost to society created by market inefficiency . Mainly used

in economic, deadweight loss can be applied to any deficiency caused by an
inefficient allocation of resources. Living payment laws and taxation are all said
to create deadweight losses.

Regulation - defined as forcing of rules by government, promoted by the use of

penalties that are intended specifically to modify the economic behaviour of
individual and firms in the private sector. (laws specifically for the economy)

Perfect competition - the situation prevailing in a market in which buyers and

sellers are so numerous and well informed that all elements of monopoly are
absent and the market price of a commodity is beyond the control of individual
buyers and sellers.

Imperfect competition - whenever a market violates the principle of perfect

competition. Since perfect competition is impossible in the real world, all real
markets can be classified as imperfect.

Monopoly - A market structure characterized by a single seller, selling a unique

product in the market. In a monopoly market, the seller faces no competition, as
he is the sole seller of goods with no close substitute.

Taxes - a compulsory contribution to state revenue, levied by government on

workers' income and business profits, or added to the cost of some good,
services and transactions.

Tariffs - A tax or duty to be paid on a particular class of imports or exports.

Embargoes
A government order that restricts commerce or exchange with a specific country
or the exchange of specific goods.

Sanctions
A threatened penalty for disobeying a law or rule. Commercial and financial
penalties are applied by one or more countries to a targeted country, group or
individual. This may include various forms of trade barriers, tariffs and financial
transactions.

Arbitrage
the simultaneous buying and selling of securities, currency, or commodities in
different markets or in derivative forms in order to take advantage of differing
prices for the same asset.

Bazaar
A market (in the Middle East) consisting of rows of shops or stall selling
miscellaneous goods.

Souk
A market, or part of a market, in an Arab city.

Exchange
an act of giving one thing and receiving another (especially of the same kind) in
return.

Swap meets
An informal gathering for the barter or sale of used articles or handicrafts. Are
often second-hand products. For example, a garage sale is a swap meet.

Boot sales
An outdoor sale in which people sell things from the trunk/boot of their car.

Stock market
the collection and exchanges where the issuing and the trading of equities,
bonds and other sorts of securities takes place either through formal exchanges
or over-the-counter markets.

Futures market
participants buy and commodity and future contracts for delivery on a specific
future date. Example are the New York Mercantile exchange and the Kansas City
Board of Trade.

Trade agreement
Any contractual arrangement between states concerning their trade relationships.
Trade agreements may be bilateral or multilateral - that id, between two or more
states.

Laissez-fair
an economic theory that became popular in the 18th century. Laissez-fair is a
French term that translate to "leave alone". The main principle is that the less the
government is involved in the economy, the better off business will be - and by
extension society as a whole.

Optimal functionality
The utmost potential degree of operation, particularly in the regions of valuable
unions, work life, school, and subjective health.
Formation
an act of giving form or shape to something or taking form.

Offer
an expression of readiness to do or give something if desired. An open call to
anyone wishing to accept the promise of the offeror.

Acceptance
When an offeree agrees to be mutually bound to the terms of the contract

Agreement
an agreement is any understanding or arrangement reached between two or
more parties.

Rights
Things that one is morally or legally entitled to do or have.

Liabilities
legal responsibilities. Liability is the state of being legally responsible for
something.

Breach
An act of breaking or failing to observe a law, agreement, or code of conduct.

Estoppel
A legal rule of evidence which prevents a party from making allegations or denial
that contradicts what it has previously stated, or what has been legally
established as the truth. It also supports a claim for damages of the party that
had a good-faith reliance on a misleading representation of another party.

Duty of care
a moral or legal obligation to ensure the safety or wellbeing of others.

Condition
A premise upon which the fulfillment of an agreement depends.

Consideration
Something of value like money, used to seal the seal of a contract or transaction.

Capacity
Someone is legally able to enter a contract.

Terms (implied vs express)

Express means that they are expressly or specifically stated, either orally or in
writing. This can include thing like pay, hours and holidays. Implied terms are not
expressly or explicitly stated because generally they are fairly obvious to both
parties. Implied terms include statutory rights, such as duty of care.

Misrepresentation
Making a false statement, either deliberately or unintentionally to induce
someone to do something they would otherwise not have done. E.g. buy
something.

Duress
Unlawful pressure exerted upon a person to coerce that person to perform an act
he or she ordinarily would not perform.

Collateral
A property or other asset that a borrower offers as a way for a lender to secure
the loan. If the borrower stops making the promised loan payments, the lender
can seize the collateral to recoup its losses.

Quid pro quo

Translates form Latin to what for what or something for something. The mutual
consideration that passes between two parties to a contractual agreement,
thereby rendering the agreement valid and binding.

Caveat emptor
Latin for "let the buyer beware". A belief that often places on buyers the burden
to reasonably examine a product before purchasing.

Force majeure
French for superior or irresistible power. An event that no human foresight could
anticipate or which if anticipated, is too strong to be controlled. Depending on the
legal system, such an event may relieve a party of an obligation to perform a
contract.

Smart contracts
A computer protocol intended to digitally facilitate or verify or enforce the
negotiation or performance of a contract.

Oral contract
A type of business agreement that is spoke, not memorized in writing. Although it
can be difficult to prove terms of an oral contract in the event of a breach, this
type of contract is legally binding.

Written contract
An agreement made on a printed document that has been signed by both the
lender and borrower. Written contracts are legally binding and easier to enforce
than oral contracts.
Adhesion
An adhesion contract (also called a "standard form contract or a boiler point
contract) is a contract drafted by one party and signed by another party (usually a
consumer in need of goods r services)

Legal regulation
rules and administrative codes issued by governmental agencies at all levels.
Although they are not laws, regulations have the force of law and often include
penalties for violations.

Statutory regulation
the process of checking by a government organisation that a business is
following official rules.

Formalities
a small point of practise that, though apparently insignificant, must generally be
observed to achieve a particular legal result.

Remedies
is the means with which a court of law enforces a right, imposes a penalty, or
makes another court order to impose its will

Freedom of contract
the freedom of private or public individuals and groups (of any legal entity) to
form contracts without government restrictions.
sanctity of contract
a general idea that once parties duly enter into a contract they must honour their
obligations under that contract.
reasonableness
just rational appropriate ordinary or usual in the circumstances. It may refer to
care, cause, compensation, doubt, and a host of other actions or activities.
negligence
A failure to behave with the level of care that someone of ordinary prudence
would have exercised under the same circumstances.
underground economy
Refers to the illegal economic activity. It is also referred to as the shadow
economy or the black market.
shadow economy
illicit economic activity existing alongside a country's official economy.
informal economy
the part of an economy that is neither taxed nor monitored by any formal
government. It is also referred to as the grey economy.
unreported economy
refers to an economy that is engaged in economic activity that finds its way
around tax laws.
black market
illegal trading of goods and services either by the good or service being illegal or
the transaction being illegal.
grey market
is a market where a product is bought and sold outside of the manufacturers
authorised trading channels. It is where the unofficial trading of a company's
shares, usually before they are issued in initial public offering happens. The
products sold in the grey market are legal but are not provided by the owner.
Basically, it is an unofficial market in goods that have not been obtained from an
official supplier.
white market
is the legal, official, authorised, or intended market for goods and services.
import cycle
is the steps to imports goods from other countries:
e.g. Supplier selection > PO Creation > Transport Insurance > Financing >
Carrier Selection> Document Creation > Loading > Shipment tracking > Import >
Goods receipt > Invoice > m way match > payment > tax refund
fluid supply
Planning means to be able to organise import cycles so that there is a fluid
supply without black holes like that abound in domestic trade of Cuba.
compounding crime
is an offence. It occurs when a victim of a crime fails to report or prosecute the
offender or agrees to hamper prosecution in exchange for a bribe, act of
atonement, etc.
commission-free
when motif or single stock trades that carry no commission fees when executed.
counterfeiting
is the activity of making illegal copies of things such as bank notes, DVDs, or
official documents.
smuggling
The act of importing or exporting goods secretly, in violation of the law, especially
without payment of legal duty.
black money
is money which is earned through an illegal activity controlled by country
regulations. Black money proceeds are usually received in cash from
underground economic activity and as such are usually received in cash.
money laundering
is the process of creating the appearance that large amounts of money obtained
from criminal activity, such as drug trafficking or terrorist activity originated from a
legitimate source.
price ceilings
is the maximum price a seller is allowed to charge for a product or service. Price
ceilings are usually set by law and limit the seller pricing system to endure fair
and reasonable business practises e.g. rent ceilings
market failure
is the economic situation defined by an inefficient distribution of goods and
services in the free markets, it occurs when the quantity of a product demanded
by consumers does not equate to the quantity supplied, this prevent equilibrium
in the market.
underground
a group or movement organised secretly to work against an existing regime.
contraband
goods that have been imported or exported illegally. E.g. Cigarettes
Organs
a part of an organism which is typically self-contained and has a specific vital
function.
Gold
a yellow precious metal, the chemical element of atomic number 79, used in
jewellery and decoration and to guarantee the value of currencies.
Art
the expression or application of human creative skill and imagination, typically in
a visual form such as painting or sculpture, producing works to be appreciated
primarily for their beauty or emotional power.
Endangered Animals
a species of animal or plant that is seriously at risk of extinction.
Oil
a viscous liquid derived from petroleum, especially for use as a fuel or lubricant.
Cigarettes
a thin cylinder of finely cut tobacco rolled in paper for smoking.
Slave Trade
the procuring, transporting, and selling of human beings as slaves, in particular
the former trade in black Africans as slaves by European countries and North
America.
Housing
houses and flats considered collectively.
Currency
a system of money in general use in a particular country.
Weapons
a thing designed or used for inflicting bodily harm or physical damage.
Medicine
the science or practice of the diagnosis, treatment, and prevention of disease (in
technical use often taken to exclude surgery).
Silk Road 1.0 - 3.1
Silk Road was an online black market and the first modern darknet market, best
known as a platform for selling illegal drugs.
Darknet
a computer network with restricted access that is used chiefly for illegal peer-to-
peer file sharing.
Acropolis
its main products are books and digital services, The books listed for sale are
mainly related to fraud, security, and hacking; although there are those
instructing readers on how to earn easy money - How to make 1000 per day
medium of exchange
an intermediary instrument used to facilitate the sale, purchase or trade of goods
between parties. For an instrument to function as a medium of exchange, it must
represent a standard of value accepted by all parties. In modern economies, the
medium of exchange is currency
store of value
any form of wealth that maintains its value without going down
unit of account
something that can be used to value goods and services, record debts and make
calculations.
blockchain ledger
a digitized, decentralized, public ledger of all cryptocurrency transactions.
decentralized
when most decisions are made by mid-level or lower-level managers, rather than
being made centrally by the head of the company.
mining
transactions are verified and added to the public ledger, known as the block
chain, and also the means through which new bitcoin are released.
hard forks
is a radical change to the protocol that makes previously invalid
blocks/transactions valid (or vice-versa). Software updates on your phone is a
hard fork.

soft forks
a change to the software protocol where only previously valid blocks/transactions
are made invalid.

wallets
is a secure digital wallet used to store, send, and receive digital currency like

Bitcoin.
private keys
is a sophisticated form of cryptography that allows a user to access his or her
cryptocurrency.
volatility
refers to the amount of uncertainty or risk about the size of changes in a
security's value. A higher volatility means that a security's value can potentially
be spread out over a larger range of values. This means that the price of the
security can change dramatically over a short time period in either direction. A
lower volatility means that a security's value does not fluctuate dramatically, but
changes in value at a steady pace over a period of time.

Bitcoin - Bitcoin is a new currency that was created in 2009 by an unknown

person using the alias Satoshi Nakamoto.
Bitcoin Cash - Bitcoin cash is a cryptocurrency created in August 2017, arising
from a fork of Bitcoin Classic. Bitcoin Cash increases the size of blocks, allowing
more transactions to be processed.

Ethereum - an open-source, public, blockchain-based distributed computing

platform and operating system featuring smart contract (scripting) functionality.[3]
It supports a modified version of Nakamoto consensus via transaction-based
state transitions.

Ripple
a technology that acts as both a cryptocurrency and a digital payment network for
financial transactions.

Stellar
an open-source payment technology that shares several similarities with Ripple.
Its founder, Jed McCaleb, also co-founded Ripple. It aims to connect financial
institutions and drastically reduce the cost and time required for cross-border
transfers.

Dogecoin
Is a revolutionary digital currency. It can be sent easily through the internet from
person to person with total security.