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Encyclopedia > Economy
Gross domestic product in 2005
Gross domestic product in 2005

An economy is the system of human activities related to the production, distribution, exchange, and consumption of goods and services of a country or other area. Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Look up economy in Wiktionary, the free dictionary. ... Image File history File links Size of this preview: 800 × 351 pixelsFull resolution (1425 × 625 pixel, file size: 60 KB, MIME type: image/png)This bubble map shows the global distribution of gross domestic product in 2005 as a percentage of the the top producer (USA - $12,455,825,000... Image File history File links Size of this preview: 800 × 351 pixelsFull resolution (1425 × 625 pixel, file size: 60 KB, MIME type: image/png)This bubble map shows the global distribution of gross domestic product in 2005 as a percentage of the the top producer (USA - $12,455,825,000... An economic system is a particular set of social institutions which deals with the production, distribution and consumption of goods and services in a particular society. ... A good in economics is any object or service that, upon consumption, increases utility, and therefore can be sold at a price in a market. ...


The composition of a given economy is inseparable from technological evolution, civilization's history and social organization, as well as from Earth's geography and ecology, e.g. ecoregions which represent different agricultural and resource extraction opportunities, among other factors. Origins of theory According to Czech philosopher Radovan Richta, in his 1967 publication “Man and Technology in the Revolution of Our Day”, technology (which he defines as “a material entity created by the application of mental and physical effort to nature in order to achieve some value... This article is about the study of time in human terms. ... A social animal is a loosely defined term for an organism that is highly interactive with other members of its species to the point of having a recognizable and distinct society. ... For the journal, see Ecology (journal). ... The related terms resource extraction and Resource extraction industry both refer to the practice of locating, acquiring and selling any resource, but typically a natural resource. ...


Economy refers also to the measure of how a country or region is progressing in terms of product.

Contents

Etymology

The word "economy" can be traced back to the Greek word oikonomos, "one who manages a household", derived from oikos, "house", and nemein, "to manage." From oikonomos was derived oikonom, which had not only the sense "management of a household or family" but also senses such as "thrift", "direction", "administration", "arrangement", and "public revenue of a state". The first recorded sense of the word "economy", found in a work possibly composed in 1440, is "the management of economic affairs", in this case, of a monastery. Economy is later recorded in other senses shared by oikonomi in Greek, including "thrift" and "administration". What is probably the most frequently used current sense, "the economic system of a country or an area", seems not to have developed until the 19th or 20th century.


The range of activities involved

The social sciences are a group of academic disciplines that study human aspects of the world. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... This article is about the study of time in human terms. ... Economic history is the study of economic change, and of economic phenomena in the past. ... Economic geography is the study of the location, distribution and spatial organisation of economic activities across the Earth. ... Engineering is the applied science of acquiring and applying knowledge to design, analysis, and/or construction of works for practical purposes. ... For other uses, see Management (disambiguation). ... Master of Business Administration (MBA) is a tertiary degree in business management. ... For the song by 311, see Grassroots Applied science is the exact science of applying knowledge from one or more natural scientific fields to practical problems. ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... A profession is an occupation, vocation or career where specialized knowledge of a subject, field, or science is applied. ... Contents: Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z · See also · External links Categories: | | | ... In economics, an agent is an actor in a model that (generally) solves an optimization problem. ... In economics, consumption refers to the final use of goods and services to provide utility. ... In common usage, saving generally means putting money aside, for example, by putting money in the bank or investing in a pension plan. ... Invest redirects here. ...

Sectors

Main article: Three-sector hypothesis
See also: List of recognized economic sectors

The economy includes several sectors (also called industries), that evolved in successive phases. The three-sector hypothesis is an economic theory which divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary). ... This article does not cite any references or sources. ...

  • The ancient economy was mainly based on subsistence farming.
  • In the economies of modern consumer societies there is a growing part played by services, finance, and technology -- the (knowledge economy).

In modern economies, there are three main sectors of economic activity: The following is a list of subsistence techniques: Hunting and Gathering, also known as Foraging freeganism involves gathering of discarded food in the context of an urban environment gleaning involves the gathering of food that traditional farmers have left behind in their fields Cultivation Horticulture - plant cultivation, based on the... A Watt steam engine, the steam engine that propelled the Industrial Revolution in Britain and the world. ... The following is a list of subsistence techniques: Hunting and Gathering, also known as Foraging freeganism involves gathering of discarded food in the context of an urban environment gleaning involves the gathering of food that traditional farmers have left behind in their fields Cultivation Horticulture - plant cultivation, based on the... The small pig farm in Swiss mountains. ... Monoculture describes systems that have very low diversity. ... A knowledge economy is either economy of knowledge focused on the economy of the producing and management of knowledge, or a knowledge-based economy. ...

  • Primary sector: Involves the extraction and production of raw materials, such as corn, coal, wood and iron. (A coal miner and a fisherman would be workers in the primary sector.)
  • Secondary sector: Involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing. (A builder and a dressmaker would be workers in the secondary sector.)
  • Tertiary sector: Involves the provision of services to consumers and businesses, such as baby-sitting, cinema and banking. (A shopkeeper and an accountant would be workers in the tertiary sector.)

More details about the various phases of economic development follow. As this process was far from being homogenous geographically, the balance between these sectors differs widely among the various regions of the world. Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. ...


History

Ancient times

The ancient economy was mainly based on subsistence farming. The exchange of goods happened within a barter economy. In Ancient Greece, when the word 'economy' arose, the majority of people were bond slaves of the freeholders. Economic discussion was driven by scarcity. Aristotle (384-322 B.C.) was the first to differentiate between a use value and an exchange value of goods. (Politics, Book I). The exchange ratio he defined was not only the expression of the value of goods but of the relations between the people involved in trade. For most of the time in history economy therefore stood in opposition to institutions with fixed exchange ratios as reign, state, religion, culture and tradition. Like most farmers in Sub-Saharan Africa, this Cameroonian man cultivates at the subsistence level. ... Barter is a simple form of trade where goods or services are exchanged for a certain amount of other goods or services, i. ... The term ancient Greece refers to the period of Greek history in Classical Antiquity, lasting ca. ... The Board of Chosen Freeholders is the legislative body in each of the 21 counties in New Jersey. ... In economics, scarcity is defined as a condition of limited resources, where society does not have sufficient resources to produce enough to fulfill subjective wants. ... This article is about the philosopher. ... In Marxian political economy, any commodity, i. ... In Marxian political economy, exchange value refers to one of three major aspects of a commodity, i. ... It has been suggested that Commerce be merged into this article or section. ... A Reign is a period of time a person serves as a monarch or pope. ... For other uses, see State (disambiguation). ... For other uses, see Culture (disambiguation). ... For other uses, see Tradition (disambiguation). ...


Middle ages

In Medieval times the great conquerors raised venture capital (from ventura, ital.; risk) to finance their captures. The capital should be refunded by the goods they would bring up in the New World. Merchants such as Jakob Fugger (1459-1525) and Giovanni di Bicci de' Medici (1360-1428) founded the first banks. The discoveries of Marco Polo (1254-1324), Christopher Columbus (1451-1506) and Vasco de Gama (1469-1524) led to a first World economy, meaning international trade between the continents. The first enterprises therefore were trading establishments. In 1513 the first stock exchange was founded in Antwerpen. Economy at the time meant firstly trade. The Middle Ages formed the middle period in a traditional schematic division of European history into three ages: the classical civilization of Antiquity, the Middle Ages, and modern times. ... Venture capital is a general term to describe financing for startup and early stage businesses as well as businesses in turn around situations. ... Frontispiece of Peter Martyr dAnghieras De orbe novo (On the New World). Carte dAmérique, Guillaume Delisle, 1722. ... Jakob Fugger (March 6, 1459 – December 20, 1525) was a significant German banker of the Fugger family. ... Giovanni di Bicci de Medici (1360 – February 20 or February 28, 1429) was the founder of the famous and powerful Medici dynasty of Florence and the Medici bank; father of Cosimo de Medici (Pater Patriae), and great-grandfather of Lorenzo de Medici (the Magnificent). ... For other uses, see Bank (disambiguation). ... Marco Polo (September 15, 1254 – January 8, 1324) was a Venetian trader and explorer who gained fame for his worldwide travels, recorded in the book Il Milione (The Million or The Travels of Marco Polo). ... Christopher Columbus (1451 – May 20, 1506) was a navigator and colonialist who is one of the first Europeans to discover the Americas, after the Vikings. ... See Clube de Regatas Vasco da Gama for the football club. ... The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways (for example, in 2006 US dollars). ... Look up company in Wiktionary, the free dictionary. ... For other uses, see Antwerp (disambiguation). ... It has been suggested that Commerce be merged into this article or section. ...


Early modern times

The European captures became branches of the European states, the so-called colonies. The rising nation-states Spain, Portugal, France, Great Britain and the Netherlands tried to control the trade through custom duties and taxes in order to protect their national economy. The so-called mercantilism (from mercator, lat.: merchant) was a first approach to intermediate between private wealth and public interest. The secularization in Europe allowed states to use the immense property of the church for the development of towns. The influence of the nobles decreased. The first secretaries of state for economy started their work. Bankers like Amschel Mayer Rothschild (1773-1855) started to finance national projects such as wars and infrastructure. Economy from then on meant national economy as a topic for the economic activities of the citizens of a state. For other uses, see Europe (disambiguation). ... This article refers to a colony in politics and history. ... The term nation-state, while often used interchangeably with the terms unitary state and independent state, refers properly to the parallel occurence of a state and a nation. ... Customs duty is a tariff or tax on the import or export of goods. ... -1... Mercantile redirects here. ... Merchants function as professionals who deal with trade, dealing in commodities that they do not produce themselves, in order to produce profit. ... Public interest is a term used to denote political movements and organizations that are in the public interest—supporting general public and civic causes, in opposition of private and corporate ones (particularistic goals). ... Secularization or secularisation is a process of transformation as a society slowly migrates from close identification with the local institutions of religion to a more clearly separated relationship. ... The Lords and Barons prove their Nobility by hanging their Banners and exposing their Coats-of-arms at the Windows of the Lodge of the Heralds. ... For other uses, see Bank (disambiguation). ... Mayer Amschel Rothschild (1744-1812) Mayer Amschel Rothschild (February 23, 1744 – September 19, 1812) was the founder of the Rothschild family banking empire that would become one of the most successful business families in history. ... Citizenship is membership in a political community (originally a city but now a state), and carries with it rights to political participation; a person having such membership is a citizen. ...


The industrial revolution

The first economist in the true meaning of the word was the Scotsman Adam Smith (1723-1790). He defined the elements of a national economy: products are offered at a natural price generated by the use of competition - supply and demand - and the division of labour. He maintained that the basic motive for free trade is human self interest. The so-called self interest hypothesis became the anthropological basis for economics. Thomas Malthus (1766-1834) transferred the idea of supply and demand to the problem of overpopulation. The United States of America became the place where millions of expatriates from all European countries were searching for free economic evolvement. In Europe wild capitalism started to replace the system of mercantilism (today: protectionism) and led to economic growth. The period today is called industrial revolution because the system of production and division of labour enabled the mass production of goods. Alan Greenspan, former chairman, United States Federal Reserve. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is... Competition is the act of striving against others for the purpose of achieving gain, such as income, pride, amusement, or dominance. ... Look up supply in Wiktionary, the free dictionary. ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... Division of labour is the specialisation of cooperative labour in specific, circumscribed tasks and roles, intended to increase efficiency of output. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... Self-interest can refer to any of the following concepts: Egoism Selfishness Ethical egoism Psychological egoism Individualism Objectivist ethics Hedonism Epicureanism Enlightened self-interest This is a disambiguation page: a list of articles associated with the same title. ... Anthropology (from the Greek word άνθρωπος = human) consists of the study of humankind (see genus Homo). ... Thomas Robert Malthus, FRS (13th February, 1766 – 29th December, 1834), was an English demographer and political economist. ... Map of countries by population density (See List of countries by population density. ... An expatriate (in abbreviated form expat) is someone temporarily or permanently in a country and culture other than that of their upbringing and/or legal residence. ... Mercantile redirects here. ... Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... World GDP/capita changed very little for most of human history before the industrial revolution. ... A Watt steam engine, the steam engine that propelled the Industrial Revolution in Britain and the world. ... Division of labour is the specialisation of cooperative labour in specific, circumscribed tasks and roles, intended to increase efficiency of output. ... Mass production is the production of large amounts of standardised products on production lines. ... Good. ...


Capitalism and communism

Especially in England the ideas of Adam Smith became reality while the economization—the process of always diminishing the efforts of production—led to mass poverty, starvation, urbanization and pauperization of the population. Karl Marx (1818-1883) and the German industrialist and philosopher Friedrich Engels (1820-1895) described economy as the "system of capitalism". The exploitation of labour and nature by the capitalist is creating a surplus value. The capital will accumulate itself and finally destroy the competition. Therefore the system of communism should liberate the economy from the reign of capital. The first centrally planned economy was established after the Russian Revolution of 1917 by Lenin. Other states launched social security systems in order to minimize the effects of uncontrolled capitalism, called Manchester capitalism. For other uses, see England (disambiguation). ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... This article is about extreme malnutrition. ... Karl Heinrich Marx (May 5, 1818 – March 14, 1883) was a 19th century philosopher, political economist, and revolutionary. ... Friedrich Engels (November 28, 1820 – August 5, 1895) was a German social scientist and philosopher, who developed communist theory alongside his better-known collaborator, Karl Marx, co-authoring The Communist Manifesto (1848). ... Exploitation means many different things. ... The workforce is the labour pool in employment. ... Surplus value, according to Marxism, is unpaid labour that is extracted from the worker by the capitalist, and serves as the basis for capitalist accumulation. ... Not to be confused with capitol. ... Most generally, the accumulation of capital refers simply to the gathering or amassment of objects of value; the increase in wealth; or the creation of wealth. ... Competition is the act of striving against others for the purpose of achieving gain, such as income, pride, amusement, or dominance. ... Communism is an ideology that seeks to establish a classless, stateless social organization based on common ownership of the means of production. ... A planned economy is an economic system in which economic decisions are made by centralized planners, who determine what sorts of goods and services to produce, and how they are to be priced and allocated. ... The Russian Revolution of 1917 was a series of political and social upheavals in Russia, involving first the overthrow of the tsarist autocracy, and then the overthrow of the liberal and moderate-socialist Provisional Government, resulting in the establishment of Soviet power under the control of the Bolshevik party. ... Vladimir Ilyich Lenin ( Russian: Влади́мир Ильи́ч Ле́нин  listen?), original surname Ulyanov (Улья́нов) ( April 22 (April 10 ( O.S.)), 1870 – January 21, 1924), was a... Social security primarily refers to social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. ... Manchester Capitalism, Manchester Liberalism or Manchesterism are terms for political, economic and social movements of the 19th century, which originated in the North-West of England, and in Manchester in particular. ...


After World War II

In order to build up the countries destroyed in two World Wars new definitions of economy were needed. Friedrich August von Hayek (1899-1992) and Milton Friedman (1912-2006) pleaded for a global free trade and are supposed to be the fathers of the so called neoliberalism. In contrast, John Maynard Keynes (1883-1946) argued for a stronger control of the markets by the state. The theory that the state could alleviate economic problems and instigate economic growth through state manipulation of aggregate demand is called Keynesianism. In the late 1950s the economic growth in America and Europe—often called Wirtschaftswunder (ger.: economic miracle)—brought up a new form of economy: consumption. In 1958 Kenneth Galbraith (1908-2006) was the first to speak of an affluent society. In most of the countries the economic system is called a social market economy. There have been two World Wars, now more commonly known as World War I or First World War (from 1914 to 1918), and World War II or Second World War (from 1939 to 1945). ... Friedrich Hayek Friedrich August von Hayek (May 8, 1899 – March 23, 1992) was an economist and social scientist of the Austrian School, noted for his defense of free-market capitalism against a rising tide of socialist thought in the mid-20th century. ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... For the school of international relations, see Neoliberalism (international relations). ... John Maynard Keynes, 1st Baron Keynes, CB (pronounced cains, IPA ) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well as on many governments fiscal policies. ... Chichicastenango, Guatemala traditional market Market stall in internally displaced persons camp in Kitgum, northern Uganda Mercado dos Lavradores, Funchal (Madeira Islands) A market is a mechanism which allows people to trade, normally governed by the theory of supply and demand. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... The term Wirtschaftswunder (English: economic miracle) designates the upturn experienced in the West German and Austrian economies after the Second World War. ... It has been suggested that this article or section be merged with consumption (economics). ... John Kenneth Galbraith John Kenneth Galbraith (October 15, 1908–April 29, 2006) was an influential Canadian-American economist. ... John Kenneth Galbraith (born October 15, 1908) is something of an iconoclast among North American economists: he is an old-fashioned Canada. ... The Social market economy was the German and Austrian economic model during the Cold War era. ...


Postmodern society

The globalization pushes national economies and rules in the backyard. The global and controversial discussion on the politics of the World Bank, the World Trade Organization and Global Players within the World Economic Forum as well as the discussion of global ecology and sustainability issues influences the definition of economy. Joseph E. Stiglitz today defines economy to be a global public good. Economists like Peter Barnes and Alexander Dill are reclaiming the commons and give new definitions including new phenomena like freeware. Game theorists such as Ernst Fehr and Klaus M. Schmidt are disproving the self-interest hypothesis. A so-called gift economy is the topic for widespread activities of grassroot movements as well as of the credit programs of Nobel laureate Muhammed Yunus. The Wealth of Nations Report 2006 of theWorld Bank for the first times tracks social and human capital. The change of definitions is to be continued. There's also neoclassical economics. A KFC franchise in Kuwait. ... The World Bank (the Bank), a part of the World Bank Group (WBG), was formally established on December 27, 1945, following the ratification of the Bretton Woods agreement. ... “WTO” redirects here. ... This article or section does not cite any references or sources. ... For the journal, see Ecology (journal). ... The Earth Day flag includes a NASA photo. ... Joseph Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. ... Economists are scholars conducting research in the field of economics. ... Peter Barnes, (January 10, 1931–July 1, 2004), was an English playwright and screenwriter. ... In England and Wales, a common is a piece of land over which other people -- often neighbouring landowners -- could exercise one of a number of traditional rights, such as allowing their cattle to graze upon it. ... The term Freeware refers to gratis proprietary software with closed source. ... Game theory is a branch of applied mathematics that is often used in the context of economics. ... Ernst Fehr is an Austrian economist. ... A gift economy is an economic system in which goods and services are given without any explicit agreement for immediate or future quid pro quo. ... A political lobby movement organized by a network of citizens. ... Dr. Muhammad Yunus (Bengali: , pronounced ) (born June 28, 1940), is a Bangladeshi banker and economist. ... The World Bank (the Bank), a part of the World Bank Group (WBG), was formally established on December 27, 1945, following the ratification of the Bretton Woods agreement. ... Social refers to human society or its organization. ... Human capital is a way of defining and categorizing the skills and abilities as used in employment and as they otherwise contribute to the economy. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ...


Economic measures

There are number of ways to measure economic activity of a nation. These methods of measuring economic activity include:

Consumer demand or consumption is also known as personal consumption expenditure. ... Measures of national income and output are used in economics to estimate the value of goods and services produced in an economy. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ... This article does not cite any references or sources. ... The balance of trade encompasses the activity of exports and imports, like the work of this cargo ship going through the Panama Canal. ...

GDP

The GDP - Gross domestic product of a country measures the size of its Economy.


See also

Ecological economics is a transdisciplinary field of academic research that addresses the dynamic and spatial interdependence between human economies and natural ecosystems. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... An economic system is a particular set of social institutions which deals with the production, distribution and consumption of goods and services in a particular society. ... Alan Greenspan, former chairman, United States Federal Reserve. ... Economic history is the study of economic change, and of economic phenomena in the past. ... The primary sector of industry generally involves the changing process of natural resources into primary products. ... The secondary sector of industry includes those economic sectors that create a finished, usable product: manufacturing and construction. ... The tertiary sector of industry (also known as the service sector or the service industry) is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing), and primary industry (extraction such as mining, agriculture and fishing). ... This box:  • • The Quaternary sector of industry is the sector of industry that involves the intellectual services. ...

Further reading

  • Friedman, Milton, Capitalism and Freedom, 1962.
  • Galbraith, John Kenneth, The Affluent Society, 1958.
  • Keynes, John Maynard, The General Theory of Employment, Interest and Money, 1936.
  • Smith, Adam, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776.

References

  • Aristotle, Politics, Book I-IIX, translated by Benjamin Jowett [1]
  • Barnes, Peter, Capitalism 3.0, A Guide to Reclaiming the Commons, San Francisco 2006 [2]
  • Dill, Alexander, Reclaiming the Hidden Assets, Towards a Global Freeware Index, Global Freeware Research Paper 01-07, 2007 [3]
  • Fehr Ernst, Schmidt, Klaus M., The Economics Of Fairness, Reciprocity and Altruism - experimental Evidence and new Theories, 2005, Discussion PAPER 2005-20, Munich Economics [4]
  • Marx, Karl, Engels, Friedrich, 1848, The Communist Manifesto [5]·
  • Stiglitz, Joseph E., Global public goods and global finance: does global governance ensure that the global public interest is served? In: Advancing Public Goods, Jean-Philippe Touffut, (ed.), Paris 2006, pp. 149/164. [6]
  • Where is the Wealth of Nations? Measuring Capital for the 21st Century. Wealth of Nations Report 2006, Ian Johnson and Francois Bourguignon, World Bank, Washington 2006. [7]

  Results from FactBites:
 
Economics - Wikipedia, the free encyclopedia (4383 words)
See political economy for the study of economics in the context of political science, and socioeconomics for the study of economics in the context of sociology.
The term political economy was used through the 18th and 19th centuries, with Adam Smith, David Ricardo and Karl Marx as its main thinkers and which today is frequently referred to as the "classical" economic theory.
Both "economy" and "economics" are derived from the Greek oikos- for "house" or "settlement", and nomos for "laws" or "norms".
  More results at FactBites »

 
 

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