Search results
Results From The WOW.Com Content Network
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Today, shipping is the economic segment that most thoroughly retains the notion of the oiler as a separate position. On a merchant ship, an oiler is an unlicensed rate of the engineering department. The position is of the junior rate in the engine room of a ship. The oiler is senior only to a wiper.
The international shipping industry can be divided into four closely related shipping markets, each trading in a different commodity: the freight market, the sale and purchase market, the newbuilding market and the demolition market. These four markets are linked by cash flow and push the market traders in the direction they want.
A nation's shipping fleet (variously called merchant navy, merchant marine, or merchant fleet) consists of the ships operated by civilian crews to transport passengers or cargo from one place to another. Merchant shipping also includes water transport over the river and canal systems connecting inland destinations, large and small.
A shipping market cycle or shipping cycle is a particular type of economic cycle. These cycles correct markets when supply and demand are out of balance. Shipping markets are driven by freight rates, which can move up, move down or remain unchanged. Shipping cycles are therefore determined by the fluctuations of these freight rates.
Supply and demand stacked in a conceptual chain.. A supply chain is a complex logistics system that consists of facilities that convert raw materials into finished products and distribute them [1] to end consumers [2] or end customers. [3]
A shipping line or shipping company is a company whose line of business is ownership and operation of ships. Shipping companies provide a method of distinguishing ships by different kinds of cargo: Bulk cargo is a type of special cargo that is delivered and handled in large quantities.
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...