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GREENWOOD / BLACK WALL STREET WILMINGTON 1898 LITTLE ROCK NINE TUSKEGEE STUDY ROSEWOOD 1923 THE TUSKEGEE AIRMEN SENECA VILLAGE BLACK TOWNS GREENWOOD / BLACK WALL STREET WILMINGTON 1898 LITTLE ROCK NINE TUSKEGEE STUDY ROSEWOOD 1923 THE TUSKEGEE AIRMEN SENECA VILLAGE BLACK TOWNS
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THE JOURNEY THROUGH TIME
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MY'STORY

The MOVE Fire

This is a personal recollection on the Move fire on May 13, 1985 Philadelphia police fired thousands of rounds at the MOVE house, city officials approved dropping an explosive device on the roof, the resulting fire was allowed to burn, 11 people—including five children—died, and 61 homes were destroyed. Philadelphia City Council later called it a “brutal attack carried out by the City of Philadelphia on its own citizens” and acknowledged that no individual faced criminal consequences for the bombing. One timeline correction worth preserving for the BHP record: the major previous MOVE-police confrontation was August 8, 1978, about seven years before the bombing, not a year or two earlier. Officer James Ramp was killed, other police and firefighters were wounded, nine MOVE members were later convicted, and television cameras recorded police beating Delbert Africa during his arrest. The 1985 MOVE Commission later specifically criticized city planners for failing to adequately use lessons from that 1978 confrontation. And that actually strengthens the point you’re making: 1985 did not happen without precedent or institutional memory. There had already been a deadly confrontation with MOVE, years of conflict, negotiations and police involvement before Osage Avenue.

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BLACK FACTS
The Truths They Never Taught You...

Wilmington 1898 — An American Coup

Wilmington, North Carolina once had a thriving Black middle class and an elected interracial government. In 1898 white supremacists used violence to overthrow that government, kill Black residents and drive many others from the city.

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Wikipedia

Intermediate good

An automobile engine is an example of an intermediate good, and is used in the production of the final good, the assembled automobile.

Intermediate goods, producer goods, or semi-finished products are goods used as inputs in the production of other goods, including final goods.[1] A firm may make and then use intermediate goods, or make and then sell, or buy then use them. In the production process, intermediate goods either become part of the final product, or are changed beyond recognition in the process.[2] This means intermediate goods are resold among industries.

Intermediate goods are not counted in a country's GDP, as that would mean double counting, because the value of the intermediate good is included in the value of the final good.[3]

US and Chinese trade in goods with ASEAN countries, by use, 2014

The value-added method can be used to calculate the amount of intermediate goods incorporated into GDP. This approach counts every phase of processing included in production of final goods.

Characterization of intermediate goods as physical goods can be misleading, since, in advanced economies, about half of the value of intermediate inputs consist of services.[4]

Intermediate goods generally can be made and used in three different ways. First, a company can make and use its own intermediate goods. Second, a company can manufacture intermediate goods and sell them to others. Third, a company can buy intermediate goods to produce either secondary intermediate goods or final goods.

Examples

[edit]
  • Sugar – sugar is used as a final good (when it is sold as sugar in the supermarket) or as an input (when it is used as an ingredient in other food products)[5]
  • Steel – a material used in the production of many other goods, such as vehicles.[6]
  • Car engines - Some firms make and use their own, others buy them from other producers as an intermediate good, for use in their own cars.[7]
  • Paint, plywood, pipe and tube, and ancillary parts.[8]
  • Wood - wood is used in multiple purposes for construction of building or production of furniture
  • Glass - glass can be used to make dishes, cups, bottles or windows
  • Salt - salt is used in almost all food production and many chemical processes
  • Silver and gold - silver and gold can be used to make jewelry, cutlery or electronics, or for ornamentation (even on food)
  • An interesting example is the use of chlorine in the production of polyurethane, which contains no chlorine. Rock salt is electrolyzed to produce chlorine, which is reacted with carbon monoxide to give phosgene. Phosgene, a chlorine compound, and a diamine are then reacted to produce a diisocyanate and hydrochloric acid that is neutralized in situ. The chlorine is removed as chloride salt waste. The diisocyanate reacts with a diol to produce polyurethane, which contains no chlorine. Chlorine is used because chlorine is electronegative enough to produce an isocyanate, but does not become a part of the product; it lowers the atom economy.

See also

[edit]

References

[edit]
  1. ^ O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 301. ISBN 0-13-063085-3.{{cite book}}: CS1 maint: location (link)
  2. ^ C. Colburn Hardy (1 January 1978). The Investor's Guide to Technical Analysis. Tata McGraw-Hill Education. pp. 439–. ISBN 978-0-07-026365-9. Retrieved 14 August 2017.
  3. ^ Irvin Tucker (25 February 2008). Survey of Economics. Cengage Learning. pp. 219–. ISBN 978-0-324-57961-1. Retrieved 14 August 2017.
  4. ^ Chandana Ghosh (2011). Macroeconomics. PHI Learning Pvt. Ltd. pp. 27–. ISBN 978-81-203-4306-1. Retrieved 14 August 2017.
  5. ^ Minoru Sawai (27 May 2016). Economic Activities Under the Japanese Colonial Empire. Springer. pp. 35–. ISBN 978-4-431-55927-6. Retrieved 14 August 2017.
  6. ^ John Cunningham Wood; Michael McLure (2005). Paul A. Samuelson. Taylor & Francis. pp. 351–. ISBN 978-0-415-31063-5. Retrieved 14 August 2017.
  7. ^ FCS Economic Environment L3. Pearson South Africa. 2008. pp. 26–. ISBN 978-1-77025-087-1. Retrieved 14 August 2017.
  8. ^ Feliciano R. Fajardo (1995). economics third edition. Rex Bookstore, Inc. pp. 148–. ISBN 978-971-23-1794-1. Retrieved 14 August 2017.


Source: Wikipedia. Article content is retrieved live through the MediaWiki API.

Wikipedia

Intermediate good

Intermediate goods, producer goods, or semi-finished products are goods used as inputs in the production of other goods, including final goods. A firm may make and then use intermediate goods, or make and then sell, or buy then use them. In the production process, intermediate goods either become part of the final product, or are changed beyond recognition in the process. This means intermediate goods are resold among industries. Intermediate goods are not counted in a country's GDP, as that would mean double counting, because the value of the intermediate good is included in the value of the final good. The value-added method can be used to calculate the amount of intermediate goods incorporated into GDP. This approach counts every phase of processing included in production of final goods. Characterization of intermediate goods as physical goods can be misleading, since, in advanced economies, about half of the value of intermediate inputs consist of services. Intermediate goods generally can be made and used in three different ways. First, a company can make and use its own intermediate goods. Second, a company can manufacture intermediate goods and sell them to others. Third, a company can buy intermediate goods to produce either secondary intermediate goods or final goods.

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Wikipedia

Final good

A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike an intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good. When used in measures of national income and output, the term "final goods" includes only new goods. For example, gross domestic product (GDP) excludes items counted in an earlier year to prevent double counting based on resale of items. In that context, the economic definition of goods also includes what are commonly known as services. Manufactured goods refer to products that have undergone processing or assembly, distinguishing them from raw materials.

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Wikipedia

Intermediate consumption

Intermediate consumption (also called intermediate expenditure) is an economic concept used in national accounts, such as the United Nations System of National Accounts (UNSNA), the US National Income and Product Accounts (NIPA) and the European System of Accounts (ESA). Conceptually, the aggregate "intermediate consumption" is equal to the amount of the difference between gross output (roughly, the total sales value) and net output (gross value added or GDP). In the US economy, total intermediate consumption represents about 45% of gross output. The services component in intermediate consumption has grown strongly in the US, from about 30% in the 1980s to more than 40% today. Thus, intermediate consumption is an accounting flow which consists of the total monetary value of goods and services consumed or used up as inputs in production by enterprises, including raw materials, services and various other operating expenses. Because this value must be subtracted from gross output to arrive at GDP, how it is exactly defined and estimated will importantly affect the size of the GDP estimate. Intermediate goods or services used in production can be either changed in form (e.g. bulk sugar) or completely used up (e.g. electric power). Intermediate consumption (unlike fixed assets) is not normally classified in national accounts by type of good or service, because the accounts will show net output by sector of activity. However, sometimes more detail is available in sectoral accounts of income & outlay (e.g. manufacturing), and from input-output tables showing the value of transactions between economic sectors.

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Wikipedia

Pig iron

Pig iron is an intermediate good used by the iron industry in the production of steel. It is developed by smelting iron ore in a blast furnace. Pig iron has a high carbon content, typically 3.8–4.7%, along with silica and other dross, which makes it brittle and not useful directly as a material except for limited applications.

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TOPIC OF THE DAY

Greenwood / Black Wall Street

Before the 1921 destruction of Tulsa’s Greenwood District, Black residents had created a remarkable center of business and community life. The district included stores, professional offices, entertainment venues and homes owned by Black citizens. Understanding Greenwood means learning what was built—not only what was burned.

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TRIVIA QUESTION OF THE DAY

Who was the first African-American woman millionaire in the United States?

Madam C.J. Walker