Economic activities in the context of "Circular flow of income"

A kjøpstad (historically kjøbstad, kjöbstad, or kaupstad, from Old Norse: kaupstaðr) is an old Scandinavian term for a "market town" in Denmark–Norway for several hundred years. Kjøpstads were places of trade and exporting materials (e.g. timber, flour, iron and other common goods). Towns were given the "dignity" or rank of being referred to as a kjøpstad when they reached a certain population. They had an established means of industry and other notable items, such as dockyards, steam mills, forges, churches, and grammar schools. The citizens of a kjøpstad could buy and sell goods and conduct other economic activities.

True Cost Accounting (TCA) is an accounting approach that measures and values the hidden impacts of economic activities on the environment, society and health. TCA is also referred to as full cost accounting (FCA) or “multiple capital accounting (MCA)”. The approach moves beyond purely economic thinking with the aim of improving decision-making in commercial organizations and in public policy. It includes accounting for natural capital, human capital, social capital and produced capital.

The True Cost Accounting approach can be applied to every sector of the economy. It aims to reveal the impacts of economic activities on society as a whole, in addition to the private costs directly incurred by producers and consumers. These can be environmental, health or social impacts that are not reflected in the market prices of products and services, i.e. not included in the operational profit and loss accounts, and so are regarded as hidden. True Cost Accounting is of particular relevance for agrifood systems (food and non-food agricultural products), where hidden costs can be substantial. Indeed, much of the development of TCA has historically been in the context of food.

Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. John Hull was authorized by the Massachusetts legislature to make the earliest coinage of the colony (the willow, the oak, and the pine tree shilling) in 1652.

Because few coins were minted in the Thirteen Colonies, which later became the United Colonies and then the United States, foreign coins like the Spanish dollar were widely circulated. Colonial governments, at times, issued paper money to facilitate economic activities. The Parliament of Great Britain passed currency acts in 1751, 1764, and 1773 to regulate colonial paper money.