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GUILD: In medieval European times, a collection of artisans or merchants in the same occupation or industry, often in a particular location. Guilds were the forerunners of modern craft unions. They typical set quality standards and criteria for entry into the profession. Doing so allowed guilds to limit competition, monopolize their markets, keep prices high, and boost guild member incomes.

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PHYSICAL FLOW

In the circular flow model, the transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The physical flow is usually illustrated as a counter-clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The payment flow moves in the opposite direction.

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Today, you are likely to spend a great deal of time at a flea market trying to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for gnomes hiding in cypress trees.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"It is not the mountain we conquer, but ourselves. "

-- Sir Edmund Hillary, Explorer

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