Critical infrastructureCritical infrastructure, or critical national infrastructure (CNI) in the UK, describes infrastructure considered essential by governments for the functioning of a society and economy and deserving of special protection for national security. Most commonly associated with the term are assets and facilities for: Shelter; Heating (e.g. natural gas, fuel oil, district heating); Agriculture, food production and distribution; Education, skills development and technology transfer / basic subsistence and unemployment rate statistics; Water supply (drinking water, waste water/sewage, stemming of surface water (e.
Three-sector modelThe three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary). The model was developed by Allan Fisher, Colin Clark, and Jean Fourastié in the first half of the 20th century, and is a representation of an industrial economy. It has been criticised as inappropriate as a representation of the economy in the 21st century.
Voluntary sectorThe voluntary sector, independent sector, or civic sector is the realm of social activity undertaken by organizations that are non-governmental nonprofit organizations. This sector is also called the third sector, community sector, and nonprofit sector, in contrast to the public sector and the private sector. Civic sector or social sector are other terms for the sector, emphasizing its relationship to civil society. Richard Cornuelle coined the term "independent sector" and was one of the first scholars to point out the vast impact and unique mechanisms of this sector.
Biological systems engineeringBiological systems engineering or Biosystems engineering is a broad-based engineering discipline with particular emphasis on non-medical biology. It can be thought of as a subset of the broader notion of biological engineering or bio-technology though not in the respects that pertain to biomedical engineering as biosystems engineering tends to focus less on medical applications than on agriculture, ecosystems, and food science. The discipline focuses broadly on environmentally sound and sustainable engineering solutions to meet societies' ecologically related needs.
Systematic riskIn finance and economics, systematic risk (in economics often called aggregate risk or undiversifiable risk) is vulnerability to events which affect aggregate outcomes such as broad market returns, total economy-wide resource holdings, or aggregate income. In many contexts, events like earthquakes, epidemics and major weather catastrophes pose aggregate risks that affect not only the distribution but also the total amount of resources. That is why it is also known as contingent risk, unplanned risk or risk events.
Nassim Nicholas TalebNassim Nicholas Taleb (ˈtɑːləb; alternatively Nessim or Nissim; born 12 September 1960) is a Lebanese-American essayist, mathematical statistician, former option trader, risk analyst, and aphorist whose work concerns problems of randomness, probability, and uncertainty. Taleb is the author of the Incerto, a five-volume philosophical essay on uncertainty published between 2001 and 2018 (notably, The Black Swan and Antifragile).
Unintended consequencesIn the social sciences, unintended consequences (sometimes unanticipated consequences or unforeseen consequences, more colloquially called knock-on effects) are outcomes of a purposeful action that are not intended or foreseen. The term was popularised in the twentieth century by American sociologist Robert K. Merton. Unintended consequences can be grouped into three types: Unexpected benefit: A positive unexpected benefit (also referred to as luck, serendipity or a windfall).
InfrastructureInfrastructure is the set of facilities and systems that serve a country, city, or other area, and encompasses the services and facilities necessary for its economy, households and firms to function. Infrastructure is composed of public and private physical structures such as roads, railways, bridges, tunnels, water supply, sewers, electrical grids, and telecommunications (including Internet connectivity and broadband access).
Automotive engineeringAutomotive engineering, along with aerospace engineering and naval architecture, is a branch of vehicle engineering, incorporating elements of mechanical, electrical, electronic, software, and safety engineering as applied to the design, manufacture and operation of motorcycles, automobiles, and trucks and their respective engineering subsystems. It also includes modification of vehicles. Manufacturing domain deals with the creation and assembling the whole parts of automobiles is also included in it.
Risk premiumA risk premium is a measure of excess return that is required by an individual to compensate being subjected to an increased level of risk. It is used widely in finance and economics, the general definition being the expected risky return less the risk-free return, as demonstrated by the formula below. Where is the risky expected rate of return and is the risk-free return. The inputs for each of these variables and the ultimate interpretation of the risk premium value differs depending on the application as explained in the following sections.
Private sectorThe private sector is the part of the economy, sometimes referred to as the citizen sector, which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government. The private sector employs most of the workforce in some countries. In private sector, activities are guided by the motive to earn money. A 2013 study by the International Finance Corporation (part of the World Bank Group) identified that 90 percent of jobs in developing countries are in the private sector.
Tertiary sector of the economyThe tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector (raw materials) and the secondary sector (manufacturing). The tertiary sector consists of the provision of services instead of end products. Services (also known as "intangible goods") include attention, advice, access, experience and affective labour.
