Third World, Doing Business in the

The term "third world" came into use in grouping countries by their economic status. The industrialized countries located mainly in the West were categorized as the "first world," the once-communist countries of the East as "second world," and the rest of the developing countries as the "third world." With the dismantling of the Soviet Union and the discarding of communism by the Eastern European countries, the "second world" has lost its meaning and the term "third world" has become a misnomer.

Time Management

"Time management" refers to making the most productive use of a set period of time—be it days, hours, weeks, or months. In business the principle of time management is to use the time available to complete a project wisely and to work "smarter, not harder" in order to get more accomplished within that fixed period.

Time Series Analysis

Time series analysis is a branch of the field of econometrics. Time series analysis proceeds from the premise that much can be deduced about a particular variable on the basis of the past behavior of that variable.

Toll-Free Telephone Calls (800 Numbers)

Toll-free numbers allow their users to call long-distance free of charge, and instead the receiving party pays. They are considered an important tool for maintaining contact with customers and gaining information about them; by nature toll-free numbers reveal the number of the person placing the call, and unlike Caller ID systems, this cannot be blocked on a toll-free line.

Total Quality Management (TQM)

Total quality management (TQM) refers to management methods used to enhance quality and productivity in organizations, particularly businesses. TQM is a comprehensive system approach that works horizontally across an organization, involving all departments and employees and extending backward and forward to include both suppliers and clients/customers.

Trade Barriers

Trade barriers may occur in international trade when goods have to cross political boundaries. A trade barrier is a restriction on what would otherwise be free trade.

Trade Credit

Trade credit refers to the credit that one business extends to another in the course of doing business with each other. Trade credit may be extended by a purchasing firm to its supplier, or vice versa.

Trade Deficit

A trade deficit is a condition in the balance of trade between a country's exports and imports. If the value of a country's imports exceeds the value of its exports, then that country is said to have a trade deficit.

Training and Development

Training and development refer to programs designed to help new employees adjust to the workplace successfully. In addition, they include the formal ongoing efforts of corporations and other organizations to improve the performance and self-fulfillment of their employees through a variety of methods and programs.

Transaction Costs

In a widely used but limited sense, transaction costs refer to the cost of transferring ownership or property rights. Transaction costs are associated with buying and selling different kinds of property, including real estate, stocks and bonds, and currencies.

Transfer Agent

The function of a transfer agent is to maintain up-to-date records of the ownership of a corporation's securities and to execute transfers of the corporation's stock and other securities. A transfer agent may be an officer or clerk of the corporation, or an outside individual, bank, or trust company.

Transfer Pricing

Transfer pricing is the value placed on goods and services exchanged between affiliates or divisions within a company. The transactions are not truly at arm's length, and therefore do not represent a market price for the goods or services provided.


The treasurer is the person responsible for the custody and supervision of a business's funds. The office of the treasurer had its antecedent in English government which codified the organization, purposes, and general responsibilities of the business corporation during the 17th century when activities in worldwide colonization and trade exploded.

Trusts and Trustees

A trust is a tool that an individual or institution uses to transfer property to a beneficiary. The party that grants the property is called the trustor.

U.S. Dept. of Commerce

The ideological underpinnings of the U.S. Department of Commerce lay in the preamble to the U.S.

U.S. Inflation-Adjusted Securities

Beginning in 1997, the U.S. Treasury began issuing a new series of savings securities that have their returns linked to the rate of inflation.

U.S. International Trade Commission

The International Trade Commission (ITC) of the United States is an independent federal agency charged with providing foreign trade analysis and recommendations concerning foreign trade to the legislative and federal branches of the U.S. government.

U.S. Treasury Bills

Popularly known as T-bills, U.S. Treasury bills are short-term debt securities issued by the U.S.

U.S. Treasury Notes

U.S. Treasury notes (T-notes) are debts with intermediate maturities of one to ten years issued by the U.S.

U.S.-Canada Free Trade Agreement of 1989

The U.S.-Canada Free Trade Agreement of 1989 (FTA) represented a bilateral agreement between the world's largest trading partners. The United States and Canada have more trade between them than any other two countries on earth.

Underground Economy

The term "underground economy" refers to the part of the economy that generates income, but goes untaxed. According to Tibbett Speer in American Demographics, each year as much as $1 trillion of income goes unreported to the Internal Revenue Service.

Underwriting (Insurance)

In the insurance industry, the practice of underwriting refers to the process of accepting or rejecting risks. It is the very heart of insurance and is the first step taken by an insurance company to generate premiums.

Underwriting (Securities)

A successful underwriting not only sells the securities, but does so at a fair price. In addition, underwriters maintain a stable, liquid aftermarket for the trading of securities.

Uniform Commercial Code

The Uniform Commercial Code (UCC) is a collection of modernized, codified, and standardized laws that apply to all commercial transactions with the exception of real property. The UCC was developed under the direction of the National Conference of Commissioners on Uniform State Laws (NCCUSL), the American Law Institute (ALI), and the American Bar Association (ABA).

Unit Investment Trust

A unit investment trust (UIT) is a type of investment fund. A UIT consists of a fixed portfolio of securities—usually bonds—in which the selection of stocks or bonds remains constant during the life of the trust and new securities are not added to the portfolio.

United Nations (UN)

The United Nations (UN) is the world's preeminent organization working toward global peace, harmony among nations, and the betterment of all the peoples of the world. The only sovereign nations of the world not counted among the UN's 187 member nations are Kiribati, Nauru, Switzerland, Taiwan, Tonga, Tuvalu, and Vatican City.


Utilitarianism is most often associated with Jeremy Bentham (1748-1832), James Mill (1773- 1836), and his son, John Stuart Mill (1806-1873). Of the three, John Stuart Mill is considered the most brilliant exponent of utilitarianism, although he also is known for other significant contributions to 19th century intellectual thought.


Valuation involves putting a price on a piece of property, whether it be real estate, intellectual property (patents, copyrights, trademarks, and other intangibles), personal property, or a business. In the context of a business valuation the appraiser considers many factors, including financial attributes (such as sales and profitability trends, noncash expenses, capital expenditures, tangible and intangible assets, the implications of long-term contracts, nonrecurring profit and loss statement items, related party transactions, and contingent liabilities), marketing attributes (including location, competition, barriers to entry, distributor relationships) and macroeconomic attributes (regulatory constraints, labor relations, interest rates, general economic conditions, the state of the art for the company's products, and others).