Published On: Tue, Dec 22nd, 2009

Definitions-Things to know

Fabianism: A socialist movement in England with the objective of  reconstructing society in accordance with the highest moral precepts. It was originated in London in 1884 with the formation of the Fabian Society.

Factors of Production: According to Marshall, these are ‘the things required for making commodity’. These inputs are grouped into land, labour and capital.</P><P>

Falconry: A sport item popular in gulf countries in which natural predators like falcons, hawks and eagles are specially trained to kill prey and return to the gloved wrists of owners. The peregrine falcon, which is the world’s fastest bird that can swoop on a prey at 240 kmph, is the most prized bird in falconry. This blood sport known in the east as long ago as 2000 BC, is a  favourite hobby of Arab Sheikhs.

Fibre Optics: A branch of physics that utilises a fine glass or plastic fibre with refraction  properties that allow light to pass around curves and without loss of intensity. With this technology it is possible to convert an electrical signal into a light signal, pass it through fibre, and reconvert it into electrical signal at the receiving end. A single strand of a fibre optic cable can carry the entire telephone traffic of a large country. Fibre optics has revolutionised the field of telecommunication. It is also used in medical equipments like endoscope.

Fillibustering: Practice by which a minority in a legislature uses non stop debate to block or delay action on a proposed bill. Members of the minority make long speeches and propose useless motions. The US senate has a tradition of this unlimited debate.

Final Products: Goods used by consumers in consumption, rather than by firms as inputs into process of production.

Finance: The provision of money when and where required. Finance may be short term (usually upto one year) medium term (usually over one year upto 5 to 7 years) and long term.

Firewall: A security device used in computer networks for  protecting  them from external access.

Fiscal Policy: that part of government policy which is concerned with raising revenue through taxation and deciding on the level and pattern of expenditure.

Fixed Costs: Costs which in the short run do not vary with outputs. These costs are borne even if no output is produced.

Floating Debt: Generally, any short-term debt, specifically, the part of the national debt that consists of short-term borrowing.

Floor Crossing: Changing one’s allegiance from one party to another, especially in legislatures. The expression originated in the context that in most of the legislatures the ruling party and opposition sit facing each other in the floor of the house.

Flow Chart : A diagram which shows the sequence of steps to be followed for solving a particular problem, usually in algorithm

Flutterfly : old name of butterfly

Flying Saucer: Another name of Unidentified Flying Objects (UFO) which is believed to be used by beings from other planets to visit earth. Sightings of these disc shaped vessels  were reported from many parts of the world. But the scientific enquiry by US agencies ruled out the sightings as mere weather related phenomenon.

Food Chain: A natural cyclical process by which lesser organisms are eaten by higher organisms. When the higher organisms die and decompose, their nutrients are back to the soil where lesser organisms take them up and the chain action is repeated again.

Foreign Aid: The administered transfer of resources from the advanced countries for the purpose of encouraging economic growth in the developing countries.

Foreign Exchange: Claims on another country held in the form of the currency of that country or interest bearing bonds.

Foreign investment: The acquisition by governments, institutions or individuals in one country of assets in another.

Fox fire: The luminiscence of decaying wood and plant remains, caused by various fungi.

Francophobe: A person who hates France and its people.

Fraternal Twins : Twins that are the result of simultaneous fertilisation of two ova by two sperms.

Free Market: A market in which the forces of supply and demand are allowed to operate unhampered by government regulation or other interference.

Free Trade: The condition in which the free flow of goods and services in international exchange is neither restricted nor encouraged by direct government intervention.

Freudian slip: A slip of the tongue or pen that seems to reveal a person’s real character.

Fringe benefits: Rewards for employment over and above the wager paid. e.g. goods at a discount, subsidized meals, arrangements, etc.

Frontline states:  Seven states bordering South Africa defined by their position on the apartheid system which prevailed in South Africa. These states were Angola, Botswana, Mozambique, Namibia, Tanzania, Zambia and Zimbabwe.

Frost Bite: It affects any part of body, especially toes, nose, ears, and fingers below the temperature of -32 Degrees. Symptoms include pins and needle sensations followed by complete numbness. The skin seems white, cold and hard and later it becomes black.

Fuzzy Logic: Logic, similar to human reasoning, applied  in computer programming.

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