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Ferengi are one of the most unusual appearing of Trek's races. They are essentially humanoid, but differ in a number of ways from the norm. Their brains are four-lobed, rather than two, which renders them impervious to telepathy. They are generally quite short -- a 5'8" ferengi is as uncommon as a 6'8" human. Their height is further shortened by the appearance of a hunch (although this may simply be a Hollywood trick to make them look shorter). Their teeth are generally pointed and sharp. Their heads are bald, though ear-hair is common amongst males.
Perhaps most prominant among male Ferengi are the large ears. Female ferengi have much smaller ears, though still large by human standards. The ears are often as wide as the head or more, though some Ferengi have much smaller ears (e.g., Rom, Brunt). They are very sensitive to noise -- Ferengi have fantastic hearing. The ears are also a sign of masculinity, virility, and profit-gather skill. The term "lobes" is used in the same way modern humans may use "balls:" You haven't got the lobes for business!
The Ferengi society is a strictly male driven society. Females are kept in the house, do not hold jobs, do not make profit, etc. Within Trek history, females were shown as being very subserviant to the males, with a gradual change appearing -- culminating in a relationship between Grand Nagus Zek and Ishka, and eventually with Rom becoming Grand Nagus.
In ATS history, a female managed to obtain the position of Grand Nagus, head of the Alliance, and passed laws making sweeping changes, permitting females to make profit, wear clothes, and leave their homes.
Despite this, most Ferengi hold traditional values, and believe that females belong in the house, not in the market. This is a belief held not only by the males, but by the females as well -- these Ferengi are termed "traditionalists." "Modernists" exist as well, who support equal rights, but make up only a small properion of the population. Most Ferengi played on ATS are modernists, particularly the female characters (playing a traditional Ferengi female would be rather boring).
This belief is often held up to show the Ferengi as small minded, prejudice, sexists, etc. Its important to remember that Ferengi are not humans -- such divisions of responsibilities are very common among nonhuman lifeforms here on Earth. Most female Ferengi are quite content and happy with their lives, and don't want it changed. Further, Ferengi are one of the most tolerant races, free of racisms and prejudices in general. Even the most traditional Ferengi males accept the different role of nonferengi females (though, admittedly, often with some hesitation). Ferengi, by and large, are a pacifistic race and do not believe in war -- when pressed, they can and will fight (though, they may hire a Nausicaan or two to do the job). This position was formalised with the Krae-Mordoc Accords, making the GFA a neutral party.
Ferengi society centres on the gathering of Profit. Guided by a set of rules known as the "Rules of Acquisition," the goal of every Ferengi is to make as much profit as possible. Day to day activities often require the exchange of latinum: latinum to sit down in a waiting room, latinum to wait in the waiting room, latinum to pay ones respects.
The Ferengi were originally conceived to replace the seemingly tired Klingons as a threat to the Federation. The Klingons had been used throughout the Original Series and its spin off movies, and were believed to be a bit played out. Thus, the Ferengi were born. In early TNG episodes, they were successful villains: they brain-washed Picard, got in a fight to the death with the Enterprise, etc. However, partly due to their appearance, they quickly became relegated to Comic Relief, even while acting as villains. Perhaps the most revealing episode of TNG is the episode in which Ro Laren, Guinnan and Picard are transformed into children while the Enterprise is stormed by Ferengi.
The Ferengi found their true role in DS9 with the character of Quark. He was rounded out with Rom, his brother, and Rom's son, Nog. Later characters began to appear throughout the series, including Brunt, an FCA liquidator; Gala, Quark's cousin, the arms dealer; Zek, Grand Nagus and head of the Alliance, and Ishka, one of the few Ferengi females ever seen, Quark's Mother.
Ferengi have appeared in every Trek show since their creation. They were a humourous, inept villain in TNG, greedy merchants in DS9, and even appeared in episodes of Voyager and Enterprise.