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PHYSICAL FLOW: In the circular flow, the counter-clockwise 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 payment flow moves in the opposite direction. The physical flow, the physical movement of goods and services, is the foundation of the economy's circular flow. The fundamental problem of scarcity is addressed by physically transforming scarce resources into goods and services that are then used to satisfy wants and needs.
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LIMITED LIABILITY A condition in which owners of a business are not personally held responsible for the debts created by the business. Corporations are the most noted types of business organizations in which owners have limited liability. Limited liability makes it possible for a business to accumulate large sums of money and thus to take advantage of large scale production. The alternative to limited liability is unlimited liability, a characteristic of proprietorships and partnerships.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for letters from the Internal Revenue Service.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Success is going from failure to failure without a loss of enthusiasm. " -- Winston Churchill, British statesman
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FITW
Federal Income Tax Witholding
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