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FIRM: An organization that combines resources for the production and supply of goods and services. The firm is used by entrepreneurs to bring together otherwise unproductive resources. The key role played by a firm is the production of output using the economy's scarce resources. Firm's are the means through which society transforms less satisfying resources into more satisfying goods and services. If firms didn't do this deed, then something else would. And we would probably call those something elses firms.
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EXCHANGE The process of trading one valuable commodity (good, service, or resource) for another. An exchange can be voluntary, such as what transpires through a market, or involuntary, such as when taxes are imposed by government.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for infected paper cuts.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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LIBOR
london Inter-Bank Offered Rate
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