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HOMOGENEOUS OF DEGREE ONE: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the same value. In other words, if the independent variables are doubled, then the dependent variable is also doubled. This property often surfaces in the analysis of production functions. A production function homogeneous of degree one is said to have constant returns to scale.
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Lesson Contents
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Unit 1: Introduction |
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Unit 2: Objectives |
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Unit 3: Legal Types |
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Unit 4: U.S. Firms |
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Unit 5: The Bigger Picture | |
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The Firm
This lesson investigates the nature of firms, especially those in the U.S. economy, including what they are, what they do, and how they operate. Paying careful attention to this lesson is no guaranteed that Duncan will end up with a multi-billion dollar "dot-com" business, but it won't hurt. - The first unit of this lesson, Organizing Production, gets us started with an overview of what firms are and their primary function in the economy -- which is production.
- In the second unit, Objectives, we take a closer look at what motivates firms, especially the pursuit of profit.
- The third unit, Legal Types, examines the most common legal forms of business firms, including proprietorships, partnerships, and corporations.
- The fourth unit, U.S. Firms, investigates firms in the United States by the numbers -- including how many, what they are, what they produce.
- The fifth and final unit, The Bigger Picture, then closes this lesson by discussing the role firms play in the grand economic scheme of things.
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SECOND ESTATE Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for deranged pelicans.
Your Complete Scope
This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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ECU
European Currency Unit
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