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CATO INSTITUTE: A public policy research foundation that contributes to the public policy debate inspired by the principles of limited government, individual liberty, free markets, and peace. The Institute is named for Cato's Letters, which are 144 libertarian essays written by John Trenchard and Thomas Gordon and first published from 1720 to 1723, condemning tyranny and advancing principles of liberty. These two Englishmen were inspired by Cato the Younger (95-46 B.C.) a Roman statesman who had of the reputation for honesty and incorruptibility in ancient times. The Cato Institute is a non-profit organization founded in 1977 by Edward H. Crane and is headquartered in Washington, D.C.

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Lesson 3: Scarcity | Unit 2: Resources Page: 8 of 17

Topic: Summary <=PAGE BACK | PAGE NEXT=>

  • The use of limited resources (factors of production) to produce goods and services that satisfy wants and needs.
  • The four basic types of resources: labor, capital, land, and entrepreneurship.
  • Labor as the human effort used to produce goods.
  • Capital as the manufactured resource used in production.
  • Land as the natural resources that provide the materials used in goods.
  • Entrepreneurship as the factor that combines other resources in the production process.
  • Differences between limited, scarce, and free resources.
  • The fuzzy areas of overlap between the different types of resources.

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OWNERSHIP LIABILITY

The extent to which the owners of a business are liable for the debts of the company. The two basic liability alternatives are unlimited liability, which has no restrictions on ownership liability, and limited liability, which does have restrictions. Ownership liability is one characteristic separating legal business organizations. Proprietorships and partnerships have unlimited liability. Corporations have limited liability.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"If you don't make mistakes, you aren't really trying."

-- Coleman Hawkings,musician

LCH
Life Cycle Hypothesis
A PEDestrian's Guide
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