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EARNINGS REPORT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, income statement, and operating statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.
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Lesson 1: Economic Basics | Unit 3: The Economy
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Page: 8 of 18
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Topic:
A Mixed Economy: Markets and Government
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Markets do an effective (and efficient) job of answering the three questions of allocation--most of the time.- Markets are the VOLUNTARY exchange of goods and services.
- A pure market economy is an economy that uses nothing but markets to allocate resources.
- A pure market economy is a useful theoretical benchmark.
Market responses to the allocation questions:- What? Resources are used to produce goods with the highest prices.
- How? Goods are produced using the combination of resource with the lowest prices.
- For Whom? People with more income buy more goods.
Government also helps answer the three questions of allocation.- Government allocation is INVOLUNTARY. It sets the laws and rules.
- A pure command economy is an economy that uses nothing but government to allocate resources.
- A pure command economy is another useful theoretical benchmark.
Government responses to the allocation questions:- What? When government spends taxes, it dictates what goods will be produced.
- How? Government has laws and rules that specify how resources will be used to produce goods.
- For Whom? Government collects taxes from some people and distributes them among other people.
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AMERICAN ASSOCIATION FOR THE ADVANCEMENT OF SCIENCE A scientific society whose main mission is to advance science and innovation throughout the world. The American Association for the Advancement of Science (AAAS for short) publishes one of the most respected scientific magazines called Science. The association and magazine have nearly 140,000 individual and institutional subscribers, plus 272 affiliated organizations in more than 130 countries, serving a total of 10 million individuals. The American Association for the Advancement of Science was founded in 1848 to represent all disciplines of science and to support scientific exchange and discussion of science and society issues.
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PINK FADFLY
[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 wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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WPI
Wholesale Price Index
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