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AFL: The abbreviation for the American Federation of Labor, which started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

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Lesson 13: The Firm | Unit 3: Legal Types Page: 16 of 24

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  • Attempts have been made to do just that with three modern variations of the original three:

    • Limited Partnership A limited partnership is a partnership in which one or more of the partners have limited liability.

    • S Corporation An "S" corporation is a corporation that has elected to be taxed under Chapter S of the Internal Revenue Service tax code.

    • Limited Liability Company One of the newest types of firms is a limited liability company which is essentially a partnership in which the owners have limited liability.

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IN-KIND PAYMENTS

A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services produced by the resource buyer rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they help to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the sell-production-for-money step.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for the last item on a shelf.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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