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WEALTH PYRAMID: A handy technique that many get-rich-quick schemes use to transfer a little wealth from a lot of people into the overflowing pockets of a few. In works in this manner--A person or business establishes a multi-level pyramid of investors, employees, or "distributors." Each level is responsible for recruiting the next level beneath it. The trick is that each distributor at one level recruits several distributors into the next lower level in an ever-expanding fashion. Each recruit transfers a little, teeny, tiny bit of their own wealth to the next higher level. In that each higher level has fewer members, that little, teeny, tiny bit of wealth accumulates rapidly, making those at the top incredibly well-off.
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Lesson 13: The Firm | Unit 1: Introduction
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Page: 2 of 24
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Topic:
Doing Production
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- The primary function of any firm is to combine labor, capital, land, and entrepreneurship inputs into the production of output:
- Production: Our immediate attention is directed toward the production activity, the output produced and supplied by the firm.
- Resource Inputs: To produce a valuable output, a firm needs resources -- labor, capital, land, and entrepreneurship.
- All of these business firms have one thing in common -- the transformation of resources into valuable output that is then supplied to a market.
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RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"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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BA
Bank Acceptance
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