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LINE ITEM VETO: A policy intended to address the efficiency caused by legislative logrolling by giving executive officers who have veto authority over legislation (Presidents, Governors, Mayors), the ability to veto specific sections of a legislative act rather than the entire act. With a standard veto, the executive vetoes the entire piece of legislation. With line item veto, the executive can veto only parts of the legislation while signing the rest of it into law. While a line item veto is likely to reduce logrolling, it effectively gives the executive officer more power and authority.

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Lesson 13: The Firm | Unit 4: U.S. Firms Page: 20 of 24

Topic: By Industry <=PAGE BACK | PAGE NEXT=>

  • A break down of the legal firm types for different industries:

    • While proprietorships dominant almost all types of production, except for finance, they tend to be most predominant in construction, transportation, trade, and services.

    • Moreover, should you encounter a proprietorship the chances are very good that person will be working in the service industry.

    • Partnerships tend to surface in finance, agriculture, and mining.

    • Corporations constitute about 20% of all firms in the economy. However, they tend to make up relatively larger shares of the manufacturing, trade, and finance industries.

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ACCOUNTING PROFIT

The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"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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