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ECONOMIC DEVELOPMENT: The process of improving the economy's ability to satisfy consumers wants and needs. Unlike economic growth, which is concerned with year to year increases in production, economic development deals more with the basic fabric of society, especially the institutions that govern the way our economy and society functions. As such, a lesser developed nation is not only likely to have a low levels of production and limited amount capital, but also cultural beliefs and government practices that prevent more effective use of the capital.
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Lesson 13: The Firm | Unit 1: Introduction
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Page: 6 of 24
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In this unit, you should have learned about:- A firm as an organization that combines resources to produce goods and services and is the focal point for production.
- How firms can be profit-motivated business firms, non-profit firms, or government firms.
- The primary purpose of firms as combined resources to produce and supply valuable goods and services.
- How entrepreneurship uses firms as the structure for to combined resources to produce and supply valuable goods and services.
- Why capital is only one of the resources used by a firm for production and is not the firm itself and the relation between a factory and a firm.
- The relation between a business firm and an industry.
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NET EXPORTS LINE A graphical depiction of the relation between net exports attributed to the foreign sector and the economy's aggregate level of income or production. This relation plays a minor, but growing role in the study of Keynesian economics. A net exports line is characterized by vertical intercept, which indicates autonomous net exports, and slope, which is the negative of the marginal propensity to import and indicates induced net exports. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line onto the consumption line, after adding investment expenditures and government purchases.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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U
Unemployment
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