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August 22, 2014 

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INCOME: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.

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ENTREPRENEURSHIP: One of the four basic categories of resources, or factors of production (the other three are labor, capital, and land). Entrepreneurship is a special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production.

     See also | factors of production | resources | labor | capital | land | risk | production | Smith, Adam | invisible hand | efficiency | profit | incentive | economic growth | living standard | economic profit | normal profit |


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ENTREPRENEURSHIP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: August 22, 2014].


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MARGINAL FACTOR COST, MONOPSONY

The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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State of the ECONOMY

U.S. National Debt
August 17, 2014
$17,677,869,438,037.14
$55,445.72 per person: U.S. Debt Clock

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for cardboard boxes.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, Greek philosopher

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Weak Axiom of Profit Maximization
A PEDestrian's Guide
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