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LIMITED LIABILITY: A condition in which owners are not personally held responsible for the debts of by a firm. Corporations are the main form of business in which owners have limited liability. The primary benefit of limited liability is that it makes it possible for a business to accumulate large amounts of productive resources that lets it take advantage of large scale production.
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EXHAUSTIBLE RESOURCE: A natural resource that cannot be increased by the natural forces of the environment. The quantities of exhaustible resources are effectively fixed and thus the more used today, the less is available for use in the future. It is possible, and even expected, that exhaustible resources will be exhausted at some time in the future. Common examples of exhaustible resources are the three fossil fuels -- petroleum, coal, and natural gas. The vast array of mineral resources -- iron, silver, gold, and copper -- represent other examples. See also | renewable resource | scarcity rent | Hotelling's Rule | switching point | natural resources | materials balance | recycling |
Recommended Citation:EXHAUSTIBLE RESOURCE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: April 1, 2023].
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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for strangers with large satchels of used undergarments.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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OAPEC
Organization of Arab Petroleum Exporting Countries
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