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December 18, 2018 

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EMPLOYMENT: The condition in which a resource (especially labor) is actively engaged in a productive activity usually in exchange for an explicit factor payment (such as wage or salary). This general condition forms the conceptual basis for one of the three categories used by the Bureau of Labor Statistics (BLS) when classifying individual's labor force status. Employed persons is the specific category used by the BLS classification procedure. The other two BLS categories are unemployed persons and not in the labor force.

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FIRM: An organization that combines resources for the production and supply of goods and services. The firm is used by entrepreneurs to bring together otherwise unproductive resources. The key role played by a firm is the production of output using the economy's scarce resources. Firm's are the means through which society transforms less satisfying resources into more satisfying goods and services. If firms didn't do this deed, then something else would. And we would probably call those something elses firms.

     See also | business | business sector | production | goods | services | entrepreneurship | scarcity | profit | proprietorship | partnership | corporation |


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FIRM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 18, 2018].


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NEEDS STANDARD

An income distribution standard in which income is divided among members of society based on how much production each person requires to maintain a given living standard. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the contributive standard and the equality standard.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for fairy dust that tastes like salt.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. "

-- Harold S. Green, MCI founder

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