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LIMITED LIABILITY COMPANY: A relatively new legal firm type that operates very much like a partnership, but in which every owner has limited liability. The advantage of a limited liability company, over a limited partnership, is that every owner has limited liability. It also has advantages over an S corporation in that very few restrictions exist on who can be an owner.
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TECHNOLOGY: The sum total of knowledge and information that society has acquired concerning the use of resources to produce goods and services. This technology often takes the form of scientific knowledge (the best combination of chemicals to make a long-lasting floor wax), but can also be plain old common sense (irrigate during a drought, not during a flood). Whether scientific or not, technology affects the technical efficiency with which resources are combined in production. An improvement in technology is thus an increase in the technical efficiency of production--more output with given inputs or fewer inputs for a given output. Technology is often embodied in capital goods. Bigger, better, faster, and less expensive computers are the result of advances in silicon chip technology. However, technology is also embodied in labor as human capital. See also | information | resources | capital | science | technical efficiency | output | input | human capital | economic growth | living standard | scarcity | investment | education |
Recommended Citation:TECHNOLOGY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 3, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: technology
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COMPARATIVE ADVANTAGE The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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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.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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AOQL
Average Outgoing Quality Limit
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