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December 10, 2019 

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SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE: The short-run aggregate supply (SRAS) curve has a positive slope, reflecting the direct relation between the price level and aggregate real production. A higher price level is related to more real production and a lower price level is related to less real production. The general reason is similar to that of market supply curves--the opportunity cost of production--three specific reasons can be identified: (1) inflexible resource prices that often makes it easier to reduce aggregate real production and resource employment when the price level falls; (2) the pool of natural unemployment, consisting of frictional and structural unemployment, that can be used temporarily to increase aggregate real production when the price level rises; and (3) imbalances in the purchasing power of resource prices that can temporarily entice resource owners to produce more or less aggregate real production than the would at full employment.

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COMPANY:

An organization, usually consisting of more than one person, that combines resources for the production and supply of goods and services. The term company is generally used synonymously with other terms such as business, firm, and enterprise. If a distinction exists, company is used in reference to a group of people engaged in production (as opposed to a single person).
Company is a generic term for an organization engaged in production. It is usually applied to a profit-seeking business firm involving a group of people. However, as a synonymous term for business, it is also used in reference to a proprietorship.

A company provides the institutional structure used by entrepreneurship to organize the production. Entrepreneurship undertakes the risk of bringing together the other factors of production and engaging production. A company provides focus and often legal standing to this process.

  • The Wacky Willy Company is an one example of a company. This corporation was formed by William J. Wackowski, an aspiring entrepreneur who had the dream of putting a stuffed tarantula in every baby's crib. Mr. Wackowski (Wild Bill) formed The Wacky Willy Company to make this dream a reality. The Wacky Willy Company, is a relatively small operation, but it is the means used by Willy the Wackmeister to produce and distribute Stuffed Amigos, this company provides the mechanism he uses to combine labor, capital, and raw materials needed to produce Stuffed Amigos.

  • Another example of a company is the partnership operated by Sean and Sally Schrumpmeyer, Attorneys at Law. Sean and Sally use the Schrumpmeyer partnership as a means of combining the resources needed to provide legal services. They combine their own legal labor resources together with other labor, land, and capital to represent the infamous and the innocent, the prosperous and the poor, the anonymous and the aristocratic.

<= COMMUNISMCOMPARATIVE ADVANTAGE =>


Recommended Citation:

COMPANY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: December 10, 2019].


Check Out These Related Terms...

     | business | firm | enterprise | legal business organizations | ownership liability | business objectives | profit maximization | natural selection | plant | factory | industry |


Or For A Little Background...

     | production | production cost | supply | entrepreneurship | microeconomics | private sector | institution |


And For Further Study...

     | business sector | business cycle | political views | corporate profits | second estate | free enterprise | government enterprises | laissez faire |


Related Websites (Will Open in New Window)...

     | U.S. Chamber of Commerce | World Chamber of Commerce | Better Business Bureau |


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