|
|
ADVERSE SELECTION: When a negotiation between two people with different amounts of information, that is, asymmetric information, restricts the quality of the good traded. This typically happens because the person with more information is able to negotiate a favorable exchange. This is frequently referred to as the "market for lemons."
Visit the GLOSS*arama
|
|
|
|
                           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.
Recommended Citation:COMPANY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: July 18, 2019].
Check Out These Related Terms... | | | | | | | | | | | |
Or For A Little Background... | | | | | | | |
And For Further Study... | | | | | | | | |
Related Websites (Will Open in New Window)... | | | |
Search Again?
Back to the WEB*pedia
|
|
|
WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for fairy dust that tastes like salt.
Your Complete Scope
This isn't me! What am I?
|
|
|
Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
|
|
|
"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. " -- Larry Bird, basketball player
|
|
LAD
Least Absolute Deviations
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
