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SCARCITY RENT: The marginal opportunity cost imposed on future generations by extracting one more unit of a resource today. Scarcity rent is one of two costs the extraction of a finite resource imposes on society. The other is marginal extraction cost--the opportunity cost of resources employed in the extraction activity. Scarcity rent is the cost of "using up" a finite resource because benefits of the extracted resource are unavailable to future generations. Efficiency is achieved when the resource price--the benefit society is willing to pay for the resource today--is equal to the sum of marginal extraction cost and scarcity rent.
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PARTNERSHIP A business that is owned and operated by two or more people. The owners and the business are legally considered one and the same. As such, the owners receive any and all profit, incur any and all loss, and are responsible for any and all debts including those made by a partner. This creates what is termed unlimited liability. In that each partner is responsible for the actions of the others, partnerships tend to be relatively small, with only a handful of people involved. A partnership is one of the three basic forms of business organization. The other two are proprietorship and corporation. This form of business is common for professional-types, like lawyers, accountants, dentists, and physicians.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale looking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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PSE
Pacific Stock Exchange (US, LA and San Francisco)
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