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GROUP OF SEVEN: The seven of the most advanced and industrialized nations of the world (abbreviated G-7)--the United States, Britain, France, Italy, Canada, Germany, and Japan--that meet regularly to coordinate fiscal and monetary policies. Their actions are based on the proposition that our global economy and the individual countries are better off through cooperation than conflict.
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Lesson Contents
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Unit 1: Introduction |
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Unit 2: Objectives |
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Unit 3: Legal Types |
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Unit 4: U.S. Firms |
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Unit 5: The Bigger Picture | |
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The Firm
This lesson investigates the nature of firms, especially those in the U.S. economy, including what they are, what they do, and how they operate. Paying careful attention to this lesson is no guaranteed that Duncan will end up with a multi-billion dollar "dot-com" business, but it won't hurt. - The first unit of this lesson, Organizing Production, gets us started with an overview of what firms are and their primary function in the economy -- which is production.
- In the second unit, Objectives, we take a closer look at what motivates firms, especially the pursuit of profit.
- The third unit, Legal Types, examines the most common legal forms of business firms, including proprietorships, partnerships, and corporations.
- The fourth unit, U.S. Firms, investigates firms in the United States by the numbers -- including how many, what they are, what they produce.
- The fifth and final unit, The Bigger Picture, then closes this lesson by discussing the role firms play in the grand economic scheme of things.
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ELASTICITY ALTERNATIVES, SUPPLY Five categories of the price elasticity of supply that reflect the entire range of the relative responsiveness of a change in quantity supplied to a change in price. These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are often illustrated by different supply curves. The price elasticity of demand is also reflected by five comparable alternatives.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for neighborhood pets, especially belligerent parrots.
Your Complete Scope
This isn't me! What am I?
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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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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LRAC
Long Run Average Cost
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