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DISPOSABLE INCOME: The total income that can be used by the household sector for either consumption or saving during a given period of time, usually one year. This is the income left over after income taxes and social security taxes are removed and government transfer payments, like welfare, social security benefits, or unemployment compensation are added.
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Lesson 13: The Firm | Unit 1: Introduction
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- A general notion of a business:
- A business is a profit-motivated organization that combines resources for the production and supply of goods and services.
- The term business is often used interchangeably with the term firm, the namesake of this lesson:
- A firm is an organization that combines resources for the production and supply of goods and services.
- Two non-profit pursuing firms that stand out are public (or government) firms and appropriately named non-profit firms.
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SIXTH RULE OF IGNORANCE The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for deranged pelicans.
Your Complete Scope
This isn't me! What am I?
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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PPP
Purchasing Power Parity
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