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ASEAN: The Association of Southeast Asian Nations (ASEAN) is a subregional organization established in 1967 in Bangkok by the five original Member Countries: Indonesia, Malaysia, Philippines, Singapore, and Thailand. Brunei Darussalam joined in 1984, Vietnam in 1995, Laos and Myanmar in 1997, and Cambodia in 1999. The aims and purposes of the Association are to accelerate the economic growth, social progress and cultural development in the region and to promote regional peace and stability through abiding respect for justice and the rule of law.
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Lesson 13: The Firm | Unit 1: Introduction
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Page: 1 of 24
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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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CAPITALISM A type of economy, or economic system, based on--(1) private ownership of most resources, goods, and other assets; (2) freedom to generally use the privately-owned resources, goods, and other assets to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored." -- Earl Nightingale
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AS-AD
Aggregate Supply-Aggregate Demand Model
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