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SOLVENCY: The condition of a business when liabilities (excluding any ownership equity) are less than assets. In other words, the business is doing fine and able to pay all of it's debts. This is most important when contrasted with the alternative, insolvency.
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Lesson 14: Production | Unit 5: Supply
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Page: 23 of 25
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A review:- Production: Each production operation, for example, combines assorted labor, capital, and land inputs (through the organization of risk-taking entrepreneurship) to produce valuable goods and services.
- Short-run Production: Each production operation, regardless of whimsical name, is guided by the basic short-production principle -- the law of diminishing marginal returns.
- Long-run Production: Each production operation also engages in long-run planning even while it is engaged in short-run production.
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PRODUCT DIFFERENTIATION Slight differences that exist between two or more goods that are essentially the same and which satisfy the same basic want or need. This is generally pursued in monopolistic competition and oligopoly by firms seeking to increase sales and profit. Many of the best known businesses in the economy practice product differentiation to gain an advantage on the competition and to acquire a bit of market control. For example, Coca-Cola and Pepsi-Cola are very similar, but each has a few differences in terms of taste, packaging, and esteem.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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AIFT
American Institute for Foreign Trade
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