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BUSINESS: A profit-motivated organization that combines resources for the production and supply of goods and services. The term business is often used synonymously with the term firm. If there is any difference, and a subtle difference at that, the term business usually refers to a productive organization that is privately owned and motivated by the pursuit of profit. A firm, in contrast, could also refer to nonprofit and/or publicly controlled productive organizations. But this distinction is quite subtle and for most economic analyses the terms firm and business are used interchangeably. Profit-motivated businesses are organized as either a proprietorship (1 owner) with unlimited liability, a partnership (2 or more equal owners) with unlimited liability, or a corporation that issues limited liability stock ownership shares.
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Lesson 2: Economic Science | Unit 1: The Method
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Economics is part of the general process of inquiry, scientific inquiry, in to the workings of our world. A definition: - The scientific method is a structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relationships.
Key points about the scientific method:- Explanation: The scientific method seeks to explain the mechanisms of the world, how things work. Science seeks to identify the basic laws of nature that govern the world. Economic science seeks to explain how the economic world works, to identify the economic laws of nature.
- Process: The scientific method is a process, a way of explaining, not a subject. The scientific method is also applied to society and human behavior. Economics is a social science, the scientific study of society.
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ECONOMIC GROWTH The long-run expansion of the economy's ability to produce output. Growth is attained by increasing the quantity or quality of the economy's resources--labor, capital, land, and entrepreneurship--through such things as population growth, investment, exploration, technological innovation, and education. This is one of the five economic goals and more specifically one of the three macroeconomic goals. The other goals are full employment, stability, efficiency and equity.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for rusty deck screws.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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IPUMS
Integrated Public Use Microdata Series
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