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RESOURCES: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.
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BABY BOOMER: A citizen of the good old U. S. of A. born between the years 1946 and 1960. These Boomers represent a relatively large segment of the population and outnumber any other group born during a similar period, such as those born from 1931 to 1945 or from 1961 to 1975. Over the years, they've tended to set the standard for consumption, production, and politics. They have had and will continue to have a big impact on the Social Security system. As labor, they've provided an amble pool of tax funds and thus sizable benefits to Social Security recipients during the 1980s and 1990s. When these Boomers retire in the 2020s and beyond, however, they will leave a big gap in the labor force and also demand a great deal from the Social Security system. See also | consumption | production | Social Security | labor | tax | labor force |
Recommended Citation:BABY BOOMER, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 8, 2025].
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PERFECT COMPETITION An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that is not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for a thesaurus filled with typos.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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SLLN
Strong Law of Large Numbers
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