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DIVISION OF LABOR: A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks. Efficiency achieved through specialization and the division of labor was popularized by Adam Smith in his classic work, The Wealth of Nations. This division-of-labor notion is one of those concepts that is so fundamental to the economy that its importance is occasionally overlooked in the real world. It is, for example, essential to foreign trade. Without the division of labor the comfortable standard of living currently provided by our exceeding complex economic system would not be possible.
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FOURTH ESTATE: The journalist, reporters, and other media representatives who keep a watchful eye on the evil-doings of the first and second estates and hopefully provide valuable information to the consumers, workers, and taxpayers of the third estate. However, in that news and journalism has become, along with other businesses, a mega-gadzillion dollar industry, many fourth estate watchdogs have become card-carrying members of the second estate (and some even the first estate). As such, some journalists are more concerned with protecting and promoting business and government interests than consumer interests. See also | information | first estate | second estate | third estate |
Recommended Citation:FOURTH ESTATE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: November 30, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: fourth estate
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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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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for letters from the Internal Revenue Service.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Consult not your fears, but your hopes and your dreams. Think not about your frustrations, but about your unfulfilled potential. Concern yourself not with what you tried and failed in, but with what it is still possible for you to do. " -- Pope John XXIII
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CCAPM
Consumption-Based Capital Asset Pricing Model
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