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May 27, 2022 

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RESOURCE: 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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HORIZONTAL ADDITION: In graphical analysis, the technique of combining two curves by adding the value of the variable on the horizontal or X axis for a given value of the variable on the vertical or Y axis. This is commonly done when deriving a market demand curve from a set of individual demand curves. The quantity demanded by every individual is added at a given price to identify the total market demand at that price.

     See also | horizontal axis | vertical axis | vertical addition | market demand | demand curve |


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FIRM

An organization that combines scarce resources for the production and supply of goods and services. The firm is used by entrepreneurs to bring together otherwise idle resources. The term firm is often used synonymously with the business, enterprise, or company. If there is a difference, a firm is functionally defined and need not be a typical for-profit business. A firm can be profit oriented, nonprofit, privately owned, or government controlled.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for broken fingernail clippers.
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Al Capone's business card said he was a used furniture dealer.
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