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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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MARKETING ENVIRONMENT: The various external forces that can directly or indirectly affect the many activities of an organization. This is an integral part of environmental scanning. These activities include acquisition of human resources, raw materials, financial resources, and development of goods and services. The marketing environment includes forces such as: political, legal, regulatory, economic, social, technological, and competitive. See also | environmental scanning | marketing plan | political forces | social forces | legal forces | regulatory forces | economic forces | technological forces | competitive forces | monopoly | oligopoly | monopolistic competition | pure competition |
Recommended Citation:MARKETING ENVIRONMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: June 16, 2026].
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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time strolling through a department store trying to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for letters from the Internal Revenue Service.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Be kind and merciful. Let no one ever come to you without coming away better and happier." -- Mother Teresa of Calcutta, humanitarian
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QJE
Quarterly Journal of Economics
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