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March 21, 2023 

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INHERITANCE TAX: A tax on that portion of the Assets of a deceased person that's received by another. This should be compare with an estate tax, which is a tax is paid on the value of all assets before they are distributed to heirs.

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PRODUCTION: The process of transforming the natural resources of the land into consumer satisfying consumption and capital goods using scarce resources. In a world of scarcity, with unlimited wants and needs and limited resources, living standards are enhanced by transforming the planet's raw materials, that don't provide much satisfaction in their natural state, into goods, that provide more satisfaction.

     See also | resources | factors of production | labor | capital | land | entrepreneurship | limited resources | unlimited wants and needs | scarcity | consumption | living standard | satisfaction | short-run production | output | goods | services | gross domestic product |


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PRODUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: March 21, 2023].


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LAW OF DEMAND

The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.

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APLS

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Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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-- Albert Einstein

ISIC
International Standard Industrial Classification
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