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WELFARE: An assortment of programs that provide assistance to the poor. The cornerstone of our welfare system is Aid to Families with Dependent Children (AFDC), which was created by the Social Security Act (1935). It provides cash benefits to assist needy families with children under the age of 18. Funding comes partly from the federal government and partly from states. Because states also administer their own programs, benefits and qualification criteria differ from state to state. A second part of the welfare system, one that's run entirely by the federal government, is Supplemental Security Income (SSI). This program provides cash benefits to elderly, blind, and disabled in addition to any benefits received through the Social Security system. Our welfare system includes a whole bunch of additional benefits, including Medicaid, food stamps, low-cost housing, school lunches, job training, day care, and earned-income tax credits.

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COMPANY:

An organization, usually consisting of more than one person, that combines resources for the production and supply of goods and services. The term company is generally used synonymously with other terms such as business, firm, and enterprise. If a distinction exists, company is used in reference to a group of people engaged in production (as opposed to a single person).
Company is a generic term for an organization engaged in production. It is usually applied to a profit-seeking business firm involving a group of people. However, as a synonymous term for business, it is also used in reference to a proprietorship.

A company provides the institutional structure used by entrepreneurship to organize the production. Entrepreneurship undertakes the risk of bringing together the other factors of production and engaging production. A company provides focus and often legal standing to this process.

  • The Wacky Willy Company is an one example of a company. This corporation was formed by William J. Wackowski, an aspiring entrepreneur who had the dream of putting a stuffed tarantula in every baby's crib. Mr. Wackowski (Wild Bill) formed The Wacky Willy Company to make this dream a reality. The Wacky Willy Company, is a relatively small operation, but it is the means used by Willy the Wackmeister to produce and distribute Stuffed Amigos, this company provides the mechanism he uses to combine labor, capital, and raw materials needed to produce Stuffed Amigos.

  • Another example of a company is the partnership operated by Sean and Sally Schrumpmeyer, Attorneys at Law. Sean and Sally use the Schrumpmeyer partnership as a means of combining the resources needed to provide legal services. They combine their own legal labor resources together with other labor, land, and capital to represent the infamous and the innocent, the prosperous and the poor, the anonymous and the aristocratic.

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Recommended Citation:

COMPANY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: December 5, 2022].


Check Out These Related Terms...

     | business | firm | enterprise | legal business organizations | ownership liability | business objectives | profit maximization | natural selection | plant | factory | industry |


Or For A Little Background...

     | production | production cost | supply | entrepreneurship | microeconomics | private sector | institution |


And For Further Study...

     | business sector | business cycle | political views | corporate profits | second estate | free enterprise | government enterprises | laissez faire |


Related Websites (Will Open in New Window)...

     | U.S. Chamber of Commerce | World Chamber of Commerce | Better Business Bureau |


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