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RESOURCES: 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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ACCOUNTING PROFIT The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for high interest rates.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Stand up to your obstacles and do something about them. You will find that they haven't half the strength you think they have." -- Norman Vincent Peale
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SBA
Small Business Administration
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