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INFLATIONARY GAP: The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production the occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run production differs from full employment. The other is a recessionary gap.
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ENTREPRENEURSHIP A special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and land.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. " -- C. Northcote Parkinson, historian
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SAFEX
South African Futures Exchange
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