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LIVING STANDARD: In principle, an economy's ability to produce the goods and services that consumers use to satisfy their wants and needs. In practice, it is the average real gross domestic product per person--usually given the name per capita real GDP.
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BUSINESS A profit-motivated organization that combines resources for the production and supply of goods and services. The three primary types of legal organization for a business are proprietorship, partnership, or corporation. A business might theoretically find itself operating in an industry or market structured as perfect competition, monopolistic competition, oligopoly, or monopoly. Regardless of organization and industry structure, a business is generally motivated by the pursuit of profit.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Live in such a way that you would not be ashamed to sell your parrot to the town gossip." -- Will Rogers
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BACS
Bankers Automated Clearing Services
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