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SOCIALISM: In theory, an economy that is a transition between capitalism and communism. It is based on--(1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production (using the needs standard rather than the contributive standard).
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INNOVATION PROFIT Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for deranged pelicans.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"I know the price of success; dedication, hard work and an unremitting devotion to the things you want to see happen. " -- Frank Lloyd Wright, architect
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TVC
Total Variable Cost
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