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FACTOR ACCUMULATION: An increase in the quantity of the four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. Increases in these "factors of production" enable an economy to produce more goods and services and therefore the long-run expansion of the economy's ability to produce output--that is, economic growth. Economic growth however, is made possible not only by increasing the quantity of the economy's resources, but also by increasing their quality.
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PRIVATE PROPERTY An economic institution in which goods, resources, commodities, or other assets (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property is a key institution, along with individual freedom and competitive markets, that helps to form the structure of capitalism.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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DBD
Declining Balance Depreciation
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