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HOUSEHOLD PRODUCTION: The creation of satisfaction using both goods purchased in markets and the uncompensated efforts of consumers. In other words, while you might buy stuff from the store, you often need to do something to it before it's ready to use. Probably the most common example is cooking a meal. You buy some pasta noodles, a jar of alfredo sauce, and a frozen package of bite-sized shrimp at the store, then use a little bit of your time and effort to prepare a tasty Italian meal.
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BANK PANIC An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for door-to-door salesmen.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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LRAC
Long Run Average Cost
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