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BUSINESS: A profit-motivated organization that combines resources for the production and supply of goods and services. The term business is often used synonymously with the term firm. If there is any difference, and a subtle difference at that, the term business usually refers to a productive organization that is privately owned and motivated by the pursuit of profit. A firm, in contrast, could also refer to nonprofit and/or publicly controlled productive organizations. But this distinction is quite subtle and for most economic analyses the terms firm and business are used interchangeably. Profit-motivated businesses are organized as either a proprietorship (1 owner) with unlimited liability, a partnership (2 or more equal owners) with unlimited liability, or a corporation that issues limited liability stock ownership shares.
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SELF CORRECTION, INFLATIONARY GAP The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for the happiest person in the room.
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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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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects. " -- Alexis de Tocqueville, statesman, author
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ADR
American Depositary Receipt, Asset Depreciation Range
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