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LABOR: One of the four basic categories of resources, or factors of production (the other three are capital, land, and entrepreneurship). Labor is the services and efforts of humans that are used for production. While labor is commonly thought of as those who work in factories, it includes all human efforts (except entrepreneurship), such as those provided by clerical workers, technicians, professionals, managers, and even company presidents.
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DIVISION OF LABOR A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Success is the ability to go from one failure to another with no loss of enthusiasm." -- Sir Winston Churchill
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APT
Arbitrage Pricing Theory
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