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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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VOLUNTARY EXCHANGE

The process of willingly trading one valuable commodity (good, service, or resource) for another. The key term is "willingly," which distinguishes voluntary exchanges from involuntary exchanges, such as those created by government taxes. Voluntary exchanges are the foundation of market transactions.

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APLS

BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for poorly written technical manuals.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. "

-- Albert Einstein, physicist

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