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Long-Run Equilibrium
A state where all factors of production are variable, allowing firms to make adjustments, resulting in the economy or industry operating at its full capacity.
Noncorporate Sector
The part of an economy that involves the production of goods and services by individuals and organizations which are not incorporated as companies.
Corporate Sector
The part of an economy that is run by private individuals and companies, rather than the government, typically functioning within a framework of capitalist or market-driven principles.
Payroll Tax
Levies applied to employers or employees, most often calculated as a portion of the wages that employers disburse to their personnel.
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