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By Milton M. Shapiro

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Use of the word "income" should refer solely to money-payments earned by people participating in production. This goes for the wages and salaries received by sellers of labor services as well as for the rent earned by people who rent or lease their property to others, the interest earned by people who lend money, and the profits received by enterprising owners of firms. The grand total of all such incomes is, as noted, the national income. cc UJO 21" Ox 00 II o § Q O 21 Q 00 39 4W ^~ 15" • FO FACTO PRODUCT O z 5- i o •n 22 Second, because of the advanced stage of the division-of-labor in the modern economy, we find not only widespread occupational specialization but also an apparent functional specialization with regard to consumption versus production.

These changes eventually gave birth to the factory-scale output that became characteristic of the Industrial Revolution. This breakthrough in large-scale industry induced, in turn, the further expansion of markets for new goods throughout the world. Firms Depend on Households The radically new forms of social interdependence and interrelationship that emerged in the market DOL are outlined in Figure 2. Note, first of all, that production has shifted from the context of the household 17 o i L_ 18 to the firm; the firm is now virtually the center of all productive activity.

Man truly does not live by bread alone. However, some of his wants can be satisfied more easily than others. The desire for leisure, for instance, can be almost instantaneously satisfied: one needs only to stop doing any work. Leisure is any period of time in which a person is not working. Unfortunately, most of our wants are not so readily satisfied as the desire for leisure. For example, food, clothing, shelter, and transportation are not so readily available as leisure; if we want them, we have to scrounge for means of obtaining them—usually by working for the money with which to buy them.

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