What is the Fair Labor Standards Act? The Fair Labor Standards Act (FLSA) is a law administered by the Wage and Hour Division of the Department of Labor. The FLSA places limitations and requirements on the rate and method of pay for public and private employees who are covered by the law. Specifically, it lays out the national minimum wage, age limi...

What are Emblements? Emblements are annual crops that a tenant cultivates, and are considered to be the sole property of the tenant and not the landlord. In case the tenant is no longer the one who possesses or owns the land on which he or she grows crops, he or she will still have the right to wind up growing and harvesting the crops. In case the t...

What is Assemble To Order? Assemble to order (ATO), also known as make to order or assemble to order, is a production model used by manufacturers where goods are produced from scratch when an order is made by a customer. The parts needed to produce a good are already manufactured but yet to be assembled. The customer order triggers assembly of the g...

What is WYSIWYG? WYSIWYG is an acronym for "What You See is What You Get".  It is a program, editor or system that enables a user to view what a document will look like when produced.  Service providers use the WYSIWYG system to display what a client should expect to get at the completion of a product or service. Print preview is an example of WYSIW...

What is a Double Column Tariff? A Double Column Tariff is a tariff system which has two different duty rates for a particular product. Here, the import tax on the product depends on the country of its origin. The rate is assessed by the importing country's trade relationship with the exporting country. Depending on that relationship the tariff may b...

What is Marginal Cost?  Marginal cost is the additional cost of producing one more unit of output. It is not the cost per unit of all  units produced, but only the next one (or next few). We calculate marginal cost by taking the change in total cost and dividing it by the change in quantity. The marginal cost curve is generally upward-sloping, becau...

What is an Express Contract? An express contract arises from interactions in which parties actually discuss the agreement and the promised terms. The express contract does not have to be formal or in writing. It simply requires that the parties express their intentions in an agreement. Example: One person expressly offers to sell a widget to another...

What is an Absolute Performance Standard? An absolute performance standard refers to a gauge used in evaluating the performance of businesses and employees. It serves as a model standard and seeks to measure how well an organization is performing and how employees are also faring working towards the goals of the organization. Standards should also b...

What is the Chapter 7 bankruptcy process? The Chapter 7 bankruptcy process is fairly straightforward. It involves the following steps: Filing  The debtor files a voluntary petition or is the subject of an involuntary petition. Bankruptcy Estate  Initiating the bankruptcy process creates the bankruptcy estate containing all of the debtors non-exempt ...

What is Federal Registration of a Trademark (Lanham Act)? Federal registration of a trademark is the process for filing for federal protection of a mark representing a business or commercial activity. The federal statutes governing the registration of trademarks are found in 15 USC, sections 1051-1127. This group of laws is known as the Lanham Act. ...