The term satisficing refers to the decision-making process whereby an individual or organization selects the first option that meets their minimum criteria, rather than continuing to search for the best possible option. The term was first coined by economist and Nobel laureate Herbert Simon in the 1950s, and has since been widely used in fields … Read more

80-20 Rule Definition.

The 80-20 rule definition is a investing rule of thumb that states that 80% of the return from a portfolio is generated by 20% of the holdings within that portfolio. This rule is often used by investors to help them focus their attention on the most important holdings in their portfolio. There are a few … Read more

Self-Employed Contributions Act (SECA) Tax.

The Self-Employed Contributions Act (SECA) is a tax imposed on self-employed individuals and sole proprietors. The SECA tax is used to fund Social Security and Medicare benefits for self-employed individuals and their families. The SECA tax is calculated as a percentage of the self-employed individual’s net earnings from self-employment. Is FICA mandatory for self-employed? Yes, … Read more

Mass Production Definition.

Mass production is the name given to the process of producing large quantities of a product, usually in a factory setting, using standardized methods and assembly-line techniques. The term is most often used in reference to the production of goods, but it can also be applied to the production of services. The main goal of … Read more