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LIMITED LIABILITY COMPANY: A relatively new legal firm type that operates very much like a partnership, but in which every owner has limited liability. The advantage of a limited liability company, over a limited partnership, is that every owner has limited liability. It also has advantages over an S corporation in that very few restrictions exist on who can be an owner.
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AVERAGE REVENUE PRODUCT Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Divide each difficulty into as many parts as is feasible and necessary to resolve it." -- Rene Descartes
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CPSC
Consumer Product Safety Commission
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