March 19, 2018 

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LEGAL TYPES: The three primary types of legal firm organizations are: (1) proprietorship, (2) partnership, and (3) corporation. One primary difference between these three legal types are number of owners -- proprietorship has one, partnership has two or more (but usually a small number), and corporation can have anywhere from one or to millions. A second difference is the liability of the owners -- proprietorship and partnership owners have unlimited liability and corporation owners have limited liability. Three newer firm types include (1) limited partnership, (2) S corporation, and (3) limited liability company. Each of these three are hybrids, with characteristics of proprietorship, partnership, corporation.

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Lesson 16: Aggregate Shocks | Unit 2: Extension Page: 6 of 21

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  • The different determinant induced shifts of the AD, LRAS, and SRAS curves.
  • A few of the more important determinants that shift the AD, LRAS, and SRAS curves.
  • How specific real-world issues, such as increases in physical wealth, changes in monetary policy, technological advances, and wage changes, create instability in the macroeconomy.
  • How the self-correction mechanism works through wage-changes and the labor market to restore the long-run equilibrium.

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Goods (and services) that are available for purchase by their ultimate or intended user with no plans for further physical transformation or as inputs in the production of other goods. Gross domestic product seeks to measure the market value of final goods. Final goods, also termed final goods and services, are purchased through product markets by the four macroeconomic sectors (household, business, government, and foreign) as consumption expenditures, investment expenditures, government purchases, and exports. Final goods, which are closely related to the term current production, do not include intermediate goods--goods (and services) that will be processed further before reaching their ultimate user.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for mail order catalogs with hidden messages.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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