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AMERICAN ECONOMIC ASSOCIATION: An organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.

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Lesson 13: The Firm | Unit 3: Legal Types Page: 12 of 24

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Three legal types of business:
  • Proprietorship A proprietorship is a firm owned and operated by a single person. For a proprietorship the owner IS the firm.

  • Partnership A partnership is a firm owned and operated, more or less equally, by a two or more people. The primary difference between a partnership and a proprietorship is the number of owners.

  • Corporation A corporation is a firm with distinct legal entity, which exists separately from the owners. A corporation can have any number of owners, some have millions of owners.

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FACTORY

The physical capital (building and equipment) at a particular location used for the production of goods and services. A factory, or plant, is usually a relatively large production operation (compared with something smaller, like a shop). While factory and firm are occasionally used synonymously they are not really the same. A given firm might own more than factory and a given factory might be owned by more than one firm.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for small children selling products door-to-door.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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