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VALUE IN EXCHANGE: The ability to trade an item, especially money, for other goods and services that can then be used to satisfy wants and needs. Value in exchange means that value, that is satisfaction, is obtained indirectly through the acquisition of something else. For an item to have value in exchange it need NOT have value in use, value obtained directly from the consumption of a good or service.
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Lesson 13: The Firm | Unit 3: Legal Types
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Page: 13 of 24
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- A proprietorship:.
- A proprietorship is a firm owned and operated by a single person. The proprietor/owner often provides a sizeable share of the resources, especially labor and capital.
- Let's consider some of the pros and cons of a proprietorship:
- Advantages: On the plus side of the ledger account, the owner of a proprietorship is TOTALLY in charge. The owner decides what to do, how to do, and more often than not actually does the work.
- Disadvantages: The primary entry on the negative side of the ledger account is unlimited liability.
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OTHER PRICES, DEMAND DETERMINANT The prices of other goods that influence the decision to purchase a particular good, which are assumed constant when a demand curve is constructed. Other prices can be for goods that are either substitutes-in-consumption or complements-in-consumption. This is one of five demand determinants that shift the demand curve when they change. The other four are other prices, buyers' preferences, buyers' expectations, and number of buyers.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slightly overweight pizza delivery guys.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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VSE
Vancouver Stock Exchange (Canada)
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