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KEYNESIAN CROSS: The standard diagram used in Keynesian economics to identify the equilibrium level of aggregate output (that is, gross domestic product), with aggregate expenditures measured on the vertical axis, and aggregate output measured on the horizontal axis. This diagram contains two key lines, the aggregate expenditure line and the 45-degree line. Intersection between these lines indicates equilibrium aggregate output. This intersection, or cross, is what gives rise to the name.
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Lesson 13: The Firm | Unit 3: Legal Types
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Page: 14 of 24
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- A partnership:
- A partnership is a firm owned and operated, more or less equally, by a two or more people. Each partner shares in the ownership, operation, rewards, and costs of the firm.
- Let's consider the pluses and minuses of a partnership.
- Advantages: On the pro side, multiple owners increase the amount of capital that can be accumulated.
- Disadvantages: The primary con of a partnership, like that of proprietorship, is unlimited liability.
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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for mail order catalogs with hidden messages.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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VIR
Variable Interest Rate
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