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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.

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Lesson 13: The Firm | Unit 3: Legal Types Page: 17 of 24

Topic: Liability <=PAGE BACK | PAGE NEXT=>

  • Unlimited Liability

  • Proprietorships and partnerships are characterized by unlimited liability.

  • Unlimited liability is the condition in which owners are personally held responsible for any and all debts created by a business.
  • Limited Liability

  • Limited liability is the condition in which owners are not personally held responsible for the debts of by a firm.

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SOCIAL SCIENCE

The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.

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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for slightly overweight pizza delivery guys.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"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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