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JOB: Specific employment activities associated with a production process that are usually undertaken by a single worker. For example, someone might have the job of serving food or repairing cars. Others might have the job of teaching economics. The word "job" is the primary designation applied to a worker when hired by an employer. It is commonly used as a modifier for other terms, such as job satisfaction or job security, as reference to specific aspects of working or employment.
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Lesson 13: The Firm | Unit 3: Legal Types
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Page: 18 of 24
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In this unit, you should have learned about:- The three basic legal types of firms -- proprietorship, partnership, and corporation.
- The proprietorship type of firm in which the a single person owns the firm, makes the decisions, receives the rewards, and is responsible for the debts.
- The partnership type of firm in which two or more people own the firm, make the decisions, receive the rewards, and are responsible for the debts.
- The corporation type pf firm in which ownership can be shared by a large number of people with limited liability for company debts.
- Three relatively new types of firms that offer small scale control with limited liability, including limited partnership, S corporation, and limited liability company.
- The importance of limited liability and unlimited liability in each of the firm types.
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LONG-RUN AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply, commonly abbreviated LRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is short-run aggregate supply. Long-run aggregate supply is combined with aggregate demand, and often short-run aggregate supply, in the long-run aggregate market (or AS-AD) analysis used to analyze economic growth, business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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FASB
Financial Accounting Standards Board
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