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PARTNERSHIP: One of the three basic forms of business organization (the other two are corporation and proprietorship). A partnership is a business that's owned and operated more or less equally by two or more people. The owners and the business are legally considered one and the same. As such, each owner has unlimited liability, which means that an owner is held personally responsible for any and all of the business's debts, including those made by a partner.

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CONSUMPTION GOOD: A that provides more or less immediate satisfaction of wants and needs. Consumption goods should be contrasted with capital goods. Investment is the fundamental process of producing fewer consumption goods and more capital goods.

     See also | consumption | satisfaction | household sector | resources | goods | services | wants | needs | personal consumption expenditures | investment | capital good |


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CONSUMPTION GOOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 25, 2022].


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TOTAL VARIABLE COST AND MARGINAL COST

A mathematical connection between marginal cost and total variable cost stating that marginal cost IS the slope of the total variable cost curve. This relation between total variable cost and marginal cost is also seen with total cost. The slope of the total cost curve is marginal cost, as well. The relation between total variable cost and marginal cost is but another in the long line of applications of the total-marginal relation.

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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for infected paper cuts.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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