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ZONING: Legal restrictions on where different activities can locate within a city. Most cities regulate the location of industrial, commercial, and residential activities. The underlying motivation behind zoning is to keep less desirable, but perhaps more profitable, activities from encroaching upon residential areas.

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CORPORATION: One of the three basic forms of business organization (the other two are proprietorship and partnership). A corporation is a business established through ownership shares (termed corporate stock). A corporation is considered a distinct legal person, that can be sued, forced to pay taxes, etc., just like a human person. Unlike proprietorships and partnerships businesses, a corporation business exists separately from its owners. As such, the owners have what lawyer-types term limited liability. Owners cannot be held personally responsible for corporate debts. The owners can only lose the value of their ownership shares, but no more.

     See also | business | firm | proprietorship | partnership | limited liability | average total cost | economies of scale | factory | liability | production | unlimited liability | corporate stock | corporate bond |


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AUCTION

A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.

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GRAY SKITTERY
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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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Personal Disposable Income
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