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LIMITED PARTNERSHIP: A partnership in which one or more of the partners/owners has/have limited liability. This differs from regular partnerships in which each partner has unlimited liability. The limited partnership legal structure was created to provide liability protection to "partners" seeking investment opportunities, who did not want to participate in the actual management of the firm. While these limited partners are very much like corporation shareholders, the difference is that at least one partner must have unlimited liability.

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FULL-EMPLOYMENT REAL PRODUCTION: The quantity of real production or real aggregate output (or better yet, real gross domestic product) produced by the macroeconomy when resources are at full employment. For all practical purposes, full-employment real production is real GDP produced when unemployment is at it's natural level, the combination of frictional and structural unemployment that can be maintained without inflation (or deflation either). For the aggregate market analysis, this is the level of real production achieved and maintained in the long run. The long-run aggregate supply curve is vertical at full-employment real production.

     See also | real production | full employment | real gross domestic product | macroeconomics | unemployment | natural unemployment | frictional unemployment | structural unemployment | aggregate market | long-run aggregate supply curve |


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VERIFICATION

The hypothesis-testing step of the scientific method in which the hypothesized implication of a theory is compared against real world events and data. This verification can provide support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis. In either event, further analysis is indicated.

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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for neighborhood pets, especially belligerent parrots.
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