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AGGREGATE MARKET: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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OWNERSHIP LIABILITY: The extent to which the owners of a business are liable for the debts of the company. The two basic liability alternatives are unlimited liability, which has no restrictions on ownership liability, and limited liability, which does have restrictions. Ownership liability is one characteristic separating legal business organizations. Proprietorships and partnerships have unlimited liability. Corporations have limited liability.

     See also | unlimited liability | limited liability | proprietorship | partnership | corporation | enterprise | legal business organizations | business | debt | proprietorship | partnership | corporation | wealth | asset | bank | value | production | incentive | bankruptcy | business | firm | company | production | production cost | supply | entrepreneurship | microeconomics | private sector | institution | business sector | business objectives | profit maximization | natural selection | plant | factory | industry | business cycle | political views | corporate profits | second estate | free enterprise | ownership and control | short-run production analysis |


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OWNERSHIP LIABILITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: January 20, 2022].


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IMPORTS

Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods bought from countries. Imports are the counter to exports--goods produced by the domestic economy and purchased by the foreign sector. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports).

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