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288.4
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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.
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PLURALITY RULE: A voting rule in which decisions are made based on a plurality of the votes cast. A plurality is defined as the most votes obtained when more than two candidates or options exist, but none receives a majority. If, for example, two of three candidates running for office receive 33 percent of the vote, then the third candidate with 34 percent receives the plurality. Presidential primary elections, which can have up to a dozen candidates, are commonly won with a plurality of the votes. This is one of several voting rules. Others include majority, super majority, and unanimity. See also | public choice | majority rule | super majority rule | unanimity rule | voter paradox | principle of the median voter | logrolling | explicit logrolling | implicit logrolling | Tiebout hypothesis | principal-agent problem |
Recommended Citation:PLURALITY RULE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2013. [Accessed: May 24, 2013].
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AVERAGE REVENUE PRODUCT CURVE A curve that graphically illustrates the relation between average revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit revenue at each level of the variable input. The average revenue product curve is one of two related curves often used in the analysis of factor demand. The other, and more important, is marginal revenue product curve.
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State of the ECONOMY
Consumer Price Index W
January 2013
226.520
Source: Bureau of Labor Statistics
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Time is the scarcest resource, and unless it is managed nothing else can be managed." -- Peter F. Drucker
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BVAR
Bayesian VAR (Vector Autoregression)
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