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LEGAL TYPES: The three primary types of legal firm organizations are: (1) proprietorship, (2) partnership, and (3) corporation. One primary difference between these three legal types are number of owners -- proprietorship has one, partnership has two or more (but usually a small number), and corporation can have anywhere from one or to millions. A second difference is the liability of the owners -- proprietorship and partnership owners have unlimited liability and corporation owners have limited liability. Three newer firm types include (1) limited partnership, (2) S corporation, and (3) limited liability company. Each of these three are hybrids, with characteristics of proprietorship, partnership, corporation.

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SOCIALISM: In theory, an economy that is a transition between capitalism and communism. It is based on--(1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production (using the needs standard rather than the contributive standard).

     See also | economic system | capitalism | communism | capital | production | consumption | market failure | wealth | income distribution | mixed economy | market socialism | public sector | private sector | government functions | distribution standards | contributive standard | needs standard | command economy | central planning |


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SOCIALISM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: November 5, 2024].


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LAW

A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for the last item on a shelf.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white. "

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