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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.

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LEGAL BUSINESS ORGANIZATIONS

The alternative ways in which a business or firm can be legally organized. The three primary alternatives are proprietorship, partnership, and corporation. Differences among three are mainly based on: (1) number of owners and (2) the liability of the owners. A proprietorship has a single owner with unlimited liability. A partnerships has two or more ownership with unlimited liability. The owners of a corporation have limited liability.

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APLS

BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for rusty deck screws.
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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.
"Life is a promise; fulfill it. "

-- Mother Teresa, humanitarian

UNCTAD
United Nations Conference on Trade and Development
A PEDestrian's Guide
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